This time, compared with the previous tax hike, the increase in the net burden on households due to the tax hike has been constrained owing to various support measures and growth in employee income has been maintained, and both factors are likely to underpin real income.
In Pakistan’s context, it has to be recognized that while large banks will continue to thrive on volumes of business which they have traditionally captured given their reach across the country, it is the foreign banks with their competitive edge in global transaction banking that can offer unique and new financial solutions and lead the way for the rest of the banking industry to provide to customers an integrated solution that caters for emerging consumer and industry requirements.