The outflow of profits and dividends on foreign investments fell sharply year-on-year by over 80 per cent in the outgoing FY23 reflecting poor performance of the economy. The latest data issued by the State Bank of Pakistan (SBP) on Wednesday reveals that multinational companies repatriated just $331 million in 2022-23 against $1.680 billion in the preceding year. The plunge in dollar outflo
The Ministry of Finance on Wednesday said the inflation had decelerated but would remain elevated at 25-27 per cent in July — the first month of 2023-24. “The inflation for July is expected to remain in the range of 25-27pc,” said the Economic Advisors’ Wing of the Ministry of Finance in its monthly economic update and outlook. It said the inflation measured by Consumer Price Index (CPI) was
The Federal Board of Revenue has frozen Pakistan International Airlines’ bank accounts over non-payment of taxes, a PIA spokesman said on Wednesday. The airline’s management was in contact with the FBR, the spokesman, Abdullah Hafeez Khan, said and hoped that the accounts would be unblocked soon. He insisted that flight operations and other activities of PIA were continuing as usual despite
A day after notifying a massive increase in basic electricity prices, the power regulator on Wednesday allowed K-Electric and other distribution companies (Discos) to charge an additional Rs29 billion from their consumers at the rate of Rs2.31 and Rs1.81 per unit, respectively, as monthly fuel cost adjustment (FCA). The consumers would be charged this extra amount in their August bills for the
The Federal Board of Revenue (FBR) has notified revised tax rates for non-active taxpayers to increase collection from those who are not willing to be part of tax rolls. The FBR has announced that there will be no tax deduction on cash withdrawals below Rs50,000 per day. In the last budget, the government introduced a 0.6 per cent tax deduction on cash withdrawals from non-filers, or not on the