Economy

In a significant enforcement of EU data privacy laws, the Irish Data Protection Commission (DPC) has fined Meta, Facebook’s parent company, $101 million (€102 million) over inadequate security practices related to password protection. The fine comes after an investigation revealed that Meta had failed to adequately safeguard user passwords and had delayed notifying the regulator about the breach. The Breach: …

In a significant move aimed at bolstering revenue and reducing the tax burden on current taxpayers, Pakistan’s Finance Minister, Muhammad Aurangzeb, announced that the government is abolishing the category of non-filers from its tax laws. Speaking in an interview with Voice of America during his visit to New York, the finance minister emphasized the need for a more streamlined and …

The Government of Pakistan has initiated an aggressive plan to collect Rs450 billion in taxes through digital enforcement measures to meet this fiscal year’s ambitious Rs12.97 trillion tax target. This plan comes in response to challenges faced in tax collection, including a shortfall in the first quarter and concerns about a weak global economy. The Federal Board of Revenue (FBR) …

The International Monetary Fund (IMF) could delay the new $7 billion bailout if Pakistan fails to secure a $2 billion financing gap from commercial lenders by the end of the current week.Pakistan must submit a signed Letter of Intent (LoI) to the IMF Executive Board for approval of the 37-month Extended Fund Facility (EFF) while committing to comply with all …

The Necessity of Taxes for Economic Stability Finance Minister Muhammad Aurangzeb recently emphasized a critical point: “The country cannot be run through charity; everyone must pay taxes.” This statement highlights a fundamental truth about economic management and national development. Taxes are essential for funding government functions and ensuring economic stability. Current Economic Performance According to the Finance Minister, the country’s …

Overseas Pakistani Remittances Near $3 Billion for the Fourth Consecutive Month In a remarkable display of financial support, overseas Pakistanis sent $2.943 billion in remittances during August 2024, marking a 40% increase compared to the same month last year when the inflow was recorded at $2.094 billion. This significant rise in remittances underscores the continued dedication of expatriate Pakistanis to …

Digital Skills Training Can Add Rs. 2.8 Trillion to Pakistan’s GDP by 2030 Pakistan’s digital economy is rapidly evolving, and according to Google’s research, enhancing digital skills and embracing education technologies could add Rs. 2.8 trillion to the nation’s GDP by 2030. This shift will help future-proof the country’s economy while creating new opportunities for growth and development. Google’s Commitment …

Weekly Inflation in Pakistan Falls for Fourth Straight Week Pakistan’s inflation has shown a much-needed downward trend for the fourth consecutive week, offering slight relief to consumers. According to data released by the Pakistan Bureau of Statistics (PBS), the Sensitive Price Index (SPI)-based inflation for the week ending September 5, 2024, dropped by 0.15%. This decline marks a continued easing …

SECP Issues Consultation Paper to Improve Public Offering Regime in Pakistan The Securities and Exchange Commission of Pakistan (SECP) has released a Consultation Paper aimed at enhancing the public offering regime to promote capital formation and streamline the regulatory environment for businesses. The paper, which is open for public feedback, highlights various areas for potential improvements that will foster a …

OPEC+ Delays Planned Oil Output Increase Amid Falling Prices and Economic Concerns OPEC+, the alliance of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, has agreed to delay a planned oil output increase for October and November 2024. This decision comes after crude prices fell to their lowest in nine months, with further pauses …