KARACHI: The Korangi Association of Trade and Industry (KATI) has strongly denounced the proposed increase in gas tariffs for industrial consumers, calling for urgent relief measures to alleviate the burdens faced by manufacturers.
(more…)Author: Shahnawaz Akhter
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SBP Maintains Policy Rate at 22% Amid Inflation Uptick Risk
Karachi, March 18, 2024 – The State Bank of Pakistan (SBP) has announced the decision to maintain the benchmark policy rate at 22 percent, citing concerns about the risk of inflation uptick in the country.
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Updated ATL Expands to 3.67 Million Active Taxpayers
Karachi, March 18, 2024 – The Federal Board of Revenue (FBR) has announced that the Updated Active Taxpayers List (ATL) for tax year 2023 has expanded significantly, reaching 3.67 million active taxpayers, according to official data released on Monday.
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PSX Pushes Tax Relief for Foreign Investment in Budget 2024-25
The Pakistan Stock Exchange (PSX) has set its sights on tax relief measures in the upcoming budget for the fiscal year 2024-25, aiming to pave the way for increased foreign investment in the country’s capital market.
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PSX Suggests 5% CGT for All Derivatives and Future Contracts
The Pakistan Stock Exchange (PSX) has put forth a groundbreaking proposal, suggesting a 5% Capital Gains Tax (CGT) for all derivatives and future contracts traded on the stock exchange.
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PSX Proposes Removal of Flat CGT Rate in Budget 2024-25
In a bid to overhaul the tax regime and foster a more balanced investment environment, the Pakistan Stock Exchange (PSX) has put forth a groundbreaking proposal to eliminate the flat rate of Capital Gains Tax (CGT) set at 12.5 percent in the upcoming budget for the fiscal year 2024-25.
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Motor Cars Import into Pakistan Jumps 259% in 8MFY24
Karachi, March 17, 2024 – Pakistan has witnessed an unprecedented surge in the import of motor cars, with figures soaring by a staggering 259 percent during the first eight months (July – February) of the fiscal year 2023-24.
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Pakistan Imports Mobile Phones Worth $1.15 Billion in 8MFY24
Karachi, March 16, 2024 – Official data released by the Pakistan Bureau of Statistics (PBS) indicates that Pakistan has expended a substantial $1.15 billion on the import of mobile phones during the first eight months (July – February) of the fiscal year 2023-24.
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PSX Proposes Tax Relief Measures in Budget 2024-25
The Pakistan Stock Exchange (PSX) has submitted a series of tax proposals to the federal government for consideration in the upcoming budget for the fiscal year 2024-25.
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Pakistan’s Textile Exports Decline by 0.65% in 8MFY24
Karachi, March 15, 2024 – Pakistan’s textile sector, a cornerstone of the nation’s economy, has encountered a slight setback with a nominal decrease of 0.65 percent in exports during the first eight months (July – February) of the fiscal year 2023-24.
Data released by the Pakistan Bureau of Statistics (PBS) reveals that textile exports amounted to $11.15 billion during this period, compared to $11.22 billion in the corresponding months of the previous fiscal year.
Among the major components of the textile group, knitwear exports experienced a notable decline of 5.69 percent, reaching $2.90 billion during July – February 2023-24, down from $3.08 billion in the same period of the previous fiscal year. Similarly, exports of readymade garments fell by three percent to $2.31 billion, compared to $2.38 billion in the previous fiscal year.
Despite these declines, the export of bed wear witnessed a modest increase of 2.08 percent, reaching $1.87 billion during the first eight months of the current fiscal year, compared to $1.83 billion in the corresponding period of the previous fiscal year.
However, the export of cotton cloth saw a notable decline of 8.71 percent, totaling $1.26 billion during the same period, down from $1.38 billion in the previous fiscal year. Conversely, there was a robust 48 percent increase in the export of cotton yarn during the period under review.
While the textile exports experienced a significant 19.20 percent year-on-year (YoY) increase in February 2024, the sector faced a 3.31 percent month-on-month (MoM) decline in the same month.
The textile industry is a vital contributor to Pakistan’s economy, providing employment opportunities and generating foreign exchange earnings. The marginal decline in textile exports underscores the need for continued efforts to address challenges and capitalize on opportunities to enhance competitiveness and sustainability in the sector.
Analysts suggest that factors such as global market dynamics, fluctuations in raw material prices, and evolving consumer preferences may have influenced the performance of Pakistan’s textile exports. They emphasize the importance of adopting strategies to diversify export markets, enhance product quality, and invest in innovation to maintain the sector’s growth trajectory.
As Pakistan navigates through the complexities of the global economy, concerted efforts from stakeholders, including policymakers, industry players, and relevant authorities, will be crucial in realizing the full potential of the country’s textile sector and ensuring its resilience in the face of challenges and uncertainties.