The government has increased the withholding tax to 2.5 percent for non-filers under Section 236H of the Finance Act 2024 which has made the cement business unsustainable given the current market conditions besides the new turnover taxes imposed on dealers and retailers. All Pakistan Cement Dealers Chairman Sajid Chaudhry highlighted concerns that taxes and PoS […]
The world’s second-largest economy is grappling with a real estate debt crisis, weakening consumption, and an ageing population. Trade tensions with the United States and the European Union, which have sought to limit Beijing’s access to sensitive technology, are also dragging growth down. And on Monday, official statistics showed the economy grew by only 4.7 […]
Trump said he was shot in the ear during the attack at a rally in Pennsylvania on Saturday. His campaign said he was doing well. Some investors said the attack bolstered his chances of winning back the White House and trades betting on his victory are expected to increase this week. Bitcoin rose 8.6% to […]
The sale of cars rose to 10,128 units in June 2024 compared to 4,257 units during the same month of the previous year. The sale of cars during the fiscal year 2023-24 (July-June) however decreased by 15.63 percent when compared to the sale during the same period of the last year 2022-23. According to the […]
The FTO Advisor Dr Waqar Ch Arain disclosed this to the business community while addressing an awareness session here Sunday. He added that the FTO has instructed the Director, Directorate of Reforms & Automation Karachi, to develop and deploy e-CRF sent by the Collectorate of Customs, Appraisement (West) Karachi, enabling the assessing officer to ensure […]
On Saturday, Punjab Chief Minister Maryam Nawaz Sharif announced that households consuming up to 200 units of electricity per month will receive free solar panels. Consumers using between 200 and 500 units of electricity per month will get solar panels at only 10% of the cost, with the remaining 90% subsidized by the Punjab government. […]
The Chinese electric vehicle giant signed a billion-dollar deal with Ankara on Monday to open a plant in western Turkey, promising to create 5,000 jobs, a move that will help it dodge new EU tariffs. The country, at the crossroads between Europe, the Middle East, and Central Asia, is in talks with other Chinese companies, […]
The new program, which needs to be validated by the Fund’s Executive Board, should enable Pakistan to “cement macroeconomic stability and create conditions for stronger, more inclusive and resilient growth,” according to a statement. The agreement is subject to approval by the IMF’s executive board. “The program aims to capitalize on the hard-won macroeconomic stability […]
The report said total sold units dropped to 1.15 million from 1.19 million in the previous fiscal year. However, June 2024 saw a year-on-year sales increase of 8.38 percent. Despite this monthly improvement, a significant month-on-month decline of 24.34 percent was recorded, reflecting the volatile nature of the market. This marks the third consecutive fiscal […]
International Monetary Fund (IMF) officials held virtual negotiations with the provincial officials of Pakistan for the new loan program. Sources said the IMF officials urged the provincial authorities to slap a tax on agricultural income, which the provinces of Pakistan reportedly agreed upon. The provincial governments of all four provinces of Pakistan sought time to […]
