Pakistan’s Textile Exports Fall by 7% to 1.32 Billion in November 2023

The country’s textile group exports declined by around 6.50 percent during the first five months (July-November) of the current fiscal year and stood at $6.883 billion compared to $7.361 billion during the same period of 2022-23, according to Pakistan…

The country's textile group exports declined by around 6.50 percent during the first five months (July-November) of the current fiscal year and stood at $6.883 billion compared to $7.361 billion during the same period of 2022-23, according to Pakistan Bureau of Statistics (PBS). The country's overall exports during the period stood at $12.172 billion (provisional) against $11.942 billion during the corresponding period of last year, showing an increase of 1.93 percent. The data on exports and imports released by PBS revealed that on a month-on-month (MoM) basis textile exports registered 8.26 percent negative growth in November 2023 and stood at $1.318 billion compared to $1.437 billion in October 2023. On a year-on-year (YoY) basis, textile exports decreased by 7.21 percent in November 2023 when compared to $1.420 billion in November 2022. The exports in November 2023 were $2.573 billion (provisional) as compared to $2.690 billion in October, 2023 showing a decrease of 4.35 percent but increased by 7.70 percent as compared to $2.389 billion in November 2022. Cotton yarn exports increased by 50.30 percent during the first five months of the current fiscal year as they stood at $493.277 million compared to $328.197 million during the same period of last fiscal year. On a year-on-year basis, cotton yarn exports registered 99.88 percent growth and stood at $85.713 million when compared to $42.882 million, while on a MoM basis, they registered 7 percent negative growth when compared to $92.160 million in October 2023. Rice exports increased by 49.37 percent during the first five months of the current fiscal year and stood at $1.119 million when compared to $749.407 million during the same period of last fiscal year. Food group exports increased by 37.12 percent during the first five months of the current fiscal year and stood at $2.640 billion when compared to $1.925 billion during the same period of last fiscal year. Main commodities of exports during November, 2023 were Knitwear (Rs. 100,765 million), Rice Others (Rs. 99,240 million), Readymade garments (Rs. 81,960 million), Bed wear (Rs. 58,701 million), Cotton Cloth (Rs. 39,274 million), Cotton Yarn (Rs. 24,473 million), Towels (Rs. 21,287 million), Rice basmati (Rs. 17,429 million), Madeup articles (excl.towels and bedwear.) (Rs. 16,656 million) and Oil seeds, nuts and kernals (Rs. 12,414 million).

Source: Pro Pakistani

FBR Sets Up Committee for Launch of Single Portal for Sales Tax Return of Telecom Sector

The Federal Board of Revenue (FBR) has constituted a single portal committee for operationalize arrangements required for the launch of Single Portal for filing Sales Tax Returns of the telecom sector in all tax jurisdictions. In this regard, the FBR …

The Federal Board of Revenue (FBR) has constituted a single portal committee for operationalize arrangements required for the launch of Single Portal for filing Sales Tax Returns of the telecom sector in all tax jurisdictions. In this regard, the FBR issued a notification on Thursday for constitution of the Single Portal Committee for Implementation of Single Sales Tax Return across Jurisdictions. In pursuance of decision taken by the members from the Federal Board of Revenue (FBR) and four provincial revenue authorities (PRAs) during the last Tax Round Table Meeting held at Islamabad and with reference to the earlier notification, a single portal committee has been constituted. The committee comprises Federal Board of Revenue Chief (Provincial Taxes), IR-Policy Wing; Chief (Systems), IT Wing; Punjab Revenue Authority, Member (Policy) Sindh Revenue Board, Senior Member (Operations-I); Khyber Pakhtunkhwa Revenue Authority, Advisor Balochistan Revenue Authority, Member (Operations). The committee members will be supported by the Pakistan Raises Revenue Program Office, FBR (HQ), Islamabad for coordination and communication and the convening of meetings as per schedule desired by the committee.

Source: Pro Pakistani