Sparse public transport in Karachi as CNG prices hike across Pakistan

Sparse public transport in Karachi as CNG prices hike across Pakistan

Public transport in Karachi remained sparse on Tuesday as the prices for Compressed Natural Gas (CNG) skyrocketed across the country. The transporters alliance in Karachi decided to go on a strike from today over likely hike in the price of CNG by Rs18 in Sindh. Later on, the increase in...

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Dollar hits Rs156.85 in interbank market

Dollar hits Rs156.85 in interbank market

The value of US dollar against Pakistani rupee on Monday increased by 1 Rupee and hit another high of Rs156.85 in the interbank market. Within just a week, the Pakistani rupee hits  new tops with a massive increase of Rs8.25, which in consequence has soared Pakistan s external debts by Rs820...

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PTI government announces its first federal budget

PTI government announces its first federal budget

The PTI government announced its first federal budget for the fiscal year 2019-2020 in the National Assembly of Pakistan yesterday (Tuesday). The budget was presented by Minister of State for Revenue Hammad Azhar. According to sources, following are the salient features of the budget. Budget Review 2019-2020 The provincial share in federal...

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Government decides to put health tax on cigarettes and cold drinks

Government decides to put health tax on cigarettes and cold drinks

The government has decided to add health tax on cigarettes and cold drinks. According to sources, it will be a part of the budget for next year, 2019-2020. Tax worth Rs10 will be imposed on a pack of cigarettes worth Rs20, said Babar Atta, who is the adviser for tobacco control. He...

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FBR launches crackdown against 500 beauty salons in Karachi for not paying tax

FBR launches crackdown against 500 beauty salons in Karachi for not paying tax

In an attempt to expand the tax net, the Federal Board of Revenue (FBR) has sent notices to 500 beauty parlours making millions of rupees but paying no tax, wrote sources. According to a notification issued on May 30, it has been stated that hundreds of famous beauty  salons of...

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PM Imran Khan urges Pakistanis to avail tax amnesty scheme

PM Imran Khan urges Pakistanis to avail tax amnesty scheme

Prime Minister Imran Khan has urged citizens to declare their assets and bank accounts under the government’s Assets Declaration Scheme by June 30 in order to avoid legal action. According to sources, the prime minister said that the government has received all information about properties and bank accounts abroad. “We have introduced a scheme...

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PM Imran hopes to overcome economic, financial challenges in a few months

PM Imran hopes to overcome economic, financial challenges in a few months

Prime Minister Imran Khan is positive that Pakistan will overcome economic, financial challenges in a few months. According to sources, The prime minister in a meeting with senior vice-president of Pakistan Tehreek-e-Insaf (PTI) Babar Awan said that “We are making every possible effort to steer the country out of crisis. It is hoped...

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Rupee rises against the dollar, moves to Rs150.50 in open market

Rupee rises against the dollar, moves to Rs150.50 in open market

The rupee continued its gradual recovering against the dollar yesterday (Monday),  as the greenback fell by Rs1.16 at interbank to close at Rs149.74. According to sources, Monday was the third straight day that the Pakistani currency recovered at the interbank and open market against the US dollar since it slipped to record...

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Fitch solutions expects Pakistan’s economy to be stable after govt decisions

Fitch solutions expects Pakistan’s economy to be stable after govt decisions

Fitch Solutions, a US-based global research house, expects stability to return in Pakistan’s economy after the government made two tough decisions in the past week. The two steps taken by the government include the aggressive key interest rate hike by 1.5 percentage points to 91-month (eight years) high at 12.25%...

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Saudi Arabia to extend $3.2 billion deferred payment facility with Pakistan from July

Saudi Arabia to extend $3.2 billion deferred payment facility with Pakistan from July

Saudi Arabia will extend  $3.2 billion deferred payment facility for petroleum with Pakistan from July 1, as promised in October last year. “The Saudi facility will get activated in July and provide about $3 billion worth of oil supplies on deferred payments,” finance ministry’s spokesman Dr Khaqan Najeeb told sources....

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