The Pakistan Petroleum Dealers Association (PPDA) on Wednesday announced that its talks with provincial and federal governments and other stakeholders had hit a deadlock, leaving them with no option but to go for a nationwide closure on July 5 (tomorrow). “They asked us to call off strike and promised to resolve the issue, but we cannot postpone the strike on mere assurances,” PPDA chairman Ab
The stock market extended an overnight bull run on Monday, the first day of the new fiscal year, despite trade and industry’s strong reservations about the tax-laden budget. However, the equity investors celebrated the tax status quo on dividends and income, believing the budget’s approval has paved the way for smooth negotiations to secure a new IMF loan, which is crucial to avoid a default-li
Pakistan has exceeded its annual export target, helping to restrict the trade deficit to $24 billion for the just-ended fiscal year—nearly $10 billion less than the International Monetary Fund’s (IMF) original projection. According to figures released by the Pakistan Bureau of Statistics (PBS) on Tuesday, the trade deficit—the gap between exports and imports—was 12.3% or $3.4 billion less than the
Effective from July 1, the Finance Bill 2024 introduces major tax reforms aimed at increasing revenue. These changes impact the salaried class with varied tax rates and fixed taxes based on income brackets.
Despite the demand for petroleum oil products hitting an 18-year low at 15.3 million tonnes in the fiscal year 2023-24, which ended on June 30, the government is estimated to have collected an outstanding Rs1 trillion in petroleum development levy (PDL) from the sale of oil products over the year. The collection of PDL at Rs60 per litre on the sale of petrol and diesel, coupled with the full pa