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Petrol merchants, burdened by high taxes, are preparing to initiate a walkout tomorrow.

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Petroleum retailers have declared a nationwide strike on July 5th (Friday) in protest of the implementation of a prepayment tax in the 2024-25 budget.

During a press conference, Abdul Samad Khan, the Chairman of the Pakistan Petroleum Dealers Association (PPDA), declared that if the government does not change its decision, all filling stations in the country will be closed.

There is concern that there may be a lack of availability of fuel and diesel across the country on Friday. The reliance of transportation services on these petroleum products makes them vulnerable to potential disruptions.
Khan voiced apprehensions regarding the 0.5 percent preliminary turnover tax incorporated in the Finance Bill 2024-25.

According to him, it would render petrol pumps inoperable. The individual requested that the authorities promptly eliminate it, otherwise “we will be compelled to cease operations.”

The National Assembly approved the Finance Bill 2024-25 in late June, which was formulated under the supervision of the International Monetary Fund (IMF).

The association announced on Wednesday that its negotiations with the provincial and federal governments were unsuccessful, resulting in the dealers deciding to keep their operations closed on Friday.

“Although they requested us to cancel the strike and assured us that they would address the issue, we cannot delay the strike based solely on their promises,” stated the chairman of the PPDA.

Khan stated that the group has held talks with high-ranking authorities, including members of the oil marketing corporations’ advisory board, yet the problems continue to exist.

He announced that starting on July 5 at 6am, a total of 13,000 gas stations would be shut down. The strike may persist in the subsequent days until the demands are realized and communicated.

He requested that the proprietors and managers of retail establishments retain their inventory on July 4th.

According to media sources, the petroleum division has established a monitoring cell to supervise the fuel supply situation and collaborate with relevant parties during the strike organized by petroleum dealers.

Focal individuals have been appointed by the representatives of oil marketing companies, Ogra, and the petroleum division for the monitoring cell.

The FBR chairman had provided assurance to the dealers that the turnover tax would be revoked. However, the petroleum secretary states that a legislative action is necessary to reverse the process.

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The total amount of Pakistan’s liquid foreign reserves is $15.95 billion.

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As of February 14, Pakistan’s total liquid foreign reserves were $15,947.9 million, with the State Bank of Pakistan’s (SBP) holdings being $11,201.5 million.

Official figures for the week ending February 14, 2025, show that the central bank’s liquid foreign exchange reserves rose by $35 million to $11,201.5 million.

Commercial banks maintained net foreign reserves of $4,746.4 million during the period under review, according to the breakdown of foreign reserves.

The nation’s total liquid foreign reserves as of the week ending February 07, 2025, were $15,862.6 million.

Of these, the central bank held $11,166.6 million in foreign reserves, while commercial banks kept $4,696 million in net reserves.

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In January 2025, RDA inflows reach 9.564 billion USD.

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Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.

The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.

Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.

By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.

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FBR lowers Karachi’s built-up structure property valuation rates

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A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.

The notification said that built-up structural values on residential property will be gradually reduced.

A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.

In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.

Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.

Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.

In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.

In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.

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