MG Morning Breeze: Updates to Skim before Market

June 13, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Highlights of Budget 2024-25

Federal Minister for Finance and Revenue Muhammad Aurangzeb is delivering the budget speech for the financial year 2024-25. Read more

• Govt hikes petroleum levy by Rs20 to Rs80 for FY25

The federal government has decided to increase the maximum petroleum levy by Rs20 to Rs80 per unit on High-speed diesel oil (HSDO) and Motor gasoline. Read more

• Salaried class faces notable tax hike

Almost all income tax slabs for salaried individuals have been revised, resulting in significantly higher taxation across all income levels. Read more

• Non-Filers barred from exiting Pakistan

The FY24-25 budget has proposed barring the exit from Pakistan of individuals who do not file returns even in response to notices. Read more

• Tax rate on mutual fund dividends set to rise to 25% in FY25

The Federal government has proposed that the tax rate on dividends derived from mutual funds that earn 50% or more of their income from profit. Read more

• Tax rate for TIER-I textile, leather retailers raised to 18% in FY25

The TIER-I retailers in the textile and leather products sector will face a higher tax slab in the upcoming fiscal year (FY25) Read more

• Pensions hiked by 15% for FY25

The Federal government has proposed a 15% increase in the pension of retired employees in the FY25 budget. Read more

• FATA/PATA tax exemptions extended for another year

The Federal government has proposed to further extend the income and withholding tax exemptions for the Federally Administered Tribal Areas (FATA). Read more

• Revised salaried tax rates shake middle-income brackets

Almost all income tax slabs for salaried individuals have been revised, resulting in significantly higher taxation across all income levels. Read more

• FY25 Budget unveils end of tax exemption on utility subsidies

The subsidies provided by the government to consumers by paying utility companies, which were previously exempt from tax, will now be subject to taxation. Read more

• Govt fixes 15% capital gains tax on securities

The government has decided to set the capital gains tax at a flat rate of 15% for filers for the sale of securities acquired on or after July 1, 2024. Read more

• Govt sets record Rs1.5tr PSDP for FY2024-25

The government has set highest ever size of the Federal Public Sector Development Programme (PSDP) 2024-25 at Rs1.5 trillioN. Read more

• Govt raises Rs1.2tr through T-bills, yields fall by up to 115bps

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs1.21 trillion. Read more

• Govt borrows Rs364.6bn debt in a week

The government of Pakistan has acquired an additional debt of Rs364.64 billion during the week ended May 31, 2024. Read more

• M2 surges by Rs580bn in a week

Broad money (M2), the most widely used measure of money supply in Pakistan, rose by Rs579.71 billion WoW to Rs34.55 trillion as of May 31, 2024. Read more

• SBP raises Rs90.4bn through PIB-PFL auction

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Pakistan Investment Bond – Floating Rate (PIB-PFL) semiannual. Read more

• PKR falls by another 11 paisa against greenback

The Pakistani rupee (PKR) depreciated by 11.07 paisa against the US dollar in Wednesday’s interbank session as the currency settled the trade at PKR 278.61. Read more

• PSX Closing Bell: On Guard

The benchmark KSE-100 index closed Wednesday’s trading session at 72,797.43 showing an increase of 207.94 points or 0.29%. Read more

• Official reserve assets rise to $15.13bn as of May

The official reserve assets rose to $15.13 billion as of May 2024 compared to $15.05bn recorded in the previous month. Read more

• Oil extend gains as US stockpiles fall

Oil extended its upward leg on Wednesday after industry data pointed to shrinking US crude stockpiles. Read more

• World Bank projects 2.3% GDP growth for Pakistan

The World Bank (WB) has projected Pakistan’s GDP growth rate at 2.3% for the fiscal year 2024-25 against the government’s target of 3.6%. Read more

• Pakistan’s education expenditures fall

The cumulative education expenditures by the Federal and Provincial Governments in FY23 amounted to approximately 1.5% of GDP. Read more

• Pakistan’s life expectancy climbs to 67.3 years: Economic survey

The Pakistan Economic Report FY24, published yesterday, highlighted that life expectancy at birth in the country has increased to 67.3 years in 2022. Read more

• Unemployment rate stands at 6.3%

Pakistan’s unemployment rate stands at 6.3%, with an unemployed population of 4.51 million. Read more

• Freelancers’ remittances reach $350.2m in July-March FY2024: Survey

Pakistan-based freelancers contributed foreign exchange earnings to Pakistan’s economy through remittances of $350.2 million during July-March FY2024. Read more

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