Islamabad, November 16, 2024 – Federal Finance Minister Muhammad Aurangzeb has dismissed the possibility of introducing a mini-budget after the conclusion of successful discussions with the International Monetary Fund (IMF). The talks, which included an in-person visit by the IMF mission led by Nathan Porter, were described as productive and aimed at fostering confidence rather than reviewing Pakistan’s economy.
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Find top stories in this section. Pakistan Revenue brings you the latest and most important news from Pakistan and around the world, keeping you informed with key updates and insights.
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IMF Recommends Reducing State Role in Pakistan Economy
Islamabad, November 16, 2024 – The International Monetary Fund (IMF) has recommended that Pakistan reduce state intervention in its economy and foster greater competition to support sustainable growth. This advice followed the conclusion of a staff visit to Pakistan, led by Nathan Porter, from November 12 to 15, 2024.
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Government Keeps Petrol, Diesel Prices Unchanged for Fortnight
ISLAMABAD: The federal government has decided to keep fuel prices unchanged for the next fortnight, according to a notification issued by the Finance Division. This decision is based on the price trends of petroleum products in the international market during the last two weeks, as calculated by the Oil and Gas Regulatory Authority (OGRA).
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Banking Sector Drives KSE-100 to New Peak of 94,764 Points
Karachi, November 15, 2024 – The KSE-100 index of the Pakistan Stock Exchange (PSX) soared to a historic high of 94,764 points on Friday, marking a remarkable milestone in Pakistan’s financial markets. The benchmark KSE-100 index posted a gain of 572 points, advancing from the previous close of 94,192 points and continuing a bullish trajectory that has captured investor attention.
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FBR Defines New Roles for DG I&I Customs
Islamabad, November 15, 2024 – The Federal Board of Revenue (FBR) has issued new guidelines outlining the functions and jurisdiction of the Directorate General of Intelligence and Investigation (I&I) Customs. The FBR formalized these changes through SRO 1815(I)/2024, released on Friday.
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Provinces Collect Rs 122 Billion in Services Sales Tax for 1QFY25
Karachi, November 15, 2024 – Pakistan’s provincial governments have collectively gathered Rs 122 billion in sales tax on services during the first quarter (July – September) of fiscal year 2024-25, according to data released by the federal finance ministry.
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FBR Directed to Lower Tax Burden on Salaried Class
Islamabad, November 15, 2024 – Minister of State for Finance and Revenue, Ali Pervaiz Malik, has emphasized the need to alleviate the tax burden on salaried individuals by curbing widespread tax evasion in the tobacco industry. Addressing a roundtable on Thursday, he expressed the government’s commitment to reducing income tax for the salaried class, contingent upon the Federal Board of Revenue (FBR) recovering an estimated Rs 300-350 billion lost to non-duty-paid and smuggled cigarettes.
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KSE-100 Index Surges to Record 94,192 Points Amid Rally
Karachi, November 14, 2024 – The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index reached a historic high of 94,192 points on Thursday, bolstered by sustained investor confidence and strong buying momentum. The index saw a gain of 836 points from the previous day’s close of 93,356 points, reflecting a significant 0.9% increase and marking a new all-time high.
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FBR Shares Collection Strategy with IMF to Sidestep Mini Budget
Islamabad, November 14, 2024 – In a decisive move to meet Pakistan’s ambitious revenue collection target without resorting to a mini budget, the Federal Board of Revenue (FBR) has shared an actionable plan with the International Monetary Fund (IMF). FBR has committed to achieving the 2024-25 revenue target of PKR 12.9 trillion, reinforcing its stance against imposing additional taxation measures.
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First-Ever Direct Cargo Vessel Arrives in Bangladesh from Pakistan
Chittagong, November 13, 2024 – In a historic development, a direct cargo vessel from Karachi, Pakistan, docked at the port of Chittagong, Bangladesh, marking the establishment of the first-ever direct maritime link between the two neighboring countries. This pioneering route is anticipated to significantly enhance logistical efficiencies, streamline supply chains, and reduce transit times between Pakistan and Bangladesh, fostering closer trade ties in the region.
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