Karachi, December 3, 2024 – Banks in Pakistan witnessed significant withdrawals in October 2024, as deposits fell by Rs 226.42 billion, according to data released by the State Bank of Pakistan (SBP).
(more…)Author: Shahnawaz Akhter
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Pakistan Posts 12.57% Export Growth During 5MFY25
Karachi, December 2, 2024 – Pakistan exports surged by 12.57% during the first five months of the fiscal year 2024-25 (July to November), reaching $13.69 billion, according to data released by the Pakistan Bureau of Statistics (PBS) on Monday. This marks a notable increase compared to $12.16 billion recorded in the corresponding period of the previous fiscal year.
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FPCCI Advocates Establishment of Bank of Balochistan
Karachi, December 2, 2024 – Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has called for urgent measures to address Balochistan’s economic challenges. He proposed establishing a Bank of Balochistan (BoB) to facilitate industrialization, enhance access to finance, and drive sustainable development in the province.
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ATIR Rejects FBR Appeal Against Supernet on Technical Grounds
Islamabad, December 2, 2024 – The Appellate Tribunal Inland Revenue (ATIR) Islamabad dismissed an appeal filed by the Federal Board of Revenue (FBR) against M/s. Supernet Limited. The tribunal ruled the appeal non-maintainable under the amended provisions of the Income Tax Ordinance, 2001, introduced through the Tax Laws (Amendment) Act, 2024.
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KSE-100 Hits New High of 103,275 Points Amid Bull-Run
Karachi, December 2, 2024 – The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index surged to an unprecedented high of 103,275 points on Monday, marking a significant milestone in the ongoing bull run.
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KCCI Demands Removal of MRP Tea Valuation for Tax Collection
Karachi, December 2, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) has urged the authorities to remove the Minimum Retail Price (MRP) regulation from the tax valuation of tea. In a statement issued on Monday, KCCI President Muhammad Jawed Bilwani expressed strong opposition to the recent decision by the Federal Board of Revenue (FBR) to set the MRP of Rs1200 per kg on the import of black tea in bulk, which is then subject to sales tax and withholding tax.
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FBR Adds 0.3 Million Active Taxpayers to ATL for 2024 in November
Karachi, December 2, 2024 – The Federal Board of Revenue (FBR) has added approximately 0.3 million taxpayers to its Active Taxpayers List (ATL) for the tax year 2024 during November. The updated list now reflects 5.64 million active taxpayers as of December 1, 2024, based on income tax returns filed up to that date.
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Pakistan’s Headline Inflation Drops to 4.9% in November 2024
Karachi, December 2, 2024 – Pakistan’s headline inflation, measured through the Consumer Price Index (CPI), eased significantly to 4.9% year-on-year in November 2024, reflecting improved economic stability.
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FBR Amends Rules for Temporary Import of Vehicles
Karachi, December 2, 2024 – The Federal Board of Revenue (FBR) has introduced significant amendments to the rules governing the temporary import of vehicles by tourists into Pakistan. These changes, formalized through SRO 1965(I)/2024 on November 27, 2024, modify Rule 77 of the Customs Rules, 2001, with stricter conditions and streamlined processes.
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FBR Implements Sunday Reshuffle of IRS Officers
Karachi, December 1, 2024 – In an uncommon weekend move, the Federal Board of Revenue (FBR) announced a significant reshuffling of Inland Revenue Service (IRS) officers, signaling its urgency to address a growing revenue shortfall.
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