Cabinet approves Finance Supplementary Bill 2023; more taxes on luxury items; 1% increase in GST
The federal cabinet approved the Finance Supplementary Bill 2023 providing for a 1% increase in general sales tax and additional taxes on luxury items as part of the reforms related to the International Monetary Fund’s Ninth Review. The supplementary bill was passed in a cabinet meeting chaired by Prime Minister Shehbaz Sharif who gave the…
Adil Aziz
Gerry’s International organizes soft launch of Singapore Airlines in Pakistan
Singapore Airlines (SIA), the flag carrier of the Republic of Singapore has appointed Gerry’s International as its General Sales Agent (GSA) in Pakistan. The announcement was made at an event held in arachi, attended by industry professionals, representatives of the Civil Aviation Authority (CAA) and other government departments, corporate sector senior management and others. Singapore…
OICCI launches diversity, inclusion handbook at 5th Women Empowerment Awards
The Overseas Investors Chamber of Commerce and Industry (OICCI), consisting of more than 200 of the largest foreign investors operating in Pakistan, has strived to promote females at leadership positions through its flagship Women Empowerment Awards, marking this the 5th successive year the Awards were held. Dr. Ishrat Hussain, former Governor State Bank of Pakistan,…
Considerable progress made on EFF agreement, says IMF
Under the ninth review of Extended Fund Facility (EFF) agreement, Pakistan and the International Monetary Fund (IMF) made considerable progress on policy measures to address domestic and external imbalances. “Considerable progress was made during the mission on policy measures to address domestic and external imbalances,” the fund said in a statement at the conclusion of…
IMF staff-level talks conclude positively, discussion on MEFP from Monday: Dar
Federal Minister for Finance and Revenue, Senator Ishaq Dar on Friday said that after conclusion of staff-level talks on the Extended Fund Facility (EFF), Pakistan and the International Monetary Fund (IMF) would start a virtual discussion on the Memorandum of Economic and Financial Policies (MEFP) from Monday. “Good news is [that] as per their commitment,…
Overseas Pakistanis invested Rs 12 billion towards community support activities in 2021-2022
The Overseas Pakistanis invested Rs 12 billion towards the community support activities during the year 2021-22, Overseas Investors Chamber of Commerce and Industry (OICCI), the collective voice of top foreign investors in Pakistan, revealed in its annual “Corporate Social Responsibly (CSR) Report 2022”. The CSR survey results once again reaffirmed OICCI members’ commitment in support…
Highest ever topline growth: FrieslandCampina Engro announces financial results for FY 2022
Friesland Campina Engro Pakistan Limited (FCEPL) announced its financial results for the year ended December 31, 2022. Building upon the growth trajectory, FCEPL delivered another record year with highest ever topline and operating profit of PKR 73.5 Billion and PKR 5.3 Billion respectively. The topline grew by 41% over last year driven by volume growth,…
Rupee gains Rs 2.82 against US dollar
The exchange rate of the Pakistani rupee strengthened by Rs 2.82 against the US dollar in the interbank trading on Thursday and closed at Rs 270.50 against the previous day’s closing of Rs 273.32. According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollar in the open market were recorded…
Naya Pakistan Certificates rates of return revise by government
The government has revised up the rates of return for various currencies denominated Naya Pakistan Certificates over different maturities for the resident Pakistanis who have a foreign currency Roshan Digital Account (RDA). According to a notification issued by the Finance Division, the rate of return for US dollar-denominated Naya Pakistan Certificates (NPCs) with a maturity…
Financial inclusion in Pakistan up by 9% between 2020-2022
Financial inclusion in Pakistan has increased by 9 percentage points between 2020 and 2022, while a similar increase in financial inclusion was achieved over 7 years prior to the year 2020, said the Karandaaz Financial Inclusion Survey 2022 (K-FIS). Karandaaz Pakistan hosted a webinar to share key findings of, a nationally and provincially representative demand…