Pakistan is gearing up to announce new petroleum prices on May 15, 2023, for the second half of the current month. The decision comes in the midst of falling value of Pakistani Rupee (PKR) and declining trend in global oil prices.
(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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Private sector credit offtake plunges 80% during 10MFY23
Unfriendly economic conditions have had a significant impact on the private sector credit offtake in Pakistan, with bank loans falling by 80 percent during the first ten months of the 2022-2023 fiscal year.
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Former Pakistani Prime Minister Imran Khan Arrested
On May 9, 2023, former Pakistani Prime Minister Imran Khan was arrested by the National Accountability Bureau (NAB) on charges of corruption and misuse of authority during his tenure as the Prime Minister of Pakistan. Khan, who had been leading the country since 2018, stepped down in April 2022 after his government lost a vote of confidence in the National Assembly.
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FPCCI demands immediate discontinuation of foreign exchange fines on exporters
The President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Irfan Iqbal Sheikh, has called on the State Bank of Pakistan (SBP) to immediately discontinue the practice of commercial banks and Authorized Dealers charging 3 to 9 percent in foreign exchange fines or lien-marking on exporters’ accounts for unfounded but deemed delays in the realization of their export proceeds.
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Pakistan may target banks for additional tax revenue
The Pakistani government is facing a significant shortfall in its revenue target for fiscal year 2023, prompting analysts to suggest that the banking sector could be a prime target for additional taxation levies.
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Petroleum levy collection soars by 189% to Rs362 billion
The collection of petroleum levy in Pakistan has soared by 189 percent to Rs362.48 billion during first nine months (July – March) 2022-2023 as compared with Rs125.56 billion in corresponding months of the last fiscal year, official data revealed.
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Motor vehicle tax collection declines to Rs24.87 billion in July – March
KARACHI: Collection of motor vehicle tax in Pakistan has declined by 9 percent to Rs24.87 billion during first nine months (July – March) 2022-2023 owing to challenging economic conditions hampering the growth in automotive industry.
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Pakistan’s tax to GDP ratio declines to 6.7% in 9MFY23
Pakistan’s tax to GDP ratio has declined to 6.7 percent during first nine month (July – March) 2022-2023 as compared with 7.2 percent in the same period of the last fiscal year, official statistics revealed.
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IRS officers shuffled as FBR struggles to meet tax collection targets
The Federal Board of Revenue (FBR) Friday May 05, 2023 announced a major reshuffle of officers in the Inland Revenue Service (IRS) from BS-17 to BS-20, citing the need to improve tax collection efforts.
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Sunset clause expires, RD on vehicle, mobile phone automatically withdrawn: FBR
The Federal Board of Revenue (FBR) recently made an announcement stating that the notification for imposing regulatory duties (RD) on the import of vehicles and mobile phones had a sunset clause that expired on March 31, 2023.
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