“After COVID the remittances have increased, due to decrease in Pakistanis travelling we are moving towards consumption-driven growth. Furthermore, the reduction in the interest rate and strengthening of Pakistani rupee has played a role in KSE-1000 companies showing record profit,” he said.
Net Interest Income (NII) recorded an increase of 7pc YoY i.e. Rs11.4 billion in spite of a sharp decline in interest rates. However, NII reported a decline of 2pc QoQ as repricing of assets reach its completion.
The government has withdrawn a wide range of income tax exemptions to the emerging sectors and industries including IT sector; exemption on profit and gains derived by LNG terminal operators and terminal owners and exemption available to the Pakistan Mortgage Refinance Company under the Tax Laws (Second Amendment) Ordinance, 2021.
The report was of the view that that the imports of goods are likely to increase higher then earlier expected as economic activity picks including rise in import of auto CKD/CBU, coal for cement, while pressure on account of import of machinery through TERF is also anticipated.