The country’s total liquid foreign exchange reserves slightly moved up by $ 44 million to $ 15.186 billion by the end of last week. During the week under review, the State Bank of Pakistan’s reserves increased by $ 79 million to $ 7.893 billion as on October 18, 2019 compared to $ 7.813 billion a week earlier. Reserves held by banks declined by $ 35 … Continue reading Forex reserve increase.
The Pakistan Tehreek-e-Insaaf led government has collected around $30 million under the ‘Pakistan Banao Certificate’ (PBC) from the Pakistani diaspora living abroad. Earlier this year, the government had launched Pakistan Banao Certificate which overseas Pakistanis could buy. The certificates were aimed at getting more investment from overseas Pakistanis to revive the economy. According to Finance Ministry Spokesperson Umar Hameed, Pakistan Banao Certificate is a script-less … Continue reading $ 30 Million collected from Expats under ‘PAKISTAN BANAO CERTIFICATES’
Increase in the price of imported products not only benefited the local businesses but decreased the current account deficit by 64% The country’s current account deficit (cad) in the first quarter of current fiscal year declined by a huge 64% mainly on the back of a 21pc reduction in the imports bill. The State Bank’s latest data issued on Friday showed the current account deficit … Continue reading Imports drop, Exports rise by $99m
Global investors are piling into Pakistan’s local-currency bonds like never before. Attempts at economic reforms, support from the International Monetary Fund and interest rates topping 13% make the nation’s fixed income attractive amid a surge in the world’s pool of negative-yielding debt. Small wonder foreigners bought $342 million of debt in the quarter through September, compared with virtually zero inflows in the past two years, … Continue reading From Zero to Hero: Pakistan Bonds Evoke Egypt’s Success Tale – Bloomberg
The Federal Board of Revenue (FBR) on Thursday asked the big retailers to ensure installation of its point-of-sale invoicing app into their systems by December 1 to report turnover with the tax authority on real-time basis. If the retailers fail to link their systems with the FBR, they would not be entitled to the reduced 14% sales tax, according to the FBR’s notification. The FBR, … Continue reading Retailers given DEC 1st Deadline by FBR
The first quarter is over; and back of the envelope calculations depict the government is likely to meet all the quantitative targets of the IMF for quarter end. There are six quantitative performance criteria- and five are likely to be met (read:”IMF targets- all but primary deficit in place”). The basic calculations assert that primary deficit is likely to be met despite over around Rs114 … Continue reading No need of any mini budget or to increase the GST from 17 to 18 % – FBR
Around Rs177 billion has been documented since the termination of Rs40,000 denomination bearer prize bonds, announced by the fiscally strapped government in June as part of its ongoing clampdown on the rampant black economic activities. According to official statistics made available to The News on Friday, the total investment in bearer prize bonds of Rs40,000 denomination fell to Rs81.38 billion by July-end 2019 as compared … Continue reading Termination of PKR 40,000 bonds leads to PKR 177.4Billion documentaries
The first payment through FASTER module, against the refund claims for the tax period July, 2019, has been made on 2nd September, 2019, and the State Bank of Pakistan has confirmed the credit of the refund amount in the bank account of the claimant. It is highlighted that only 9 refund claims of five exporter-oriented sectors were received by Friday, the 30th August, 2019, and … Continue reading FBR RELEASES FIRST TRANCHE OF SALES TAX REFUNDS PROCESSED THROUGH FASTER SYSTEM
The Federal Board of Revenue (FBR) collected one billion rupees in withholding tax revenue on funds transferred abroad through credit and debit cards in a year, official statistics showed. The government opened the avenue for revenue collection a year ago considering the growing trend of payment through plastic cards. A new section (236Y), inserted into the Income Tax Ordinance 2001 through Finance Bill 2018, bounded … Continue reading FBR collection increases- Foreign Funds Transfers 1B
Figure reported by FBR is different from cash deposited in treasury. At least Rs10 billion worth of discrepancy has been found between figures reported by the Federal Board of Revenue (FBR) and cash deposited in the treasury, underscoring the need for immediately resolving reconciliation issues that can undermine credibility of official figures. The discrepancy highlights the urgency to establish an online interface between the FBR … Continue reading Pakistan’s financial system shows discrepancy worth PKR 10b-24b. Urgent need to establish an online interface between the FBR and SBP.