Category: Business

Property taxpayers in Punjab can now benefit from the government’s five per cent rebate offer for payment of tax before October.

The Excise and Taxation Department’s Deputy Director, Khalid Hussain Qasoori, said that the Punjab government had announced rebate offer for those made full payments of property tax for the ongoing financial year.

Qasoori urged business owners and citizens to benefit from the scheme as there is less than a week left for the offer to expire.

The notices have been issued to taxpayers who are eligible for this five per cent rebate scheme. Those interested citizens are advised to pay the property taxes before September 30.

For those who are eligible but did not receive the tax notice for some reason can also download and pay.

Qasoori said that the citizens are paying taxes on “large scale” by availing the rebate offer. The public is also being educated regarding the benefits of this scheme through banners placed at different areas and on social media.

The total property tax for this fiscal year is over Rs1.22 billion.

Weekly inflation in Pakistan eased by 0.52 per cent in one week, while on an annual basis, the inflation was recorded up by over 12 per cent in the week ending September 19.

According to the Pakistan Bureau of Statistics (PBS), which calculates short term inflation through the sensitive price indicator revealed price movements for essential food items witnessed in the week under observation.

The prices of 51 essential items were analysed in different cities across the country and it was revealed that prices of 17 items increased in Pakistan, while prices of 15 items declined and prices of 19 items remained almost unchanged.

Looking at the data released by the PBS, a major reduction was seen in the price of diesel, onions, petrol, sugar, and tomatoes.

On the other hand, pulse gramme, chicken, cooked daal, cooked beef, and shirting.

Cement prices also reduced in the country as the rate for 50 kg cement bag was recorded at Rs1,466, about 22.85 per cent more than the previous year.

Furthermore, yearly SPI for the lowest-income group has increased by more than 9 per cent.

Pakistan’s current account, after witnessing three straight months of deficit, recorded a slight surplus in August 2024.

According to official data from the State Bank of Pakistan (SBP), the current account recorded a surplus of $75 million as compared to $152 million deficit seen in August 2023.

Experts say that the surplus seen in the last month was due the remittances which improved by 40 per cent to $2.9 billion on a Year-on-Year basis. In second month of the ongoing fiscal year, remittances are up by 44 per cent.

Pakistan’s total export of goods and services were valued at $1.108 billion, showing increase of one per cent as opposed to 3.081 billion seen in August 2023.

Considering contributions from the workers, remittances were 40 per cent higher than August 2023.

Analysts are expecting a surplus for the ongoing fiscal year as inflation is predicted to ease further in the coming days and the essential item’s prices may decline further.

If remittances continue to improve with the pace observed in recent months, Pakistan’s current account might be seen in a much better position in near future.

In July 2024, Pakistan’s Large-Scale Manufacturing (LSM) sector grew by 2.38 per cent compared to the same month last year, according to a report by the Pakistan Bureau of Statistics (PBS).

However, on a month-to-month basis, the sector saw a drop of 2.08 per cent from June’s index of 108.46 points.

Throughout FY24, the LSM sector showed a recovery of 0.92 per cent, boosted by growing confidence and improvements in various industries. Despite this, the growth rate still falls short of what’s needed for a stronger economic recovery.

The 2.38 per cent growth in July 2024 came largely from industries like Food (0.63 per cent), Tobacco (0.81 per cent), Textiles (1.48 per cent), Garments (1.37 per cent), and Automobiles (1.01 per cent).

On the other hand, some sectors, including Pharmaceuticals (-0.23 per cent), Cement (-0.38 per cent), Iron and Steel Products (-0.70 per cent), Electrical Equipment (-0.69 per cent), and Furniture (-1.36 per cent) saw declines.

Compared to July 2023, there was an increase in production for several industries, including Food, Beverages, Tobacco, Textiles, Leather Products, Petroleum Products, and Automobiles.

However, sectors such as Pharmaceuticals, Rubber Products, Iron and Steel, Electrical Equipment, and Furniture experienced declines in production.

The industrial sector contributes about 18 per cent to Pakistan’s total GDP, but data on industrial production is not frequently available.

To track industrial performance, policymakers look at Large Scale Manufacturing (LSM), which makes up a major part of the industrial sector. LSM accounts for around 69 per cent of manufacturing, which is a sub-sector of Industry, and about 8 per cent of Pakistan’s overall GDP.

While economic activity began to pick up in the latter half of FY24, challenges such as falling global demand, currency devaluation, and a growing current account deficit have restricted the government’s ability to maintain financial stability in tough economic conditions.