The process of blocking mobile SIMs of non-filers is underway and so far SIMs of 230,000 non-filers have been blocked in a phase-wise. According to FBR sources, the data of non-filers was provided to various telecom companies. 76636 submitted income tax returns upon which their mobile SIMs are restored. So far, 230,000 SIMs of non-filers have been blocked in a …

Federal Finance Minister Muhammad Aurangzeb warned that Pakistan will stay in the IMF cycle if taxes are not increased. In an interview with Financial Times, he said that the “upcoming IMF program will not be our last fund programme if we don’t bring our tax revenues up,” Aurangzeb maintained that he is hoping Pakistan will reach a staff-level agreement with …

Oil & Gas Development Company (OGDCL) Monday made the announcement to increase local oil and gas production as crude oil production increased from Kunar Well No. 11 in Hyderabad district of Sindh. “960 barrels of oil per day are being obtained from Kunar Well No. 11,” OGDCL spokesperson said. Increasing production will reduce the country’s import bill by $$3.19 million. …

Prime Minister Shehbaz Sharif has issued directives to establish Business Facilitation Centers across Pakistan, following his recent visit to China. The Special Investment Facilitation Council (SIFC) is facilitating the implementation of this initiative. These centers, modeled after China’s approach in Shenzhen, will be set up in all provinces, starting with Islamabad. They aim to provide comprehensive services to businesspeople and …

Government and military leadership’s efforts to revive the national economy and address the electricity crisis are showing results. The ongoing crackdown on electricity theft has recovered Rs103 billion and led to the arrest of over 83,000 individuals across the country. From June 23 to 30, relevant agencies collected more than Rs1.8 billion from electricity thieves in Lahore, Gujranwala, Faisalabad, Multan, …

BEIJING: China’s exports of passenger vehicles hit 378,000 units in June, marking a 28 percent increase year on year and staying flat compared to the previous month, the latest data showed. With the South American market recovering, exports of Chinese-brand cars hit 325,000 units in June, up 31 percent year on year, while the exports of luxury vehicles and cars …

Coordinator to the Prime Minister on Climate Change, Romina Khurshid Alam has unveiled Pakistan’s plans to launch Kisan TV channel to support farmers in combating the impacts of climate change. PM’s aide in a statement on Sunday said the idea of this innovative channel aims to educate farmers on climate adaptation strategies, disaster management techniques, and sustainable practices to mitigate …

BEIJING: China’s foreign exchange reserves stood at 3.2224 trillion U.S. dollars at the end of June 2024, official data showed Sunday. The amount shrank by 0.3 percent compared with the previous month, the State Administration of Foreign Exchange (SAFE) said, attributing the decrease to the combined impact of currency translation and asset price changes. Affected by various factors such as …

ISLAMABAD: Pakistan has achieved a significant milestone in agricultural sector with agro-exports reaching an unprecedented 8 billion U.S. dollars mark for the first time in previous fiscal year from July 2023 to June 2024, Pakistani Commerce Minister Jam Kamal Khan said Saturday. The achievement underscores the collective efforts of traders, farmers, the Trade Development Authority of Pakistan and the commerce …

Balochistan’s fishing industry is set for significant expansion, with several government initiatives underway. The province’s current marine fishing capacity of $500 million could potentially reach $100 billion. In 2023, 137,000 metric tons of fish were caught, valued at $105 million. The sector currently employs 600,000 people, with 82,583 registered fishermen. New projects include a marine ambulance service, the construction of …

The International Monetary Fund (IMF) on Wednesday appreciated Pakistan’s tough economic decisions and efforts regarding hike in gas prices, citing sources. According to sources, Pakistan and the International Monetary Fund held virtual talks on the efforts made in the budget to meet the conditions. The IMF was briefed on the measures taken by Pakistan to increase gas prices and other …

Pakistan Petroleum Dealers Association has announced a nationwide strike from July 5 and Islamabad will close petrol pumps across the country, demanding government to withdraw advance tax decision immediately. Pakistan Petroleum Dealers Association Chairman Abdul Sami Khan in a press conference on the budget said that 0.5 percent advance turnover tax has been imposed in budget while advance turnover will …

The Oil and Gas Development Company Limited (OGDCL) has announced to increase local oil and gas production. As per details, the OGDCL’s spokesperson said that the Nashpa field, located in Khyber Pakhtunkhwa, has seen an increase in oil and gas reserves. As a result, an additional 330 barrels of oil and 77 million cubic feet of gas are being produced …

The government has increased regulatory duty on hundreds of imported items in the fiscal year budget 2024-25. According to the Statutory Regulatory Order (SRO), the regulatory duty has been increased on various items ranging from 5% to 55% under Finance Bill 2024, including: Milk and cream (25%), Yogurt, butter, and nuts (20%), Natural honey (30%), Dates, figs, pineapples, and oranges …

The International Monetary Fund (IMF) has expressed satisfaction with the recent measures taken by the Pakistan government, paving the way for a new loan program, on Monday, citing finance ministry sources. As per details, Pakistan hopes to secure a new IMF loan program in July as the budget 2024-25 prepared under IMF conditions has also been approved, fulfilling one of …

Federal Finance Minister Muhammad Aurangzeb addressing a press conference said the country is witnessing economic stability, with inflation rates dropping significantly from 38 percent to 12 percent. The finance minister said Rs750 billing corruption was uncovered in sales tax, urging reforms in the Federal Board of Revenue (FBR). Aurangzeb revealed that a significant corruption of Rs750 billion rupees has been …

ISLAMABAD: The repatriation of profits and dividends by foreign investors in Pakistan increased by 477 percent during the first 11 months of the outgoing fiscal year ending on June 30, 2024, according to the State Bank of Pakistan. Data available at the State Bank of Pakistan (SBP) website on Friday showed that profits and dividends rose to 1.805 billion U.S. …

The International Monetary Fund (IMF) on Saturday termed budget 2024-25 approval as not enough and demanded Pakistan to do more. The National Assembly (NA) yesterday approved the Federal Budget for the fiscal year 2024-25 with a total outlay of Rs18,870 billion. According to sources, IMF wants Pakistan to hike the electricity and gas rates from July 1 and immediately implement …

The Federal Board of Revenue (FBR) has intensified efforts to meet its annual tax target for the financial year 2023-24 by issuing a directive to ensure the collection of duties and taxes. In a letter dispatched to all concerned offices, the FBR has mandated extended working hours for the final days of June. FBR offices across the country, including large …

The government is likely to block bank accounts of non-filers and has also decided to fix the amount of sales tax on the import of mobile phones, replacing 18 percent sales tax under the amended Finance Bill 2024. Sources said that the proposal to freeze bank accounts of non-filers was part of the original Finance Bill 2024, but the same …

COLOMBO: The World Bank’s Board of Executive Directors has approved 150 million U.S. dollars in financing for Sri Lanka to improve the quality and utilization of its primary healthcare services, according to a statement on Monday. The World Bank said the project will help improve quality of care and increase the use of primary medical care institutions, which provide essential …

In a meeting chaired by Senator Salim Mandviwala, the Senate Standing Committee on Finance expressed strong opposition to the proposed tax on hybrid and electric vehicles included in the new budget. During the session, the chairman of the Federal Board of Revenue (FBR) stated that the 25% tax exemption for expensive vehicles over Rs15 million had been abolished. He clarified …

The global ratings agency Fitch on Wednesday said that the federal budget for fiscal year (FY) 2025 “strengthens prospects for an IMF deal”. The government presented the budget for the next year on June 12, which contained an ambitious tax revenue target of Rs13 trillion rupees ($47 billion) for the year starting July 1, a near-40 per cent jump from …

Punjab cattle markets witnessed an influx of more than 1.8 million animals, including over 0.6 million large animals while in Lahore cattle markets a maximum number of 0.77 million animals were sold. Punjab’s local government department issued data from nine divisions. As per the dashboard of the municipality department, the total count of animals brought to the livestock markets in …

In response to widespread public outcry and opposition from various sectors, the government of Pakistan is contemplating a partial rollback of its ambitious tax proposals, particularly concerning income tax hikes on salaried individuals. The move comes amidst escalating discontent over the proposed fiscal measures aimed at generating additional revenue amounting to Rs 1.5 trillion in the upcoming fiscal year. The …

The Federal Board of Revenue (FBR) has imposed an 18 percent General Sales Tax (GST) on packaged food items, including formula milk. The decision was announced during a meeting of the Senate Standing Committee on Finance, chaired by Senator Saleem Mandviwalla. Chairman FBR, Amjad Zubair, told the committee that the GST will apply to all packaged items, including departmental stores …

Pakistan’s National Logistics Cell (NLC) has achieved a new milestone. This government agency, known for its transport and logistics services, has effectively expanded its trade reach to another key Central Asian country. This week, NLC successfully delivered its first truckload of 6 tonnes of cherries from Dara Khunjarab to China. Following this, a second consignment is set to depart from …

The Senate Standing Committee on Finance has approved a proposal to prohibit non-filers from traveling abroad. The meeting, chaired by Senator Salim Mandviwala, resulted in an important decision impacting individuals who fail to file their tax returns. According to the Chairman of the Federal Board of Revenue (FBR), actions against non-filers will be enforced under the Income Tax General Order. Exemptions …

Global rating agency Moody’s Friday said that Pakistan’s weak debt affordability drives high debt sustainability risks as the government spends more than half its revenue on interest payments. Moody’s commenting on newly finance bill for the fiscal year 2024-2025 said: “The budget estimated debt servicing payments to have increased by about 18pc for fiscal 2025 compared with a year ago. …

Punjab Finance Minister Mian Mujtaba Shuja-ur-Rehman is presenting the Punjab budget 2024-25 in the Punjab Assembly session under the chair of Speaker Malik Ahmed Muhammad Khan amid the opposition protest. The session kicked off with a delay of one hour and 38 minutes. The budget outlay of Rs5,446 billion, including Rs842 billion allocated for development expenditure and a surplus of …

The new income tax slabs for the salaried class under the federal budget 2024-25 revealed that a higher rate of income tax would now be applicable from July 1, 2024, where annual taxable income exceeds Rs. 600,000, high-level sources informed. In the new federal budget 2024-25, where taxable income is between Rs. 600,000 but does not exceed Rs. 1,200,000, the …

ISLAMABAD: Cash-strapped Pakistan witnessed the highest-ever single-year increase in tax exemptions or concessions, surging by 73.24 percent or Rs1.64 trillion in the outgoing fiscal year. The Pakistan Economic Survey 2023-24, released by Finance Minister Muhammad Aurangzeb on Tuesday, showed that the Federal Board of Revenue (FBR) doled out a record Rs3.879tr in FY24 compared to Rs2.239tr in FY23. The cost …

In a major relief for the country’s ill economy, World Bank (WB) has approved Rs1 billion for Pakistan. According to details, the World Bank has approved $1 billion for the construction of Dasu Dam. This financing will support the expansion of hydropower electricity supply, improve access to socio-economic services for local communities, and build the Water and Power Development Authority’s (WAPDA) …

The State Bank of Pakistan Monetary Policy Committee (MPC) on Monday reduced the policy rate by 150 bps to 20.5 percent, effective from June 11, 2024. The MPC noted that while the significant decline in inflation since February was broadly in line with expectations, the May outturn was better than anticipated earlier. The Committee assessed that underlying inflationary pressures are …

The International Monetary Fund (IMF) has demanded more tax collection from provinces and imposition of the agriculture tax. Official sources said that the IMF has urged for imposition of tax on the agriculture income adding that the farm sector paying low tax in Pakistan over its share of income. The monetary fund has also advised the government to use the …

Pakistan’s middle class should not expect much relief from the budget which is being prepared on IMF strict conditions as the government is all set to increase price of electricity and gas and impose taxes in the new financial year budget 2024-25. The government is preparing a federal budget for FY24-25 to secure a bailout package of up to $8 …

Remittances sent by overseas Pakistanis increased by 54 percent year-on-year (YoY) to $3.2 billion in May 2024 compared to inflows of $2.1 billion registered in the same period last year, according to the data on remittances released by the State Bank of Pakistan (SBP) on Friday. This is the highest-ever inflow of remittances recorded for a singly month. On a …

In yet another burden on Karachi electricity consumers, the power tariff has jacked up by Rs10.1 per unit. According to the notification issued by NEPRA, the electricity tariff was hiked on account of monthly Fuel charge adjustments (FCA) for July 2023 to March 2024. The notification further said, additional charges will be collected from consumers in Karachi from June to September …

The government has decided to increase the budget of the Ministry of Climate Change by Rs11.82 billion to protect Pakistan from the adverse effects of climate change. This substantial budget hike underscores the country’s commitment to environmental sustainability, with a particular focus on the ongoing Green Pakistan program, which was called the Ten Billion Tree Tsunami. The upcoming budget for …

The National Electric Power Regulatory Authority (NEPRA) has announced an increase in electricity prices by Rs3.33 per unit, placing an additional burden of over Rs35 billion on consumers. This adjustment comes as part of April’s monthly fuel adjustment, according to a notification issued by the authority. The Central Power Purchasing Agency (CPPA) had initially requested a price hike of Rs3.49 …