Karachi, November 15, 2024 – The Oil and Gas Development Company Limited (OGDCL) has announced that the feasibility study for the Reko Diq copper-gold project is expected to conclude by December 2024. The update came during OGDCL’s Corporate Briefing Session (CBS) on Friday, where the company outlined its financial performance and future outlook.
(more…)Author: Shahnawaz Akhter
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Provinces Collect Rs 122 Billion in Services Sales Tax for 1QFY25
Karachi, November 15, 2024 – Pakistan’s provincial governments have collectively gathered Rs 122 billion in sales tax on services during the first quarter (July – September) of fiscal year 2024-25, according to data released by the federal finance ministry.
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Motor Vehicle Tax Collection Sees 54% Increase in 1QFY25
Karachi, November 15, 2024 – Pakistan has seen a significant surge in motor vehicle tax collection, with a 54% increase in the first quarter (July – September) of the fiscal year 2024-25. According to recent data released by the federal finance ministry, the total collection for this period reached Rs 13.82 billion, up from Rs 8.98 billion in the same quarter of the previous fiscal year.
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PTBA Fires Back as New Tax Law Tribunal Issues Escalate
Karachi, November 14, 2024 – The Pakistan Tax Bar Association (PTBA) has expressed significant concerns regarding the Tax Laws (Amendment) Act, 2024, questioning its effectiveness in streamlining tax-related litigation and ensuring taxpayers’ rights.
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Pakistan’s Net Forex Reserves Increase to $15.966 Billion
Karachi, November 14, 2024 – Pakistan’s foreign exchange (forex) reserves saw a slight increase, reaching $15.966 billion by the end of the week on November 8, 2024, according to the State Bank of Pakistan (SBP). This marks an increase of $34 million from the previous week’s level of $15.932 billion, signaling a positive but modest uptick in the country’s forex reserves.
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KSE-100 Index Surges to Record 94,192 Points Amid Rally
Karachi, November 14, 2024 – The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index reached a historic high of 94,192 points on Thursday, bolstered by sustained investor confidence and strong buying momentum. The index saw a gain of 836 points from the previous day’s close of 93,356 points, reflecting a significant 0.9% increase and marking a new all-time high.
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FBR Shares Collection Strategy with IMF to Sidestep Mini Budget
Islamabad, November 14, 2024 – In a decisive move to meet Pakistan’s ambitious revenue collection target without resorting to a mini budget, the Federal Board of Revenue (FBR) has shared an actionable plan with the International Monetary Fund (IMF). FBR has committed to achieving the 2024-25 revenue target of PKR 12.9 trillion, reinforcing its stance against imposing additional taxation measures.
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SBP Raises Rs 776 Billion Through T-Bill Auction
Karachi, November 13, 2024 – The State Bank of Pakistan (SBP) secured Rs 776 billion through its latest auction of Market Treasury Bills (MTBs) on Wednesday, marginally short of the Rs 800 billion target set for the auction.
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FBR to Enforce Shop Closures for Tax Defaults
Karachi, November 13, 2024 – The Federal Board of Revenue (FBR) has announced its plan to enforce strict measures on shopkeepers failing to comply with tax registration and payment requirements under the Income Tax Ordinance, 2001.
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Pakistan Stocks Gain 131 Points Amid Mutual Fund Buying
Karachi, November 13, 2024 – Pakistan stocks rallied on Wednesday, gaining 131 points as buying from local mutual funds bolstered market performance. The KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 93,355 points, up from the previous day’s close of 93,224 points, marking a gain of 0.14%, according to analysts.
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