Business

Pakistan attempts in vain to persuade the IMF to lower stationery charges.

Published

1 month ago

Farwa

Despite government efforts, there has reportedly been a notable increase in pricing due to the IMF’s insistence on keeping the 10% sales tax on stationery items.

Per sources, the public, businesses, and students have all been impacted by the 15% increase in stationery prices brought on by the tax increase.

Pens for kids, pencil boxes, punching machines, calculators, sharpeners, erasers, and markers are just a few of the stationery products that have been impacted by the tariff rise. According to IMF, there will be no change made to the sales tax on these products.

Pakistan buys stationery products from China and Hong Kong, among other nations. According to sources, the tax rise in Pakistan will impact around 850 importers.

In the Finance Bill of Budget 2024–2025, which has since been revised, the federal government levied a 10 percent general sales tax (GST) on all desk supplies.

The government has implemented a 10 percent general sales tax (GST) on all commodities and has terminated the tax exemption on stationery items, as per the Finance Bill.

All brands of pencils, inks, erasers, sharpeners, ballpoint pens, and markers are subject to a 10 percent sales tax liability. Should the Finance Bill pass the lower house of Parliament, the tax would be imposed on all stationery items starting on July 1 (FY2024–25).

Business

Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

Published

3 days ago

Farwa

There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

Business

SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

Published

3 days ago

Farwa

Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

Business

July 2024 export data from Pakistan shows a significant rise.

Published

3 days ago

Farwa

The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.