The celebration of Eid-ul-Fitr, a major Muslim festival, has been affected by the record high inflation rates in Pakistan.
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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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PkRevenue extends warm Eid greetings to readers worldwide
PkRevenue, one of the leading news outlets in Pakistan, is extending warm greetings to all its readers on the auspicious occasion of Eid al-Fitr.
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FTO orders release of illegally detained iPhone-14 and laptops by customs officials
The Federal Tax Ombudsman (FTO) has directed disciplinary proceedings against officials of Pakistasn Customs responsible for the illegal detention of iPhones and laptops.
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Pakistan’s Forex Reserves Rise by Over $400 Million on Commercial Inflows
Pakistan’s foreign exchange reserves have increased by over $400 million to $9.965 billion by the week ended April 14, 2023, according to the State Bank of Pakistan (SBP) on Thursday.
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FBR increases steel products valuation for sales tax collection
ISLAMABAD: The Federal Board of Revenue (FBR) has revised the valuation of steel products to facilitate increased sales tax collection on the supply of this crucial commodity.
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FBR shuffles senior customs officers in preparations of Eid-ul-Fitr
Federal Board of Revenue (FBR) on Wednesday shuffled a bunch of senior officers of Pakistan Customs Service (PCS) just ahead of Eid-ul-Fitr.
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Foreign exchange mismanagement leads to airline shutdowns in Pakistan
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has warned that the mismanagement of foreign exchange in Pakistan has caused several airlines to shut down operations in the country, and forced many travel agents to do the same.
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Pakistan’s current account posts surplus in March 2023 after 28 months
In a positive development, Pakistan’s current account has posted a surplus of $654 million in March 2023 after 28 months or since November 2020.
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Pakistan considers increasing tax exempt income threshold for salaried persons
In response to the high levels of inflation faced by Pakistani citizens, the government is considering increasing the tax exempt income threshold for salaried individuals in the upcoming fiscal year.
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Pakistan’s CBU car imports plummet by 81% amid government restrictions
KARACHI: Pakistan’s import of completely built unit (CBU) cars dropped by 81% during the first nine months of fiscal year 2022/2023 due to government restrictions aimed at supporting the country’s balance of payments.
Data released by the Pakistan Bureau of Statistics (PBS) on April 18, 2023, revealed that CBU car imports plunged to $47.31 million during the first nine months of the current fiscal year compared to $244.56 million in the same period of the last fiscal year.
The federal government had imposed a ban on the import of luxury and non-essential items on May 19, 2022. The ban was lifted on August 20, 2022, following a demand from the International Monetary Fund (IMF). However, car imports remained negligible, recording a 95% decline in September 2022 compared to the same month of the previous year.
During July to March of the current fiscal year, the overall import payment of CBU vehicles declined by 71% to $139 million compared to $480 million in the same period of the previous fiscal year. The import of CBU buses, trucks, and other heavy vehicles also recorded a decline of 52% to $1.35 billion during the period under review compared to $2.82 billion in the same quarter of the last fiscal year.
Meanwhile, the import payment for Completely Knocked Down (CKD) cars fell by 48% to $361.35 million during the first nine months of the fiscal year 2022-2023. CKD units are the basic raw material for the local assembly of cars.
As a result of the restrictions imposed by the State Bank of Pakistan (SBP) on the import of CKD kits, car manufacturers in Pakistan have observed temporary halts in production. Many other car makers have also announced temporary shutdowns due to insufficient inventory. The restrictions on CKD unit imports have also impacted the domestic sales of locally manufactured cars.
Pak Suzuki announces massive Rs13 billion loss in Q1 of 2023