Pakistan is poised to announce a significant reduction in petroleum prices for the first fortnight of June 2023. This anticipated decline is in response to the imminent arrival of Russian oil, which holds the promise of substantial cost savings compared to prevailing international market prices.
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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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ICAP recommends steps to prevent smuggling in CPEC trade
The Institute of Chartered Accountants of Pakistan (ICAP) has put forth recommendations to ensure that foreign trade conducted through the China Pakistan Economic Corridor (CPEC) remains free from smuggling and illegal activities.
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Pakistan advised to include pension income in tax regime
An international advisory firm, Adam Smith International, has recommended that Pakistan expand its income tax framework to encompass pension income.
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Pakistan set to unveil new petroleum prices on May 31, 2023
Pakistan is set to make a significant announcement regarding new petroleum prices on May 31, 2023. These prices will be applicable for the first half of June 2023. The decision to unveil the prices comes in light of the imminent arrival of Russian oil, which holds the promise of offering substantial cost savings compared to the prices prevailing in the international market. Industry experts are eagerly anticipating a noteworthy reduction in petroleum prices during the initial fortnight of June 2023.
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Prime Minister Sharif urges exporters to innovate for increased exports
Karachi, May 26, 2023 – Prime Minister Muhammad Shehbaz Sharif called upon the country’s exporters to adopt innovative and unique approaches to enhance exports, leading to valuable foreign exchange earnings for Pakistan.
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Pakistan faces risk of default by November 2023, warns Miftah Ismail
KARACHI: Former Finance Minister Miftah Ismail has expressed concerns over Pakistan’s fiscal situation, indicating a potential default by November 2023.
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FBR initiates recovery of CVT on motor vehicles of past five years
The Federal Board of Revenue (FBR) has commenced the recovery of Capital Value Tax (CVT) on motor vehicles for the past five years, despite the fact that the levy was applicable from July 01, 2022.
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Pakistan’s foreign exchange reserves drop by $206 million to $9.73 billion
Karachi, May 25, 2023: Pakistan’s foreign exchange reserves witnessed a decline of $206 million, reaching $9.731 billion by the week ended May 19, 2023, according to the State Bank of Pakistan (SBP).
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Rupee shows strong recovery against US dollar to end at PKR 285.74
Karachi, May 25, 2023 – The Pakistani Rupee (PKR) witnessed a significant recovery against the US dollar, closing at PKR 285.74 in the interbank foreign exchange market on Thursday.
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FTO uncovers fake companies registered with FBR operating since 2008
The Federal Tax Ombudsman (FTO) has recently exposed significant inefficiencies within the tax authorities, revealing the existence of fake companies that have been registered and operating since 2008.
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