Karachi, October 31, 2024 – In a landmark development, Pakistan has reported its first budget surplus in decades, marking a significant turnaround for the nation’s economic landscape. The surplus, recorded at 1.4% of the GDP for the first quarter (July-September) of the fiscal year 2024-25, reflects an amount of PKR 1.7 trillion. This achievement comes amid Pakistan’s longstanding struggle with fiscal deficits and spiraling debt.
(more…)Author: Shahnawaz Akhter
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UBL to Transform KP and Balochistan Regions into Islamic Banking
Karachi, October 31, 2024 – United Bank Limited (UBL) has unveiled ambitious plans to transition the entire Khyber Pakhtunkhwa (KP) and Balochistan regions to Islamic banking. This strategic move was announced during a corporate briefing organized by Topline Securities, featuring insights from UBL President Muhammad Jawaid Iqbal.
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FBR Revises Property Valuations for Lahore with New SRO 1722
Islamabad, October 31, 2024 – The Federal Board of Revenue (FBR) has announced a significant revision in property valuations for Lahore, issuing SRO 1722(I)/2024 on October 29, 2024.
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PSO Discloses Billions in Tax Contingencies Amid Ongoing Appeals
Karachi, October 31, 2024 – Pakistan State Oil (PSO) has revealed substantial tax contingencies totaling billions of rupees as of September 30, 2024, according to its latest financial report.
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Non-Filers’ Nightmare: FBR Set to Release ATL 2024
The Federal Board of Revenue (FBR) is poised to unveil the Active Taxpayers List (ATL) for 2024, a move that signals a stern warning for non-filers.
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SBP Raises Rs 820 Billion in T-Bill Auction in Strong Participation
Karachi, October 30, 2024 – The State Bank of Pakistan (SBP) successfully raised Rs 820 billion in a heavily subscribed treasury bill (T-Bill) auction on Wednesday, drawing substantial interest from banking institutions.
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KSE-100 Companies Face Profitability Plunge in 1QFY25
Karachi, October 30, 2024 – A somber note has been struck on the corporate landscape as KSE-100 index companies witnessed a significant 14% year-on-year (YoY) decline in profitability during the first quarter of the fiscal year 2024-25 1QFY25.
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KSE-100 Index Plunges 577 Points Amid Highly Volatile Trading
Karachi, October 30, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) experienced a tumultuous trading day on Wednesday, concluding with a substantial decline of 577 points.
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NBP Profits Plunge by 76% in 9M 2024 Amid Rising Costs
Karachi, October 30, 2024 – National Bank of Pakistan (NBP) reported a substantial 76% drop in after-tax profits for the nine-month period ending September 30, 2024, driven by escalating operational costs and intense inflationary pressures.
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PTBA Urges Swift Resolution of Federal-Provincial Tax Disputes
Karachi, October 30, 2024 – In a recent appeal to Prime Minister Shehbaz Sharif, the Pakistan Tax Bar Association (PTBA) has called for urgent intervention to resolve the ongoing federal-provincial tax disputes that have created significant uncertainty and administrative burdens for compliant taxpayers.
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