Pakistan’s headline inflation clocked in at 27.4% on a year-on-year basis in August, the Pakistan Bureau of Statistics (PBS) said on Friday, marginally lower than the reading in July when it stood at 28.3%. On a month-on-month basis, it was up 1.7%. This takes 2MFY24’s average inflation to 27.85%, higher than 2MFY23’s average of 26.10%. The Consumer Price Index-based reading …

The Federal Board of Revenue (FBR) Thursday froze 13 bank accounts of Pakistan International Airlines (PIA) due to non-payment of Rs8 billion in Federal Excise Duty (FED). According to FBR officials, the national carrier’s bank accounts associated with the International Air Transport Association (IATA) would also be frozen. “A decision has been made to register a first information report (FIR) …

ISLAMABAD: The Pakistani rupee’s losing streak continues against the U.S. dollar, hitting a new record low as the greenback was traded at 304.45 rupees in the interbank market on Wednesday, according to the State Bank of Pakistan. The U.S. dollar closed at the then-record low of 303.05 rupees on Tuesday. On the third session of the week, the local currency …

The US dollar continues its steady flight upwards as the Pakistani rupee faces record-breaking battering in the currency exchange market. The American currency shattered records further as it opened the new trading session on Wednesday morning with a surge of 70 paisas in the interbank market. It traded at a record value of Rs303.75 against the local currency. However, a …

In a significant disruption to its manufacturing operations, Toyota Motor Corp announced on Tuesday that it has suspended operations at all 14 of its assembly plants in Japan. This shutdown has brought domestic production to a standstill at the world’s largest automaker. The production halt was attributed to a malfunction in Toyota’s production systm, which has hindered the company’s ability …

The Federal Board of Revenue (FBR) has no foolproof mechanism to ensure that a 7.5 percent withholding tax on electricity bills of over Rs. 25,000 per month isn’t charged to filers of income tax returns. There is no coordination between the FBR and the power distribution companies in this regard. The FBR has collected withholding tax (under section 235 of …

Indus Motor Company (IMC) reported on Monday a profit-after-tax (PAT) of Rs9.66 billion in fiscal year 2022-23 (FY23), a decrease of nearly 39% as compared with earnings of Rs15.8 billion in the same period last year, amid lower sales. Earnings per share (EPS) stood at Rs123 in FY23 compared with Rs201 in FY22. The board of directors of the assembler …

The Finance division has banned supplementary grants until the formation of a new government. According to the memorandum “Strategy for additional allocation and Re-Appropriation of funds during the Current Financial Year 2023-24” issued on Friday, the Finance Division will not approve any supplementary grants for additional unbudgeted spending over the parliamentary approved level in FY24 This was done to remain …

The Federal Board of Revenue (FBR), in collaboration with federal ministries and provincial departments, will introduce a Track and Trace System at ginning factories in Pakistan to promote transparent cotton trade. The development came during a meeting between FBR Chairman Malik Amjed Zubair Tiwana and Caretaker Federal Minister for Commerce, Industries, and Production Dr. Gohar Ejaz. This initiative aims to …

Inflows through Roshan Digital Account (RDA) have reached nearly $6.5-billion by July-end, the State Bank of Pakistan (SBP) said on Wednesday. The central bank shared that total number of RDA accounts opened has reached 596,268 from 585,885 a month ago in June-end. As per latest data available on SBP’s website, the cumulative RDA inflow clocked in at $6.49 billion by …

The US dollar maintained its historic high rate in the Pakistani currency market. Wednesday’s trading session opened with a further rise in the mighty currency. The dollar gained a further 50 paisas in the interbank market, as per currency dealers. They added that the greenback was being traded for Rs299.50 in the Interbank market. In the open market, the US …

The Inland Revenue Department of the Federal Board of Revenue (FBR) has launched a crackdown against the mispricing of cigarettes and impounded 650 cartons of cigarettes from a leading multinational cigarette manufacturing company. The FBR’s Inland Revenue has taken the lead against the cigarette manufacturers involved in less payment of the federal excise duty (FED) through the phenomenon of mispricing …

The State Bank of Pakistan (SBP) has advised all commercial and microfinance banks to start the facility for customers to pay their duties and levy for registration and unblocking of mobile phones at their branches located within the territorial jurisdiction of Azad Jammu and Kashmir, and Gilgit- Baltistan. The banking regulator issued these directives in a view to ensure that …

While electricity prices have surged to a record high in Pakistan in the first seven months of 2023 (7MCY23), fuel costs for power generation have decreased by 19.2 percent year-on-year (YoY) to an average of Rs. 9.32/KWh, compared to an average cost of Rs. 11.54/KWh last year. Power generation in the country went down by 8.5 percent YoY to 75,861 …

High-ranking officials from the Member Policy Inland Revenue Federal Board of Revenue (FBR) have made a stunning admission before the Federal Tax Ombudsman (FTO) that the tax return devised for Tax Year 2023 is erroneously calculating incorrect tax liabilities for pensioners, senior citizens, and members of Shuhada families. The revelation came to light during a hearing at the FTO’s office, …

Pak Suzuki Motor Company (PSMC) announced another shutdown of its motorcycle plant from August 18 to August 31. In a notice to the Pakistan Stock Exchange (PSX) on Friday, it said: “Due to shortage of inventory level, the management of the company has decided to shut-down motorcycle plant from August 18, 2023 to August 31, 2023.” Meanwhile, the automobile plant …

BEIJING: China has agreed to resume beef imports from South Africa, recognizing some regions in South Africa as Foot-and-Mouth-Disease (FMD)-free zones and allowing these regions to export beef products to China, the General Administration of Customs announced Friday. According to the announcement, the resumption was revealed by the General Administration of Customs and the Ministry of Agriculture and Rural Affairs …

Baluchistan Wheels Limited (BWHL), a manufacturer of steel wheels for automobiles, has said it will shut production activities till August 31 due to a drop in sales. The company, engaged in the manufacturing and marketing of automotive wheel rims for trucks, buses, tractors, cars and mini commercial vehicles, shared the development in a notice to the Pakistan Stock Exchange (PSX) …

The Federal Board of Revenue (FBR) will not charge tax on agricultural property excluding farmhouses under section 7E of the Income Tax Ordinance 2001. Through circular number 3 of 2023, the FBR has explained the applicability of section 7E on farmhouses. Excluding the farmhouses and the land annexed thereto constructed on agricultural land, self-owned agriculture property where agriculture activities are …

NEW DELHI: India approved plans on Wednesday to deploy 10,000 electric buses in 169 cities, along with charging and associated infrastructure facilities, at an estimated cost of nearly 580 billion rupees ($7 billion) for a decade. The federal government will fund 200 billion rupees ($2.4 billion) of the cost of the scheme, based on a public-private partnership model, but it …

WUHAN: A new air cargo route was launched on Wednesday linking Ezhou City in central China’s Hubei Province, with Abu Dhabi, capital of the United Arab Emirates (UAE), announced SF Airlines. Early Wednesday morning, a Boeing 747-400 freighter took off from Ezhou Huahu Airport, China’s first cargo-focused airport. This marked the launch of the first cargo route connecting the airport …

In a disconcerting development, consumers in Pakistan are bracing themselves for yet another jolt to their wallets, as the caretaker government prepares to unveil the anticipated surge in petroleum product prices today. Sources privy to the matter said a comprehensive document outlining potential adjustments to the pricing of petroleum products has been meticulously crafted. revealing that the price of petrol …

SWABI: The Peshawar High Court has stopped the government from collecting Rs390 per kilogramme federal excise duty (FED) on green leaf threshing (GLT) of tobacco and directed that the duty should be collected at the previous rate of Rs10 per kg till further orders. Talking to reporters here on Sunday, president of Tobacco Growers Association Pakistan (TGAP) Liaqat Yousafzai said …

Due to the prevailing economic uncertainty, car sales have taken yet another massive dip. According to the latest data from the Pakistan Automotive Manufacturers Association (PAMA), carmakers (association members only) collectively sold just 5,092 vehicles in July 2023, witnessing a month-over-month (MoM) decrease of 16% in sales, but a year-over-year (YoY) decrease of 57% Toyota Indus Motor Company (IMC) sold 1,368 …

NANJING: East China’s economic powerhouse Jiangsu Province recorded a total import and export volume of 2.93 trillion yuan (about 409.29 billion U.S. dollars) from January to July, the customs of Nanjing, capital city of Jiangsu, said Sunday. The figure, including exports of 1.89 trillion yuan and imports of 1.04 trillion yuan, accounted for 12.4 percent of China’s total volume of …

Since its launch, inflows through Roshan Digital Account (RDA) have crossed the $6.5-billion mark, the State Bank of Pakistan (SBP) said on Saturday. According to the SBP, as of August 11, 2023, total number of RDA accounts opened also crossed 600,000 “while total funds inflow surpassed $6.5 billion”. The central bank, however, did not share further details, including data of …

The Securities and Exchange Commission of Pakistan (SECP) on Saturday issued a stern warning to the public, cautioning against falling prey to fraudulent investment schemes. The regulatory authority emphasised that individuals should exercise utmost vigilance and refrain from investing their hard-earned money in bogus or illegal schemes that could potentially lead to significant financial losses Highlighting the grave consequences of …

Remittances by overseas Pakistanis fell by 19 percent in July, according to figures released by the central bank on Thursday, due to the staggering decline in the value of the Pakistani Rupee (PKR) in 2023, along with Rs. 13 lost by the currency in June-July, which is causing some ex-pats to refrain from remitting too much amid lower rupee denominated …

A delegation from the International Monetary Fund (IMF) is scheduled to visit Pakistan in November. This visit marks the inaugural economic review for the US$3 billion Stand-By Arrangement (SBA) for Pakistan. Key negotiations are anticipated to take place with the proposed caretaker government within the framework of this new loan program. The IMF delegation’s primary focus will involve a comprehensive …

With cruise bookings seeing a resurgence after the Covid pandemic caused luxury liners to mothball, a Finnish shipyard is putting the final touches on what will be the world’s largest cruise ship. Royal Caribbean’s luxurious new vessel Icon of the Seas is nearing completion in the Turku shipyard on Finland’s southwestern coast, its maiden voyage scheduled for January 2024. With …

National Bank of Pakistan (NBP), Bank of Punjab (BoP), and U Microfinance Bank (U Bank) have emerged as top agri credit performers in FY23. As per data released by State Bank of Pakistan (SBP) on Wednesday, NBP was the top agricultural credit performer among large banks with a score of 77.4. BoP scored 60.5, and was ranked the best mid-sized …

Aligning with its growth strategy, the Company had announced the commencement of operations of Line-2, at Pezu Plant on December 22, 2022. This addition increases the production capacity of the Company’s cement production by 3.15 Million Tons Per Annum (MTPA), thereby, bringing the total capacity to 15.30 MTPA. After the successful completion of the aforesaid expansion, the Company has further …

Lucky Cement Limited (PSX: LUCK) achieved its highest-ever consolidated profit after tax of Rs. 59.5 billion for the year ended June 30, 2023, of which Rs. 10.7 billion is attributable to non-controlling interests. This represents an impressive 63.4 percent year-on-year (YoY) increase compared to the same period last year (SPLY). Along with the announcement of financial results, the Board of …

In a bid to curb tax evasion and promoting transparency in property transactions, the Federal Board of Revenue (FBR) has recently implemented a new law that mandates obtaining a No Objection Certificate (NOC) from the FBR prior to buying or selling property. The introduction of this law aims to tackle the long-standing issue of black money within the real estate …

Pakistan’s textile sector exports witnessed a significant decline of 15% in July, clocking in at $1.31 billion compared to $1.54 billion recorded in the same month of the previous year, showed provisional data released by the All Pakistan Textile Mills Association (APTMA) on Wednesday. Data showed the country’s textile exports in the first seven months of 2023 decreased by 21% …

Amidst mounting economic pressures, the masses find themselves grappling with yet another burden as the government on Tuesday decided to jack up petrol prices by a staggering Rs19.95 per litre and diesel price by Rs19.90 per litre for the next fortnight. The decision was announced by Finance Minister Ishaq Dar during a live broadcast, citing the necessity of adhering to …

Oil and Gas Development Company Limited (OGDCL) has registered a significant increase in oil and gas production from four of its wells located in Sindh. The oil and gas exploration company on Monday shared the details of its production enhancement recorded in the month of July via notice to the Pakistan Stock Exchange (PSX). OGDCL attributed the production enhancement to …

Minister of State for Petroleum Dr Musadik Malik said the government would protect international investors that are interested in the country’s mining sector. Addressing a press conference on Monday, the state minister said the government has established a one-window operation to facilitate foreign investment. “In the shape of SIFC (Special Investment Facilitation Council), we have established a one-window operation, which …

Finance Minister Ishaq Dar on Monday lauded the role of China’s banking sector and its institutions for supporting Pakistan in difficult times. Addressing the opening ceremony of the second branch of Bank of China in Islamabad, Dar said institutions such as this are “great financial partners of Pakistan.” The finance minister reiterated that Pakistan has largely come out of the …

The State Bank of Pakistan (SBP) on Monday kept the key policy rate unchanged at 22 percent. The central bank governor Jameel Ahmad announced it in a press conference held on Monday. At its meeting held on Monday, the Monetary Policy Committee (MPC) decided to keep the policy rate unchanged at 22 percent. The Committee noted that the economic uncertainty …