The Emirates economy is one of the biggest in the region. The nation has been prosperous in pursuing other forms of diversification in addition to its oil wealth. Even today, oil still accounts for 29% of the GDP. Numerous emirates still rely on the oil sector. On the other hand, aside from its oil wealth, tourism is a significant component of the nation. Particularly in Dubai, many luxurious hotels and resorts cater to the interests of western tourists. In addition to tourism, industry, and construction have grown to be significant economic sectors.
Amidst a delay in the much-anticipated IMF’s USD 6 billion bailout package and the deteriorating economic climate in the nation, the Pakistani rupee set a new record low of 208.5 per USD, falling nearly 20% so far this year. Regarding the nation’s newly released 2022–23 budget, the IMF voiced worries about the fuel subsidies, a growing current account deficit, and the need to increase direct taxes. It also reaffirmed the need for additional steps to bring Pakistan’s budget in line with the main goals of its IMF program.
Additionally, it lowered the nation’s outlook from “stable” to “negative” in June, highlighting the harm caused by the country’s large current account deficit. Meanwhile, declining foreign exchange reserves added to the stress. After the government prohibited imports of all non-essential luxury items in May, the planning minister urged people to drink less tea on a regular basis.
What is a provisional assessment of taxable income?
A provisional assessment determines the tax due on a person who failed to file an income tax return for a given tax year. Under the Income Tax Ordinance of 2001, a commissioner of Inland Revenue of the Federal Board of Revenue (FBR) has the authority to make a preliminary assessment of such a person.
The provisional assessment is as follows, in accordance with the Tenth Schedule of Income Tax Ordinance, 200:
➢ The Commissioner shall, notwithstanding anything contained in subsections (3) and (4) of section 114, within sixty days of the due date provided in section 118 or as extended by the Board, make a provisional assessment of the taxable income of the person for the tax year for which tax has been collected or deducted in accordance with rule 1 and the person does not file their tax return within the due date specified in Section 118 or as extended by the Board.
- The Commissioner shall impute taxable income on the amount of tax deducted or collected under rule 1 and treat the imputed income as concealed income for the purposes of paragraph (d) of sub-section (1) of section 111 when making the provisional assessment under sub-rule (1):
- With the caveat that any unexplained income, asset, or expenditure that exceeds the amount of imputed income considered as concealed income under this rule shall be subject to the provisions of Section 111.
According to several country papers in this collection, FX intervention should be in line with the direction of monetary policy. This problem has at least two sides to it.
First, any discrepancy between the exchange rate and the stance of monetary policy can hinder monetary policy’s transmission mechanisms and work against the effectiveness of the intervention. Second, ongoing intervention might put the economy in danger due to its high costs and expansion of central banks’ balance sheets. According to some studies, the issue of short-term debt by the central bank to fund large-scale measures to prevent appreciation will cause commercial banks’ balance sheets, thus leading to the economy’s expansion.
It is common for people to move from one location to another, either temporarily or permanently. One must always be aware of the simplest technique to exchange UAE dirhams for rupees in Pakistan via online platforms. If you are moving to Pakistan for any reason, the methods to convert UAE Dirhams to Pakistani Rupees are listed below. Each country has its own internet portals for currency conversion.
Just enter the amount you wish to convert in the box.
You can choose AED as the source currency by clicking on the dropdown menu in the first dropdown and PKR as the destination currency by clicking on the second dropdown menu.
|100 AED||5800 PKR|
|250 AED||14500 PKR|
|500 AED||29000 PKR|
|2500 AED||145000 PKR|
|5000 AED||290000 PKR|
|7500 AED||435000 PKR|
|2500 AED||145000 PKR|
|1 million AED||58 million PKR|
Among the largest economies in the region is that of the UAE. In addition to its oil wealth, the country has also managed to diversify its economy.