Business News
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Auto Policy 2021-26: Sales tax slashed on local electric vehicles
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[ad_1] File photo ISLAMABAD: The government on Wednesday announced a new Auto Industry Development and Export Policy (AIDEP 2021-26) under which sales tax on local electric vehicles (EVs) has been slashed from 17% to 1%. The policy aims to promote small cars, localisation, incentivise introduction of new products in tractors and motorcycles, consumer protection, and…
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Pakistan, ADB ink six financial accords worth over $1.54 bn
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[ad_1] Pakistan and Asian Development Bank signed six financing agreements amounting to $1.54 billion. Photo: ADB Twitter ISLAMABAD: Pakistan and Asian Development Bank (ADB) on Wednesday signed six financing agreements worth $1,543 million for energy sector reforms, social protection, urban infrastructure, road sector, and water resources. Economic Affairs Division Secretary Mian Asad Hayaud Din and…
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Price of petroleum products goes down by as much as Rs7.01 per litre
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[ad_1] — AFP/File The government on Wednesday decided to slash the price of petroleum products by as much as Rs7.01 per litre, a move that will ease the burden on the inflation-weary populace, with the new rates coming into effect on December 16. It was expected that the government would reduce the price of petrol…
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Rupee plunges to an all-time low of 177.98 against US dollar
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[ad_1] — AFP/File KARACHI: The Pakistani rupee dropped to an all-time low of Rs177.98 against the US dollar on Wednesday. According to data released by the State Bank of Pakistan (SBP), the rupee closed at 177.88 against the US dollar in the interbank market on Tuesday. The reluctance of the central bank to intervene in…
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SBP increases policy rate by 100bps to 9.75%
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[ad_1] Building of State Bank of Pakistan in Karachi. — AFP/File KARACHI: In a bid to counter inflationary pressures and to ensure that growth remains sustainable, the State Bank of Pakistan (SBP) on Tuesday announced an increase of 100 basis points in the benchmark policy rate, taking it to 9.75%. In a statement, the central…
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Massive decline in petrol, diesel prices expected from Dec 16
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[ad_1] A representative image. ISLAMABAD: The government may slash the price of petrol by Rs11 per litre owing to a decline in international rates of crude oil from December 16, sources told Geo News Tuesday. According to industry sources, the price of diesel may be reduced by Rs9 per litre. Sources said the final price…
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State Bank receives $3bn in funds from Saudi Arabia
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[ad_1] — AFP/File KARACHI: Adviser to Prime Minister on Finance and Revenue Shaukat Tarin on Saturday announced that a $3 billion Saudi deposit has been received by the State Bank of Pakistan (SBP) that would help support Pakistan’s foreign currency reserves. The much-awaited deposit was received from Saudi Fund for Development. Taking to official Twitter…
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FBR’s latest valuation of immoveable properties in 40 cities: All the details you want to know
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[ad_1] FBR used to fix immovable property rates of 20 selected cities but now this number has increased to 40 major cities [ad_2] Source link
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KSE-100 index plunges over 2,000 points in intraday trading
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[ad_1] Photo: PPI/File KARACHI: The Pakistan Stock Exchange (PSX) on Thursday received a big blow as the benchmark KSE-100 index nosedived by more than 2,000 points in intraday trading. KSE-100 opened at 45,369.14 points and it was a one-way street thereafter. As investors dumped their positions, they wiped off close to 2,000 points — around…
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PM Imran Khan commends FBR for exceeding revenue target
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[ad_1] Prime Minister Imran Khan. File photo ISLAMABAD: Prime Minister Imran Khan Wednesday congratulated the Federal Board of Revenue (FBR) for exceeding the revenue collection target. The premier took to Twitter to commend the performance of the tax collection body for “achieving a 35% increase in revenues in November over last year and 37% increase…
