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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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Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

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There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

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July 2024 export data from Pakistan shows a significant rise.

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The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

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