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Pakistan Tax To GDP Ratio At Historic Low
The Federal Board of Revenue (FBR) Monday admitted that Pakistan’s tax-to-GDP ratio had declined to a historic low of 9.6% in FY20 as compared to 11.1% in FY18. The FBR’s projections of tax-to-GDP ratio for FY21 have been fixed at 10.9% as compared to 9.6% in FY20.
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Pakistan July – September Exports Down
Pakistan’s exports for (July-September) 1st Quarter FY21 were down 0.94% to $5.46 billion (last: $5.51 billon). Imports grew 0.56% to $11.262 billion (last: $11.2 billion).
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FBR Upgrades Online Tax Refund System
The Federal Board of Revenue (FBR) announced the upgrade of its fully automated sales tax electronic refund system (FASTER) introduced last year to clear refunds stuck at the pre-processing stage.
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Cement Sales Spike in September
Cement sales in Pakistan hit an all-time high of 5.2 million tons in September 2020 (last: 4.3 million) as domestic consumption in northern areas increased. Exports increased 41% to 1.1 million (last: 0.8 million tons).
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Pakistan Consumer Price Index at 9%
Pakistan’s Consumer Price Index for September 2020 was at 9.04% over last year. The primary reason was food inflation.
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FBR Surpasses Tax Target
The Federal Board of Revenue (FBR) has collected Rs. 993 billion during first quarter (July-September) of FY21 against the quarterly target of Rs. 969 billion, reflecting a collection beyond target of Rs. 24 billion.
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GOP Borrowed $24 Billion To Pay Past Loans
The GOP’s Ministry of Finance (MoF) gave an overall picture of the country’s total debt to the federal cabinet, and said the GOP had to borrow $24 billion for repayment of debt and debt servicing for the past loans. The government made repayments of $10 billion yearly compared to $5.5 billion of previous governments. The…
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WEF Asks Pakistan To Build Institutions
World Economic Forum (WEF) asked Pakistan to focus on policies for institution building in order to improve its ranking in the global competitiveness index. Amir Jahangir, chief executive officer of Mishal Pakistan, a local partner institute of the WEF said the global competitiveness report is the flagship report of the World Economic Forum, which identifies…
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Multinationals Repatriate Profit
Multinational companies repatriated $408 million (last: $215 million) in profits to their overseas headquarters in July and August of FY21. This is up 90% from the same period last year.
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ADB Approves $300 million Loan
The Asian Development Bank (ADB) approved a $300 million policy based loan to help strengthen Pakistan’s finance sector. The purpose is specifically to develop competitive capital markets, and encourage private sector investment in the country.
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WB Energy Projects for Pakistan
The World Bank approved $450 million in financing for Pakistan to invest in renewable energy projects and reduce greenhouse gas emissions. The World Bank said, “The Khyber Pakhtunkhwa hydropower and renewable energy development project will help shift the national energy mix to domestic clean resources by investing in renewable energy generation, including hydropower and…
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Pakistan’s Economic Diplomacy
Pakistan’s Prime Minister decided to constitute an ‘Economic Outreach Apex Committee’ which will deal with Economic Diplomacy and all related matters.
