ISLAMABAD: Pakistan’s National Accounts Committee (NAC) has recently released the provisional National Accounts for the fiscal year 2022-2023 (FY23).
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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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Banking Loans to Private Sector Plummet by 94% in 10 ½ Months
Banking loans extended to the private sector in Pakistan have experienced a significant decline of 94% during the first 10 and a half months of the current fiscal year, as per the latest data released by the State Bank of Pakistan (SBP).
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Pakistan Considers Enhancing Tax Rates for Commercial Importers
In a bid to offset the costs of imported goods, Pakistan is contemplating an increase in tax rates for commercial importers. A high-powered commission, led by Finance Minister Muhammad Ishaq Dar, has recommended raising the tax rates under section 148 of the Income Tax Ordinance, 2001.
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Russian oil to reach Pakistan through Oman Port: Minister
In the coming days, the first shipment of Russian oil will reach Pakistan through small boats, with 100,000 tons of crude oil set to anchor at Oman Port by the end of the month, according to a Pakistani minister.
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SBP penalizes five banks with Rs224 million for regulatory violations
Karachi, May 24, 2023 – The State Bank of Pakistan (SBP) has taken strict action against five commercial banks for violating regulatory provisions, including anti-money laundering (AML) laws.
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Open file transactions facilitate tax evasion in property sector: report
A recent report published by the Pakistan Business Council (PBC) highlights the prevalence of tax evasion in property transactions facilitated by open files, which are often exchanged without official transfer of ownership or payment of associated taxes. These undocumented transactions have allowed individuals to evade tax obligations, according to the report.
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Study provides insights into Pakistan’s struggle to tax retailers and wholesalers
A recent study conducted by the Pakistan Business Council (PBC) sheds light on the country’s persistent challenges in bringing wholesalers and retailers into the tax net.
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PM Shehbaz directs authorities to focus on relief measures in budget
Prime Minister Shehbaz Sharif has directed his economic team to focus on relief measures and economic stability in the upcoming budget 2023-2024.
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FBR collects massive Rs138 billion as income tax from banking interest
The Federal Board of Revenue (FBR) in Pakistan has reported a substantial collection of Rs138 billion as income tax from banking interest and returns from government securities.
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Pakistani rupee declines for fifth consecutive day amid debt repayment pressure
The Pakistani Rupee (PKR) experienced its fifth consecutive day of decline against the US dollar on Tuesday, as external debt repayment pressure and political uncertainty continued to weigh on the currency. The interbank foreign exchange market witnessed a decrease of 59 paisas, with the exchange rate closing at PKR 287.15 compared to the previous day’s closing rate of PKR 286.56.
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