Karachi, November 29, 2024 – Karachi’s large taxpayers have paid Rs 12.50 billion as advance tax on electricity consumption during the first four months (July – October) of the current fiscal year 2024-25, according to sources from the Federal Board of Revenue (FBR). The payment marks a significant surge, highlighting a substantial increase in tax collection for the period.
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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 Likely to Increase Petroleum Prices for December 2024
Pakistan is expected to raise petroleum product prices starting December 1, 2024, driven by a recent surge in international oil prices. The adjustment will follow the fortnightly review of petroleum prices, with the next update scheduled for November 30, 2024. The revised prices will remain effective from December 1 to December 15, 2024.
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FBR Withdraws Property Valuation Rebates in Karachi
Karachi, November 28, 2024 – The Federal Board of Revenue (FBR) has clarified that no reductions in property valuations are available under its latest notification for Karachi. The Regional Tax Office (RTO) – 1 Karachi, a key arm of the FBR, issued this clarification in response to doubts raised about Notification No. SRO 1724(I)/2024, dated October 29, 2024, which outlines updated property valuation tables for the city.
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FPCCI President Announces Rs 5 Billion Seed Fund for Air Karachi
Karachi, November 28, 2024 – Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), announced an initial Rs 5 billion seed fund for the launch of a new airline, Air Karachi. This initiative, spearheaded by prominent business leaders, aims to revolutionize air travel in Pakistan.
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PSX Celebrates First Closing Above 100K in Stunning Turnaround
Karachi, November 28, 2024 – The Pakistan Stock Exchange (PSX) achieved a historic milestone on Thursday as the benchmark KSE-100 Index soared past the 100,000-point mark for the first time. This remarkable achievement came in the wake of earlier market turbulence caused by violent protests in Islamabad.
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Landmark Achievement: PSX Reaches 100,000 Points
Karachi, November 28, 2024 – The Pakistan Stock Exchange (PSX) hit a historic milestone, surpassing 100,000 points at the start of trading on Thursday.
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Private Sector Credit Offtake Reaches Rs 880 Billion This Year
Karachi, November 27, 2024 – Credit offtake by the private sector from Pakistan’s banking system witnessed a remarkable surge, reaching Rs 880 billion during the first four and a half months of the current fiscal year, spanning July 1 to November 15, according to data released by the State Bank of Pakistan (SBP).
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Finance Ministry Optimistic for Progressive Economic Recovery
Islamabad, November 27, 2024 – The finance ministry has expressed optimism about Pakistan’s economic recovery, citing improvements in key sectors and a positive outlook for the coming months.
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PSX Touches Peak of 99,269 Points with Largest Single-Day Gain
Karachi, November 27, 2024 – The Pakistan Stock Exchange (PSX) witnessed a historic recovery on Wednesday, as the benchmark KSE-100 Index surged by an unprecedented 4,695 points, closing at a record high of 99,269. This 4.96% gain marked the largest single-day rise in the PSX’s history, signaling a strong comeback after a day of significant turmoil.
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Tax Collection from Cash Withdrawals Drops 21% in October 2024
Islamabad, November 27, 2024 – Tax revenue from cash withdrawals in Pakistan witnessed a sharp decline, plunging 21% year-on-year (YoY) in October 2024.
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