Latest news with #Rs335
Business Recorder
16-05-2025
- Business
- Business Recorder
Gold price per tola gains Rs900 in Pakistan
Gold prices in Pakistan increased in line with their gain in the international market. In the local market on Friday, gold price per tola reached Rs336,100 after it gained Rs900 during the day. As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA),10-gram gold was sold at Rs288,151, after it increased by Rs772. On Thursday, gold price per tola reached Rs335,200 after it shed Rs6,700 during the day. Meanwhile, the international rate of gold also gained on Friday. The rate was at $3,177 per ounce (with a premium of $20), an increase by $9, as per APGJSA. Meanwhile, silver price per tola remained stable at Rs3,377.
Express Tribune
15-05-2025
- Business
- Express Tribune
Gold plunges for second day in global and local markets
Listen to article Gold prices recorded a signficant drop in both international and domestic markets as the decline for a second consecutive day. According to All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold per tola (11.66 grams) dropped by Rs6,700, bringing it down to Rs335,200. Similarly, the price of 10 grams of gold fell by Rs5,745, reaching Rs287,379. Yesterday in local markets, the per tola gold (11.66 grams) fell by Rs2,300, bringing the price to Rs341,900. The price of gold in the international bullion market declined by $67 per ounce, settling at $3,168. The sharp fall in global rates also impacted domestic prices in Pakistan. The price of silver also decreased, with one tola falling by Rs105 to Rs3,377. Gold prices fell to their lowest in more than a month on Thursday, as easing trade tensions between the world's two largest economies dented demand and investors awaited US economic data for further clarity on future interest rates. Spot gold was down 0.8% to $3,154.16 an ounce as of 0838 GMT, after hitting its lowest since April 10 earlier in the session. The US and China this week have agreed to reduce tariffs and implemented a 90-day pause, de-escalating a trade war and denting demand for gold as a safe haven. Gold, used as a store of value during times of political and financial uncertainty, scaled an all-time high of $3,500.05 per ounce last month, boosted by central bank buying, fears linked to a global tariff war, and strong investment demand.
Business Recorder
15-05-2025
- Business
- Business Recorder
Gold price per tola falls Rs6,700 in Pakistan
Gold prices in Pakistan continued to fall in line with their decrease in the international market. In the local market on Thursday, gold price per tola reached Rs335,200 after it shed Rs6,700 during the day. As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA),10-gram gold was sold at Rs287,379, after it decreased Rs5,745. On Wednesday, gold price per tola reached Rs341,900 after it shed Rs2,300 during the day. The international rate of gold also decreased on Thursday. The rate was at $3,168 per ounce (with a premium of $20), a decline of $67, as per APGJSA. Meanwhile, silver price per tola also decreased by Rs105 to settle at Rs3,377.
Express Tribune
14-05-2025
- Business
- Express Tribune
Sales Tax Act for ex-FATA, PATA restored
Income tax collection was about Rs335 billion more than the target, offsetting the impact of missed sales tax and customs duty targets. photo: file The Constitutional Bench has reinstated the Sales Tax Amendment Act for the formerly FATA and PATA, suspending the Peshawar High Court's earlier verdict that had nullified the act. The case concerning the exemption granted under the Sixth Schedule of the Sales Tax Act for residents of FATA and PATA was heard on Wednesday by the five-member Constitutional Bench, headed by Justice Amin-ud-Din Khan. Other members of the bench included Justice Jamal Khan Mandokhail, Justice Muhammad Ali Mazhar, Justice Syed Hasan Azhar Rizvi, and Justice Shahid Bilal Hassan.
Express Tribune
02-03-2025
- Business
- Express Tribune
ADR system proposed to streamline tax litigation
Income tax collection was about Rs335 billion more than the target, offsetting the impact of missed sales tax and customs duty targets. photo: file A committee formed by the Supreme Court to resolve tax cases has recommended establishing a robust alternative dispute resolution (ADR) mechanism within the Federal Board of Revenue and all provincial revenue departments. The committee, comprising the Supreme Court registrar and experts in legal and tax matters, has also suggested that ADR decisions be made binding on revenue authorities to prevent unnecessary litigation. The government has expressed concern over the large number of pending revenue-related cases in the courts, involving billions of rupees. This not only deprives the government of critical revenue but also adds to the judiciary's backlog. To mitigate the situation, Chief Justice Yahya Afridi chaired a meeting on November 7, 2024. It was revealed that 108,366 such cases were pending in the country's high courts, involving Rs4,457 billion. Additionally, about 6,000 revenue cases were pending in the Supreme Court, while 2,000 cases remained unresolved in various tribunals and courts, where stay orders had stalled potential recoveries worth billions of rupees. The objective of the November meeting, which was also attended by officials from the finance ministry and the FBR, was to develop a comprehensive strategy to expedite the resolution of revenue-related cases across judicial forums. The meeting formed a committee, with tax expert Imtiaz Ahmed Khan as its coordinator. It included Supreme Court Registrar Saleem Khan, Asim Zulfiqar, Sher Shah Khan, Ishtiaq Ahmed Khan, FBR's director general, law, and others. The committee was tasked with reviewing the matter, identifying problems and making recommendations. The committee was also directed to suggest suitable solutions in the context of the situation in the country. To fuflill this mandate, the committee consulted key stakeholders, including the FBR, the Supreme Court Bar Association, the Punjab Tax Bar Association, the Federation of Pakistan Chambers of Commerce and Industry, and other business and industry representatives. Based on stakeholder input, the committee recommended establishing a special ADR panel within the FBR to reduce litigation through mediation, conciliation and negotiation. The committee also suggested that the FBR should not have the authority to appeal ADR decisions in any court. It also proposed setting up an ADR unit within the Supreme Court to monitor the ADR systems in the FBR and other state institutions. To reduce the judiciary's burden, the committee recommended the creation of special benches for revenue cases in the Supreme Court and the high courts, with judges instructed to decide the cases quickly. The committee said that a lot of time is wasted in legal proceedings because cases of similar nature are heard in different benches. Therefore, it said, all such cases should be consolidated and presented before a single bench for uniform decisions. It is pointed out in the recommendations that revenue officials routinely file appeals against the judicial orders, even though they have a weak legal position in that matter out of fear of the National Accountability Bureau (NAB). This unnecessary appeal culture is putting unnecessary pressure on the judicial system and increasing legal expenses for both the state and the taxpayers, the committee said in its recommendations. To end this trend, it continues, the FBR and provincial revenue authorities should be directed not to file unnecessary appeals, and disciplinary action should be taken against the concerned officers, considering this violation as lack of performance. It also suggested streamlining the appointment of officers in the relevant appellate tribunals of the FBR and introduction of key performance indicators to assess the performance of those officers. The committee also made recommendations regarding the issuance of stay orders in the tax matters. It said that judicial forums should dispose of cases within the legally stipulated time. The chief justice of Pakistan has been requested to consider increasing the number of judges keeping in mind the complaints of bar associations and taxpayers, improving the case management, streamlining court procedures.
