Karachi, December 5, 2024 – The benchmark KSE-100 index of Pakistan Stocks (PSX) surged to a new record high on Thursday, surpassing the 108,000-point mark for the first time.
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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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PM Shehbaz Orders Strict Measures for Tax Collection
Islamabad, December 5, 2024 – Prime Minister Shehbaz Sharif, on Thursday, issued clear directives to relevant authorities to ensure swift and effective tax collection in Pakistan. He emphasized the need for implementing strict measures to enforce the country’s revenue collection strategy. This was part of his broader vision to strengthen the nation’s fiscal framework, which has been a key focus of his government.
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NTC Reviews Agriculture, Property Taxation Strategies
Islamabad, December 4, 2024 – The National Tax Council (NTC) convened on Wednesday to explore measures aimed at boosting revenue through enhanced agricultural income and property taxation. The session, chaired by Minister for Finance and Revenue Senator Muhammad Aurangzeb, underscored the importance of federal-provincial collaboration to achieve comprehensive tax reforms and improve compliance.
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Pakistan Rebuffs Reports of Discounted Oil Deal with Russia
Islamabad, December 4, 2024 – Petroleum Minister Musadik Malik on Wednesday categorically denied reports suggesting that Pakistan and Russia had reached an agreement for the supply of discounted crude oil.
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FBR Establishes Procurement Committees for Transformation Plan
Islamabad, December 4, 2024 – The Federal Board of Revenue (FBR) announced the formation of multiple procurement committees on Wednesday to facilitate the implementation of its Transformation Plan.
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Pakistan and Saudi Arabia Commit to Deepening Economic Ties
Pakistan and Saudi Arabia have reaffirmed their commitment to strengthening economic, trade, and investment ties, aiming for a qualitative transformation in their bilateral relationship. The development came during a “warm and cordial” meeting between Pakistan’s Prime Minister Muhammad Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman on the sidelines of the One Water Summit in Riyadh.
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FBR Mandates Forensic Lab Tests for Vehicle Auctions
The Federal Board of Revenue (FBR) has introduced a significant policy change, requiring the Customs Department to conduct forensic laboratory tests through reputable forensic labs before auctioning confiscated vehicles. This move aims to enhance transparency in the auction process and ensure the sale of non-tampered vehicles to buyers.
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Market Anticipates 200bps Policy Rate Cut: Topline Poll
Karachi, December 3, 2024 – Market participants are gearing up for a substantial monetary policy adjustment, as a poll by Topline Securities Limited suggests a majority expects a 200 basis points (bps) cut in the policy rate during the upcoming Monetary Policy Committee (MPC) meeting, scheduled for December 16, 2024.
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KSE-100 Soars to New High Amid Monetary Policy Optimism
Karachi, December 3, 2024 – The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index reached an unprecedented milestone on Tuesday, closing at 104,559 points, driven by strong investor sentiment surrounding an anticipated rate cut by the State Bank of Pakistan (SBP). This surge represents an impressive gain of 1,284 points from the previous day’s close at 103,275 points.
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FBR Implements New Tax Rates on Sale of Immovable Property
KARACHI, December 3, 2024 – The Federal Board of Revenue (FBR) has announced updated advance tax rates on the sale or transfer of immovable property in Pakistan for the tax year 2025. These changes, outlined under Section 236C of the Income Tax Ordinance, 2001, aim to streamline tax compliance and ensure clarity for property transactions.
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