Stability in the external and fiscal sectors, along with large financial inflows, have helped Pakistan show a steady recovery in the first quarter of FY2024–25.

The October economic outlook from the Finance Ministry emphasizes encouraging developments, such as the 1.03 billion dollar first tranche from the IMF’s extended financial facility, which improves macroeconomic stability.

A 3.7 percent increase in total fertilizer production and a 115.9 percent increase in imports of agricultural gear are significant achievements.

In August 2024, large-scale manufacturing grew 4.7 percent month over month, even if it decreased by 0.2 percent in July and August of the same year.

September 2024 had a 44-month low of 6.9 percent consumer price index inflation, down from 31.4 percent the year before.

The FBR has rejected a second extension of the deadline, which is due today (October 31), after two extensions were granted.

Over 5.01 million returns have been filed thus far, and the tax returns process has generated over Rs125 billion in revenue, according to FBR officials.

Taxpayers have been instructed by the tax authority to submit their returns by midnight tonight. Identification of non-filers or late filers will begin on November 1.

When late filers buy a car or a piece of real estate, they will pay double taxes.

Officials stressed the need for people making Rs 50,000 a month to file income tax reports. Those who don’t comply will be labeled late or non-filers.

According to the body officials, non-filers may have their gas and electricity supplies cut off, have their international travel restrictions revoked, and have their SIM cards on their phones disabled.

The Federal Board of Revenue (FBR) extended the final day for filing income tax returns to October 31 on October 14.

The decision takes bank holidays into account and was made in response to demands from tax bar groups and trade organizations.

The Income Tax Ordinance 2001’s Section 214A extended the deadline, giving taxpayers more time to submit their forms.

A number of trade associations and tax bar associations had previously asked FBR to extend the deadline for filing income tax returns for the fiscal year 2024 from September 30 to October 14.

The establishment of “industrial parks” by the Pakistan Economic Zone Development and Management Company and the Special Investment Facilitation Council aims to attract investors and stimulate the economy.

First up is the Malir Industrial Park, which gives companies access to important trade and transportation channels. This park will be different from heavy industry parks in that it will concentrate on small industries and diverse industrial offices. Among Karachi’s industrial zones, it would be noteworthy for providing security and necessary infrastructure.

In order to lower unemployment, the initiative intends to generate more than 200,000 jobs in the first five years. To increase the advantages of the program, the Korangi Association of Trade and Industry will become a member of the Malir Industrial Park Advisory Council.

The park will have easy access to Karachi Port and Jinnah International Airport due to its strategic location at the convergence of key highways, such as the National Highway and Malir Motorway. This would guarantee effective access to both domestic and foreign markets.