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All-time high: Gold price jumps by Rs1,000 per tola in Pakistan

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  • Gold price settles at Rs144,000 per tola.
  • Price of yellow metal increases by Rs857 per 10 grams.
  • Last all-time high price was seen on May 24 at Rs143,600 per tola. 

KARACHI: The gold rates in Pakistan reached an all-time high after gaining Rs1,000 per tola on Thursday. 

According to the All Sindh Saraf and Jewellers Association (ASSJA), the price of gold settled at Rs144,000 per tola. 

Meanwhile, the price of the yellow metal increased by Rs857 per 10 grams to settle at Rs123,457. The last all-time high price was seen on May 24 at Rs143,600 per tola. 

The gold maintained an uptrend since yesterday in the domestic market. With a fresh increase of Rs1,000 per tola, the commodity cumulatively rose by Rs1,550 in the two days (Wednesday-Thursday) to Rs144,000 per tola.

However, in the international market, the price of gold decreased by $14 per ounce to close at $1,819.

Meanwhile, silver prices in the domestic market increased by just Rs20 to settle at Rs1,560 per tola while it gained Rs17.14 and closed at Rs1,337.44 per 10 grams today. 

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In four months, FBR found Rs 800 billion in fraudulent tax refunds.

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Over the last four months, the Federal Board of Revenue (FBR) has discovered a Rs800 billion tax refund scam.

The Inland Revenue and Customs reforms were considered at a review meeting that Prime Minister Shehbaz Sharif convened. During this time, the board allegedly discovered the Rs800 billion tax refund fraud.

According to the conference, there are 83,579 outstanding tax cases totaling Rs3.2 trillion, of which about 63 cases, or Rs44 billion, have been settled as a consequence of various government measures.

In an effort to speed up the resolution of tax issues, the prime minister also ordered the creation of 100 tribunals.

The gathering also featured the identification of around five million new taxpayers, of whom fifteen thousand retailers have enrolled since April 1, 2024.

View more:More than 46,000 traders have signed up for the Tajir Dost Scheme: FBR.

The prime minister has instructed the tax authorities to promptly include the five billion tax evaders in the tax system and has placed a strong emphasis on working with merchants to improve system efficiency.

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PM Gives FBR Instructions To Speed Up Digitization Work: An investigation revealed a Rs. 800 billion tax refund scam.

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Noting favorable results of FBR’s digitization efforts, Prime Minister Shehbaz Sharif revealed an 800 billion rupee tax refund scam discovered in the last four months.

Shehbaz Sharif stressed improving the tax refund system further while presiding over an important meeting on FBR reforms and digitization in Islamabad.

Regretting the delays in putting various reform programs into action, he emphasized that FBR changes had the potential to increase income.

There is a total of 3.2 trillion rupees worth of ongoing tax cases in various courts and tribunals, according to the briefing given to the conference. With 63 lawsuits worth 44 billion rupees resolved in the last four months, the current government has taken action to resolve these outstanding matters.

The prime minister has directed that efforts be made to attract as many of the 4.9 million potential taxpayers who are wealthy into the tax system as possible without putting undue strain on the impoverished.

Fifty thousand merchants have enrolled so far for the mobile phone retailer registration effort, which began in April.

He also emphasized the necessity for a consolidated approach for continuing reform initiatives and the complete digitization of FBR’s fraud detection and investigation department.

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Mining in Balochistan: Mari Pvt Ltd Secures Exploration License

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Licenses for mineral prospecting in the Chagai District of Balochistan have been obtained by Mari Mining Company Private Limited.

501 square kilometers and 513 square kilometers, respectively, are covered by the licenses that the Directorate General Mines and Minerals Balochistan awarded.

Mari Petroleum Company Limited has formed Mari Mining Company as a subsidiary. Major player in Pakistan’s natural gas sector, Mari Petroleum manages the country’s largest gas deposits in Sindh’s Dakhri Gas Field.

With a success record of 70%, which is much greater than many of its peers both domestically and internationally, Mari Petroleum is a major oil and gas exploration and production business.

Because of the efforts of organizations like the International Monetary Fund, Balochistan, a region rich in minerals and natural resources, is developing quickly.

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