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Pakistan increased goods and services tax to 18%

Pakistan increased goods and services tax to 18%

In order to reduce the domestic fiscal deficit and push the International Monetary Fund (IMF) to unfreeze critical bailout funds, the Ministry of Finance of Pakistan announced that it will increase the domestic goods and services tax from 17% to 18%, effective immediately.

The increase in taxes will further increase the prices of energy and raw materials. Therefore, steel mills in Pakistan have recently announced price increases.

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