The Federal Board of Revenue (FBR) faced a substantial revenue shortfall of Rs 380 billion during the first half of the current fiscal year (July-December 2024). The total tax collection amounted to Rs 5,629 billion, falling short of the projected target of Rs 6,009 billion, raising concerns over Pakistan’s fiscal performance.
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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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Pakistan Increases Petroleum Prices on New Year 2025
ISLAMABAD: The federal government of Pakistan has increased the price of petrol by Re0.56 per litre, effective from the first fortnight of 2025. The announcement, made on New Year’s Eve, reflects adjustments based on fluctuations in the international oil market, as stated in a notification issued by the Finance Division.
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Pakistan Waives Customs Duty on 261 Items for D-8 Countries
Karachi, December 31, 2024 – Pakistan has announced the exemption of customs duties on 261 tariff lines for imports from D-8 countries, a move effective from January 1, 2025. This initiative is part of Pakistan’s commitment to fostering regional trade under the D-8 Preferential Trade Agreement (PTA).
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PM Shehbaz Launches ‘Uraan Pakistan’ Five-Year Economic Plan
Islamabad, December 31, 2024 – Prime Minister Shehbaz Sharif officially launched Uraan Pakistan, a homegrown five-year National Economic Transformation plan, on Tuesday in Islamabad.
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KSE-100 Closes 2024 with Highest Return in 22 Years
Karachi, December 31, 2024 – The KSE-100 Index, the benchmark of the Pakistan Stock Exchange (PSX), closed the year 2024 with an exceptional gain of 84% (87% in US dollar terms), marking its highest percentage return in 22 years. The last time the index delivered such a stellar performance was in 2002, with a record return of 112%.
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Rupee Concludes Year 2024 at PKR 278.55 to Dollar
Karachi, December 31, 2024 – The Pakistani rupee on Tuesday concluded the year 2024 with a marginal depreciation, closing at PKR 278.55 against the US dollar in the interbank market.
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December 2024 Headline Inflation May Hit 80-Month Low
Karachi, December 31, 2024 – Headline inflation in Pakistan is expected to decline to 4.7% in December 2024, marking its lowest level in 80 months, analysts at Insight Securities (Pvt) Limited revealed on Tuesday. This significant decrease in inflation reflects the impact of a favorable base effect and a reduction in transport costs due to lower fuel prices.
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FBR Issues Final Call for Corporate Tax Return Filing
Karachi, December 30, 2024 – With the deadline for filing income tax returns rapidly approaching, the Federal Board of Revenue (FBR) has issued a final call for companies to submit their annual income tax returns for the tax year 2024 before December 31, 2024.
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Finance Minister Aurangzeb Hints at Shutting Down PASSCO
Islamabad, December 29, 2024 – Finance Minister Muhammad Aurangzeb has hinted at the possibility of shutting down the Pakistan Agricultural Storage and Services Corporation (PASSCO), as state media reported on Sunday. This announcement signals a major shift in government policy, as Aurangzeb emphasized the need for an alternative mechanism to maintain strategic reserves, potentially involving the private sector.
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PM Shehbaz Orders Installation of Smart Electricity Meters
Islamabad, December 28, 2024 – Prime Minister Muhammad Shehbaz Sharif has instructed the expeditious installation of smart meters across the country to enhance transparency in the electricity billing system and implement robust measures to curb electricity theft. The directive came during a high-level review meeting on the performance of Electricity Distribution Companies (DISCOs).
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