Engro Corporation Limited (ENGRO) announced a significant decline in its financial performance for the nine months ending September 2024 (9MCY24), reporting a consolidated profit after tax of PKR 11,983 million, or PKR 22.33 per share. This reflects a steep 48% drop year-on-year, as challenging market dynamics, higher costs, and reduced demand affected its key business sectors.
(more…)Category: Trade & Industry
This section covers news on trade and industry. Pakistan Revenue is committed to providing the latest updates on business trends.
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Traders Present Proposals to Overcome Pak-Afghan Trade Hurdles
In a bid to ease longstanding challenges in Pak-Afghan bilateral and transit trade, a delegation of traders, led by Fazal Moqeem Khan, President of the Sarhad Chamber of Commerce and Industry (SCCI), met with Chief Collector Customs, Khyber Pakhtunkhwa, Jamil Nasir, at the Model Customs House in Peshawar.
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APTMA Demands Significant Interest Rate Cut of at Least 4%
Islamabad, October 25, 2024 – The All Pakistan Textile Mills Association (APTMA) has made a strong appeal for a substantial reduction in interest rates, calling for a 4% cut to help stimulate economic recovery, create fiscal space for public expenditures, and support the survival of key industries.
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KCCI Appeals Govt to Notify Six-Day Workweek to Boost Economy
Karachi, October 24, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) has urged the federal government to reintroduce a six-day working week for both federal and provincial government institutions to bolster the economy and facilitate the business sector.
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FPCCI Advocates Protection of Genuine Taxpayers at FBR Meeting
Karachi, October 23, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has issued a strong appeal for the protection of genuine taxpayers while urging the Federal Board of Revenue (FBR) to focus its enforcement efforts exclusively on tax evaders.
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RTO Lahore Records 162% Surge in Tax Return Filings for 2024
Lahore, October 22, 2024 – The Regional Tax Office (RTO) Lahore has recorded a remarkable 162% increase in income tax return filings for the tax year 2024.
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Lucky Cement Completes 28.8 MW Captive Wind Power Project
Karachi, October 22, 2024 – Lucky Cement Limited has successfully completed and commissioned its 28.8 MW captive wind power project at its Karachi plant, marking a major milestone in Pakistan’s renewable energy sector. The project, completed on schedule and within budget, officially began operations on October 22, 2024.
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KCCI Urges Govt to Apply Face Recognition for Senior Citizens
Karachi, October 21, 2024 – In response to the persistent struggles faced by millions of senior citizens across Pakistan, the Karachi Chamber of Commerce & Industry (KCCI) has called upon the government to urgently replace the existing biometric verification system with a more advanced face recognition technology.
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APTMA Criticizes FBR for Imposing Affidavit Requirement
Kaan Arshad, Chairman of the All Pakistan Textile Mills Association (APTMA), has vehemently criticized the Federal Board of Revenue (FBR) for its recent mandate requiring textile mills to submit affidavits concerning the tax compliance of their buyers and sellers.
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FBR’s Sales Tax Crackdown Triggers Alarm Among Foreign Buyers
Karachi, October 18, 2024 – Major textile exporters have raised concerns about Pakistan’s international reputation following the Federal Board of Revenue’s (FBR’s) aggressive crackdown on sales tax fraud. The Pakistan Textile Council (PTC), representing leading textile and apparel exporters, has issued a stark warning that foreign buyers are losing confidence in the country’s credibility due to the FBR’s recent actions.
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