Increase in federal excise duty rate, 50% reduction in cigarette sales

Increase in federal excise duty rate, 50% reduction in cigarette sales

It has become difficult for the government to meet the tax collection target from cigarettes (Photo: File). Karachi: A huge increase in the federal excise duty rate on cigarettes has reduced legal sales by 50 percent. According to Director Finance Philip Morris (Pakistan) Limited Muhammad Zeeshan, in the current economic conditions, preventing the damage caused…

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FPCCI cited current account surplus as the cause of economic downturn

FPCCI cited current account surplus as the cause of economic downturn

Textile exports declined by 12.4 percent and information technology exports by 0.5 percent. Photo: Social Media Karachi: The FPCCI attributed the current account surplus to the contraction in the economy. President FPCCI Irfan Iqbal Shaikh said that Pakistan’s current account surplus for March 2023 makes no sense for the government to celebrate as it actually…

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Sudan, 2 planes destroyed in clashes, airspace closed for commercial flights

Sudan, 2 planes destroyed in clashes, airspace closed for commercial flights

Sudan’s airspace was closed after the clashes escalated. At least two civilian planes were destroyed in Khartoum late last week as a result of fighting between the army and the Rapid Reaction Forces in Sudan. After this ongoing crackdown in Sudan, Sudan’s airspace has now been closed to commercial flights, affecting international air traffic as…

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