Islamabad, July 22, 2023 – In a significant move towards tax reform, Pakistan has unveiled draft changes to inland tax laws aimed at harmonization and simplification.
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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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FBR Introduces Method for Payment of Section 7E Tax on Sale and Transfer of Property
Karachi, July 21, 2023 – The Federal Board of Revenue (FBR) has released the method for making tax payments on deemed income under Section 7E of the Income Tax Ordinance, 2001, specifically concerning the sale or transfer of immovable property.
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FBR Imposes Sales Tax on Bulk Goods Sold Under Brand Names and Trademarks
Islamabad, July 21, 2023 – The Federal Board of Revenue (FBR) has taken the decision to apply sales tax on goods supplied under brand names and trademarks.
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Pakistani Rupee Continues Downward Spiral Against Dollar, Hits 6-Day Losing Streak
Karachi, July 21, 2023 – The Pakistani Rupee continued its losing streak for the sixth consecutive day against the US dollar, reaching PKR 286.81 on Friday. The currency experienced a significant depreciation, losing PKR 10.35 from its value since July 13, 2023, when it was trading at PKR 276.46.
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Pakistan’s Imports from China Plummet 44% in FY23
Karachi, July 21, 2023 – Pakistan has experienced a substantial 44% decline in imports from China during the fiscal year 2022-23, according to data released by the State Bank of Pakistan (SBP).
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Fuel Crisis Looms as Petrol Stations in Pakistan Go on Indefinite Shutdown
Karachi, July 21, 2023 – In a move that will likely cause widespread inconvenience to citizens and businesses alike, the Pakistan Petroleum Dealers Association (PPDA) has declared an indefinite shutdown of petrol stations across the country beginning on Saturday, July 22, 2023.
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Pakistan’s Foreign Exchange Reserves Surge to $14.07 Billion, Boosted by Foreign Inflows
Karachi, July 20, 2023 – Pakistan’s foreign exchange reserves have experienced a substantial increase, reaching $14.07 billion, thanks to significant inflows from the International Monetary Fund (IMF) and other friendly countries.
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Gold Prices in Pakistan Witness Unanticipated Drop Amid Currency Devaluation
Karachi, July 20, 2023 – In a twist of events, gold prices in Pakistan experienced an unexpected and significant decline on Thursday, July 20, 2023, despite the devaluation of the local currency against the US Dollar.
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PKR Continues to Slide Against USD, Closes at PKR 285.15 in Interbank
Karachi, July 20, 2023 – The Pakistani Rupee (PKR) experienced its fifth consecutive day of decline, reaching a closing rate of PKR 285.15 against the US dollar in the interbank foreign exchange market on Thursday.
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Pakistani Banks Face Sovereign Risk amid Rising Government Debt: IMF Report
Karachi, July 20, 2023 – Pakistani banks are exposed to sovereign risk due to the escalating levels of government debt, warned a report issued by the International Monetary Fund (IMF).
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