Karachi, July 21, 2024 – The Pakistani government has unveiled a comprehensive strategy for the collection of petroleum levy, a crucial non-tax revenue source, with ambitious targets set through the fiscal year 2026-27.
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Find top stories in this section. Pakistan Revenue brings you the latest and most important news from Pakistan and around the world, keeping you informed with key updates and insights.
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FBR Aims to Boost Tax-to-GDP Ratio to 11.50% in Three Years
Karachi, July 21, 2024 – The Federal Board of Revenue (FBR) has set an ambitious target to elevate Pakistan’s tax-to-GDP ratio to 11.50 percent within the next three years. This initiative aims to significantly improve from the current 8.73 percent recorded for the fiscal year 2023-24.
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FBR Adopts AI as Key Tool to Detect Tax Non-Compliance
Karachi, July 21, 2024 – The Federal Board of Revenue (FBR) has adopted artificial intelligence (AI) as a pivotal tool to detect non-compliance in the country’s tax system, according to official sources.
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PM Shehbaz Orders Speedy Implementation of Chinese Pacts
Islamabad, July 20, 2024 – Prime Minister Muhammad Shehbaz Sharif on Saturday directed the concerned authorities to expedite the implementation of agreements and Memorandums of Understanding (MoUs) made with the Chinese government and companies. He emphasized that any delay in executing these agreements would not be tolerated.
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Pakistan Registers 274% Jump in FY24 Import of Cars
Islamabad, July 20, 2024 – Pakistan has witnessed a massive rise of 271% in the import of cars during the fiscal year 2023-24, according to data released by the Pakistan Bureau of Statistics (PBS). The country spent $269 million on the import of motor cars in Completely Built Unit (CBU) form during FY24, compared to $72 million in the preceding fiscal year.
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Pakistan Reports 153% Surge in Foreign Investment in FY24
Karachi, July 20, 2024 – Pakistan has experienced a remarkable 153 percent increase in total foreign investment during the fiscal year 2023-24. According to the State Bank of Pakistan (SBP), the total foreign investment soared to $1.52 billion, up from $601 million in the preceding fiscal year.
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CAD Shrinks by 80% to $681 Million in FY24: SBP
Karachi, July 19, 2024 – Pakistan’s Current Account Deficit (CAD) has dramatically narrowed by 80 percent, plummeting to $681 million in the fiscal year 2023-24, according to a report released by the State Bank of Pakistan (SBP) on Friday.
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Bank Deposits in Pakistan Hit Historic High at Rs 31.12 Trillion
Karachi, July 19, 2024 – Bank deposits in Pakistan have soared to an unprecedented Rs 31.12 trillion, as reported by the State Bank of Pakistan (SBP) on Friday. This marks a significant 22 percent increase from the Rs 25.51 trillion recorded at the end of June 2023.
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SBP Releases Payment System Report for 3QFY24
Karachi, July 19, 2024 – The State Bank of Pakistan (SBP) has released its Quarterly Payment Systems Report for the third quarter (January-March) of the fiscal year 2023-24, offering a comprehensive review of the country’s payment landscape.
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Pakistan’s Textile Exports Inch Up by 0.93% in FY24
Islamabad, July 19, 2024 – Pakistan’s textile group exports saw a slight increase of 0.93% during the fiscal year 2023-24, reaching $16.655 billion compared to $16.501 billion in the previous fiscal year, according to data from the Pakistan Bureau of Statistics (PBS).
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