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There are some news that exportesers are returing their cash via friends and family and declare them as remittance to save tax.
Because textile export is going good in last year that is creating artificial boost to remittance as well.
Where did you hear this? You can only bring in a few tens of thousands of dollars into the country without raising eyebrows. You likewise cannot leave another country with huge sums of money without raising eyebrows at your point of departure. Even if Pakistan is not strict, other countries are (especially western countries where textile exports are sent).

If textile exporters are doing this massive racket with billions of dollars, they must be do this with tens of thousands of people at a time when flights to Pakistan are few and far between.
 

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Pakistan has received the third largest workers’ remittances amounting to $2.71 billion in July, the first month of current fiscal year, making the much-needed finances available to pay for increasing imports which is a must to achieve the planned higher economic growth.

This was the sixth month in the past 13 months when the inflows of remittances sent home by overseas Pakistanis remained over $2.5 billion. Moreover, July was the fourteenth successive month in which the receipts remained above the threshold of $2 billion, according to the State Bank of Pakistan’s (SBP) data.

The remittances in July, however, dropped slightly by 2.1% compared to $2.76 billion received a year ago in July 2021. They stood almost 1% (0.7%) higher compared to $2.69 billion in the previous month of June 2021.

For more: Remittances jump to $2.71b in July | The Express Tribune
 

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FBR Registers Historic Tax Collection Growth of 38.3% in Q1 FY22

The FBR’s data revealed that the FBR has collected Rs. 1391 billion during the first quarter (July-September) 2021-22 against the assigned target of Rs. 1211 billion for this period, reflecting an increase of Rs. 180 billion. The assigned target has been surpassed by a big margin of Rs. 186 billion.
 
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Pakistan has revised up its economic growth rate for 2020-21 to 5.37 per cent from 3.9pc, Planning and Development Minister Asad Umar said on Thursday.

"The growth in 2020-21 was 5.37pc," he said in a tweet, adding that the National Accounts Committee (NAC), a government body that reviews the economic indicators, had approved the revised estimate of gross domestic product (GDP) growth.

This is the second time the GDP rate for 2020-21 has been revised, from an initial 2.3pc set in the 2020 annual budget to 3.9pc later.

The statistics bureau also shifted its economy's baseline, which pushed the figure up further to 5.57pc, a statement from the planning ministry said.

With the new 2015-16 baseline, it said, total GDP has reached $346.76 billion with a per capita income of $1,666.


The economy recovered between July 1, 2020, and June 30, 2021, its fiscal year. It's GDP contracted in the previous fiscal year due to the global impact of Covid-19 shutdowns.

For 2021-22, a target of 4.8pc has been set but policymakers are hopeful growth will cross five per cent.

Umar said the revised number showed the second-highest growth in the last 14 years. The higher growth was mainly due to strong industrial growth between April and June, he said.

With inflation at 12.3pc, surging food and energy prices have put Prime Minister Imran Khan under increasing pressure from the middle classes, his main base of support.

His government presented a mid-year budget earlier this month to end tax exemptions on a variety of sectors to raise $1.93bn for the current fiscal year under International Monetary Fund (IMF) conditions.

The IMF has made further budgetary tightening a condition for the revival of a stalled $6bn funding programme before the next tranche could be approved in a board review set for January 28.
 

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The government has decided to promulgate an ordinance to offer a third tax amnesty scheme in as many years -- this time to industrialists -- by offering them to whiten their black money at 5% rate by investing in the manufacturing sector.

The amnesty is part of an industrial package that also includes tax benefits for three years on acquisition of sick industrial units, besides allowing overseas Pakistanis to invest in the country’s manufacturing sector and freely take back the profits earned and the capital investment.

The decision to give another tax amnesty scheme may put the just revived $6 billion International Monetary Fund (IMF) programme at stake, as the global lender bars giving any tax amnesty scheme. Sources said that the government had not taken the IMF into confidence.

For more: Govt set to offer third tax amnesty scheme | The Express Tribune
 

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