Jul 13

Payment for clearance of imported vehicles facilitated

KARACHI: Imported vehicles can be cleared at customs stage by paying duty and taxes through foreign remittances received in the account of family members of sender. Economic Survey of Pakistan 2018/2019 said that policy revision had been made for the import of vehicles under transfer of residence personal baggage and gift schemes. In order to […]

by Mrs. Anjum Shahnawaz

Government borrows Rs3.2 trillion from SBP in 10 months: Economic Survey

Jun 11

Budget, Money & Banking

Government borrows Rs3.2 trillion from SBP in 10 months: Economic Survey

ISLAMABAD: The government has borrowed Rs3.2 trillion from State Bank of Pakistan (SBP) for budget financing during first ten months of current fiscal year, Economic Survey of Pakistan revealed. The survey released a day earlier stated that during July 01, 2018-April 26, 2019 government borrowed Rs 1,073.0 billion for budgetary support compared to Rs 850 […]

by Faisal Shahnawaz

Share of indirect taxes increases to 60.9 percent: Economic Survey

Jun 11

2019-2020, Budget, Taxation

Share of indirect taxes increases to 60.9 percent: Economic Survey

ISLAMABAD: Despite claims of authorities to increase the share of direct taxes in total revenue, the share of indirect taxes further increased to 60.9 percent in 2018/2019. The Economic Survey 2018/2019 launched a day earlier, stated that the tax structure in Pakistan is skewed towards indirect taxes. The share of indirect tax to FBR tax […]

by Faisal Shahnawaz

PIA implements business plan to improve financial health

Jun 11

Budget, Corporate, Finance

PIA implements business plan to improve financial health

ISLAMABAD: Pakistan International Airlines Corporation (PIAC) has implemented strategic business plan to improve its financial health, according to Economic Survey 2018/2019 launched a day earlier. It said PIA came into existence in 1955 as Public Sector organization. However, in April 2016 it was converted from a statuary organization to a company governed by Companies Act […]

by Faisal Shahnawaz

FBR to force all NTN holders for filing tax returns

Jun 11

2019-2020, Budget, Taxation

FBR to force all NTN holders for filing tax returns

ISLAMABAD: Federal Board of Revenue (FBR) has chalked out a comprehensive plan to broaden the tax base by enforcing tax returns in the case of all National Tax Number (NTN) holders. According to Economic Survey 2018/2019 released on Monday said that the FBR would take following measures to broaden the tax base: — Creation of […]

by Faisal Shahnawaz

National Savings to issue registered prize bonds in all denominations

Jun 11

Budget, Money & Banking

National Savings to issue registered prize bonds in all denominations

ISLAMABAD: The Central Directorate of National Savings (CDNS) to issue scripless registered prize bonds amongst all denominations with objective to document the economy. Economic Survey 2018/2019 released by the finance ministry of Monday, said that in collaboration with SBP, National Savings is in the process of introduction of registered scripless prize bonds amongst all denominations. […]

by Faisal Shahnawaz

Economic Survey 2018/2019: SBP increases policy rate by 650bps in past 18 months

Jun 11

Budget, Money & Banking

Economic Survey 2018/2019: SBP increases policy rate by 650bps in past 18 months

ISLAMABAD: State Bank of Pakistan (SBP) enhanced policy rate by 650 basis points during last 18 months (January 2018 to date) for macroeconomic stabilization. According to Economic Survey 2018/2019 issued by the ministry of finance on Monday said the SBP had adopted policy rate reversal and gradually increased it by a cumulative 650 bps since […]

by Faisal Shahnawaz

LSM growth exhibits massive decline on lower PSDP spending

Jun 11

2019-2020, Budget, Finance

LSM growth exhibits massive decline on lower PSDP spending

ISLAMABAD: The Large-Scale Manufacturing (LSM) declined by 2.93 percent during July-March 2018/2019 in contrast to growth of 6.33 percent during the same period last year. The target for this year was 8.1 percent, said Economic Survey 2018/2019 released on Monday. “The present trend suggests that full year LSM growth will remain below the target by […]

by Faisal Shahnawaz

Agriculture posts meager 0.85 percent growth on reduction in cultivation area

Jun 10

2019-2020, Budget, Finance

Agriculture posts meager 0.85 percent growth on reduction in cultivation area

ISLAMABAD: The agriculture has posted meagre 0.85 percent growth in 2018/2019 against the target of 3.8 percent, said Economic Survey 2018/2019 on Monday. It said that the performance of agriculture during 2018/2019 remained subdued. The under-performance of agriculture sector hinged upon reduction in the area of cultivation, lower water availability and drop in fertilizer off […]

by Faisal Shahnawaz

Exemptions, concessions cost Rs972.4 billion in 2018/2019

Jun 10

2019-2020, Budget, Finance, Taxation

Exemptions, concessions cost Rs972.4 billion in 2018/2019

ISLAMABAD: The economy has incurred duty and tax losses to the tune of Rs972.4 billion due to exemptions and concessions during the fiscal year 2018/2019, according to Economic Survey 2018/2019 launched on Monday. The cost of tax exemptions included: income tax Rs141.6 billion, sales tax Rs597 billion; and Rs233.1 billion as customs duty. Income Tax: […]

by Faisal Shahnawaz