Express
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Economic Survey 2023-24: Aurangzeb highlights GDP contraction, urgent need for IMF programme | The Express Tribune
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[ad_1] ISLAMABAD: The Economic Survey of Pakistan 2023-24, a pre-budget document detailing the country’s major socio-economic achievements during the outgoing fiscal year, has been launched. Finance Minister Muhammad Aurangzeb presented the survey. Aurangzeb highlighted that during the financial year 2022-23, Pakistan’s GDP contracted, and the rupee depreciated by 29%. He stressed the necessity of entering…
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Local experts challenge IMF’s tax plan with innovative reforms | The Express Tribune
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[ad_1] ISLAMABAD: Contrary to the International Monetary Fund’s (IMF) recommendation to increase tax rates in the next budget to collect an additional Rs2 trillion, Pakistan’s renowned local experts on Monday unveiled a package that proposes generating Rs1.2 trillion more by reducing income tax rates while withdrawing some exemptions. A consortium of notable Pakistani tax experts…
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Pakistan Stock Exchange witnesses bearish trend, loses 501 points | The Express Tribune
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[ad_1] ISLAMABAD: The 100-index of the Pakistan Stock Exchange (PSX) saw a bearish trend on Monday, losing 501.46 points, or 0.68%, to close at 73,252.56 points, down from 73,754.02 points the previous day. A total of 350.7 million shares valued at Rs10.18 billion were traded during the day, compared to 559.6 million shares valued at…
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High corporate tax rates – a barrier to MNCs | The Express Tribune
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[ad_1] KARACHI: Approximately 210 multinational companies (MNCs) in Pakistan operating in sectors like tobacco, oil, auto, pharmaceuticals, banking and others contribute a third of the total tax collection and make a major contribution to the national exchequer. They also reinvest in their respective units or inject capital into some new ones. Moreover, they make investments…
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Solar panel prices jump ahead of budget | The Express Tribune
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[ad_1] KARACHI: Prior to the unveiling of the 2024-2025 budget in Pakistan, there has been a noticeable surge in solar panel prices, attributed to traders adjusting their rates in anticipation of upcoming tax changes. According to reports, the government, aligning with IMF conditions amid bailout negotiations, is reportedly considering imposing additional taxes on solar panels.…
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Lack of data may impede urea subsidy | The Express Tribune
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[ad_1] ISLAMABAD: The plan of providing direct fertiliser subsidy to farmers may hit a snag as the existing database does not contain information about landholding along with the ownership status of growers. During a recent meeting on fertiliser availability, parliamentarians stressed the need for offering targeted subsidy to farmers, who have long been deprived of…
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Businessmen for cooperation with AJK | The Express Tribune
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[ad_1] LAHORE: Azad Jammu and Kashmir (AJK) Minister for Small Industries Dr Kausar Taqdees Gilani visited the Lahore Chamber of Commerce and Industry (LCCI) and held a meeting with LCCI President Kashif Anwar. During his address, the LCCI president emphasised the importance of strengthening the relationship between the Lahore Chamber and the Azad Kashmir Chamber…
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PSX slumps over pre-budget, policy rate worries | The Express Tribune
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[ad_1] KARACHI: Pakistan Stock Exchange (PSX) endured a turbulent week where it plunged over 2,000 points as investors were worried about the potential increase in capital gains tax (CGT) and due to uncertainty over the State Bank of Pakistan’s (SBP) monetary policy announcement. Investors were wary ahead of the budget presentation next week where taxes…
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Political chaos, exorbitant energy cost listed as key challenges | The Express Tribune
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[ad_1] KARACHI: Sindh’s former caretaker minister for industries and commerce Muhammad Younus Dagha has said that if two main challenges including political instability and high energy cost are brought under control, the country can grow by leaps and bounds. He said the caretaker government had made efforts to improve the performance of government departments despite…
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Pakistan breaks records with $3.24b remittances | The Express Tribune
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[ad_1] KARACHI: In a historic development, Pakistan hit an all-time high inflow of workers’ remittances sent home by non-residents at $3.24 billion in May 2024 on Friday. This surge suggests that the balance of the current account would remain in surplus for the fourth month in a row. According to State Bank of Pakistan’s (SBP)…
