Express
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Turnover tax on traders ‘unbearable’ | The Express Tribune
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[ad_1] KARACHI: A turnover tax of 1.25% on traders, distributors and dealers is unbearable as profit margins are barely 2% on market sales and the tax will continue to discourage the SMEs from getting registered under the sales tax regime, said Federation of Pakistan Chambers of Commerce and Industry (FPCCI) acting President Shabbir Mansha. “Taxes…
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China agrees to provide $2.3 billion loan amid economic crisis | The Express Tribune
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[ad_1] ISLAMABAD: Minister for Finance and Revenue Miftah Ismail on Wednesday announced the good news that the Chinese consortium of banks had signed the RMB 15 billion ($2.3 billion) loan facility agreement after it was signed by the Pakistani side a day earlier. “The Chinese consortium of banks has today signed the RMB 15 billion…
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$2.3b loan deal inked with China | The Express Tribune
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[ad_1] ISLAMABAD: China has signed a $2.3 billion commercial loan deal with Pakistan to boost its sliding foreign exchange reserves, as the government waits for the rollover of three more maturing loans totalling $2 billion. “The Chinese consortium of banks has today signed the RMB 15 billion ($2.3 billion) loan facility agreement after it was…
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Rupee gains ground against dollar after IMF news | The Express Tribune
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[ad_1] KARACHI: After reports of an imminent deal between the Pakistani government and the International Monetary Fund (IMF), the Pakistani rupee started showing signs of recovery on Wednesday as it gained over 0.40 paisas against the US dollar to reach Rs211. The rupee managed to gain some support from the central bank’s measures to increase…
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‘Broad agreement’ with IMF to end uncertainty | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan on Tuesday announced a ‘broad agreement’ with the International Monetary Fund (IMF) on the next year’s budget that has seen its size increased to Rs9.9 trillion, as the government agreed to reintroduce tax on people earning up to Rs100,000 and petroleum levy from July 1. The two sided have decided to gradually…
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Oil ticks higher on strong demand | The Express Tribune
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[ad_1] HOUSTON: Oil rose about 1% on Tuesday on high summer fuel demand while supplies remained tight because of sanctions on Russian oil after its invasion of Ukraine. Brent crude rose 68 cents, or 0.6%, to $114.77 a barrel by 1610 GMT. The US West Texas Intermediate (WTI) crude contract for July, which expires on…
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Mobile phone assembly units may shut down | The Express Tribune
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[ad_1] KARACHI: Operations at major mobile phone assembly plants are on the verge of halt as the letters of credit (LCs) for import of completely knocked down (CKD) units are not being opened due to the shortage of dollars since May 20 and the industry is facing the depletion of raw material inventory. The State…
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No respite from rupee fall as it dives to 211.48 | The Express Tribune
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[ad_1] KARACHI: The Pakistani rupee has become the worst-performing currency in Asia in 2022, as it melted down a fresh 0.72% (or Rs1.52) to a new all-time low at Rs211.48 against the US dollar in the inter-bank market on Tuesday. The latest drop in the local currency came despite Finance Minister Miftah Ismail’s assurance to…
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Refineries await IMF deal as margins rise | The Express Tribune
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[ad_1] ISLAMABAD: As profit margins of refineries rise, they are looking at the signing of a loan revival deal between the government and the International Monetary Fund (IMF), which will push global banks to endorse the Letters of Credit (LCs) for oil import. At present, the international banks are reluctant to confirm the LCs as…
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SBP quashes talk of dollar shortage | The Express Tribune
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[ad_1] KARACHI: The State Bank of Pakistan (SBP) has announced that there is no shortage of US dollars for import payments as the country’s foreign currency reserves of $8.99 billion “are fully usable for all purposes … (and) commercial banks have sufficient dollar liquidity to execute these payments”. “Import payments of around $4.7 billion have…
