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Islamabad: The Federal Board of Revenue (FBR) has introduced ePayment 2.0, a new tax payment system integrated into its IRIS 2.0 portal. This advanced system aims to streamline tax payments across Pakistan, making the process faster, more secure, and easier for taxpayers. The FBR launched ePayment 2.0 as part of the government’s mission to modernize …
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Islamabad: The Securities and Exchange Commission of Pakistan (SECP) registered 2,477 new companies in October 2024. This recent increase brings the total registered companies in Pakistan to 233,587, showing rising confidence in the country’s corporate sector. SECP’s digitization initiative continues to play a pivotal role, with 99% of the new company registrations processed through its …
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Islamabad: Pakistani consumers will face another increase in petrol and diesel prices in the upcoming fortnight. Rising global oil rates and elevated import costs are driving this price hike, which will add more financial pressure on consumers nationwide. Sources report that petrol prices are set to rise by Rs4 per liter, reaching Rs253 per liter, while …
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Islamabad: The Pakistani rupee (PKR) saw gains against the British Pound and other key currencies today, signaling a steady economic stance. Against the US Dollar (USD), the PKR held its position with only minor fluctuations, ending the day slightly stronger in the interbank market. The PKR closed at 277.85 against the USD in interbank …
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Islamabad: Federal Minister for Commerce Jam Kamal Khan recently met with Japanese Ambassador to Pakistan, His Excellency Mr. WADA Mitsuhiro, as the Ambassador prepared to conclude his term in Pakistan. During the meeting, Minister Jam conveyed his best wishes for Ambassador WADA’s next assignment and acknowledged his dedication to strengthening ties between Japan and …
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Karachi: The Pakistan Vanaspati Manufacturers Association (PVMA) has proudly extended congratulations to Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), on his recent election as Vice President of the Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI). This prestigious role for Sheikh was announced in Singapore, marking …
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Gold prices in Pakistan have surged again, marking an increase of Rs. 1,400 per tola. This brings the per tola rate of gold in the local market to Rs. 271,900, reflecting the broader trend of rising precious metal prices worldwide. The international gold market has also seen a price rise. The rate per ounce …
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Karachi: The Securities and Exchange Commission of Pakistan (SECP) successfully concluded the second day of the Pakistan Start-up Summit in Karachi. The event continued to generate excitement, attracting policymakers, start-up founders, international speakers, and other stakeholders. Their active participation emphasized the summit’s role as a key platform for driving innovation and economic growth in Pakistan. …
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Karachi: The State Bank of Pakistan (SBP) recently shared a survey link on its official WhatsApp channel, sparking questions about its methodology. The survey included questions from the central bank’s monthly Consumer Confidence Survey, which assesses economic sentiment among individuals and businesses. The SBP typically conducts the Consumer Confidence Survey through phone interviews, reaching …
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Islamabad: The government is set to finalize a major agreement with 18 Independent Power Producers (IPPs). This agreement will transition from “take or pay” model to a “take and pay” model for electricity purchases. This change is expected to significantly cut power costs and optimize the energy payment structure. Deal Expected to Save Rs 70-100 …
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Karachi: The Pakistan Stock Exchange (PSX) continued its bullish run on Monday, with the benchmark KSE-100 index crossing the 94,000 level during intra-day trading. This milestone reflects sustained investor confidence and positive market momentum. The KSE-100 index closed at 93,648.32, marking a gain of 356.64 points, or 0.38%, from the previous close of 93,291.68. During …
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Bitcoin hit a new all-time high above $80,000 on Sunday. The surge followed Donald Trump’s victory in the U.S. presidential election. Bitcoin’s price has continued to rise since election night. The surge is fueling excitement in the crypto market, with many believing Trump’s win is boosting Bitcoin’s prospects. Bitcoin is up 80% this year. …
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Karachi: Attock Refinery Limited (ATRL) has postponed its major refinery upgrade project. The upgrade aims to boost high-value fuel production, including petrol and diesel. The delay stems from an unresolved tax adjustment issue critical to the project’s financial viability. ATRL officials explained that tax changes in the FY25 budget now prevent input sales tax adjustments …
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As of November 9, 2024, the Saudi Riyal (SAR) exchange rate in Pakistan’s open market stands at Rs73.65. The selling rate is slightly higher at Rs74.20. This recent trend shows the Riyal depreciating by 55 paisas against the Pakistani Rupee (PKR) in the open market yesterday. Conversion Examples With today’s rate, exchanging 500 Saudi Riyals …
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Gold prices remained steady today in both global and local markets. In the international bullion market, the price of gold per ounce stayed at $2683, showing no movement from previous levels. In the local bullion market, the price of 24-carat gold per tola held steady at Rs278,800. This follows a significant rise yesterday, when the …
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The United Arab Emirates (UAE) has taken a significant step towards expanding its investments in Pakistan. UAE’s focus areas include shipping, port efficiency, logistics, and customs digitisation. During a high-profile meeting in Islamabad on Friday, the two nations signed four Memorandums of Understanding (MoUs). These agreements, signed with the Abu Dhabi Ports Group, target cooperation …
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The Federal Board of Revenue (FBR) reported a slight decline in income tax refunds for the fiscal year 2023-24. The FBR paid out Rs. 53.13 billion in income tax refunds, marking a 1.7% decrease from Rs. 54.07 billion in the previous fiscal year. Despite the decline in income tax refunds, overall refunds and customs rebates …
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Overseas Pakistanis, in October 2024, sent a record $3.05 billion in remittances, marking Pakistan’s highest-ever monthly inflows. The remittance surge shows a 29% increase compared to $2.46 billion in October last year and a 7% rise from September 2024. According to Topline Securities, these record inflows will help stabilize the Pakistani rupee and contain the …
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Gold prices in Pakistan saw a sharp increase of Rs. 2,000 per tola on Friday. The All-Sindh Sarafa Jewellers Association reported that prices climbed to Rs. 278,800 per tola. The hike follows a sudden drop in the previous day’s rates, reflecting the fluctuating nature of the precious metals market. The price for 10 grams of …
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Karachi: Fly Jinnah, Pakistan’s low-cost carrier, is celebrating its second anniversary since the launch of its operations in 2022. The airline has marked two years of successful service, growth, and a strong commitment to providing affordable and reliable air travel across Pakistan and beyond. Since its inception, Fly Jinnah has made significant strides in the …
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KARACHI: Pakistan’s foreign exchange reserves, managed by the State Bank of Pakistan (SBP), climbed by $18 million to reach $11.17 billion during the week ending November 1, 2024. This marks the 15th consecutive week of reserve growth, according to the central bank’s latest weekly update. Despite the steady increase in reserves, the Pakistani rupee continued …
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KARACHI: Investors at the Pakistan Stock Exchange (PSX) witnessed a remarkable surge on Thursday as the KSE-100 index jumped by nearly 500 points, reaching a new all-time high. This rally was fueled by expectations of a credit ratings upgrade, upcoming Saudi investments, and increased foreign interest through MSCI index inclusions. The market saw a positive …
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KARACHI: A routine tax inspection escalated into a tense situation in Karachi as Federal Board of Revenue (FBR) officials were held captive by staff members at a wedding hall on Dalmia Road. The incident occurred during a standard investigation into potential tax discrepancies at the venue. The inspection was initiated after suspicions arose regarding the …
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