Pakistani currency dropped Rs0.09 and closed at Rs278.39 against the US dollar in the inter-bank market on Tuesday, maintaining its downturn for the second consecutive day amid the International Monetary Fund (IMF)’s recommendation to let the rupee devalue further. According to the State Bank of Pakistan (SBP)’s data, the rupee had closed at Rs278.30 against the greenback on Monday. The IMF
The current excise duty structure on tobacco products has led consumers to shift from legally compliant cigarette brands to illegal, tax-evaded ones, causing an estimated annual revenue loss of Rs310 billion for the national exchequer. Illicit cigarette brands now hold over 60% of the total market, as revealed in a report titled “Illicit Cigarette Trade in Pakistan – Current Situation and Way Forw
Tax experts and representatives of the steel industry have stressed the need to end discrimination in turnover tax levies across industries. They argue for the rationalisation of turnover tax rates and an extension of the adjustment period to 10 years or more. These demands arose during a public-private dialogue organised by the Sustainable Development Policy Institute in collaboration with the Pa
The Oil and Gas Regulatory Authority (Ogra) has slashed gas prices up to 10% for the public utilities effective from financial year 2024-25, which will begin in July. The regulator reduced the tariff while determining the revenue requirement of Sui gas companies for FY25. It recommended an average prescribed price of Rs1,635.90 per million British thermal units (mmBtu) for Sui Northern Gas P
Major overseas investors, in their taxation proposals for the upcoming budget for fiscal year 2024-25, have asked the federal government to consider taxing the untapped sectors which have a high potential and a huge share in the country’s gross domestic product (GDP). These sectors include immovable property, undocumented non-corporate businesses, transport and construction businesses, which en