The government is preparing to introduce a mini-budget aimed at raising approximately Rs650 billion, primarily by intensifying efforts to combat tax evasion and increasing the General Sales Tax (GST) on properties, tractors, and other goods. According to a media report, the Federal Board of Revenue (FBR) is expected to implement these measures, though it remains … Read more
KARACHI: Despite a temporary slowdown in the assembly of ‘Made in Pakistan’ mobile phones due to the imposition of an 18% general sales tax (GST), demand for these devices is projected to surge to 33 million units in the country in 2024, up from 22.9 million units in 2023. Citing data from the Pakistan Telecommunication … Read more
The Pakistan Telecommunication Authority (PTA) has reported a decline in local mobile phone manufacturing, with production and assembly dropping to 1.61 million units in July 2024. This represents a 20% year-on-year decrease and a dramatic 62% month-on-month decline. The sharp drop in July is attributed to a surge in pre-buying activities in June 2024, following … Read more
Millat Tractors Limited (MTL) has announced the suspension of its production operations due to unresolved issues surrounding the Goods and Services Tax (GST) refunds. The company disclosed this development in a notice sent to the Pakistan Stock Exchange on Thursday. According to the notice, MTL highlighted that while the GST on tractors is set at … Read more