Islamabad, June 5, 2023: A high-powered commission, appointed by the finance minister of Pakistan, has expressed concerns regarding the verification of freight charges in CFR/CNF (Cost and Freight/Cost, Insurance, and Freight) invoices, which has led to potential underdeclaration of CNF values and the exclusion of freight charges on the Bill of Lading.
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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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ECC Approves Rs9.2 Billion Guarantee for Hyderabad-Sukkur Motorway
Islamabad, June 5, 2023 – The Economic Coordination Committee (ECC) of the Cabinet granted its approval on Monday for a government guarantee amounting to Rs9.2 billion towards the construction of the Hyderabad-Sukkur motorway.
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Pakistani Rupee Eases by 51 Paisas to Dollar in Interbank on June 5, 2023
In the interbank foreign exchange market on Monday, June 5, 2023, the Pakistani Rupee (PKR) experienced a decline of 51 paisas against the US dollar.
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FPCCI Proposes Dollar Amnesty Scheme to End Exchange Rate Volatility
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has recently put forward a recommendation for a dollar amnesty scheme to address the issue of exchange rate volatility in the country.
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Petrol pumps may not accept cash for fuel purchase in Pakistan
Pakistan is contemplating a potential restriction on cash payments for fuel purchases at petrol pumps as part of an effort to promote digitalization and curb financial irregularities.
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Pakistan Updates Petroleum Prices Ahead of Federal Budget 2023-24
Islamabad, Pakistan – Pakistan has announced updated petroleum prices ahead of the highly anticipated federal budget for the fiscal year 2023-24, scheduled to be announced on June 9, 2023.
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Pakistan, Turkey Set to Increase Bilateral Trade to $5 Billion
Islamabad, June 4, 2023 – Prime Minister Muhammad Shehbaz Sharif has said that Pakistan and Turkey are set to increase their bilateral trade to $5 billion annually over the next three years.
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Pakistan Budget 2023-2024: Navigating Challenges and Striving for Economic Stability
The Pakistan Budget for the fiscal year 2023-2024 faces significant challenges due to stagflation, uncertainties surrounding the upcoming elections, and the country’s external account funding gap.
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Auto Assemblers Reject Proposed Withholding Tax on Invoice Prices
Karachi, June 3, 2023 – Local auto assemblers have strongly opposed a budget proposal for the fiscal year 2023-24 that suggests levying the Withholding Tax (WHT) based on invoice prices of motor vehicles instead of engine capacity. Industry representatives argue that this change could further distress an already struggling auto sector, leading to a decline in sales.
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Petroleum Prices Surge by 45%, Driving Inflation in Pakistan
Karachi, June 2, 2023 – Petroleum prices in Pakistan have experienced a significant increase of 45% on a year-on-year basis, contributing to a rise in inflation, according to official statistics released on Friday by the Pakistan Bureau of Statistics (PBS).
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