ISLAMABAD – The incumbent government brings a sigh of relief for business community as it announced relief in tax for shopkeepers who consume less than 150 units of electricity each month.
Finance Minister Miftah Ismail announced the development while addressing a presser. The PML-N leader said that the government is seeking an annual tax of Rs36,000 from small shopkeepers and stressed that everyone will have to pay taxes.
He mentioned slapping more taxes from next year and added that industries, as well as bankers, will have to pay their taxes.
Miftah announced the news as traders’ unions and retailers are protesting against the fixed tax included on electricity bills of shops.
PML-N minister claimed that the government had imposed the fixed tax at the rate of Rs3,000 per month which was not excessive, but the government was ready to give relief on it.
The finance chief added that a 10 percent tax will be imposed on businesses that could not export 10 percent of their output.
Minister also addressed the depreciation of the Pakistani currency which crashed by about 17 percent against the US dollar in the month of July 2022 in wake of political instability.
Miftah admitted that the dollar got out of control after Punjab by- polls, however, he claimed that the pressure on the rupee would end by next month.
At the outset of his presser, he highlighted that the South Asian nation witnessed an import reduction of $2.7 billion between June and July.
Miftah also slammed former government, as he held them responsible for the economic woes. The PML-N minister blamed the policies of former finance chief Shaukat Tarin, and the PTI chief for the burgeoning current account deficit.
Pakistani rupee continued its momentum against the US dollar, and orther currencies in the open market on Thursday, as the local currency also improved in the inter-bank market.
On Thursday, the US dollar moved down and was being quoted at 283.2 for buying and 286.15 for selling.
Euro comes down to 308 for buying and 311 for selling. British Pound rate dropped to 358.5 for buying, and 362 for selling.
UAE Dirham AED witnessed slight drop and new rate stands at 77.4 whereas the Saudi Riyal remained stable at 76.
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||358.5||362|
|Hong Kong Dollar||HKD||36.41||36.76|
|New Zealand Dollar||NZD||174.54||176.54|
Gold price in Pakistan remained under pressure as the yellow metal moved down despite an upward trend in the international market.
On Thursday, the price of a single tola of 24-karat gold stands at Rs217,100 and 10 grams of 24k gold costs Rs186,130.
Single tola of 22 Karat Gold costs Rs199,000, 21 karat rate for per tola is Rs189,960 and 18k gold rate is Rs162,825.00 for each tola.
In the global market, gold prices hover at around $2026, gaining $8.30 on Thursday.
Today Gold Price in Pakistan (4 September 2023)
|Lahore||PKR 217,100||PKR 2,565|
|Karachi||PKR 217,100||PKR 2,565|
|Islamabad||PKR 217,100||PKR 2,565|
|Peshawar||PKR 217,100||PKR 2,565|
|Quetta||PKR 217,100||PKR 2,565|
|Sialkot||PKR 217,100||PKR 2,565|
|Attock||PKR 217,100||PKR 2,565|
|Gujranwala||PKR 217,100||PKR 2,565|
|Jehlum||PKR 217,100||PKR 2,565|
|Multan||PKR 217,100||PKR 2,565|
|Bahawalpur||PKR 217,100||PKR 2,565|
|Gujrat||PKR 217,100||PKR 2,565|
|Nawabshah||PKR 217,100||PKR 2,565|
|Chakwal||PKR 217,100||PKR 2,565|
|Hyderabad||PKR 217,100||PKR 2,565|
|Nowshehra||PKR 217,100||PKR 2,565|
|Sargodha||PKR 217,100||PKR 2,565|
|Faisalabad||PKR 217,100||PKR 2,565|
|Mirpur||PKR 217,100||PKR 2,565|