Karachi, January 19, 2024 – Pakistan’s textile sector, a cornerstone of the nation’s economy and a major contributor to foreign exchange earnings, has experienced a notable setback with a 5 percent decline in exports, totaling $8.28 billion during the first half (July – December) of fiscal year 2023-24.
(more…)Category: Top stories
Top stories featuring the most important and trending news updates from politics, business, world affairs, and breaking events across various sectors.
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Inflation of Essential Prices in Pakistan Nears 45%
Islamabad, January 19, 2024 – Alarming data released by the Pakistan Bureau of Statistics (PBS) on Friday reveals that the inflation of essential prices in Pakistan has surged, nearing a staggering 45 percent.
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FBR Unveils Tax Rules on Insurance in Pakistan for 2024
Karachi, January 19, 2024 – The Federal Board of Revenue (FBR) in Pakistan has recently released the updated Income Tax Ordinance for the tax year 2024, shedding light on the tax rules applicable to the insurance industry.
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Pakistan Records $112 Million Decline in Forex Reserves
Karachi, January 18, 2024 – Pakistan has experienced a decline in foreign exchange reserves by $112 million on a weekly basis, according to an announcement by the State Bank of Pakistan (SBP) on Thursday.
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KSE-100 Index Suffers 1,436-Point Drop in Four-Day Bearish Spell
Karachi, January 18, 2024 – The Pakistan Stock Exchange (PSX) witnessed a formidable downturn as the benchmark KSE-100 index plummeted by 1,436 points during a persistent four-day losing streak, marking a significant shift in market sentiment on Thursday.
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FBR Announces Depreciation Rates for Tax Year 2024
Karachi, January 18, 2024 – In a move aimed at facilitating businesses and promoting transparency, the Federal Board of Revenue (FBR) has officially notified the depreciation rates for the Tax Year 2024.
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LHC Directs FBR to Halt Forceful Tax Recovery
Islamabad, January 18, 2024 – The Lahore High Court (LHC) has issued a landmark directive to the Federal Board of Revenue (FBR), instructing them to caution taxation officers against forceful tax recovery measures that infringe upon the fundamental rights of taxpayers.
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Pakistan Witnesses 35% Surge in FDI During 1HFY24
Karachi, January 17, 2024 – The State Bank of Pakistan (SBP) released a report on Wednesday, revealing a remarkable 35 percent surge in foreign direct investment (FDI) into the country during the first half (July-December) of fiscal year 2023-24.
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Pakistan Records Massive Contraction of 77% in CAD for 1HFY24
Karachi, January 17, 2024 – In a remarkable turn of events, Pakistan has witnessed a substantial contraction of 77% in its Current Account Deficit (CAD) during the first half (July – December) of the current fiscal year, according to data released by the State Bank of Pakistan (SBP).
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Pakistan Announces Tax Amnesty for 2024
Karachi, January 17, 2024 – Pakistan has taken a significant step to boost its economy by announcing a tax amnesty for certain foreign currency transactions during the tax year 2024.
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