Illustrative image for business digest. Image: File
Pakistan’s forex reserves inch up to $24 billion
KARACHI: The foreign exchange reserves of Pakistan have increased $100 million to $24.026 billion by the week ended November 5, 2021, the central bank reported on Thursday. – BY SHAHNAWAZ AKHTER
FBR to abolish sales tax concession on sugar by month-end
KARACHI: The Federal Board of Revenue (FBR) will abolish tax concession available on the supply of sugar by the end of this month, official sources said on Thursday. – BY SHAHNAWAZ AKHTER
Input costs prompt auto assemblers to raise prices
KARACHI: Local car assemblers have increased auto prices by 5 per cent to 15 per cent in the last few days after reaching a consensus with various stakeholders and government bodies. – BY JAVED MIRZA
BEL celebrates opening of new flagship office in Lahore
KARACHI: Premium solar energy solutions by BEL are now in the historical city of Lahore. Beacon Energy Limited inaugurated its flagship office in DHA Lahore, where now one can have a live review of the product and free consultations for the walk-in clients. – BY JAVED MIRZA
Traders seek govt’s help for problems resolution
ISLAMABAD: A traders’ delegation met the adviser to the prime minister on finance and briefed him about the problems being faced by the businessmen, especially small traders and sought the government’s support to resolve them. – BY HAMZA HABIB
Punjab’s 20 startups to participate in Expo 2020 Dubai
LAHORE: At least 20 startups from Punjab will participate in the Expo 2020 Dubai, an official said. Minister for Higher Education and IT Raja Yassir Humayun gave a detailed briefing on the Startup Punjab portal through which potential startups have been selected for Dubai Expo. – BY IQTIDAR GILANI
Hamdard Pakistan unveils new corporate theme
KARACHI: Hamdard Pakistan unveils its new corporate theme at Bait-ul-Hikmah Auditorium, Madinat al-Hikmah, a statement said. Sadia Rashid, chief mutawallia of Hamdard Pakistan, graced the occasion as the chief guest. – STAFF REPORTER
FBR reduces sales tax on petrol to nominal 1.43%
KARACHI: The Federal Board of Revenue (FBR) has reduced the sales tax on petrol to a nominal 1.43 per cent effective from November 11, 2021. The sales tax rate has been reduced from 6.84 per cent to provide relief to the masses against a sharp rise in the prices of petroleum products in the international market. – BY SHAHNAWAZ AKHTER
Motor vehicle tax collection surges 34% in first quarter
KARACHI: The collection of motor vehicle tax has increased sharply by 34 per cent during the first quarter (July-September) of the current fiscal year, owing to a massive rise in the sales of domestically-manufactured motor cars. – BY SHAHNAWAZ AKHTER
NCCPL collects capital gains tax on shares disposal on Nov 19
KARACHI: The National Clearing Company of Pakistan Limited (NCCPL) on Thursday announced it will collect capital gains tax (CGT) on the disposal of shares for September 2021 on Friday, November 19, 2021. – BY SHAHNAWAZ AKHTER
Shariah-compliant finance in Saudi Arabia hits $430 billion
JEDDAH/BEIRUT: Saudi Arabia witnessed rapid growth in Islamic financing with the total Shariah-compliant financing amounted to more than $430 billion, while the total volume of Shariah-compliant deposits amounted to $433 billion by the end of the second quarter of this year. – STAFF REPORTER
Rupee plunges to 174.19 against dollar
KARACHI: The rupee plunged against the dollar on Thursday as the exchange rate closed at Rs174.19 in the interbank foreign exchange market, dealers said. – BY SHAHNAWAZ AKHTER
PSX remains bearish; Index shed 281.7 points
KARACHI: The Pakistan equity market witnessed profit-taking on Thursday, amid political uncertainty and continuous rupee depreciation, dealers said. – BY JAVED MIRZA
Rupee devaluation bad for economy: OICCI
ISLAMABAD: The massive rupee devaluation has negatively affected the Pakistan economy and the worst victim is the energy sector, which meets 40 per cent of its demand through imported fuel. – BY HAMZA HABIB
PYMA demands cut in Customs duty to 7% on yarn
KARACHI: The Pakistan Yarn Merchants Association (PYMA) has demanded the government to reduce the Customs duty on polyester yarn to 7 per cent from the existing 11 per cent to provide relief, which will result in improved overall productivity, a statement said on Thursday. – BY SHAHNAWAZ AKHTER
Read More News On
Catch all the Business News, Breaking News Event and Latest News Updates on The BOL News
Download The BOL News App to get the Daily News Update & Follow us on Google News.