Multinationals operating in Pakistan have asked the government to increase the minimum taxable limit from Rs600,000 a year to Rs1.2 million to offset the impact of unprecedented inflation on individuals. The representative body of 200-plus multinational investors from 14 sectors called the existing salary tax structure “inconsistent with the basic principle of non-discrimination” as part of its
The rupee remained under pressure as the US dollar appreciated by another 74 paise in the interbank market on Monday. The State Bank of Pakistan said the dollar settled at Rs286.56 compared to Rs285.82 on May 19. The gap between open and bank rates further widened to Rs19. The Exchange Companies Association of Pakistan reported the closing price of the dollar at Rs305 compared to Rs301 in th
Banks’ net lending to the private sector plunged 90 per cent during the first 10 months of the current fiscal year suggesting a sharp economic slowdown. In the backdrop of unprecedented inflation and record-high interest rates, banks are not ready to take risks by extending loans to the private sector struggling to run businesses in highly unfavourable situations plagued with unending political
Stocks dipped on Thursday as political instability pushed down the benchmark index of the Pakistan Stock Exchange to an intraday low of 422.02 points. Arif Habib Ltd said the KSE-100 index opened in the green, but the momentum dissipated quickly owing to rising political temperature amid the expected arrest of former prime minister Imran Khan. Investors’ participation remained varied, with thir
The mid-year United Nations survey on the world economic situation forecast that the inflation rate in Pakistan is expected to remain in double digits in the coming months owing to weakening local currency and supply-side constraints. Domestic food inflation remains elevated due to country-specific factors, challenging food security across the South Asian region, particularly in Afghanistan, Ba