In September of this year, the State Bank of Pakistan reported that remittances from overseas Pakistanis amounted to 2.8 billion dollars, reflecting a 29% increase compared to the remittances received in September of the previous year.

The SBP reports that, with a cumulative inflow of 8.8 billion US dollars in the first quarter of the financial year, workers’ remittances increased by 38.8 percent compared to the first quarter of the previous year.

Remittance inflows in September 2024 were primarily derived from Saudi Arabia at $681.3 million, the United Arab Emirates at $560.3 million, the United Kingdom at $423.6 million, and the United States of America at $274.9 million.

According to the Federal Trade Commission (FTO), the Federal Board of Revenue’s (FBR) cybersecurity systems failed, allowing taxpayers’ data to be compromised in a cyberattack and resulting in a tax fraud of Rs 14.66 billion.

The organization also revealed that hackers made use of holes in FBR’s security to carry out fictitious transactions totaling Rs 81.43 billion.

Rs 14.66 billion in taxes were lost as a result of these illegal transactions.

It was revealed last month that only 43% of the monthly objective had been met by the FBR in the first eighteen days of the month, indicating that the organization is having difficulty meeting its goals.

Details reveal that the Chief Commissioner of the Corporate Regional Tax Office received a letter from the FBR headquarters expressing worries about the poor rate of revenue collection.

In the letter, it was stated that increased efforts were required to meet goals, especially during the first quarter of the fiscal year.

The Corporate Regional Tax Office has also been instructed by the FBR to concentrate on collecting unpaid taxes and making sure that monthly sales tax reports are filed on time.

In order to stop tax evasion, the FBR has also emphasized how crucial it is to keep an eye on withholding agents. In order to reach the revenue targets and overcome the difficulties in tax collection, the FBR is generally advising its offices to step up their efforts.

The Pakistani government is receiving assistance from the Special Investment Facilitation Council in the exploration of new petroleum deposits, including shale gas.

To increase Pakistan’s potential for shale and tight gas, the Oil and Gas Development Company Limited (OGDCL) of Pakistan and the China Central Depository and Clearing Company (CCDC) have inked a Memorandum of Understanding (MoU).
As part of the agreement, CCDC will help OGDCL with exploration and production by offering drilling and upstream oil field services. Through this agreement, energy self-sufficiency will be attained by utilizing Pakistan’s energy resources.

It is anticipated that the MoU will make the nation rely more on natural resources and less on imports.

OGDCL has committed 30 million dollars to develop shale gas reserves to suit the country’s energy needs. The goal of this partnership with China is to meet rising demand for energy by making use of regional resources.