Karachi, August 8, 2024: Karachi’s business community is gearing up for a major protest against exorbitant electricity bills and excessive taxation. The demonstration is scheduled for Thursday, August 8, at 4 PM, at Regal Chowk in Saddar. If the government fails to address their demands, traders have threatened a three-day nationwide shutdown.
(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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FTO Announces Setting Up Help Desk at KATI
Karachi, August 7, 2024 – Federal Tax Ombudsman (FTO) Dr. Asif Mahmood Jah has announced the establishment of a help desk at the Korangi Association of Trade and Industry (KATI) to address the tax issues faced by industrialists.
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Foreign Investors Infuse $22 Billion into Pakistan Over 10 Years
Karachi, August 6, 2024 — The Overseas Investors Chamber of Commerce and Industry (OICCI) has unveiled its 2023 annual economic contribution survey, revealing that foreign investors have significantly bolstered Pakistan’s economy over the past decade. From 2013 to 2023, these investors injected an impressive $22.6 billion into the country, surpassing the net Foreign Direct Investment (FDI) of $19.8 billion received during the same period.
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Karachi poised to be maritime hub with $2bn Maersk investment
Karachi, August 5, 2024 — Federal Minister for Maritime Affairs Qaiser Ahmed Sheikh has lauded the Karachi Chamber of Commerce for its exceptional execution of the 19th My Karachi Exhibition. During his remarks following the event’s closing at the Karachi Expo Center,
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Cement Despatches Fall for 11th Straight Month Due to High Taxes
Karachi, August 4, 2024 – The cement industry in Pakistan is grappling with significant challenges as domestic despatches have declined for the eleventh consecutive month, primarily due to heavy taxation and rising input costs. According to the All Pakistan Cement Manufacturers Association (APCMA), this persistent downturn is a major concern for the industry.
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Sindh CM Claims Supplying 50% Cheaper Electricity
Karachi, August 2, 2024 – The Chief Minister of Sindh, Syed Murad Ali Shah, on Friday claimed that the province could supply electricity generated from indigenous coal at 50% lower rates than current tariffs.
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President Zardari Seeks Viable Solution to IPPs Capacity Charges
Islamabad, August 2, 2024 – President Asif Ali Zardari has urged for a collaborative and effective solution to address the rising energy costs in Pakistan. He proposed that the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) should form a committee to work with the President’s office in developing a viable strategy to manage the payment of capacity charges to Independent Power Producers (IPPs).
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CCP Greenlights EP Group’s Stake Acquisition in Thyssenkrupp
Islamabad, August 1, 2024 – The Competition Commission of Pakistan (CCP) has approved a significant merger in the steel industry with international implications, involving the EP Corporate Group (EPCG) acquiring over 20% shares from the German industrial conglomerate Thyssenkrupp.
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Aurangzeb Calls for Broader Tax Net to Ease Burden
Karachi, July 30, 2024 – Pakistan’s Finance Minister Muhammad Aurangzeb expressed concern over the heavy tax burden on salaried individuals and businesspersons during a meeting with the business community at the Karachi Chamber of Commerce and Industry (KCCI) on Tuesday.
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KCCI Disappointed with Mere 1% Interest Rate Cut
Karachi, July 29, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) has expressed disappointment over the State Bank of Pakistan’s (SBP) decision to reduce the policy rate by only 100 basis points to 19.5%. The KCCI contends that this reduction is insufficient to address the economic challenges faced by the business community.
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