Unfriendly economic conditions have had a significant impact on the private sector credit offtake in Pakistan, with bank loans falling by 80 percent during the first ten months of the 2022-2023 fiscal year.
(more…)Category: Trade & Industry
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FPCCI demands immediate discontinuation of foreign exchange fines on exporters
The President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Irfan Iqbal Sheikh, has called on the State Bank of Pakistan (SBP) to immediately discontinue the practice of commercial banks and Authorized Dealers charging 3 to 9 percent in foreign exchange fines or lien-marking on exporters’ accounts for unfounded but deemed delays in the realization of their export proceeds.
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Measures proposed to tackle under-invoicing by commercial importers
The Pakistan Business Council (PBC) has proposed several measures to the Federal Board of Revenue (FBR) in order to tackle the problem of under-invoicing by commercial importers.
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PBC proposes massive tax burden on non-filers in upcoming budget
The Pakistan Business Council (PBC) has proposed increasing the burden on non-filers of income tax in the upcoming budget 2023-2024.
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PYMA demands restoration of concessionary energy tariff for textile industry
Sohail Nisar, the Senior Vice Chairman of the Pakistan Yarn Merchants Association (PYMA), has expressed concern over the discontinuation of the gas concession package for the textile sector by the Oil & Gas Regulatory Authority (OGRA) following the discontinuation of the electricity concession package.
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FBR’s revenue collection from cigarette sales falls short of expectations despite FED hike
The Federal Board of Revenue (FBR) did not meet its revenue collection target from cigarette sales in April 2023, despite the sharp increase in Federal Excise Duty (FED) on the tobacco industry through the mini-budget in February this year.
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J.P. Morgan sponsored delegation visits OICCI
A group of investors sponsored by J.P. Morgan visited the Overseas Investors Chamber of Commerce and Industry (OICCI) on May 03, 2023 to gather insights on the investment and business conditions prevailing in Pakistan.
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SMAP urges government to register pink salt as GI tag product
Ismail Suttar, the chairman of Salt Manufacturers Association of Pakistan (SMAP), urged the government to expedite the process of registering pink salt as a Geographical Indication (GI) tag product through the Intellectual Property Organization.
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Cement despatches decline 16.55% in April 2023
According to recent data released by the All Pakistan Cement Manufacturers Association, cement despatches in April 2023 saw a decline of 16.55% as compared to the same month last fiscal year.
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Unilever Pakistan achieves 87% profit growth despite economic challenges
Unilever Pakistan Foods Limited has achieved a remarkable 87% increase in profit after tax for the quarter ending in March 2023, despite challenging economic conditions.
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