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Amendments For SBP Autonomy Approved by Cabinet
The Federal Cabinet approved three important bills related to the SBP Amendment Bill 2021. These bills seek to enhance the autonomy of the SBP, adjusting corporate income tax (to increase tax revenues by Rs. 140 billion) and fixing sick units that are consuming state cash. This is in line with the recommendations given by…
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Vaccines & Stimulus Push Up Global GDP Forecast: OECD
The OECD has said that it expects the world GDP to rise sharply in 2021 asĀ vaccines and a huge US financial stimulus have greatly improved economic prospects. The OECD said that it expects the global economy to grow by 5.6%, which is 1.4% higher from its (earlier) December forecast. The OECD said in a…
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Multiple Income Tax Exemptions To be Abolished
The new proposed Finance Amendment Bill 2021 which is scheduled to be brought before the Parliament would abolish 80 income tax exemptionsĀ / reduced rates from the Income Tax Ordinance 2001. The Federal Board of Revenue (FBR) has reviewed different schedules including exemption schedule and reduced rates schedule of the Income Tax Ordinance 2001.…
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Pakistan PM Wins Confidence Motion
Pakistan’s Prime Minister Imran Khan won the vote of confidence by securing 178 votes from the 341 member National Assembly. The Opposition boycotted the activity. This came at the heels of the senate seat election loss of the Finance Minister Abdul Hafeez Shaikh against the oppositionās joint candidate Syed Yusuf Raza Gilani on the seat…
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PM Directs FBR To Focus on Major Areas
Prime Minister Imran Khan directed the Federal Board of Revenue (FBR) to focus on the following major areas to reform – reforms in tax regime – simplification of tax codes (federal tax laws) – plugging existing loopholes – reduction in discretionary powers of tax collectors – automation to bring transparency in tax system –…
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February Trade Deficit Increases
Pakistanās trade deficit in February 2021 widened by 23.9% to $2.52 billion (last: $2.031 billion). Exports registered a 4.12% dip to touch $2.05 billion (last: $2.137 billion) while imports increased 9.6% to $4.57 billion (last: $4.17 billion).
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Cotton Production Falls
Cotton production in Pakistan experienced a fall of 34.2% to produce 5.6 million bales of cotton (last: 8.5 million bales). Cotton arrivals in Punjab were recorded at 3,501,580 bales (last: 5 million bales) and Sindh 2,136,169 bales (last: 3.4 million bales). Cotton arrivals in Sindh were recorded 2.1 million or 2,136,169 bales which…
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Petroleum Products Sales in February Rise
Sales of petroleum products in Pakistan for the month of February increased by 26% to 1.4 million tons (last: 1.1 million tons). This rise in petroleum products’ sales was due to rising demand which is itself based on a recovering economy.
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February Cement Sales Up, Exports Dip
Cement sales in Pakistan, in February increased 6.1% to 3.9 million tons while exports fell 18.2% to 616,030 tons. APCMA said that cement consumption has increased due to the restart of construction activity. Exports dipped asĀ the cement manufacturers are losing competitiveness due to rising cost of electricity and coal.
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Inflation in Pakistan
Annual consumer inflation in Pakistan in February increased by 8.7%, in January 5.7% as prices of non-perishable foods and fuel continued to increase.
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FBR Crosses 8 Month Revenue Target
Pakistan’s Federal Board of Revenue (FBR) exceeded its collection target of Rs. 2.89 trillionĀ to touch Rs. 2.92 trillion. The additional collection was of Rs. 18 billion. This represents a growth of 6% over last years collection of Rs. 2.75 trillion. Gross collections increased 9% to Rs. 3.07 trillion (last: Rs. 2.82 trillion) during…
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Profit Outflows Cross $1 Billion in 7 Months
The repatriation of profits and dividends on foreign investment in Pakistan rose by 8% to touch $. 1.03 billion in the July to January period (last: $946.6 million), primarily due to strong earnings and better market performance.
