In addition to internal measures, the FBR has also instructed all banks to transfer collected taxes on the same day to avoid backlogs.
On the global front, gold also saw an uptick, with the international price reaching $3,282 per ounce
This move comes as another blow to inflation-hit households across Pakistan.
The move reflects Pakistan’s commitment to adopting decentralized financial systems as part of its broader economic strategy.
Prime Minister Shehbaz Sharif is expected to formally announce the decision soon
The price of gold per tola settled at Rs356,000
This provision, introduced through Section 14AC of the Sales Tax Act, reflects a more balanced enforcement strategy aimed at encouraging voluntary compliance rather than immediately imposing harsh penalties.
The loan is rescheduled to ease IMF pressure.
The price of 10-gram gold also fell, down by Rs3,258 to Rs303,810
However, global shares and the dollar declined despite the truce.
The diversions come amid rising concerns that Iran might retaliate in the strategic waterway following recent US airstrikes on its nuclear infrastructure
Legal experts described the decision as a landmark in Pakistan’s corporate law
The uptick in traffic is proving financially advantageous for the Taliban government, which is reportedly collecting $700 per flight in overflight fees through intermediaries
The proposed shift is estimated to conserve 2.07 billion litres of fuel annually, translating into foreign exchange savings of nearly $1 billion
A hacking group linked to Israel has claimed responsibility for the attack
In contrast, silver prices rose, with the per tola rate increasing by Rs69 to reach Rs3,856
Finance Minister Mujtaba Shuja ur Rehman presented the Rs5,335 billion provincial budget for the fiscal year 2025–26
This follows Saturday’s increase, when the gold price per tola rose by Rs1,500 to close at Rs363,000
The announcement was made by MPC.
The revised prices would take effect from June 16
According to the budget documents, the Khyber Pakhtunkhwa government expects to generate Rs129 billion as provincial revenue.
The pilot project would be launched in Lahore.
Traders attributed the surge to a $30 increase in global gold prices
The documents showed an estimated increase of Rs14 billion in both military and civilian pension
The May inflows pushed total remittances for the first eleven months of the current fiscal year (July–May FY2024-25) to $34.9 billion, a 28.8 percent rise from $27.1 billion during the same period in the previous fiscal year
This follows a sharp drop in domestic gold rates a day earlier, when the price per tola declined by Rs6,100 to close at Rs352,300
The KSE-30 Index also posted a massive gain, rising by 629 points.
The record transfers reflect both increased federal revenue collections and a continued commitment to resource devolution.
E-commerce businesses will be required to submit monthly transaction data and tax returns.
