Karachi, June 29, 2024 – Pakistan has approved an increase in the petroleum levy to Rs 70 per liter on the price of petroleum products for the fiscal year 2024-25.
(more…)Author: Shahnawaz Akhter
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Government Introduces Separate Tax Regime for Property Sale
Karachi, June 29, 2024 – The government of Pakistan has introduced a separate tax regime for income tax on property sales through the amended Finance Bill, 2024.
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Income Tax Surcharge at 10% Levied on Salaried Persons
Karachi, June 29, 2024 – In a surprising move aimed at generating more tax revenue, the government has imposed a 10 percent surcharge on income tax for individuals earning over Rs 10 million.
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Aurangzeb Reiterates Goal of Enhancing Tax-to-GDP Ratio to 13%
Islamabad, June 28, 2024 – Federal Finance Minister Muhammad Aurangzeb reaffirmed the government’s commitment on Friday to increase Pakistan’s tax-to-Gross Domestic Product (GDP) ratio to 13%, emphasizing the need for robust economic reforms to achieve sustainable growth.
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Pakistan Maintains Normal Tax Regime for Exporters
Islamabad, June 28, 2024 – National Assembly of Pakistan on Friday passed the 2024-25 budget, maintaining a normal tax regime for exporters despite significant criticism.
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PTCL Secures $400 Million Loan from IFC for Strategic Acquisition
Karachi, June 28, 2024 – Pakistan Telecommunication Company Limited (PTCL) has secured a $400 million loan from the International Finance Corporation (IFC). In a communication shared with the Pakistan Stock Exchange (PSX) on Friday, PTCL announced that the IFC Board of Directors has approved the debt financing to support PTCL’s acquisition of Telenor Pakistan and Orion Towers (Private) Limited.
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SBP Issues Bank Timings for Tax Collection in FY24 Closing
Karachi, June 28, 2024 – The State Bank of Pakistan (SBP) announced on Friday the bank timings for the collection of duty and tax during the last three days of the fiscal year 2024-25.
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National Assembly Passes 2024-25 Budget
Islamabad, June 28, 2024 – The National Assembly on Friday approved the budget for fiscal year 2024-25, presented by the ruling Pakistan Muslim League-Nawaz (PML-N).
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Rupee Ends FY24 at PKR 278.34 Against Dollar
Karachi, June 28, 2024 – The Pakistani Rupee on the last trading day of fiscal year 2023-24 on Friday appreciated slightly, ending at PKR 278.34 against the dollar in the interbank foreign exchange market.
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ABAD Fears Tax Measures to Divert Real Estate Investment
Karachi, June 27, 2024 – The Association of Builders and Developers (ABAD) has voiced concerns that the tax measures introduced in the 2024-25 budget will redirect the flow of dollars away from Pakistan.
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