Karachi, July 25, 2023 – Pakistan’s private sector has been hit hard by the economic slowdown and high interest rates, as bank loans plummeted by a staggering 87 percent in the fiscal year 2022-2023, according to data released by the State Bank of Pakistan (SBP) on Tuesday.
(more…)Category: Trade & Industry
This section covers news on trade and industry. Pakistan Revenue is committed to providing the latest updates on business trends.
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Tax Evasion Tango: Illicit Cigarette Export Scam Causes Billions in Losses
Islamabad, July 25, 2023 – Illicit cigarette manufacturers in Pakistan are exploiting the exports quota to evade advance tax, resulting in substantial losses to the national exchequer.
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KATI Fears Industry Closure After Electricity Tariff Hike
Karachi, July 25, 2023 – The Korangi Association of Trade and Industry (KATI) has sounded the alarm over the recent electricity tariff hike, warning that it could spell disaster for many industries, potentially leading to closures.
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KCCI Protests Banks’ Refusal in LC Opening, Urges Government Intervention
Karachi, July 24, 2023 – The Karachi Chamber of Commerce and Industry (KCCI) voiced strong discontent on Monday over the persistent refusal of commercial banks to open letters of credit (LCs), hindering import payment processes and causing mounting concerns among traders and industrialists.
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IMF Loan Success: Pakistan Wins Applause from Foreign Investors for Economic Resilience
Karachi, July 24, 2023 – Foreign investors have expressed their appreciation for Pakistan’s successful efforts in securing a $3 billion IMF loan under the Stand By Agreement (SBA).
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Korea to Establish IT Center in Karachi, Aims to Boost IT Sector and Bilateral Trade
Karachi, July 21, 2023 – The Consul General of the Republic of Korea, Yi Sungho, revealed that the Korean Government is making preparations to set up an IT Center in Karachi, near the Airport.
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KCCI Welcomes Government’s Web Platform for Spot Trading of Currency
Karachi, July 20, 2023 – In an official statement released on Thursday, the Karachi Chamber of Commerce & Industry (KCCI) expressed its appreciation to Federal Minister for Finance & Revenue Senator Muhammad Ishaq Dar and Governor State Bank of Pakistan (SBP) Jameel Ahmed for approving the budget proposal of KCCI for FY2023-24.
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UNISAME Considers Formation of National Taxpayers Union
Karachi, July 18, 2023 – The Union of Small and Medium Enterprises (UNISAME) in Pakistan is contemplating the establishment of a National Taxpayers Union (NTUP) to effectively represent the interests of taxpayers, similar to such unions in many countries worldwide.
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Textile Exports Witness 15% Decline to $16.5 Billion in FY23
Islamabad, July 18, 2023 – Pakistan’s textile exports have experienced a significant drop of 15% in the fiscal year 2022-23, as per data released by the Pakistan Bureau of Statistics (PBS) on Tuesday.
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Karachi Chamber Expresses Dismay Over Gas Suspension to Industry
Karachi, July 13, 2023 – The Karachi Chamber of Commerce & Industry (KCCI) has expressed dismay over the suspension of gas supply to industries in Karachi, calling on Prime Minister Shehbaz Sharif and Minister of State for Energy Musadik Malik to address the issue.
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