Karachi, August 1, 2024 – Net foreign exchange reserves of Pakistan saw an increase of $57 million on a weekly basis, the State Bank of Pakistan (SBP) announced on Thursday. By the week ending July 26, 2024, the country’s total foreign exchange reserves had risen to $14.392 billion, compared to $14.335 billion recorded the previous week.
(more…)Author: Shahnawaz Akhter
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SBP Unveils Risk Coverage Scheme to Boost SME Financing
Karachi, August 1, 2024 – The State Bank of Pakistan (SBP) on Thursday launched a groundbreaking risk coverage scheme aimed at enhancing the financing landscape for Small and Medium Enterprises (SMEs).
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FBR Relaxes Sales Tax Return Filing Conditions
Karachi, August 1, 2024 – The Federal Board of Revenue (FBR) has announced the relaxation of various requirements for filing sales tax returns, addressing the challenges faced by taxpayers following the issuance of SRO 350.
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Pakistan Registers 11.1% Increase in July Headline Inflation
Islamabad, August 1, 2024 – Headline inflation in Pakistan rose by 11.1% in July 2024, according to the Pakistan Bureau of Statistics (PBS). This increase, based on the Consumer Price Index (CPI), highlights a significant economic challenge as the country navigates its fiscal and monetary policies.
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KSE-100 Index Dips 147 Points Amid Fluctuations
Karachi, August 1, 2024 – The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) ended the day down by 147 points, reflecting a volatile trading session. The KSE-100 index closed at 77,740 points, down from the previous day’s closing of 77,887 points.
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Finance Act 2024: FBR Explains Penalties for Non-Compliance
Karachi, August 1, 2024 – The Federal Board of Revenue (FBR) has elaborated on the penalties for non-compliance introduced through the Finance Act, 2024. These amendments to the Income Tax Ordinance, 2001, are aimed at enhancing tax compliance and ensuring stricter adherence to tax laws.
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UBL Reports Robust 2Q2024 Earnings Growth
KARACHI, July 31, 2024 – United Bank Limited (UBL) posted impressive consolidated earnings of Rs12.1 per share for the second quarter of 2024 (2Q2024), marking a 17% year-on-year (YoY) increase, although reflecting a 7% quarter-on-quarter (QoQ) decline. The results were in line with market expectations.
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Pakistan Stocks Plunge 742 Points in Wild Trading Session
KARACHI, July 31, 2024 – Pakistan stocks experienced a sharp decline on Wednesday, shedding 742 points amid a volatile trading session.
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FBR Abolishes Holding Period for Immovable Property
Karachi, July 31, 2024 –The Federal Board of Revenue (FBR) has eliminated the holding period concept for immovable properties acquired on or after July 1, 2024. This change marks a substantial shift in the taxation of real estate transactions within Pakistan.
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Exporters to Pay 2% Tax to Withholding Agents: FBR
Karachi, July 31, 2024 – The Federal Board of Revenue (FBR) has announced that exporters must now pay a 2% income tax to withholding agents. This tax is divided into two parts: a 1% minimum tax and a 1% adjustable advance tax.
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