The government will present the budget 2024 with one eye on precarious economic conditions and the other on the 24th ‘longer and larger’ bailout program of the International Monetary Fund (IMF). According to sources, the initial estimate for expenditures on interest and loans is Rs 9,700 billion, while the initial estimate for subsidies is Rs […]
According to sources, the government is considering relief for industries in the upcoming budget 2024-25. Sources said that the electricity tariff may be reduced for industrial consumers, who currently pay an additional Rs 240 billion in electricity bills. According to sources, the Ministry of Industry and Production is working on various proposals to reduce power […]
According to sources, the IMF has asked the Ministry of Energy to increase the electricity tariff from Rs5 to Rs7 per unit in July. The IMF has expressed concern over the failure to achieve the targets, and the power sector’s circular debt is expected to reach Rs 2500 billion by the end of the current […]
The decision was taken during Federal Finance Minister Muhammad Aurangzeb’s visit to the Federal Board of Revenue (FBR) headquarters. Attorney General for Pakistan Mansoor Usman Awan was also present in the meeting. Government officials said the FBR had briefed the finance minister about its decision to disable the mobile phone SIMs of 506,671 individuals, who […]
The sources privy to the development said that the CPPA has proposed a tax of Rs 2,000 per kilowatt on residential and commercial consumers installing 12 kilowatts or more. The CPPA’s recommendation, which was sent to the Ministry of Energy (Power Division) for approval, has now been forwarded to Prime Minister Shehbaz Sharif for final […]
The FBR will kick-start registration in Tajir Dost Scheme in four cities Karachi, Lahore, Peshawar Islamabad, and Rawalpindi in the first phase and the tax collection will be made effective from July 1. The notification regarding the mandatory registration of retailers has been issued. Under the scheme, the traders who pay their tax before 15 […]
The premier has established a committee to investigate the reasons behind the track and trace system’s failure, despite awarding an estimated Rs25 billion contract to a consortium consisting of M/s AJCL, MITAS, and Authentix, which largely remained non-functional. The decision marks the seriousness of the government in ending tax evasion, which is going on in […]
PM Sharif said this while addressing a ceremony to encourage taxpayers in the country in Islamabad. The prime minister said the government is compelled to enter into a new IMF deal for stability. He however said that along with the IMF program, the government will focus on fostering growth, creating job opportunities, and addressing the […]
During his visit to the Utility Stores, Federal Housing Minister Riaz Pirzada emphasized that there will be an expansion in tax coverage to include those who previously did not pay taxes. Up to this point, only landlords have been contributing taxes. He announced that authorities are compiling a list of corrupt government officials, adding that […]
As per details, the Monetary Fund has asked Pakistan to end sales tax relaxation on all items including petrol. The newly elected government of Pakistan should also implement a sales tax on petroleum products along with a Rs 60 levy to increase the tax income. Earlier, the International Monetary Fund (IMF) recommended the government of […]
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