Karachi, August 7, 2024 – The Federal Board of Revenue (FBR) has announced a reduction in the Federal Excise Duty (FED) on air tickets for passengers holding labour visas. Effective immediately, the FED on such tickets will be reduced to a fixed rate of Rs 5,000 per ticket, a substantial relief for those embarking on international journeys from Pakistan to Gulf Cooperation Council (GCC) countries.
(more…)Category: Pakistan
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OGDCL Announces Major Gas Discovery in Pakistan
Karachi, August 6, 2024 – The Oil and Gas Development Company Limited (OGDCL), a prominent player in Pakistan’s energy sector, has announced a significant new gas discovery in the country.
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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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Pakistan Slashes Petroleum Prices for Half of August 2024
Islamabad, July 31, 2024 – In a move set to provide much-needed respite to citizens grappling with high electricity bills and taxes, Pakistan announced a significant reduction in petroleum prices for the first half of August 2024. This development comes as a response to the recent decline in global oil rates.
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Stricter Tax Regulations for Foreign Businesses in Pakistan
Karachi, July 31, 2024 – Pakistan has introduced stricter tax rules for non-residents with substantial business activities within the country. This initiative, driven by the Federal Board of Revenue (FBR), aims to capture a larger share of revenue from global entities benefiting from the Pakistani market.
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Pakistan’s Economy Shows Signs of Stability in FY24: Report
Islamabad, July 30, 2024 – The Pakistani economy is showing signs of stability as the fiscal year 2023-24 comes to a close, with declining inflation, a primary fiscal account surplus, a minimal current account deficit, and a stable exchange rate, according to the Finance Ministry’s report released on Tuesday.
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Visa Reforms to Promote Tourism in Pakistan: PM Shehbaz
Islamabad, July 29, 2024 – Prime Minister Muhammad Shehbaz Sharif announced on Sunday that the government has introduced significant visa reforms aimed at facilitating foreign investors, business communities, and tourists.
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Sensitive Price Inflation in Pakistan Surges 20% YoY
Islamabad, July 26, 2024 – The Sensitive Price Indicator (SPI) inflation on a Year on Year (YoY) basis has surged by 20.09% for the week ending July 25, 2024, according to the latest data released by the Pakistan Bureau of Statistics (PBS) on Friday.
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SBP Reserves Plummet by $397 Million Amid Debt Repayments
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.
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PM Shehbaz Sets Ambitious $60 Billion Export Target for Pakistan
Karachi, July 23, 2024 – Prime Minister Shehbaz Sharif chaired a pivotal meeting of the National Export Development Board on Tuesday, tasking authorities with a bold directive: elevate the country’s annual exports to $60 billion within the next three years.
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