Remittances from the export of information and communication technology (ICT) services surged to $332 million in May 2024, reflecting an astounding increase of 40.7% compared to export earnings of $236 million in May 2023. Overall, in 11 months (July-May) of the current fiscal year, the ICT export remittances swelled to $2.925 billion compared with the income of $2.371 billion reported for the
The plea was compelling enough that it not only won the consensus of all senators but also left the Federal Board of Revenue (FBR) representatives without a substantive counterargument. PRBC highlighted a critical flaw in the current tax structure as only 5% of the retail sector was registered and compliant while a staggering 95% remained outside the tax net, contributing nothing to the treasur
While hitting back at politicians for striking compromises with traders and keeping the tax body incapacitated, the Federal Board of Revenue (FBR) said on Friday that it would increase property valuations close to 90% of market prices to collect an additional Rs70 billion in the next fiscal year. Out of the Rs70 billion, an amount of Rs30 billion will be the impact of increase in property valua
In a short week after the Eid holiday, the stock market reached a new peak on optimism that the tax-laden budget 2024-25 has paved the way for securing another bailout package from the International Monetary Fund. Arif Habib Ltd (AHL) said during the two-day trading week, the market sustained its positive momentum, surging from 76,707 points to 78,810 points, closing at an all-time high. Inv
It’s the same story around June every year as the federal budget approaches. First, there’s the hype, with media outlets trying to guess what the grand plan is and inviting experts. True to form, the industry associations double down on their lobbying, repeating their cliched tripes about how the discontinuation of a particular incentive will apparently trigger a bankruptcy domino. On the other