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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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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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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Government Abolishes Additional Tax on Low ADR for Banks
Karachi, December 28, 2024 – The federal government has abolished the additional income tax on banks with low Asset-to-Deposit Ratios (ADR). This decision, approved by the federal cabinet, will be implemented through the promulgation of an Income Tax Ordinance.
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Finance Ministry Exposes Alarming FBR Revenue Shortfall
Islamabad, December 27, 2024 – The Finance Ministry on Friday disclosed a significant shortfall in revenue collection by the Federal Board of Revenue (FBR) up to November 2024. This revelation came as part of the monthly economic outlook for December 2024.
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Petroleum Prices in Pakistan Witness Notable Decline in 2024
Islamabad, December 27, 2024 – Petroleum prices in Pakistan have shown a significant decline throughout 2024, providing relief to consumers and contributing to a reduction in the inflation rate of essential items.
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RTO-1 Karachi Targets Tax-Evading Wedding Halls
Karachi, December 27, 2024 – In a move to curb tax evasion, the Regional Tax Office-1 (RTO-1) Karachi has announced stringent action against four prominent wedding halls in the city for failing to deposit taxes mandated under Section 236CB of the Income Tax Ordinance, 2001.
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