Business

The Federal Board of Revenue (FBR) has surpassed its revenue target for fiscal year 2024.

Published

3 months ago

Farwa

That’s Rs9.306 trillion that the Federal Board of Revenue (FBR) collected in fiscal year 2023–24, compared to the aim of Rs9.252 trillion. This is an increase of Rs54 billion in the yearly revenue goal.

According to a news release from the FBR released here on Sunday, the revenue is likely to rise even more after the numbers are cleaned up.

Thirty percent more money was brought in than the previous year. Due to collecting historical data throughout the current fiscal year, this was possible.

The FBR has added Rs2.142 trillion this year compared to Rs7.164 trillion it collected last year and Rs1.183 trillion in June 2024 alone.

Although imports were cut even more, from $55 billion to $53 billion, the goal was still met. The difference in imports was supposed to be made up for by local taxes.

In addition to going above and beyond the annual goal, the premier and finance ministers’ interest led to major structural changes in the Tax System of Pakistan.

This is a direct result of a policy change that put more emphasis on finding and using domestic resources, taxing the wealthy and rich more directly, and making things easier for businesses and exporters by giving them returns quickly:

Because the prime minister told them to, the FBR gave out returns worth Rs469 billion in FY 2023-24, up 42% from FY 2022-23’s Rs331 billion.
With the government’s focus on direct taxes, the revenue collection goal was met largely because of an increase in direct taxes, which made up 47% of the total revenue.
FBR collected Rs6.128 trillion in domestic taxes and Rs3.178 trillion in import taxes, showing a growth of 37% in domestic taxes and 18% in imports, even though imports dropped from $55 billion last year to $53 billion this year.
When compared to two years ago, domestic taxes made up less than half of all income collected. Now they make up 65 percent.
The Federal Board of Revenue (FBR) took Rs4.528 trillion in income tax in FY 2023–24, up 38.4pc from Rs3.270 trillion in the same timelast year.

Additionally, Rs3.098 trillion was collected in sales tax compared to Rs2.593 trillion, and Rs576 billion was collected in Federal Excise Duty (FED) compared to Rs370 billion.

For Customs Duty, Rs 1,104 billion was collected, up from Rs 931 billion the previous year, according to a press statement.

No matter what problems or odds the organization as a whole has faced, the officers and employees of FBR have stayed dedicated to their main job, which is to meet the allocated revenue goals no matter what.

Targets for collecting taxes are directly linked to Pakistan’s economic growth, and the people who work at FBR are fully determined and ready to take on the tasks and show more wins in the years to come.

In addition, it was said again that the FBR team is ready to deliver on their income collection goal for FY 2024-25 and will do their utmost to reach it and serve the country.

Business

Report: Solar is expected to set new records this year.

Published

8 hours ago

Farwa

In 2023, there was an expected 87% increase in growth. This year’s increase is 29% over the previous one, according to the research.

The cheapest source of electricity globally is solar power, and as such, it is expanding quicker than many anticipated, according to Euan Graham, an Ember electricity data analyst.

Ember estimates demonstrate the rapid growth of solar energy: in 2024 alone, new solar capacity will surpass the 540 GW of additional coal power added globally since 2010.

Expected to add 334 GW, or 56 percent of the global total in 2024, China continues to lead the globe in this industry.

According to the survey, it is followed by the US, India, Germany, and Brazil. These five nations will account for 75% of the new solar capacity in 2024.

According to the research, maintaining the sector’s growth required grid capacity and battery storage.

“Providing enough grid capacity and developing battery storage is critical for handling electricity distribution and supporting solar outside of peak sunlight hours as solar becomes more inexpensive and accessible,” the statement stated.

“Solar power might continue to surpass forecasts for the remainder of the decade if these issues are resolved and development is sustained.”

Business

The PSX has resumed operations, achieving a gain of 970 points.

Published

1 day ago

Farwa

The optimistic close at the PSX was propelled by rumors preceding the International Monetary Fund (IMF) executive board meeting on September 25, at which the approval of a $7 billion Extended Fund Facility (EFF) is expected, stated Ahsan Mehanti of Arif Habib Commodities.

Strong economic indicators, such as increasing remittances, escalating exports, and a declining trade deficit, further bolstered investor confidence. Furthermore, the Asian Development Bank’s (ADB) commitment to a $2 billion yearly concessional loan until 2027, along with a robust rupee, significantly contributed to the market’s favorable performance, he stated.

Widespread purchasing at the PSX was noted among blue-chip stocks, with major players like Mari Petroleum (MARI), Engro Fertilizers (EFERT), United Bank Limited (UBL), Meezan Bank Limited (MEBL), and Fauji Fertilizer Company (FFC) recording substantial increases. According to Topline Securities, these stocks collectively resulted in a significant 682-point increase in the index.

Pioneer Cement Limited (PIOC) announced its fiscal year 2024 results, revealing a profits per share (EPS) of Rs 22.79 and a cash dividend of Rs 10 per share. This announcement contributed to the favorable sentiment in the market.

Trading volume surpassed 400.2 million shares, resulting in a total turnover of Rs15.9 billion. Worldcall Telecom Limited (WTL) topped the volume chart, transacting more than 32.2 million shares.

The Large Scale Manufacturing Index (LSMI) demonstrated a year-on-year (YoY) gain of 2.4% in July 2024. This expansion was propelled by multiple critical areas.

Tobacco experienced a significant increase of 90.2%, establishing it as the foremost contributor to the LSMI growth. Conversely, the automotive sector witnessed a substantial increase of 72.0%, indicating robust demand and output.

The transport equipment category experienced an 11.7% increase, signifying robust growth in the manufacturing of transport-related machinery and equipment. The other manufacturing sector experienced a gain of 10.7%, positively impacting the overall LSMI.

Nevertheless, not all industries exhibited strong performance. The leading decliner was the fabricated metal sector, which experienced an 18.4% decrease, signifying a contraction in metal product manufacturing. The electrical equipment industry experienced a substantial decline of 19.4%, indicative of reduced output levels.

In July 2024, the LSMI decreased by 2.1% on a month-on-month (MoM) basis. This fall signifies a minor contraction in manufacturing operations relative to the preceding month, although the favorable year-on-year growth.

Business

As of August 2024, Pakistan’s current account is in surplus.

Published

1 day ago

Farwa

Pakistan’s current account deficit was $161 million as of August 2023, according to figures from the central bank.

The current account deficit for the months of July and August of this year was $171 million, compared to $939 million for the same time in the previous fiscal year.

According to experts, the 40% rise in remittances is the primary cause of the current account surplus.

August saw US$ 2.9 billion in offshore remittances to Pakistan, according to experts.

Comparing July of this year to July of last year, total exports increased by 11.3% YoY to $3.01 billion. In contrast to the $3.08 billion in exports the month before, it decreased by 2.2%.

Compared to the $4.99 billion in imports recorded in July of previous year, total imports increased 12.2% YoY to $5.6 billion. Imports decreased by 1.3% over the previous month.