In a notable fiscal shift, the cost of tax exemptions and concessions in Pakistan surged by 73% to reach Rs 3.88 trillion during the fiscal year 2023-24, as highlighted in the Pakistan Economic Survey 2023-24 released on Tuesday.
(more…)Author: Shahnawaz Akhter
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Consumer Loans Dip 6.1%: Pakistan Economic Survey 2023-24
PkRevenue.com – The Economic Survey of Pakistan 2023-24, released on Tuesday, reported a 6.1 percent decline in consumer loans for the outgoing fiscal year. The survey highlighted a significant net retirement of Rs 52.6 billion in consumer loans during July-March FY 2024, compared to a net retirement of Rs 21.1 billion in the same period last year.
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Fiscal Deficit at 6.5%: Pakistan Economic Survey 2023-24
PkRevenue.com – The Pakistan Economic Survey 2023-24, released on Tuesday, estimated the fiscal deficit for the outgoing fiscal year at 6.5 percent, marking a decrease from the previous year’s deficit of 7.8 percent.
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LSM in Negative: Pakistan Economic Survey 2023-24
PkRevenue.com – The Pakistan Economic Survey 2023-24, released on Tuesday, revealed that Large-Scale Manufacturing (LSM) remained in negative territory at -0.1 percent during July-March FY 2024, marking an improvement from the -7.0 percent growth recorded in the corresponding period last year.
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Agriculture Jumps 6.25%: Economic Survey of Pakistan 2023-24
PkRevenue.com – The Economic Survey for the fiscal year 2023-24, launched on Tuesday, revealed a remarkable growth of 6.25 percent in Pakistan’s agriculture sector, a significant increase from last year’s 2.27 percent.
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GDP Grows by 2.38%: Economic Survey of Pakistan 2023-24
PkRevenue.com – Pakistan launched its Economic Survey for the Fiscal Year 2023-24 on Tuesday, revealing that the country’s GDP grew by 2.38 percent. The survey highlighted resilience and steady improvement across the real, fiscal, and external sectors, as well as financial markets.
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Citizens Rush to File Tax Returns as ATL Grows to 4.54 Million
PkRevenue.com – The number of active taxpayers in Pakistan has surged to 4.54 million for the tax year 2023, driven by concerns over stringent measures by the Federal Board of Revenue (FBR). This significant increase is reflected in the FBR’s weekly Active Taxpayers List (ATL), which accounts for returns filed up to June 9, 2024.
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World Bank Pours $1 Billion into Pakistan’s Hydropower Project
To bolster Pakistan’s energy sector, the Executive Directors of the World Bank on Tuesday approved an additional $1 billion financing for the Dasu Hydropower Stage I (DHP I) Project.
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REAP Suggests Hassle-Free Tax Payment System
PkRevenue.com – The Rice Exporters Association of Pakistan (REAP) has called on the government to implement a one-window tax system for exports to simplify tax payments and aid exporters.
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Value-Added Textile Exporters Reject Proposed Tax Scrutiny
PkRevenue.com – In a united front against the proposed tax changes in the upcoming budget for 2024-25, the value-added textile exporters have rejected the introduction of a minimum tax regime that includes extensive scrutiny.
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