Latest news with #Rs289
Business Recorder
13-05-2025
- Business
- Business Recorder
Pakistan govt working on options to increase FED
ISLAMABAD: The government is working out different proposals to raise federal excise duty (FED) of various items including 100 percent increase in FED from 20 to 40 percent on energy drinks. It is learnt that the FED would be used a revenue generation measure on the indirect taxes side in coming budget. The FBR imposed/ raised FED on different items to the tune of Rs289 billion in 2024-25. Presently, the FBR is reviewing different proposals to change the rate of the FED on juices and aerated water. However, nothing is final in this regard. FED: supply of raw material for soft drinks not proved chargeable In February 2023, the rate of federal excise duty on all types of aerated water was increased from 13 per cent to 20 per cent and 10 per cent FED was imposed on sugary fruit juices, syrups and squashes. The FBR also is reviewing current FED structure on cigarettes. However, there is no proposal of re-introducing third tier of cigarettes, they added. Sources told Business Recorder that last month there were proposals of reduction in tax rates on beverages and tobacco to increase volumes and transactions in these sectors to generate additional revenue during April-June (2024-25). The proposals were dropped and now new working in being done to see impact of any raise of the FED on these items. The FBR raised excise duty on international air travel and Rs15 per kg FED is applicable on supply of white crystalline sugar by any person to a manufacturing and processing or packaging entity. The government has also increased the FED on cement from Rs3 per kg to Rs4 per kg last year. Through Finance Act, 2024, the FED was imposed on the following goods: FED @ Rs44,000 per kg has been imposed on acetate tow; FED @ Rs1,200 per Kg has been imposed on nicotine pouches and FED @ five per cent ad valorem has been imposed on lubricating oil. Copyright Business Recorder, 2025
Business Recorder
13-05-2025
- Business
- Business Recorder
Govt working on options to increase FED
ISLAMABAD: The government is working out different proposals to raise federal excise duty (FED) of various items including 100 percent increase in FED from 20 to 40 percent on energy drinks. It is learnt that the FED would be used a revenue generation measure on the indirect taxes side in coming budget. The FBR imposed/ raised FED on different items to the tune of Rs289 billion in 2024-25. Presently, the FBR is reviewing different proposals to change the rate of the FED on juices and aerated water. However, nothing is final in this regard. FED: supply of raw material for soft drinks not proved chargeable In February 2023, the rate of federal excise duty on all types of aerated water was increased from 13 per cent to 20 per cent and 10 per cent FED was imposed on sugary fruit juices, syrups and squashes. The FBR also is reviewing current FED structure on cigarettes. However, there is no proposal of re-introducing third tier of cigarettes, they added. Sources told Business Recorder that last month there were proposals of reduction in tax rates on beverages and tobacco to increase volumes and transactions in these sectors to generate additional revenue during April-June (2024-25). The proposals were dropped and now new working in being done to see impact of any raise of the FED on these items. The FBR raised excise duty on international air travel and Rs15 per kg FED is applicable on supply of white crystalline sugar by any person to a manufacturing and processing or packaging entity. The government has also increased the FED on cement from Rs3 per kg to Rs4 per kg last year. Through Finance Act, 2024, the FED was imposed on the following goods: FED @ Rs44,000 per kg has been imposed on acetate tow; FED @ Rs1,200 per Kg has been imposed on nicotine pouches and FED @ five per cent ad valorem has been imposed on lubricating oil. Copyright Business Recorder, 2025
Express Tribune
28-01-2025
- Business
- Express Tribune
Gold prices plummet by Rs2,700/tola
Listen to article KARACHI: Gold prices in Pakistan declined on Tuesday, reflecting a drop in global market rates. In the local market, the price of gold per tola fell by Rs2,700, bringing it down to Rs286,400, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Monday, gold prices had also decreased, with the per tola rate falling by Rs300 to close at Rs289,100. Globally, gold prices also experienced a decline early on Tuesday. According to APGJSA, the international gold rate was $2,741 per ounce, reflecting a drop of $26 during the day. However, gold prices rebounded from a dip triggered by a tech-led wider market sell-off, as increasing uncertainties over US President Donald Trump's proposed tariffs kept investor interest in the safe-haven asset. Spot gold rose 0.4% to $2,751.66 per ounce by 1507 GMT. Gold had dropped over 1% in the previous session, marking its steepest decline since December 18, spurred by DeepSeek's low-cost, low-power AI model. Adnan Agar, the Director of Interactive Commodities, noted that gold prices initially touched a low of $2,734, aligning with their earlier predictions. However, the market rebounded and is currently trading around $2,750 after reaching a high of $2,756. Agar highlighted that for the gold market to trend downward, closing below $2,730 is critical. "Without this, the market is likely to maintain an upward trajectory," he added. He reiterated that while the market could potentially stabilise tomorrow, the US monetary policy announcement, expected late at night, will play a significant role in driving further gold price movements. If the market closes below $2,730, there's a chance it may revisit the $2,700 range. However, consistent rebounds from near $2,730 suggest continued strength in the gold market for now. Meanwhile, the Pakistani rupee experienced a slight depreciation against the US dollar, dropping by 0.04% in the inter-bank market on Tuesday. By the end of the trading session, the currency stood at 278.93, marking a loss of 10 paisa compared to the dollar. As reported by the State Bank of Pakistan (SBP), the rupee had closed at 278.83 on Monday. Internationally, the Japanese yen and the Swiss franc gained while the US dollar fell against major currencies on Monday amid a selloff in technology stocks as markets weighed the implications of a Chinese startup launching a free open-source artificial intelligence model. China's DeepSeek rolled out a free AI assistant that it says uses lower-cost chips and less data, seemingly challenging a widespread AI bet that in the past has lifted shares of US technology stocks, especially chipmaker Nvidia.
Express Tribune
28-01-2025
- Business
- Express Tribune
Gold prices dip sharply in both local and international markets
Listen to article Gold and silver prices have seen a notable drop today, with the price of gold per ounce falling by $26 in the international market and the price per Tola of gold decreasing by 2,700 rupees in local markets. In the international bullion market, the price of gold per ounce dropped by $26, bringing it down to $2,741. Meanwhile, in the domestic market, the price of gold per tola decreased by Rs2,700 settling at Rs286,400. Additionally, the price of gold per 10 grams in the local market fell by Rs2,315, reaching Rs245,541. It is worth noting that a similar trend was observed yesterday as well. The international price of gold per ounce had dropped by $3, falling to $2,767. Locally, the price of 24-carat gold per tola decreased by 300 rupees, standing at Rs289,100, while the price of gold per 10 grams also saw a reduction of Rs257, bringing it to Rs227,209. In other related developments, silver prices also experienced a decline. The price of silver per tola fell by Rs14 to Rs3,395, while the price per 10 grams dropped by Rs12, reaching Rs2,910.
Express Tribune
27-01-2025
- Business
- Express Tribune
Gold prices, rupee value depreciate
KARACHI: The rupee experienced a minor decline against the US dollar, depreciating by 0.03% in the interbank market on Monday. By the close of trading, the rupee settled at 278.83, reflecting a loss of 8 paisa compared to the previous trading day. Over the past week, the rupee remained relatively stable, closing at 278.75, a slight drop from 278.71, according to the State Bank of Pakistan (SBP). Market experts attribute the rupee's depreciation to three key factors: rising imports of around $5 billion per month, the SBP's dollar purchases to absorb surplus supply, and foreign loan repayments by the central bank. Internationally, the US dollar strengthened on Monday as traders evaluated the implications of US President Donald Trump's tariff policies. Although the dollar recorded its weakest performance since November 2023 last week due to diminished tariff concerns, fears resurfaced after Trump announced sweeping measures against Colombia. The tariffs and sanctions came in response to Colombia's refusal to permit US military aircraft carrying deported migrants to land, reigniting market uncertainty as the Federal Reserve is expected to keep interest rates steady. Meanwhile, gold prices in Pakistan continued their decline on Monday, in line with global market trends. The price of gold per tola dropped by Rs300 to Rs289,100, while the price for 10 grams fell by Rs257 to Rs247,856, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This follows a Rs200 decrease over the weekend. Globally, gold prices dropped by $3 to $2,767 per ounce on Monday, down from Friday's high of $2,785. Market analyst Adnan Agar, Director at Interactive Commodities, predicts gold will trade between $2,730 and $2,750 in the near term. Prices falling below this range could trigger a significant downward trend. However, stabilisation is more likely, with upcoming US monetary policy decisions expected to further influence gold prices.
