Daily Archives: October 12, 2017

Tax-to-GDP ratio falls in FY17; lowest in region: SBP

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KARACHI: State Bank of Pakistan (SBP) on Thursday said that tax to GDP ratio fell to 12.5 percent in fiscal year 2016/2017 despite improvement in revenue collection during recent years.

WHT on banking transactions fails to discourage cash economy: SBP

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KARACHI: State Bank of Pakistan (SBP) on Thursday said that the imposition of withholding tax on banking transactions apparently failed to discourage the cash economy.

Major reshuffle in Pakistan Customs Service; FBR notifies transfers, postings of 25 officers of BS-19-20

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ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified major reshuffle of Pakistan Customs Service (PCS) officers in BS-19 and BS-20 and issued orders of transfers and postings of 25 officers with immediate effect and under further orders.

PTBA decides to support FBR’s return filing awareness campaign

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KARACHI: Pakistan Tax Bar Association (PTBA) has decided to help the Federal Board of Revenue (FBR) in its ongoing awareness campaign regarding filing of returns.

FBR allows zero-rate electricity to three textile units

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KARACHI: Federal Board of Revenue (FBR) has allowed sales tax zero-rating on supply of electricity to three textile units based in Faisalabad.

SBP projects swelling twin deficits in 2017/2018; forecast 6pc GDP growth, lower inflation

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KARACHI: State Bank of Pakistan (SBP) has projected that the government will not able to curtail twin deficits: fiscal deficit and current account deficit to the targets of 4.1 percent and 2.6 percent, respectively of the GDP.

Trade deficit widens by 29.75pc in July – September

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ISLAMABAD: Pakistan’s trade deficit has widened by 29.75 percent to $9.08 billion in first quarter of current fiscal year owing to phenomenal increase in imports.