The Federal Board of Revenue (FBR) has estimated a shortfall of Rs175 billion in the current fiscal year (2023-24), as the superior courts have suspended the implementation of new measures announced by the government to tax the rich. “We have informed Prime Minister Shehbaz Sharif about the amount stuck due to decisions by superior courts,” a tax official told Dawn on Thursday. The courts st
Pakistan Stock Exchange (PSX) on Wednesday continued its bearish trend and lost nearly 450 points amid uncertainty surrounding the State Bank of Pakistan (SBP)’s policy rate announcement ahead of the federal budget presentation. Earlier, the market opened on a positive note but soon investor sentiment turned bearish as the day progressed. The KSE-100 index took a deep dive before midday as conc
Pakistan Stock Exchange (PSX) has submitted tax proposals to the Ministry of Finance (MoF) and the Federal Board of Revenue (FBR) for consideration in the federal budget for fiscal year 2024-25, submitting that the government should align rates of capital gains tax (CGT) on the sale of stocks with those applicable to the sale of property and real estate. PSX said it was important to remove the
The stock market continued its downturn for a third consecutive session on Wednesday as nervous investors opted to take profits amid concerns about harsh budgetary measures. Ahsan Mehanti of Arif Habib Corporation said the market fell sharply lower amid ongoing rumours of higher capital market tax measures in the budget 2024-25 and uncertainty over SBP’s policy rate stance. He added that pol
The Asian Development Bank (ADB) on Wednesday approved a $250 million expensive loan to support policies to shift financing of major projects from the budget to private sector amid displeasure on the part of Prime Minister Shehbaz Sharif over the lack of progress on private-funded schemes. The board of the Manila-based lending agency approved the release of first tranche of the $500 million exp