The Federal Board of Revenue (FBR) missed its collection target by almost 17.57 per cent, or Rs103 billion, for April owing to a steep decline in imports as well as poor sales tax performance, showed provisional data on Tuesday. The revenue collection stood at Rs483bn in April as against the target of Rs586bn. This reversal of trend will make it a daunting task for the FBR field formations to m
Despite calm in international gold markets and exchange rate stability, the yellow metal traders on Tuesday pushed up the prices to historic highs of Rs221,000 per tola and Rs189,472 per 10-gram. The prices were raised by Rs1,500 per tola and Rs1,286 per 10 grams from overnight levels. According to All Sindh Saraf Jewellers Group (ASSJG), the world gold rate remained unchanged at $1,990 per
For the eighth month in a row, Pakistan’s merchandise exports shrank by 26.68 per cent year-on-year to $2.12 billion in April, data released by the Pakistan Bureau of Statistics showed on Tuesday. In the first 10 months (July to April) of 2022-23, exports were down 11.71pc at $23.17bn compared to $26.24bn in the corresponding period last year. The export proceeds are declining mainly because
Inflation in Pakistan surged to a record 36.4 per cent in April from a year earlier, driven mainly by skyrocketing food prices and rising energy costs, official data showed on Tuesday. The finance ministry in its recent report projected that inflation would remain in the range of 36-38pc mainly due to the rupee’s depreciation and rising administered prices, which contributed to the increase in
Pakistan’s overall external debt and liabilities stood around $126.35 billion at the end of December 2022 against our annual exports of goods and services worth $40bn in FY23 that ended in June this year. Since the external debt and liabilities are more than three times our total exports, we are, by textbook definition, a heavily indebted nation. Large external debts and liabilities cannot be r