On January 1, 2025, the Islamabad High Court (IHC) issued an important ruling concerning the granting of bail to an accused individual involved in a tax fraud case. The ruling stressed the significance of adhering to legal procedures during tax fraud investigations and emphasized the protection of individuals’ rights under the law. Case Overview Aspect…
Pakistan has failed to meet its tax revenue target for the first half of the fiscal year, falling short by Rs386 billion. This shortfall is a result of several challenges in the tax collection process, despite a nominal increase in revenue and efforts by the Federal Board of Revenue (FBR) to meet the target. Let’s…
On Tuesday, Pakistan and the Asian Development Bank (ADB) signed an important agreement for a $200 million loan to strengthen the country’s power distribution system. This loan is part of the Power Distribution Strengthening Project aimed at improving the efficiency of power supply and reducing energy losses. Key Participants in the Agreement Date Signed: TuesdayParties…
The Federal Board of Revenue’s Directorate of Customs Post-Clearance Audit South has recently uncovered a major fraud involving evasion of duties and taxes, amounting to Rs2.4 billion. This fraud is related to the misuse of various import exemption schemes under the Manufacturing Bond, Duty and Tax Remission for Exports (DTRE), and the Temporary Import and…
The exchange rate between the Omani Rial (OMR) and the Pakistani Rupee (PKR) has remained relatively stable as of December 31, 2024. The buying rate for 1 Omani Rial stands at Rs 720, while the selling rate is slightly higher at Rs 728.5 in the open market. Current Exchange Rate for Omani Rial (OMR) to…
2024 was a year of both highs and lows for Pakistan economy. From securing an IMF loan to significant changes in the stock market, there were many shifts. Let’s break down the year’s major events and trends in simple terms to understand how they impacted the nation. IMF Loan Secured A Mix of Tax Hikes…
As the New Year approaches, fuel prices in Pakistan are expected to rise due to fluctuations in the international oil market. High-speed diesel (HSD), kerosene, and light diesel oil (LDO) are projected to see a price hike of around Rs4 to Rs5 per litre for the first fortnight of 2025. However, the price of petrol…
The Federal Board of Revenue (FBR) has introduced a new rule that could have serious consequences for customs clearing agents who make false statements or are found guilty of misdeclaration. Under a newly introduced point system, FBR will cancel the licenses of agents who violate these rules. The changes were made through an amendment to…
In the first six months of the fiscal year 2024 (July-December), Pakistan state-owned enterprises (SOEs) faced staggering financial losses, amounting to Rs408 billion. This alarming figure brings the total accumulated losses of SOEs since 2014 to a massive Rs5.9 trillion by December 2024. These losses are a reflection of deep-rooted inefficiencies and financial challenges faced…
The State Bank of Pakistan (SBP) has announced new collateral and eligibility criteria for its Monetary Policy Lending Operations, effective July 2025. These updated rules aim to improve risk management measures for financial transactions in Pakistan, specifically for operations such as Open Market Operations (OMO) and Standing Ceiling Facility. Below is a simplified version of…
