A Pakistani cargo ship has reached Chittagong Port in Bangladesh after a long hiatus in a significant development for Pakistan-Bangladesh trade relations — a milestone marks a promising step towards strengthening economic ties between the two nations. Bangladesh, formerly known as East Pakistan, was separated in 1971 and later Pakistan accepted it as sovereign country in 1974. The relationship between …

The Federal Board of Revenue (FBR) continues its crackdown on tax evaders across the country, focusing on major non-filers and individuals under-disclosing their taxable income. According to sources, data on non-filers and under-tax payers is being shared with field formations to facilitate swift action. Notices will be issued to tax defaulters upon approval from the FBR chairman, with a focus …

Bitcoin has breached the $94,000 mark for the first time in history, fueled by growing optimism surrounding the potential acquisition of crypto trading firm Bakkt by Donald Trump’s media company. This surge marks a significant milestone for the world’s leading cryptocurrency, which has more than doubled in value this year. As of Wednesday morning in Asia, Bitcoin was trading at …

Pakistan’s Federal Board of Revenue (FBR) has assured that no mini-budget will be introduced while affirming the government’s commitment to maintain the annual tax target of Rs12,970 billion. Sources from the FBR also stated that the General Sales Tax (GST) will not be imposed on petroleum products, aligning with ongoing discussions with the International Monetary Fund (IMF). Sources also indicate …

Highlighting about Rs60 billion worth of cost of inefficiency being charged to consumers in three months, the National Electric Power Regulatory Authority (Nepra) on Wednesday notified Rs1.28 per unit negative fuel cost adjustment (FCA) against consumption in September and asked the ex-Wapda distribution companies (Discos) to refund it in consumer bills for November. This will have a gross financial impact …

ISLAMABAD: The Pakistani government has retired a substantial debt of Rs117.62 billion for the week ending October 18. This recent repayment now brings the total net retirement for the current fiscal year 2025 (FY25) to Rs1.38 trillion, according to weekly estimates from the State Bank of Pakistan (SBP). According to Mettis Global, the borrowings are categorised into three groups including …

ISLAMABAD: The Federal Board of Revenue (FBR) has finally started receiving details from the National Database and Registration Authority (NADRA) of ‘rich Pakistanis’ to expand the tax base. According to Business Recorder, NADRA has reportedly shared data including details of bank accounts, property ownership, and luxury vehicle registrations, for 195,000 wealthy individuals identified as part of the elite class. The …

The Federal Board of Revenue (FBR) has issued a draft amendment to Pakistan’s Customs Rules 2001, introducing significant changes to the temporary import rules for vehicles brought into the country by tourists. The amendment allows tourists to keep their vehicles in Pakistan duty-free for up to three months, provided specific conditions are met. According to the FBR’s notification, tourists wishing …

ISLAMABAD: The Federal Board of Revenue (FBR) has allowed foreign tourists to temporarily import vehicles into Pakistan for a period of three months. According to a notification issued by the FBR on Friday, a tourist who imports a vehicle against carnet-de-passage or a bank guarantee may be given delivery thereof by the officer-in-charge of the Customs station of entry without …

Finance Minister Muhammad Aurangzeb Thursday revealed details of yearly tax theft in Pakistan. The minister revealed that tax evasion in Pakistan stands at nearly Rs7,000 bln annually. He said steps are afoot to broaden the tax net and bring reforms to the tax system of Pakistan. The minister also announced the ‘war against tax evaders’ in Pakistan and admitted all …

Finance Minister Muhammad Aurangzeb has attributed the current economic stability of Pakistan to the successful completion of a standby agreement with the International Monetary Fund (IMF), initiated by Prime Minister Shehbaz Sharif and successfully completed by the caretaker government. Speaking to a delegation of investors led by Barclays at the Finance Division on Tuesday, the finance minister emphasized that the …

The Power Division has recovered over Rs119 billion during a countrywide electricity theft crackdown, on Friday. The crackdown launched by the Pakistani government and military leadership’s measures to restore the country’s economy is now showing positive results. According to the details, Rs119.79 billion have been recovered from individuals involved in the electricity theft crackdown while 85,572 electricity thieves were arrested …

Pakistan’s exports have shown a massive increase in the first quarter of the financial year 2024, with exports rising by 14.1% compared to the same period last year. According to the Pakistan Bureau of Statistics, from July to September 2024, Pakistan’s total exports amounted to $7.87 billion, a rise from $6.9 billion during the same period last year. This marks …

ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb said on Wednesday that the Pakistan Economy Dashboard (PED) would help promote transparency, ensure data accessibility, and serve as an interactive platform for data analysis. “Data is the new oil. The point is what you do with that data,” the minister remarked while addressing the launching ceremony of the Pakistan …

ISLAMABAD: Tax experts have strongly predicted extension in filing of income tax returns beyond the September 30th FBR deadline for the tax year 2024. Asif S Kasbati, ICAP Fiscal Laws Committee Senior Member told Business Recorder that the Individuals and Associations of Persons (AOPs) having year from July 1, 2023 to 30 June 2024 are required to file Tax Year …

ISLAMABAD: The International Monetary Fund (IMF) has stated that increasing revenue mobilisation by broadening the tax base, removing special sectoral regimes, and placing a fairer burden on previously undertaxed sectors (including industrialists, developers, and large-scale agriculture), will enhance fairness and efficiency and create needed space for essential investments in human capital, infrastructure, and social spending. The Fund has projected Pakistan’s …

ISLAMABAD: Pakistan has received a Special Drawing Right (SDR) of around 1.03 billion U.S. dollars from the International Monetary Fund (IMF), the State Bank of Pakistan (SBP) said on Friday. The inflows will be reflected in the SBP’s liquid reserves, which will be released on Oct. 3, the bank said in a statement. A day earlier, the country’s Prime Minister …

The National Electric Power Regulatory Authority (NEPRA) has imposed a fine of Rs10 million on Lahore Electric Supply Company (Lesco) over failure to implement safety measures, ARY News reported. According to NEPRA, LESCO had previously been instructed to complete the earthing of 100% of their poles, but they failed to implement the directions. As a result, NEPRA has not only …

Federal Board of Revenue (FBR) has announced a decisive crackdown on non-filers, beginning October 1, as part of its efforts to achieve an annual tax target of approximately Rs12,970 billion. Final tax notices will be issued to millions of non-filers as the FBR seeks to enhance compliance. According to FBR sources, restrictions may be imposed on non-filers traveling abroad, and …

FBR is expected to face a shortfall of Rs. 275 billion in the first quarter of the current fiscal year. A shortfall of Rs. 175 billion is expected this month alongside a proposal for a mini-budget of approximately Rs. 1 trillion. To meet the tax target of Rs. 12.97 billion, the target for the current month is Rs. 1.1 billion. …

The Energy Ministry has revealed a detailed plan outlining how power sector consumers will receive subsidies in the future, with a total allocation of Rs487 billion. According to the plan, these subsidies will be linked to social protection programs, with the beneficiaries determined through the Benazir Income Support Programme (BISP) data. Under this plan, a significant portion of the subsidy …

Pakistan’s economy has received a welcome boost, with the country’s current account recording a surplus of $75 million in August. This reversal of fortunes is attributed to the record increase in remittances from overseas Pakistanis. According to data released by the State Bank of Pakistan (SBP), the current account deficit in July stood at $246 million, making the August surplus …

The International Monetary Fund (IMF) has officially included Pakistan’s agenda in its Executive Board meeting scheduled for September 25. Pakistan is seeking a $7 billion loan under the Extended Fund Facility (EFF) to help stabilize its economy. The international lender has released its meeting calendar, confirming that Pakistan’s request will be up for discussion. If the loan is approved, Pakistan …

Pakistan’s increasing frequency of internet shutdowns is taking a significant toll on the nation’s economy, particularly affecting businesses that transitioned to online operations during the COVID-19 pandemic. The latest report from the Overseas Investors Chamber of Commerce and Industry (OICCI) puts these losses into perspective. These disruptions have severe economic consequences, with internet blackouts resulting in a direct 0.57% loss …

The Sindh government has raised concerns over removing the Mohenjo-Daro image from Pakistani currency notes. Sindh’s Minister for Culture and Tourism, Syed Zulfiqar Ali Shah, has sent a letter to the Governor of the State Bank of Pakistan (SBP) in response. The letter expressed reservations about the decision to replace the historic site’s image with the Khyber Pass on the …

The Asian Development Bank (ADB) on Friday approved a $320-million loan to support the rehabilitation of roads in Khyber Pakhtunkhwa, enhancing safe and all-weather connectivity in rural areas. As per a statement released by the ADB, the Khyber Pakhtunkhwa Rural Roads Development Project will upgrade around 900 kilometers of rural roads in the province that are susceptible to floods and …

MUMBAI: India’s foreign exchange reserves extended their winning run for a fourth straight week to hit a record high of $689.24 billion as of Sept. 6, data from the central bank showed on Friday. The reserves rose by $5.3 billion in the reporting week, after having risen by a total of $13.9 billion in the prior three weeks. The RBI …

After declining in the previous session, gold prices in Pakistan jumped on Friday in line with their increase in the international rates. In the local market, the price of gold per tola gained Rs2,900, clocking in at Rs265,900, which is the latest record high in Pakistan. Similarly, 10-gram gold was sold at Rs227,966 after it registered an increase of Rs2,486, …

Pakistan is likely to introduce mini budget as the Federal Board of Revenue (FBR) is facing difficulties in meeting its tax collection targets. According to sources, FBR needs to collect Rs2,654 billion in taxes for the first quarter of the fiscal year 2024-25, with Rs 1,190 billion required in September 2024 alone. If FBR fails to meet the target by …

The State Bank of Pakistan (SBP) in a meeting held today the Monetary Policy Committee (MPC) decided to cut the policy rate by 200 bps to 17.5 percent, effective from September 13, 2024. Both headline and core inflation fell sharply over the past two months. The pace of this disinflation has somewhat exceeded the Committee’s earlier expectations, mainly due to …

Federal Minister for Finance and Revenue Muhammad Aurangzeb chaired the meeting of the Economic Coordination Committee today. On a proposal of the Ministry of National Food Security and Research for a loan of Rs. 656 million to the Pakistan Central Cotton Committee (PCCC) to enable the organization to pay salaries and pensions to its employees, the ECC deliberated on the …

The International Monetary Fund (IMF) has released its executive board meeting schedule through September 18, 2024, and Pakistan, which direly needs external funding to bail out its economy, is not included on the agenda. According to the Fund’s website, the IMF schedule of the executive board meeting set to be held on September 9, 13 and 18 but to take …

Oil prices fell on Sunday with Brent crude falling below $72 amid sluggish demand and reports that Libya is close to agreeing to resuming crude oil exports. Crude oil futures were down in mid-morning Asian trade on September 8 due to losses after Brent markers dropped below $75 per barrel this week on a wave of sluggish developments on the …

Pakistan’s textile hub is in crisis as Faisalabad’s power looms industry is bearing the brunt of exorbitant electricity bills. The rising raw material costs have crippled loom owners, leaving workers unemployed. The once-thriving area of Ghulam Muhammad Abad, often referred to as “the Manchester of Faisalabad,” is now marked by silent factories and idle looms, with many small and large …

In a major development for Pakistan’s energy sector, top security officials have revealed the identification of the world’s fourth-largest oil and gas reserves in the seas off the coast of Pakistan. The officials said the discovery, which has the potential to transform the country’s economy, was confirmed following the completion of an extensive geographic survey that took more than three …

The total outstanding dues of various sectors of Pakistan State Oil (PSO) have climbed to Rs 786 billion. According to sources, the import bill for RNLG (Re-gasified Liquefied Natural Gas) has surpassed Rs 506 billion, while Sui Northern Gas Pipelines Limited (SNGPL) owes PSO Rs 506 billion for LNG supply. The power sector’s dues have also crossed Rs 186 billion, …

Pakistan’s government has formally requested a $1.75 billion loan from commercial banks at higher interest rates as part of its efforts to meet the conditions set by the International Monetary Fund (IMF) for loan approval. Finance Ministry sources revealed that officials are in talks with three major banks to secure the loan, with the possibility of long-term financing at an …

The Federal Board of Revenue (FBR) is likely to raise a 1 percent rate on 31 different kinds of withholding taxes from next month if the revenue shortfall continues in September 2024. In this regard, the FBR has drafted a mini-budget proposal on WHTs. According to the details, presently 31 types of withholding taxes are applicable on various financial transactions. …

Virtual discussions between officials from the Finance Ministry and the International Monetary Fund (IMF) mission took place on Tuesday evening, focusing on critical issues of external financing and revenue generation. Despite the ongoing negotiations, no deadline has been established for the approval of the loan by the IMF’s Executive Board, according to sources familiar with the matter. During the talks, …

Finance Minister Muhammad Aurangzeb has revealed that the International Monetary Fund (IMF) has no objections to implementing targeted subsidies. These subsidies, he said, could be distributed to eligible recipients through the Benazir Income Support Programme (BISP). To ensure uniformity, the minister indicated that discussions would be held with chief ministers this week, aiming to apply a consistent policy nationwide. He …