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Pakistan attempts in vain to persuade the IMF to lower stationery charges.

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4 months ago

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Despite government efforts, there has reportedly been a notable increase in pricing due to the IMF’s insistence on keeping the 10% sales tax on stationery items.

Per sources, the public, businesses, and students have all been impacted by the 15% increase in stationery prices brought on by the tax increase.

Pens for kids, pencil boxes, punching machines, calculators, sharpeners, erasers, and markers are just a few of the stationery products that have been impacted by the tariff rise. According to IMF, there will be no change made to the sales tax on these products.

Pakistan buys stationery products from China and Hong Kong, among other nations. According to sources, the tax rise in Pakistan will impact around 850 importers.

In the Finance Bill of Budget 2024–2025, which has since been revised, the federal government levied a 10 percent general sales tax (GST) on all desk supplies.

The government has implemented a 10 percent general sales tax (GST) on all commodities and has terminated the tax exemption on stationery items, as per the Finance Bill.

All brands of pencils, inks, erasers, sharpeners, ballpoint pens, and markers are subject to a 10 percent sales tax liability. Should the Finance Bill pass the lower house of Parliament, the tax would be imposed on all stationery items starting on July 1 (FY2024–25).

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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