Services exports increased by 16.59 per cent year-on-year in April, marking the third consecutive month of growth following four months of contraction, according to data released by the Pakistan Bureau of Statistics on Tuesday. Exports reached $646.03 million from $554.10m in the corresponding month last year. On a month-on-month basis, the services export posted a negative growth of 7.57pc.
The All Pakistan Textile Mills Association (Aptma) has asked the government to reduce the interest rate to 12 per cent, the power tariff to 9 cents/kWh and restore the zero-rated regime to enable the industry to contribute to the national economy through exports, investment, and employment. “The industry is paying Rs240 billion in cross-subsidies and over Rs150bn in stranded cost. And the suppl
The country’s overall oil sales clocked in at 1.39 million tonnes in May, the highest in nine months, showing a jump of 7 per cent year-on-year and 26pc month-on-month, led by an annual increase of 18pc in diesel sales. However, oil sales during the first 11 months (July-May) of the current fiscal year remained at 13.83m tonnes, down 9pc from the same period a year ago. Amid serious concerns
The International Air Transport Association (IATA) on Tuesday urged Pakistan and Bangladesh to remove barriers to airlines repatriating ticket revenues after Nigeria released the vast majority of blocked funds. According to the world trade body, Pakistan and Bangladesh collectively owe $731 million out of a global total of $1.8 billion in blocked airline funds. Several countries have encount
The Federal Board of Revenue (FBR) has uncovered a network of tax fraudsters involved in issuing fake sales tax invoices, resulting in a loss of Rs21.69 billion to the national exchequer. The FBR’s Directorate of Intelligence and Investigation Karachi and Hyderabad filed FIRs against Rehman Enterprises for tax fraud of Rs10 billion and ZA Impex for Rs11.69 billion under the Sales Tax Act 1990.