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Author: Mrs. Anjum Shahnawaz

  • IMF board allows $1.1 billion disbursement for Pakistan

    IMF board allows $1.1 billion disbursement for Pakistan

    Washington, DC: Pakistan will get around $1.1 billion from the International Monetary Fund (IMF) after its executive board on Monday allowed immediate disbursement.

    The Executive Board of the International Monetary Fund (IMF) completed today the combined seventh and eighth reviews of the Extended Arrangement under the Extended Fund Facility (EFF) for Pakistan. The Board’s decision allows for an immediate disbursement of SDR 894 million (about $1.1 billion), bringing total purchases for budget support under the arrangement to about $3.9 billion.

    READ MORE: Pakistan may face food security due to flash floods

    The EFF was approved by the Executive Board on July 3, 2019 for SDR 4,268 million (about $6 billion at the time of approval, or 210 percent of quota). In order to support program implementation and meet the higher financing needs in FY23, as well as catalyze additional financing, the IMF Board approved an extension of the EFF until end-June 2023, rephasing and augmentation of access by SDR 720 million that will bring the total access under the EFF to about $6.5 billion.

    Pakistan is at a challenging economic juncture. A difficult external environment combined with procyclical domestic policies fueled domestic demand to unsustainable levels. The resultant economic overheating led to large fiscal and external deficits in FY22, contributed to rising inflation, and eroded reserve buffers. The program seeks to address domestic and external imbalances, and ensure fiscal discipline and debt sustainability while protecting social spending, safeguarding monetary and financial stability, and maintaining a market-determined exchange rate and rebuilding external buffers.

    The Executive Board also approved today the authorities’ request for waivers of nonobservance of performance criteria.

    READ MORE: SBP issues IBAN list for donations to PM flood relief fund

    Following the Executive Board’s discussion on Pakistan, Ms. Antoinette Sayeh, Deputy Managing Director and Acting Chair, issued the following statement:

    “Pakistan’s economy has been buffeted by adverse external conditions, due to spillovers from the war in Ukraine, and domestic challenges, including from accommodative policies that resulted in uneven and unbalanced growth. Steadfast implementation of corrective policies and reforms remain essential to regain macroeconomic stability, address imbalances and lay the foundation for inclusive and sustainable growth.

    “The authorities’ plan to achieve a small primary surplus in FY2023 is a welcome step to reduce fiscal and external pressures and build confidence. Containing current spending and mobilizing tax revenues are critical to create space for much-needed social protection and strengthen public debt sustainability. Efforts to strengthen the viability of the energy sector and reduce unsustainable losses, including by adhering to the scheduled increases in fuel levies and energy tariffs, are also essential. Further efforts to reduce poverty and protect the most vulnerable by enhancing targeted transfers are important, especially in the current high-inflation environment.

    READ MORE: Flash floods affect internet services in Pakistan

    “The tightening of monetary conditions through higher policy rates was a necessary step to contain inflation. Going forward, continued tight monetary policy would help to reduce inflation and help address external imbalances. Maintaining proactive and data-driven monetary policy would support these objectives. At the same time, close oversight of the banking system and decisive action to address undercapitalized financial institutions would help to support financial stability. Preserving a market-determined exchange rate remains crucial to absorb external shocks, maintain competitiveness, and rebuild international reserves.

    “Accelerating structural reforms to strengthen governance, including of state-owned enterprises, and improve the business environment would support sustainable growth. Reforms that create a fair-and-level playing field for business, investment, and trade necessary for job creation and the development of a strong private sector are essential.”

  • FBR gets 3.38 million active taxpayers by August 28, 2022

    FBR gets 3.38 million active taxpayers by August 28, 2022

    ISLAMABAD: The Federal Board of Revenue (FBR) has issued a list of 3.38 million taxpayers on Monday through weekly updated Active Taxpayers List (ATL).

    (more…)
  • Pakistan may face food security due to flash floods

    Pakistan may face food security due to flash floods

    ISLAMABAD: The flash floods in Pakistan may create a situation of food security in coming days as rice, banana, onion and other agriculture produces have been badly affected.

    Minister for Planning, Development, and Special Initiatives Ahsan Iqbal Monday said that the recent floods and torrential rains have also damaged 40-50 percent cotton crop across the country.

    He said Pakistan is witnessing more devastation than that caused by the flood in 2010.

    READ MORE: SBP issues IBAN list for donations to PM flood relief fund

    The minister informed that 0.9 million livestock and one million houses have been washed away in the recent floods while over 1000 people lost their lives.

    The Minister made these remarks while speaking at the event titled, “an overview and findings of the Rural Poor Stimulus Facility (RPSF) – Waseel-e-Khurak, pilot project” that was organized by the Scaling Up Nutrition (SUN) in collaboration with Ministry of Planning Development & Special Initiatives.

    In 2013, he said when the PML-N government took the charge, the country had already faced devastated floods in 2010 and it launched the fourth phase of Pakistan flood protection programme to minimize the impacts of such floods.

    “In May 2017, we got approved the Programme from Council of Common Interest duly signed by all the provinces and it was agreed that new infrastructure would be built under the programme”, he added.

    He said it was also agreed that Rs 177 billion would be spent under the Programme and the provinces would contribute half of the amount.

    READ MORE: Flash floods affect internet services in Pakistan

    However, he said despite completing the final roadmap to spend Rs 177 billion under the programme, the next PTI government dumped this programme in the cold storage and not a single rupee was spent on this programme.

    Had we spent Rs 177 billion under the programme, the loss would be far less than what we are facing now, he added.
    Ahsan Iqbal said a big challenge is ahead as the 30 million people have been affected and the government have to help them standing on their feet.

    He expressed his resolve that under the leadership of Prime Minister Shehbaz Sharif, the government would complete the rehabilitation process of the flood hit areas.

  • PM Shehbaz announces Rs10 bn grant for Balochistan victims

    PM Shehbaz announces Rs10 bn grant for Balochistan victims

    JAFFARABAD: The Prime Minister of Pakistan, Muhammad Shehbaz Sharif, Sunday announced a grant of Rs10 billion for the people of Balochistan province to cope with the situation and assist the flood victims.

    During his visit to flood affected areas including Haji Allah Dino village, the prime minister said that he had never witnessed in his lifetime such massive destruction wrecked by unprecedented floods and rainfalls across the country.

    READ MORE: Pakistan fixes amount of diyat for 2022/2023

    He said the impacts of natural calamities could not be overcome with mere raising of slogans, making of statements and hurling of allegations.

    The prime minister stressed that they would have to work hard, and shed sweat and blood to overcome the flood situation in the country, adding that different countries had devised technical mechanisms by making investments to overcome the natural catastrophes.

    Shehbaz regretted that false statements by certain political figures could not mislead the nation. “I will speak the truth. For the last 73 years, Pakistan could not stand on its feet,” he regretted.

    The prime minister also expressed gratitude to the Presidents of the United Arab Emirates and Turkey for expressing their grief over loss of lives in Pakistan and their concerns over the distressed Pakistanis who were facing ordeals due to floods.

    READ MORE: Cellular mobile operators provide free calls in Pakistan

    He said that they were thankful to the friendly countries who were extending flood relief and assistance to the flood victims, adding two planeloads of relief assistance from Turkey would land in Karachi while another from the UAE would arrive Islamabad.

    “We are grateful to the friendly countries for their support and solidarity. The UK government and other countries have announced their support in this hour of distress for which we express our thankfulness,” he added.

    The prime minister also appealed to the wealthy people of the country to support the millions affected people with their generous donations who had been in dire need of immediate relief and assistance.

    He said in the past, the people had supported the calamity hit populace, adding that they were receiving donations in the PM Relief Fund, and cited a donation of worth Rs45 million by a group while another significant contribution by an individual.

    Acting Governor Balochistan Mir Jan Muhammad Jamali, Chief Minister Abdul Quddus Bizenjo and Chief Secretary Abdul Aziz Aqeeli, NDMA and PDMA authorities were also accompanied the prime minister.

    The prime minister said during his aerial view, he had witnessed huge chunks of land inundated by the flood water including Kachi, and Sobatpur, and likened the situation to an overflowing ocean. Flood water had submerged Rajanpur, Rahimyar Khan and Ghotki areas. 

    READ MORE: SBP issues IBAN list for donations to PM flood relief fund

    He said during 2010, Pakistan faced a huge deluge, but it was restricted to Sindh river, but the recent devastation had been widespread, Sindh and Balochistan provinces were badly battered.

    In Khyber Pakhtunkhwa, the heavy downpours had led to swollen rivers and water channels in Swat and Kalam, sweeping away hotels and homes within the winks of eyes, he said, adding hundreds of people lost their lives, crops were damaged while the stagnant water would create problems.

    “In my political and personal life, I had never witnessed such widespread destruction caused by floods, as scores of villages were effaced, hundreds of lives were lost and millions of homes swept away,” he expressed his grief.

    The prime minister said the federal government was providing Rs25,000 to each flood affected family out of allocated grant of Rs38 billion through the National Disaster Management Authority (NDMA) and the Benazir Income Support Programme (BISP), so that the deserving were not deprived of the assistance package.

    In Sindh, he said, he had already announced a grant of Rs15 billion. The provincial chief ministers and their teams in assistance with the relevant departments had been making untiring efforts day and night, the prime minister said.

    The prime minister also appreciated Balochistan chief minister and his team for the rescue and relief activities as the camps for the affectees were set up and their needs had been catered to.

    READ MORE: SBP issues IBAN list for donations to PM flood relief fund

    He stressed upon making of safe drinking water arrangements and informed that he had already directed the federal minister of energy to supervise restoration of suspended power supply in the affected areas.

    The prime minister said about 50,000 stranded people, trapped in floods, had been rescued through the assistance provided by the Pakistan army and Navy helicopters.

    He further informed that on Monday, they would be holding a meeting in Islamabad to review the situation and take further decisions.

    Earlier, the prime minister was given a detailed briefing by Balochistan chief secretary who apprised that 20 districts in the provinces were badly affected including Killa Saifullah and Killa Abdullah and about 1.3 million population braced the wort situation.

    He said a total of 65,000 houses were completed destroyed whereas Quetta-Sukkkur road link had been cut off due to collapse of bridges. A total of 25 small dams in the province were breached and 78 others had developed cracks.

    A total of 450 solar tube wells were damaged while millions of acres of agriculture land had been affected. Cash assistance through BISP was generated besides, arrangements were made to provide food stuff to more than 1 million people, it was added.

    The prime minister also met and interacted with the flood victims.

  • Pakistan fixes amount of diyat for 2022/2023

    Pakistan fixes amount of diyat for 2022/2023

    Pakistan has fixed the amount of diyat (compensation) at Rs4.32 million for the fiscal year 2022/2023 to be the value of thirty thousand six hundred and thirty (30,630) grams of silver.

    The finance ministry issued a circular to declare the amount of diyat on August 26, 2022.

    Diyat is the financial compensation paid to the victim or heirs of a victim. The compensation may be paid in the cases of murder, bodily harm or property damage.

    READ MORE: Cellular mobile operators provide free calls in Pakistan

    Pakistan Penal Code has defined “diyat” as the compensation specified in Section 323 payable to the heirs of the victim.

    Section 323 of the Pakistan Penal Code notified the value of diyat as:

    (1) The Court shall, subject to the Injunctions of Islam as laid down in the Holy Qur’an and Sunnah and keeping in view the financial position of the convict and the heirs of the victim, fix the value of diyat which shall not be less than the value of thirty thousand six hundred and thirty grams of silver.

    (2) For the purpose of sub-section (1), the Federal Government shall, by notification in the official Gazette, declare the value of Silver, on the first day of July each year or on such date as it may deem fit, which shall be the value payable during a financial year.

    Diyat is one of the modes of punishment under Section 53 of the Pakistan Penal Code.

    READ MORE: SBP issues IBAN list for donations to PM flood relief fund

    Section 53: The punishments to which offenders are liable under the provisions of this Code are:

    Firstly, Qisas;

    Secondly, Diyat;

    Thirdly, Arsh;

    Fourthly, Daman;

    Fifthly, Ta’zir;

    Sixthly, Death;

    Seventhly, Imprisonment for life;

    Eighthly, Imprisonment which is of two descriptions, namely:–

    (i) Rigorous, i.e., with hard labour;

    (ii) Simple;

    Ninthly, Forfeiture of property;

    Tenthly, Fine

    Under Pakistan Penal Code where qisas is not enforceable then the offender is liable to pay diyat.

    READ MORE: SBP issues IBAN list for donations to PM flood relief fund

    Section 308. Punishment in qatl-i-amd not liable to qisas, etc.:

    (1) Where an offender guilty of qatl-i-amd is not liable to qisas under Section 306 or the gisas is not enforceable under clause (c) of Section 307, he shall be liable to diyat:

    Provided that, where the offender is minor or insane, diyat shall be payable either from his property or, by such person as may be determined by the Court:

    Provided further that where at the time of committing qatl-i-amd the offender being a minor, had attained sufficient maturity of being insane, had a lucid interval, so as to be able to realize the consequences of his act, he may also be punished with imprisonment of either description for a term which may extend to twenty-five years as ta’zir.

    READ MORE: SBP opens account for Balochistan Flood Relief, Rehabilitation Fund

    Provided further that, where the qisas is not enforceable under clause (c) of Section 307, the offender shall be liable to diyat only if there is any wali other than offender and if there is no wali other than the offender, he shall be punished with imprisonment of either description for a term which may extend to twenty-five years as ta’zir.

    (2) Notwithstanding anything contained in sub-section (i), the Court, having regard to the facts and circumstances of the case in addition to the punishment of diyat, may punish the offender with imprisonment of either description for a term which may extend to twenty-five years, as ta’zir.

  • FBR promotes 56 Inland Revenue Officers to BS-17

    FBR promotes 56 Inland Revenue Officers to BS-17

    ISLAMABAD: The Federal Board of Revenue (FBR) has promoted 56 officers BS-16 Inland Revenue officers (IROs) to BS-17 as Assistant Commissioner Inland Revenue with immediate effect.

    The FBR through a notification issued August 26, 2022 promoted following IROs: (name and place of posting)

    01. Tasawar Hussain, Regional Tax Office, Sialkot

    02. Wasim Ahad Malik, Corporate Tax Office, Lahore

    03. Fazal ur Rehman, Regional Tax Office, Rawalpindi

    READ MORE: FBR transfers six IRS officers of BS-19-20

    04. Nazir Ahmed Soomro, Regional Tax Office-II, Karachi

    05. Nouman Ali Siddiqui, Intelligence & Investigation (IR), Hyderabad

    06. Manzoor Ahmed Memon, Regional Tax Office, Hyderabad

    07. Muhammad Usman Khan, Corporate Tax Office, Lahore

    08. Abdul Rasheed Khan, Corporate Tax Office, Lahore

    09. Qaiser Mehmood, Corporate Tax Office, Lahore

    10. Aijaz Hussain, Regional Tax Office, Hyderabad

    READ MORE: FBR issues paper return form for tax year 2022

    11. Athar Jawed Khan, Internal Audit (IR), Karachi (drawing salary from CTO, Karachi)

    12. Rizwan Ahmed Kazmi, Regional Tax Office-II, Karachi

    13. Waseem Akhtar, Internal Audit (IR), Karachi

    14. Muhammad Tahir, Regional Tax Office-II, Karachi

    15. Abdul Jalil Khan, Intelligence & Investigation (IR), Karachi

    16. Zahid Pervaiz, Regional Tax Office, Faisalabad

    17. Mehmood-ul-Hassan, Regional Tax Office, Sargodha

    18. Ghulam Shabbir Shaikh, Regional Tax Office, Sukkur

    19. Muhammad Shakil, Regional Tax Office-I, Karachi

    20. Liaqat Ali Sahu, Regional Tax Office, Sukkur

    READ MORE: FBR sets up new section for dealing disciplinary cases

    21. Sami Ullah Khan, Regional Tax Office, Sargodha

    22. Khalid Hayat, Regional Tax Office, Islamabad

    23. Muhammad Nadeem S/o Muhammad Nazir, Corporate Tax Office, Lahore

    24. Iqtidar Ahmed, Large Taxpayers Office, Lahore

    25. Mastoor Najeeb, Corporate Tax Office, Lahore

    26. Malik Riaz Ahmad, Regional Tax Office, Lahore

    27. Abdul Waheed, Regional Tax Office, Lahore

    28. Tariq Baig, Corporate Tax Office, Lahore

    29. Shafqat Ali Arain, Intelligence & Investigation (IR), Hyderabad

    30. Syed Shabbir Ahmed Shah, Regional Tax Office, Hyderabad

    31. Malik Afzal R. Tiwana, Corporate Tax Office, Karachi

    READ MORE: FBR increases customs valuation for Afghan coal by 69%

    32. Abdul Lateef Kerio, Regional Tax Office, Hyderabad

    33. Ameer Ali Kerio, Regional Tax Office, Hyderabad

    34. Ghulam Sarwar, Regional Tax Office-I, Karachi

    35. Pir Naveed Ahmed, Regional Tax Office, Sukkur

    36. Jamil Ahmed Soomro, Regional Tax Office-II, Karachi

    37. Abdul Khalique Jamali, Regional Tax Office, Hyderabad

    38. Aftab Ahmed Thallo, Regional Tax Office, Quetta

    39. Pir Sharful Haq Quershi, Regional Tax Office, Hyderabad

    40. Hussain Bukksh Shahani, Regional Tax Office, Hyderabad

    41. Zulfiquar Ali Jamali, Regional Tax Office, Hyderabad

    42. Saleem Ahmed Hakro, Regional Tax Office, Sukkur

    43. Muhammad Rafique Magsi, Regional Tax Office, Quetta

    44. Sultan Ahmed Magsi, Medium Taxpayers Office, Karachi

    45. Agha Avais Khan, Regional Tax Office, Sukkur

    46. Kashif Ali Shah, Corporate Tax Office, Karachi

    47. Irfan Ali Umrani, Regional Tax Office, Rawalpindi

    48. Mujahid Hussain Shah, Regional Tax Office, Sukkur

    49. Ambrat Rai, Corporate Tax Office, Karachi

    50. Syed Tahir Hussain Shah, Regional Tax Office, Sukkur

    51. Ashouk Kumar, Regional Tax Office, Hyderabad

    52. Sajjad Hussain, Regional Tax Office, Sahiwal

    53. Muhammad Hafeez Watto, Regional Tax Office, Bahawalpur

    54. Riaz Ahmad S/o Shah Muhammad, Regional Tax Office, Bahawalpur

    55. Rab Nawaz, Regional Tax Office, Multan

    56. Masood-ul-Hassan, Regional Tax Office, Sahiwal

    The FBR said that above named officers are directed to Relinquish/ assume Charge; using online HRMS facility made available at all FBR major field offices or by using IJP login in the respective offices.

    The FBR further said that the above named officers if drawing performance allowance/ FBR. Fixed allowance will continue to draw it on their promotion.

  • FBR transfers six IRS officers of BS-19-20

    FBR transfers six IRS officers of BS-19-20

    ISLAMABAD: Federal Board of Revenue (FBR) has notified transfers and postings of six officers of Inland Revenue Service (IRS) of BS-19 and BS-20 with immediate effect and until further orders.

    The FBR issued notification dated August 26, 2022 of transfers of following officers:

    READ MORE: FBR issues paper return form for tax year 2022

    01. Adnan Inamullah Khan (Inland Revenue Service/BS-20) has transferred and posted as Commissioner Inland Revenue, Special Zone for Builders and Developers) Regional Tax Office, Islamabad from the post of Commissioner, (WHT) Regional Tax Office, Islamabad.

    02. Aftab Alam (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue, (Enforcement-II) Large Taxpayers Office, Lahore from the post of Commissioner Inland Revenue (Appeals-II), Lahore.

    READ MORE: FBR sets up new section for dealing disciplinary cases

    03. Ahmad Kamal (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Appeals-II), Lahore from the post of Commissioner, (Enforcement-II) Large Taxpayers Office, Lahore.

    04. Ms. Tajamal Bilquis (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue, (WHT) Regional Tax Office Islamabad from the post of Commissioner, (North Zone) Regional Tax Office, Islamabad.

    05. Arshad Nawaz Chheena (Inland Revenue Service/BS-20) has been transferred and posted as Chief (Revenue Operations) Inland Revenue Operations Federal Board of Revenue (Hq), Islamabad from the post of Commissioner, (Special Zone for Builders and Developers) Regional Tax Office, Islamabad.

    READ MORE: FBR increases customs valuation for Afghan coal by 69%

    06. Ms. Adeela Yusuf Khan (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue, (OPS) (North Zone) Regional Tax Office, Islamabad from the post of Director-II, (OPS) Directorate General of Digital Invoicing and Analysis, Islamabad.

    The officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting.

    READ MORE: Pakistan Customs foils attempt to clear banned items

    The above named officers have been directed to send charge Relinquishment/Assumption to FBR immediately after Relinquishment/Assumption of charge for record and further necessary action.

  • Cellular mobile operators provide free calls in Pakistan

    Cellular mobile operators provide free calls in Pakistan

    ISLAMABAD: Pakistan Telecommunication Authority (PTA) directed cellular mobile operators to provide free on-net voice calls to their subscribers in flood hit areas.

    In a statement, the PTA said cellular mobile operators will provide free on-net voice calls to all their subscribers in flood affected areas with Zero / Nil balance.

    According to the PTA, there will be no call setup charges applicable on call connection and customers having no balance will be able to make on-net calls.

    PTA is continuously monitoring the communication channels in the affected areas, ensuring connectivity and providing updates, where necessary.

    READ MORE: SBP issues IBAN list for donations to PM flood relief fund

    Furthermore, the PTA has allocated a short code of 9999 to enable mobile phone subscribers to donate to Prime Minister Flood Relief Fund 2022. Users can donate Rs10 by typing ‘fund’ in SMS option and sending to 9999.

    The PTA in another statement said that due to flash floods, damage to optical fiber cable and power outage, connectivity services have been impacted in Chitral, Upper Dir, Donbala, Swat, Medan, Lal Qila Samarbaghidar, Tank and Dera Ismail Khan.

    In comply with the directives of PTA, Telenor has announced free calls to people in flood affected areas.

    The company said that it had allowed free Telenor to Telenor calls to victims of flood hit areas. The company said that it stand with the people of such areas in these difficult times.

    Another leading mobile phone operator i.e. Jazz announced to facilitate with free calls to people of flood hit areas. In this regard, the company provided free minutes to Jazz to Jazz and Jazz to PTCL to support relief activities in the areas.

    The company further said that subscribers in Balochistan can make calls without having balance for one tonight. Furthermore, it announced to start this free calls services soon in Sindh and Khyber Pakhtunkhwa.

  • Pakistan’s sensitive price inflation surges by 45%

    Pakistan’s sensitive price inflation surges by 45%

    ISLAMABAD: The inflation based on Sensitive Price Indicator (SPI) has surged by around 45 per cent by the week ended August 25, 2022, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

    READ MORE: Pakistan’s sensitive price inflation surges by 37.67%

    The PBS said that prices of essential items have recorded an increase of 44.58 per cent year on year for the week ended August 25, 2022.

    The essential items which recorded increase in prices during the period are included: Tomatoes (178.10 per cent), Onions (155.14 per cent), Diesel (108.77 per cent), Petrol (94.53 per cent), Pulse Masoor (90.74 per cent), Cooking Oil 5 litre (70.61 per cent), Mustard Oil (67.58 per cent), Vegetable Ghee 2.5 Kg (64.71 per cent), Vegetable Ghee 1 Kg (63.93 per cent), Washing Soap (63.27 per cent), Electricity for Q1 (63.03 per cent), Chicken (55.76 per cent) and Pulse Gram (55.07 per cent), while a decrease observed in the prices of Chilies Powder (43.42 per cent), Sugar (16.90 per cent) and Gur (1.21 per cent).

    READ MORE: Pakistan’s headline inflation may up 24% in July 2022

    The PBS said that the SPI for the current week ended on August 25, 2022 recorded an increase of 1.83 per cent.

    Increase is observed in the prices of food items, Tomatoes (43.09 per cent), Onions (41.13 per cent), Potatoes (6.32 per cent), Eggs (3.43 per cent), Garlic (2.23 per cent), Powdered Milk (1.53 per cent) and Pulse Mash (1.12 per cent), non-food items, Cigarettes (2.26 per cent) and LPG (1.95 per cent).

    On the other hand, a decrease observed in the prices of Pulse Masoor (1.18 per cent), Vegetable Ghee 1Kg (1.00 per cent), Vegetable Ghee 2.5Kg (0.82 per cent), Bananas (0.61 per cent), Cooking Oil 5 litre (0.51 per cent), Sugar (0.28 per cent) and Mustard Oil (0.07 per cent).

    READ MORE: Pakistan inflation crosses 33% on high petroleum prices

    During the week, out of 51 items, prices of 23 (45.10 per cent) items increased, 07 (13.72 per cent) items decreased and 21 (41.18 per cent) items remained stable.

    The bureau computes the SPI on a weekly basis to assess the price movements of essential commodities at a shorter interval of time so as to review the price situation in the country. SPI comprises 51 essential items collected from 50 markets in 17 cities of the country.

    READ MORE: Petroleum prices in Pakistan push inflation 13-year high

  • FBR slaps additional customs duty at 35% on motor vehicles

    FBR slaps additional customs duty at 35% on motor vehicles

    ISLAMABAD: The Federal Board of Revenue (FBR) has imposed additional customs duty at the rate of 35 per cent on import of motor vehicles under various HS Codes.

    The FBR issued SRO 1572(I)/2022 dated August 22, 2022 to notify amended rates of additional customs duty on import of various items. Through the instant SRO, the revenue body amended SRO 967(I)/2022 dated June 30, 2022.

    According to the latest SRO 1572(I)/2022, the FBR said thirty-five per cent additional customs duty on vehicle falling under PCT codes 8703.2323, 8703.2329, 8703.2490, 8703.3223, 8703.3225, 8703.3229, 8703.3390 and 8703.9000.

    The FBR said that the notification would take effect on and from August 22, 2022 till 21st day of February 2023.

    Through previous SRO 967(I)/2022 the additional customs duty was imposed at 2 per cent on cars, jeeps, light commercial vehicles in CKD condition exceeding 1,000 CC and heavy commercial vehicles in CKD condition.

    The FBR imposed the additional customs duty in order to discourage luxury imports into the country in order to save foreign exchange.

    It is worth mentioning that the government on May 19, 2022 through imposed a complete ban on import of luxury and non-essential items in order to stop depletion in foreign exchange reserves as well as stop free fall in rupee value.

    READ MORE: Pakistan lifts ban on import of cars, phones, luxury items

    However, on August 20, 2022, the government reversed its decision and allowed import of luxury and non-essential items despite the fact the foreign exchange reserves were declined drastically and the rupee value also registered massive fall against the US dollar.

    Alternate to allowing import of luxury and non-essential items, the government increased regulatory duty and additional customs duty on import of various goods.

    READ MORE: Pakistan raises Regulatory Duty to 100 % on motor vehicle import