The annual cost of tax losses due to various exemptions has surged to a record Rs3.9 trillion in the current fiscal year, a 73% increase from last year, becoming a contentious issue in ongoing negotiations between Pakistan and the International Monetary Fund (IMF). The Economic Survey of Pakistan 2024, released by Finance Minister Muhammad Aurangzeb on Tuesday, revealed that despite multiple ro
The stock market on Monday continued its losing streak for the sixth straight day ahead of the monetary policy announcement later in the evening and persisting gloomy investor sentiments associated with challenging budgetary proposals in line with IMF conditions to secure another bailout. Ahsan Mehanti of Arif Habib Corporation said stocks closed under pressure amid pre-budget uncertainty and c
With the International Monetary Fund (IMF) seeking visible improvements in revenue generation from Pakistan, the government has been forced to contemplate the potential impact of proposed measures on salaried individuals and crucial economic sectors, amid a dearth of fresh ideas about how to boost income. Discussions with Pakistani and IMF officials, as well as US-based economists, indicate tha
At the release of the Pakistan Economic Survey for FY24 on Tuesday, Finance Minister Muhammad Aurangzeb boasted of the economic stability achieved during the outgoing fiscal year. The nation’s GDP is estimated to grow by 2.38pc against a contraction of 0.2pc in FY23, the current account deficit has been contained to an estimated $200 million against the projection of $6 billion, foreign e
IN LINE with the International Monetary Fund’s (IMF) demands, the Shehbaz Sharif government has reportedly set a massive tax target of Rs12.9 trillion for the incoming fiscal year, more than 41 per cent higher than the collection projected for fiscal 2024. This new tax target will require additional revenue measures of at least Rs2 trillion and, despite a projected 30pc increase in the Federal