Sales Tax 2018-2019 and foregin investment

[Kami2k]

Islamabad: Unveiled yesterday, Pakistan Economic Survey 2017-18 showed growth in almost all sectors of the country, where growth in Gross Domestic Production was recorded to be the highest in the last 13 years at 5.8%, reported a news source. The Survey’s findings were shared by Advisor to Prime Minister on Finance Miftah Ismail.

Other sectors that recorded remarkable growth include agriculture, telecom, industry, services, manufacturing, export, and forestry, while a rise was also recorded in tax collected by the Federal Board of Revenue (FBR) and foreign investment the country received during the fiscal year.

As per the details, tax collection by the FBR during the fiscal year 2017-18 rose by 8.2%, where the value stood at PKR 3,367.9 billion compared with PKR 3,112.5 billion recorded in fiscal year 2016-17. Foreign investment also registered growth, with rise seen in both direct and portfolio investment.

The net Foreign Direct Investment recorded during the fiscal year rose by 4.4%, where the country received USD 2.1 billion between July-March 2017 as compared to USD 2 billon during the corresponding months of 2016.

Samra