Month: June 2024

Pakistan Faces Record Rs3.9 Trillion Loss in Tax Exemptions for FY24

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fbr

Tax breaks increase for the sixth consecutive year.Significant rise due to Rs1.338 trillion waiver on petroleum products.ISLAMABAD: In a challenging fiscal year, Pakistan witnessed its highest-ever increase in tax exemptions, rising by 73.24% to a record Rs3.9 trillion in FY24. The Pakistan Economic Survey 2023-24, unveiled by Finance Minister Muhammad Aurangzeb, indicated that the Federal Board of Revenue (FBR) provided Rs3.879 trillion in exemptions, up from Rs2.239 trillion in FY23. This increase is largely attributed to a Rs1.338 trillion waiver on domestically supplied and imported petroleum products. Despite these tax…

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Pakistan’s Installed Electricity Capacity Reaches 42,131MW

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power-sector

Diverse energy mix: Hydel, nuclear, renewable, and thermal sources.Shift towards indigenous and renewable energy sources.ISLAMABAD: As of March 2024, Pakistan’s total installed electricity capacity stood at 42,131 MW, with hydel, nuclear, renewable, and thermal sources contributing 25.4%, 8.4%, 6.8%, and 59.4%, respectively. The Economic Survey 2023-24 reveals a notable decline in the dominance of thermal power, indicating a strategic shift towards indigenous energy sources. In FY24, out of 92,091 GWh of electricity generated, 54.1% came from hydel, nuclear, and renewable sources, marking progress towards cleaner energy. Total electricity consumption during…

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Solis Unveils Pioneering Inverter Solutions at SNEC and Intersolar Europe

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Solis-01

Ginlong (Solis) Technologies, the world’s third largest PV inverter manufacturer, is showcasing its cutting-edge storage and inverter solutions at SNEC and Intersolar Europe this month – two of the world’s leading exhibitions for the solar industry. SNEC, scheduled June 13 – 15, and Intersolar, June 19 – 21, will provide Solis with a global platform to unveil their premium, all-scenario solutions catering to residential, commercial, industrial (C&I), and utility-scale solar applications. The Solis team can be found at booth 5.1H – E680 at SNEC, and B3.430 at Intersolar. Seamless Integration,…

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Incentives Likely for Solar Panel Manufacturing, Net-Metering Boost

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solar-energy

KARACHI: The government is expected to introduce incentives to encourage the local assembly of solar panels in the budget for 2024-25. Pakistan Solar Association (PSA) Senior Vice-President Mohammad Zakir Ali, who was part of Prime Minister Shehbaz Sharif’s recent delegation to China, remarked, “I do not think the government will impose any new taxes or duties on solar panels, which already have zero per cent general sales tax. Only inverters carry an 18% GST.” Ali highlighted the government’s efforts to attract Chinese manufacturers to relocate their units to Pakistan, especially…

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Government Prepares for Heavy Taxation Budget Amid Tough IMF Conditions

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The government is set to present its first budget since its inauguration in March, facing stringent conditions imposed by the International Monetary Fund (IMF). Local economists predict the budget will result in heavy taxation and increased inflation. Negotiations between the finance ministry and the IMF are ongoing as the government grapples with the loaning agency’s tough demands. These include increasing the tax revenue target, withdrawing subsidies, taxing the agriculture sector, raising levies and taxes on power, gas, and oil sectors, privatizing struggling government organizations, and improving administrative efficiency. Last fiscal…

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