Business

How high was Pakistan’s chai bill this last year?

Published

3 years ago

Farwa

Pakistan spent most on importing towels, garments and winter wear in fiscal year 2021-22.
Imported medicines worth Rs6 trillion in outgoing FY.
Imported over 4.1m cycles, over 4.4m motorcycles, 4.3m cars and 75,000 rickshaws.

KARACHI: Pakistanis just can’t get enough of chai.

In fiscal year 2021-22, the nation consumed tea worth Rs83.88 billion.

The federal budget document for the outgoing fiscal year showed that Pakistan imported Rs13 billion worth of more tea than the last fiscal year. In fiscal year 2020-21, Rs70.82 billion was spent on the import of tea, NNI reported.

Meanwhile, over 4.1 million cycles, 4.4 million motorcycles, 4.3 million cars and 75,000 rickshaws and medicines worth over Rs6 trillion were imported in fiscal year 2021-22.

Towels, garments and winter wear were the items on which Pakistan spent the most in fiscal year 2021-22.

Business

PEL Ships Transformers to Start US Exports

Published

17 hours ago

Bilal

Through stable and efficient trade regulations, the Special Investment Facilitation Council has helped promote Pakistani industrial exports internationally.

With the first shipment of transformers departing Pakistan for the United States on March 13, 2025, Pak Electron Limited formally started exporting its goods to the United States.

PEL wants to increase its worldwide visibility and investigate new overseas prospects. Under its power and appliances segment, the company produces high-quality goods like transformers and home appliances.

Additionally, PEL has alliances with major global corporations including General Electric, Mitsubishi, and Hitachi.

Business

The FBR has extended the deadline for sales tax returns until March 27.

Published

18 hours ago

Bilal

The Federal Board of Revenue (FBR) extended the deadline for submitting Sales Tax and Federal Excise reports to March 27, 2025, to assist taxpayers.

The FBR has issued an official notification concerning the prolongation, as per reports.

The initial deadline for submitting Sales Tax and Federal Excise reports for the February 2025 tax period, originally set for March 18, 2025, has been extended to March 27, 2025.

The determination has been rendered pursuant to Section 74 of the Sales Tax Act 1990 and Section 43 of the Federal Excise Act 2005.

FBR officials indicated that the extension is intended to alleviate challenges encountered by taxpayers, permitting them to complete their returns within the specified timeframe without inconvenience.

Taxpayers are encouraged to utilize the extended deadline and submit their returns punctually to evade any possible fines.

The FBR regularly extends tax return deadlines to assist the corporate sector and facilitate seamless tax compliance.

Business

Stocks fall as PSX is under selling pressure.

Published

2 days ago

Bilal

The benchmark KSE-100 Index dropped more than 600 points during Monday’s opening trading hours, sending the Pakistan Stock Exchange (PSX) plunging.

The benchmark index had dropped 635 points and was now trading at 117,806.25.

The PSX’s decline was attributed primarily to selling pressure.

Important industries include fertilizer, auto assemblers, refineries, OMCs, and oil and gas exploration firms. Due to widespread selling, index-heavy stocks such as EFERT, INDU, MARI, OGDC, PPL, and PSO saw negative trading.

Remember that throughout the past week, the PSX has been in a bullish trend, reaching historical highs.

This prolonged increase was fueled by hope for a possible staff-level deal for the International Monetary Fund’s (IMF) $1 billion second EFF tranche.