Pakistan’s economy saw significant progress in 2024. The country’s default risk dropped by 93%, the current account balance reached a 10-year high, and inflation fell to 4.9% in November—the lowest since May 2018.

The Post Clearance Audit (PCA) South has uncovered a massive tax fraud of Rs. 2.4 billion by a major cement manufacturer, reportedly exploiting four export tax exemption schemes, according to BR.

The Executive Committee (EC) of the Special Investment Facilitation Council (SIFC) has set January 7, 2025, as the deadline to finalize upgradation agreements between the Oil and Gas Regulatory Authority (OGRA) and five refineries under the Brownfield Refinery Upgradation Policy.

The Lahore Chamber of Commerce and Industry (LCCI) has endorsed the government’s initiative to address large-scale tax evasion, announced by Finance Minister Muhammad Aurangzeb and Federal Board of Revenue (FBR) Chairman Rashid Langrial during a recent press conference.

Pakistan’s foreign exchange reserves dropped by $261.2 million (1.57%) week-on-week (WoW), totaling $16.37 billion for the week ending December 20, 2024. The decline was mainly due to a significant reduction in reserves held by the State Bank of Pakistan (SBP).

The Federal Board of Revenue (FBR) has extended tax exemptions under Sections 236C and 236K of the Income Tax Ordinance, 2001, to overseas Pakistanis not included in the Active Taxpayers List (ATL).

A Senate committee on Thursday approved a proposed law mandating the closure of bank accounts for non-filers with balances exceeding Rs1 million and requiring even filers to justify the source of funds for purchasing property or vehicles.

Finance Minister Muhammad Aurangzeb on Thursday outlined the government’s plan to digitize the Federal Board of Revenue (FBR) to bring high net worth individuals (HNWIs) into the tax net.