Pakistan has exceeded its annual export target, helping to restrict the trade deficit to $24 billion for the just-ended fiscal year—nearly $10 billion less than the International Monetary Fund’s (IMF) original projection. According to figures released by the Pakistan Bureau of Statistics (PBS) on Tuesday, the trade deficit—the gap between exports and imports—was 12.3% or $3.4 billion less than the
Effective from July 1, the Finance Bill 2024 introduces major tax reforms aimed at increasing revenue. These changes impact the salaried class with varied tax rates and fixed taxes based on income brackets.
Despite the demand for petroleum oil products hitting an 18-year low at 15.3 million tonnes in the fiscal year 2023-24, which ended on June 30, the government is estimated to have collected an outstanding Rs1 trillion in petroleum development levy (PDL) from the sale of oil products over the year. The collection of PDL at Rs60 per litre on the sale of petrol and diesel, coupled with the full pa
Minister of State for IT and Telecommunication Shaza Fatima Khawaja on Tuesday said that the all-weather strategic cooperative partnership between Pakistan and China had opened doors to unparalleled opportunities in the information technology sector. “The China-Pakistan Economic Corridor (CPEC) serves as a cornerstone of bilateral cooperation between Pakistan and China, offering a multitude of
Deputy Foreign Minister of Azerbaijan, Samir Sharifov, met with Federal Minister for Commerce Jam Kamal Khan at his office, as stated in a press release on Tuesday. The meeting focused on strengthening economic and diplomatic relations between the two countries. Minister Jam Kamal Khan highlighted the Pakistani government’s dedication to forging robust economic relationships with other nations.