Connect with us

Business

Pakistan’s exports to Afghanistan increase by 4.60 percent

Published

on

Pakistan's exports to Afghanistan increase by 4.60 percent

Pakistan s export of goods and services to Afghanistan witnessed an increase of 4.60 percent during the first half of the current fiscal year (2022-23) as compared to the exports of corresponding period of last year, State Bank of Pakistan (SBP) reported.

The overall exports to Afghanistan were recorded at US $251.580 million during July-December (2022-23) against exports of US $240.504 million during July- December (2021-22), showing growth of 2.83 percent, SBP data revealed.

On a year-to-year basis, the exports to Afghanistan also increased 15.71 percent from US $33.097 million in December 2022, against the exports of US $38.297 million in December 2021.

Meanwhile, on a month-on-month basis, the exports to Afghanistan rose by 2.77 percent during December 2022 as compared to the exports of US $37.263 million in November 2022, the SBP data revealed.

Advertisement

Overall Pakistan s exports to other countries witnessed a decrease of 6.76 percent in the first six months, from US $ 15.242 billion to US $ 14.211 billion, the SBP data revealed.

On the other hand, the imports from Afghanistan into the country during the period under review were recorded at US $13.253 million against US $90.430 million last year, showing a decline of 85.34 percent in July- December (2022-23).

On a year-on-year basis, the import for Afghanistan witnessed also decreased by 90.01 percent from US $17.311 million in December 2021, against the imports of US $1.729 million in December 2022.

On a month-on-month basis, the imports from Afghanistan into the country increased by 25.92 percent during December 2022, as compared to the imports of US $1.373 million during November 2022, according to the data.

The overall imports into the country witnessed a decrease of 18.24 percent, from US $36.094 billion to US $29.509 billion, according to the data.

Advertisement

Based on the trade figures, the trade of goods and services with Afghanistan witnessed an increase of 58.80 percent in surplus during July-December (2022-23) as compared to the corresponding period of last year.

The surplus during the period under review was recorded at US $238.327 million against US $150.074 million during the same period of last year, showing growth of 58.80 percent, the data revealed.

Business

Budget 2024-25: Sindh announces up to 30pc increase in salaries

Budget 2024-25: Sindh announces up to 30pc increase in salaries

Published

on

By

Budget 2024-25: Sindh announces up to 30pc increase in salaries

The Sindh government has proposed up to 30 percent increase in salaries of its employees in the budget for next fiscal year 2024-25. 

Chief Minister Murad Ali Shah, who also holds the portfolio of finance minister, presented the budget in the provincial assembly on Friday. 

He said the government had proposed 30pc increase in salaries of officials from Grade 1 to 6, adding that there was 25pc increase for officials of Grade 7 to 16. Similarly, officers from Grade 17 to 22 would get 22pc hike in their salaries. 

Furthermore, the provincial government has propsed 15pc increase in pension of the retired employees. 

Advertisement

Presenting the budget with a total outlay of Rs3,352 billion, he said, the government had decided to allocate Rs959 billion for development projects.

Continue Reading

Business

Rs37,000 minimum wage: Sindh follows in the footstep of federal govt, Punjab

Rs37,000 minimum wage: Sindh follows in the footstep of federal govt, Punjab

Published

on

By

Rs37,000 minimum wage: Sindh follows in the footstep of federal govt, Punjab

The Sindh government has revised the minimum wage for unskilled labourers to Rs37,000 in line with decisions of the federal and Punjab governments. 

The minimum salary has been increased by Rs5,000 as previously it stood at Rs32,000. The proposal was laid forth by Chief Minister Murad Ali Shah while presenting the budget for the fiscal year 2024-25. 

Meanwhile, the Sindh government has proposed up to 30 percent increase in salaries of its employees in the budget for next fiscal year 2024-25. 

The chief minister said the government had proposed 30pc increase in salaries of officials from Grade 1 to 6, adding that there was 25pc increase for officials of Grade 7 to 16. Similarly, officers from Grade 17 to 22 would get 22pc hike in their salaries. 

Advertisement

Furthermore, the provincial government has propsed 15pc increase in pension of the retired employees.

Continue Reading

Business

Budget 2024-25: Let’s figure out the cost of essentials

Budget 2024-25: Let’s figure out the cost of essentials

Published

on

By

Budget 2024-25: Let's figure out the cost of essentials

The federal government has announced a staggering Public Sector Development Programme (PSDP) worth Rs1,500 billion. 

According to the budget document, all federal divisions have been allocated budget, except the Poverty Alleviation and Special Safety Division, which deals directly with matters concerning 95 million people who are living in abject poverty. 

Sadly, the Poverty Alleviation and Special Safety Division gets nothing in the PSDP 2024-25. 

Worse still, the Ministry of Poverty Alleviation and Social Safety does not have any minister as its head, rendering it almost moribund for more than 10 months. Earlier, Dr Sania Nishtar was chairing it during the PTI government, followed by Shazia Marri during the PDM government. 

Advertisement

Last year, 12.5 million people slipped into poverty, which took it from 34.2pc to 39.4pc, according to the World Bank. 

The government has conveniently ignored the poor in the budget. Other than announcing Rs598.71billion under the Benazir Income Support Programme (BISP), no substantial amount has been earmarked for reducing poverty. 

Your next read: BUDGET 2024-25 – A LAYMAN’S GUIDE 

Analysts believe that 27 percent increase in BISP from Rs471.3 billion to Rs598.71 billion has been made to placate the Pakistan Peoples Party, which may take the wind out of PML-N’s sails anytime. 

BURGEONING TAXES 

Advertisement

On the other hand, if we delve into the details of burgeoning taxes, Sales Tax stands out in afflicting the poor the most. 

Now a sales tax of 10pc will be charged on stationery items. 

Tribal area residents who have been experiencing extreme poverty will now have to pay 6pc tax on the supply and import of plant machinery as well as electricity on both residential and commercial connections. 

Following the similar trajectory, a 10pc sales tax will be charged on the local supply of vermicelli, buns, poultry feed, cattle feed, sunflower seed meal, newsprint, books, oil cakes and tractors. 

On mobile phones whose value is less than $500 (Rs139,240), 18pc tax has been imposed. If the value of purchased phone exceeds $500, an existing rate of 25pc will remain unchanged. 

Advertisement

Earlier, the retailers of leather and textile products who paid 15pc sales tax will now have to pay 18pc tax. 

Drug prices will increase massively as the sales tax on raw materials used in production of pharmaceutical items has been raised to 18pc from 1pc. This will be applicable on medical treatment, diagnostic equipment, heart surgery, neurosurgery, electrophysiology, endoscopy, endosurgery, oncology, urology, gynaecology, disposables and other medical equipment.

Besides, 20pc sales tax on import of syringes, needles, catheters, cannulae, blood collection tube of glass and blood collection tube of PET.

Moreover, charitable hospitals with 50 or more beds will pay 18pc sales tax on imported medical goods. 

Advertisement
Continue Reading

Trending

Copyright © GLOBAL TIMES PAKISTAN