Addressing a ceremony at Pakistan Hosiery Manufacturers Association (PHMA), the minister said that the amnesty scheme had been finalised in a bid to provide an opportunity to people for bringing back their foreign assets to the country.
The lawmaker expressed that the government had planned to rationalise tax rates in the upcoming budget adding that in order to provide relief to salaried class, the government would propose raising the minimum threshold for charging income tax to Rs800,000 from current Rs400,000.
"The government is also devising a plan to reduce the corporate income tax rate from 30 percent to 20 percent in a phased manner," he said.
The legislator added that the government was focusing on increasing foreign exchange reserves primarily due to the pending payment of $3 billion to the IMF.
The PML-N leader said that the foreign exchange reserves had declined due to a significant increase in imports adding that the import bill during the last fiscal year was $55 billion which included imports of power generating and other machinery, Geo News reported.
Commenting on payment of sales tax refund, he said the government had set a deadline of February 15 for releasing all outstanding refunds but due to engagements of the finance ministry regarding the Financial Action Task Force (FATF), the refund payments were delayed.
“There is no change in policy for sales tax refunds and around Rs160 billion refunds were payable,” he said and added that all those refund claims where Refund Payment Orders (RPOs) had been issued would be paid instantly.
KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on February 4, 2023 (Saturday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||337.01||337.71|
|Hong Kong Dollar||HKD||34.19||34.54|
|New Zealand Dollar||NZD||173.25||175.25|
KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 205,200 on Saturday. The price of 10 grams of 24k gold was recorded at Rs175,930.
Likewise, 10 grams of 22k gold were being traded for Rs167,318 while a single tola of 22-karat gold was being sold at Rs 195,157.
Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.
|Lahore||PKR 205,200||PKR 2,430|
|Karachi||PKR 205,200||PKR 2,430|
|Islamabad||PKR 205,200||PKR 2,430|
|Peshawar||PKR 205,200||PKR 2,430|
|Quetta||PKR 205,200||PKR 2,430|
|Sialkot||PKR 205,200||PKR 2,430|
|Attock||PKR 205,200||PKR 2,430|
|Gujranwala||PKR 205,200||PKR 2,430|
|Jehlum||PKR 205,200||PKR 2,430|
|Multan||PKR 205,200||PKR 2,430|
|Bahawalpur||PKR 205,200||PKR 2,430|
|Gujrat||PKR 205,200||PKR 2,430|
|Nawabshah||PKR 205,200||PKR 2,430|
|Chakwal||PKR 205,200||PKR 2,430|
|Hyderabad||PKR 205,200||PKR 2,430|
|Nowshehra||PKR 205,200||PKR 2,430|
|Sargodha||PKR 205,200||PKR 2,430|
|Faisalabad||PKR 205,200||PKR 2,430|
|Mirpur||PKR 205,200||PKR 2,430|