Rs1,700 billion tax is to be collected in Q4: SBP report

Rs1,700 billion tax is to be collected in Q4: SBP report

FBR tax collection grew only by 2.8 percent during Jul-Mar FY19 as compared to a double-digit growth of 16.2 percent during the same period last year, the State Bank of Pakistan reported in its Third Quarterly Report 2018-19.   A decline in sales tax and direct taxes (particularly withholding taxes)...

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Rupee further depreciates hit Rs160.50

Rupee further depreciates hit Rs160.50

 The Pakistani currency, on the back of deteriorating macroeconomic indicators, continue to lose ground and cumulatively depreciate against the US dollar. The rupee further lost its value by 64 paisa against the US dollar and hit Rs160.50 in the interbank market at the early trade hours on Tuesday. Within just...

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Last date for filing tax returns extended till August 2: Shabbar

Last date for filing tax returns extended till August 2: Shabbar

Federal Board of Revenue (FBR) Chairman Shabbar Zaidi said that the last date for filing tax returns for year 2018 has been extended till August 2. In a press release in Islamabad, he urged the people to benefit from this opportunity and file their tax returns timely to avoid difficulties....

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Gold price soars by Rs1700 per tola to Rs82,000

Gold price soars by Rs1700 per tola to Rs82,000

The price of 24 karat gold jumped by Rs1700 on Thursday and was traded at Rs82,000 per tola as compared to the previous day’s closing of Rs80,300. According to Karachi Sarafa Association, the price of 10 gram gold also witnessed increase of Rs1458 and was traded at Rs70,302 against Rs68,844...

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Dollar hit Rs158 in interbank market

Dollar hit Rs158 in interbank market

Despite after receiving the first tranche of $991.4 million from the International Monetary Fund (IMF), the Pakistani rupee on Wednesday further lost its value by 63 paisa and hit Rs158 against the US dollar in the interbank market. The stringent conditions – on which the global moneylender has formally approved...

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ADB to provide $10bn to Pakistan for development projects

ADB to provide $10bn to Pakistan for development projects

The Asian Development Bank (ADB) will support Pakistan with indicative lending of up to $10 billion for various development projects and programs during the next five years, the regional lender said on Monday. The bank would provide about $2.1 billion out of $3.4 billion funds to support Pakistan’s reform and...

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Steps being taken to check smuggling, under-invoicing:  FBR Chairman

Steps being taken to check smuggling, under-invoicing: FBR Chairman

Federal Board of Revenue (FBR) Chairman Shabbar Zaidi has said the government is seriously considering steps to check smuggling, under-invoicing and abuse of Afghan transit trade agreement. Addressing a ceremony in Faisalabad on Monday, he said these steps are important to help the local industry stand on its own feet....

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IMF approves three-year $6bn bailout package for Pakistan

IMF approves three-year $6bn bailout package for Pakistan

The Executive Board of the International Monetary Fund (IMF) on Wednesday approved a three-year bailout package worth $6 billion to Pakistan. “IMF Executive Board approved today a three-year US$6 billion loan to support Pakistan’s economic plan, which aims to return sustainable growth to the country’s economy and improve the standards of...

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IMF likely to decide Pakistan’s $6bn bailout package today

IMF likely to decide Pakistan’s $6bn bailout package today

The Executive Board of the International Monetary Funds (IMF) on Wednesday (today) will decide about approval of the bailout package worth $6 billion to Pakistan. Pakistan s government and the IMF had already signed staff agreement on May 12. In a meeting, the Executive Board of the IMF will give...

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Deadline for govt’s Asset Declaration Scheme to end today

Deadline for govt’s Asset Declaration Scheme to end today

The deadline for the government’s Asset Declaration Scheme will end today, after it was extended till July 3. On Sunday, Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh had said overseas Pakistanis must benefit from the scheme. “The government intends to form a commission on benami properties,” Shaikh said. The...

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