Karachi, July 5, 2023 – Analysts at JS Global on Wednesday suggested that Pakistan might increase petroleum prices by enhancing the petroleum levy and sales tax. Their analysis indicates that the Petroleum Development Levy (PDL) collection has fallen short of the target due to reduced sales of Oil Marketing Companies (OMCs) and the government’s reluctance to raise the PDL charge.
(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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Dollar Rebounds in Pakistani Currency Market; Gains PKR 1.97
Karachi, July 5, 2023: The US dollar made a strong comeback in the Pakistani currency market on Wednesday, recovering from a significant fall against the Pakistan Rupee (PKR) the previous day. The exchange rate witnessed a PKR 1.97 depreciation in the rupee’s value, closing at PKR 277.41 to the dollar compared to the previous day’s rate of PKR 275.44 in the interbank foreign exchange market.
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LTO Karachi Surpasses FY23 Target, Collects Nearly Rs2 Trillion Amid Economic Challenges
Karachi, July 5, 2023 – The Large Taxpayers Office (LTO) Karachi has exceeded its revenue collection target for the fiscal year 2022-23, amassing approximately Rs2 trillion, according to officials on Wednesday.
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Pakistan Retains Higher Sales Tax Rate at 18% for 2023-24 and Onwards
Islamabad, July 5, 2023 – In a move that may impact the economy and burden the masses, Pakistan has decided to retain the higher rate of general sales tax at 18 percent for the fiscal year starting July 1, 2023, and continuing onwards. The decision was announced by the Federal Board of Revenue (FBR) sources today.
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Pakistan to Hold Countrywide Protests Against Holy Quran Desecration in Sweden
Islamabad, July 5, 2023 – In response to the desecration of the Holy Quran in Sweden, the government of Pakistan has announced countrywide protests and a joint parliamentary session. The decision was made during a meeting chaired by Prime Minister Shehbaz Sharif in Islamabad on Tuesday.
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Pakistani Rupee Crushes US Dollar, Gains PKR 10.55 at Interbank Closing
Karachi, July 4, 2023 — The Pakistani Rupee (PKR) crushed the US dollar on Tuesday, gaining PKR 10.55 at closing in the interbank foreign exchange market. The exchange rate recorded a PKR 10.55 increase in rupee value to end at PKR 275.44 to the dollar from last closing of PKR 285.99 on June 27, 2023.
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FBR Enforces 15% Sales Tax on Services Provided by Hotels in Islamabad
Islamabad, July 4, 2023: The Federal Board of Revenue (FBR) has recently implemented a 15 percent sales tax on various services offered by hotels, clubs, and other establishments in Islamabad. This decision aims to enhance revenue collection and streamline taxation procedures within the hospitality sector.
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Pakistan Petroleum Sales Hit 17-Year Low in FY23 Amid Economic Slowdown and Price Surge
Karachi, July 4, 2023 – Petroleum product sales in Pakistan have reached a 17-year low during the fiscal year 2022-23, according to recently released data on Tuesday. The decline in sales can be attributed to higher product prices and an overall economic slowdown, which have significantly impacted demand.
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US Dollar Plummets to PKR 275 at Interbank Opening Following IMF Loan Agreement
Karachi, July 4, 2023: The Pakistani Rupee (PKR) started the trading week with a remarkable surge as the US dollar tumbled to PKR 275 at the opening of the interbank foreign exchange market today. This dramatic decline occurred following the weeklong Eid holidays and a significant development in Pakistan’s financial landscape.
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Pakistan Witnesses $477 Million Increase in Foreign Exchange Reserves
Karachi, July 4, 2023: Pakistan’s foreign exchange reserves have experienced a significant increase of $477 million over the course of a week, as revealed by data released by the State Bank of Pakistan (SBP).
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