Karachi, July 25, 2024 – The State Bank of Pakistan (SBP) announced on Thursday a significant drop of $397 million in its official foreign exchange reserves for the week ending July 19, 2024. The reserves declined from $9.424 billion on July 12, 2024, to $9.027 billion by the end of the week.
(more…)Author: Shahnawaz Akhter
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Late Selling Spree Drags Pakistan Stocks Down by 928 Points
Karachi, July 25, 2024 – The Pakistan Stocks experienced a dramatic decline on Thursday, with the benchmark KSE-100 index shedding 928 points amid a late-session selling spree. The index closed at 78,469 points, a sharp drop from the previous day’s closing of 79,397 points.
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SRB Releases Tax Rates for Professionals, Consultants in TY 2025
Karachi, July 25, 2024 – The Sindh Revenue Board (SRB) has issued updated sales tax rates for services provided by professionals and consultants for the tax year 2024-25.
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Gallup Survey: Economic Woes Deepen Business Pessimism
Karachi, July 25, 2024 – Business owners across Pakistan have expressed heightened pessimism about their future prospects, citing continued political turmoil and a new tax-heavy budget as major concerns, according to a recent Gallup Pakistan survey.
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FBR Unveils Harsh Penalties for Tax Fraud in Latest Reform Blitz
Karachi, July 25, 2024 – The Federal Board of Revenue (FBR) has implemented stringent penalties for sales tax fraud, signaling a robust crackdown on offenders under amended legislation.
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FBR Imposes 25% Sales Tax on Imported Mobile Phones
Karachi, July 25, 2024 – The Federal Board of Revenue (FBR) has announced new sales tax rates on imported mobile phones, effective immediately. The revised tax structure, introduced through amendments in the Finance Act of 2024, aims to regulate the import and sale of mobile phones in Pakistan.
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FBR Fixes Income Tax Rates for Shops in Lahore Areas
Lahore, July 25, 2024 – The Federal Board of Revenue (FBR) has established fixed income tax rates based on the value of shops located in various areas of Lahore. This move aims to streamline tax collection from shopkeepers and retailers across the city.
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KCCI Signals Street Protests as Last Resort for Economic Relief
Karachi, July 24, 2024: The Karachi Chamber of Commerce and Industry (KCCI) has suggested that street protests might be the only effective method to compel the government to address pressing economic issues.
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Market Survey Foresees SBP Slashing Rate to 19.5%
Karachi, July 24, 2024 – A recent survey conducted by Topline Securities Limited indicates a strong likelihood that the State Bank of Pakistan (SBP) will reduce its benchmark interest rate to 19.5%, down from the current 20.5%. This anticipated decision will be formally deliberated during the SBP’s Monetary Policy Committee (MPC) meeting scheduled for July 29, 2024.
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KATI Warns of Challenges in Achieving $60 Billion Export Target
Karachi, July 24, 2024 – The Korangi Association of Trade and Industry (KATI) has raised significant concerns over the government’s ambitious target of achieving $60 billion in exports within the next three years. In a recent statement, KATI President Qandhari highlighted the substantial challenges posed by high production costs and heavy taxation on the export sector.
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