Tech and Telecom

Pakistan’s per capita income in US dollars has surged to $1,680 in the outgoing fiscal year 2023-24 (FY24), up by 8 percent from $1,551 in FY23). The Economic Survey 2023-24 showed that average per capita income (PCI) for both past 5-year and 10-year stands at $1,606, however, in Pakistani Rupee terms, the PCI has increased to Rs. 476,330 in FY24, up by 24 percent year-on-year compared to Rs. 384,353 in FY23. The increase in PCI (US$) is attributed to an increase in GDP to $375 billion compared to $338 billion in FY23 (+26.4% YoY). According to the economic survey, this…

Finance Minister Muhammad Aurangzeb on Tuesday said the federal government was finding it very hard to give relief to the salaried class in the new budget while many state institutions were operating at a loss. Addressing a small media talk on the second day of Eid Ul Azha from his hometown in Kamalia, he said hospitals and schools may operate on charity but a country’s economy cannot rely on it. He stressed the need for strict enforcement of tax laws and to eventually phase out tax exemptions altogether to reduce the fiscal deficit. He also highlighted the government’s decision to…

Pakistan’s rice production was recorded at 9.9 million tons in the eleven months that ended on May 31, 2024 (11MFY24), data by Ministry of Finance revealed on Sunday. According to Topline Securities, rice production is at an all-time high at this level. Also, this helped the country generate $3.6 billion (highest in food group) through the export of 5.59 million tons of rice in 11MFY24, marking an increase of almost 60 percent compared to the same period the previous year. It bears mentioning that Pakistan is taking advantage of trade restrictions imposed by India by selling record amounts of rice…

Internet services in certain areas of Pakistan are experiencing disruptions due to a fault in the global submarine cable SMW4, spokesperson for the Pakistan Telecommunication Authority (PTA) told ProPakistani. The SMW4 cable is one of seven submarine cables that connect Pakistan to the global internet infrastructure. The PTA spokesperson said the fault in this cable may lead to slower internet speeds during peak usage hours. PTA said efforts are underway by an international enterprise responsible for maintaining the cable. The company is trying to identify the exact location and nature of the fault and to carry out necessary repairs. The…

The fertilizer sector benefited greatly from sales tax exemptions worth Rs. 252.60 billion in the fiscal year 2022-23, according to the latest Tax Expenditure Report (2024) issued by the Federal Board of Revenue (FBR). During the same period, the agricultural sector expanded by 28.1 percent while the monetary value of agricultural production was recorded at Rs. 19.079 trillion. However, this growth also led to increased input costs. Local production of fertilizers enjoyed Rs. 232.6 billion in sales tax exemptions during the period in review. The fertilizer sector collectively benefited from a total concession of Rs. 252.60 billion under the Sixth…

The Securities & Exchange Commission of Pakistan (SECP) has taken cognizance of an unincorporated entity by the name of Etihad Auto Solutions for offering car financing schemes against an advance or down payment of 25% at extremely low markup rates. The sponsors of Etihad Auto Solutions have also registered another company under the Companies Act, 2017 with a similar name, i.e., Etihad Auto Solutions (Private) Limited in order to deceive the public. This fraudulent scheme is being promoted through this website.  It is falsely claimed that Etihad Auto Solutions (Private) Limited is a non-banking finance company (NBFC) registered with SECP.…

MS petrol has long been a big gossip point for everyone since it nearly doubled in rates two years ago. Last week’s budget has provided a small hint that petrol rates may touch Rs. 350 per liter next fiscal year. A former Power Division official who now works in the private sector told ProPakistani that a phase-wise Rs. 20 per liter hike in petroleum levy on MS, including the re-introduction of a 5 percent sales tax and grim forecasts for international market rates will most likely push domestic rates to above Rs. 300 to as high as Rs. 350 per…

The Federal Board of Revenue (FBR) has constituted two Anomaly Committees to rectify errors created by the FBR in Finance Bill 2024 and remove anomalies in the proposed tax laws for 2024-25. FBR has issued notifications here on Saturday. According to the FBR’s notification, Chairman Federal Board of Revenue / Secretary Revenue Division has constituted an Anomaly Committee in order to identify and remove the business-related anomalies in the Finance Bill 2024. The Committee shall be comprised of the following members: Anomaly Committee – Business: Chairman Atif Ikram Sheikh, President, FPCCI; Gohar ijaz, Patron, All Pakistan Textile Mills Association. Co-Chairperson  Ashhad Jawwad, Member…

The World Bank’s Board of Executive Directors approved $150 million for a project to increase the participation rates of girls and boys in pre-primary and primary grades and enhance reading proficiency in primary grades in Punjab Province. Getting Results: Access and Delivery of Quality Education Services in Punjab Project (GRADES) will focus on improving learning outcomes, recovering from learning losses during the COVID-19 pandemic, strengthening the management of schools, and expanding school participation levels. This will contribute to higher completion rates and increased years of schooling with better learning for both girls and boys. The project is expected to directly…

The Federal Board of Revenue (FBR) has extended the date of payment and submission of Sales Tax and Federal Excise Returns for the tax period of May 2024. In this connection, the FBR has issued instructions to the field formations here on Saturday. According to the FBR’s instructions, the FBR has extended the date of payment and submission of  Sales Tax and Federal Excise Return for the tax period of May, 2024 as follows due to: Eid-ul-Adha holidays: The date of payment of Sales Tax & FED, which is due on June 15, 2024, is extended to June 20, 2024.…