Business

Dar directs FBR to boost efforts for achieving ‘true tax potential’

Published

1 year ago

Farwa

Finance Minister Ishaq Dar on Tuesday directed the Federal Board of Revenue (FBR) to accelerate its efforts to achieve the true tax potential of the country.

The financial czar made the remarks while presiding over a meeting in Islamabad to review the performance of the FBR.

Dar extended his full support to the FBR in the performance of its duties for revenue collection.

During the meeting, FBR Chairman Asim Ahmad gave a detailed presentation on revenue targets and the performance of the FBR during the first nine months of the current fiscal year. It was stated that the FBR would make all-out efforts to meet its revenue target in the remaining months of the current financial year.

On February 1, the FBR claimed that it had collected Rs3,965 billion in tax collection in seven months (July-Jan) period and will have to collect Rs3,505 billion more in the remaining five months (Feb-June) of the current fiscal to meet the Rs7,470 billion target.

According to an FBR announcement, the tax machinery had surpassed the tax collection target envisaged for January 2023 with a margin of just Rs4 billion; its collection stood at Rs537 billion against the fixed target of Rs533 billion. However, FBR faced a revenue shortfall of Rs225 billion in December 2022 target.

It is argued by the FBR authorities that December 2022 was wrongly fixed on the higher side and they would be able to collect the fixed target for Income Tax, Sales Tax and Federal Excise Duty (FED). However, it might face a shortfall of Rs170 billion on account of Customs Duty collection.

The latest estimates suggest that the devaluation of the exchange rate will help the FBR overcome its expected shortfall in the current fiscal year.

According to the official statement issued by the FBR, the revenue collector had demonstrated performance during January 2023 and had not only achieved the monthly budgetary target of Rs533 billion but also surpassed it by Rs4 billion.

According to provisional figures, the FBR collected Rs537 billion in the month of January, showing a growth of 23% compared to the same month last year.

Cumulatively, the FBR had collected Rs3,965 billion in the first seven months of the current financial year against Rs3,367 billion collected in the corresponding period of the last year, depicting a growth of 18%.

The third quarter of the current fiscal year started with an impressive performance and the FBR was committed to meet the annual budgetary target of Rs7,470 billion for the current financial year despite economic challenges, said the statement.

According to the tax regulator, direct taxes collection had shown growth of 48% during the first seven months of the current financial year.

The growth in domestic taxes was 40% during the same period. The contribution of domestic taxes has also increased from 50% last year to 59% during the current year.

Business

An investigation was “launched” into PTA’s inability to get Rs. 78 billion back from Telcos

Published

14 hours ago

Farwa

The PTA has reportedly been instructed to reply to NAB by July 29. According to the enquiry, the national exchequer has suffered losses as a result of the delay in collecting dues.

The PTA has been asked to provide NAB with information about any pertinent records, court proceedings, and overdue bills. The NAB Karachi has summoned the PTA officials to appear with all pertinent documentation.

All of the principle sum has to be paid by the LDI firms, according to sources. But due to judicial stay orders, the collection of dues has been impeded.

These sources further state that a steering group has been established by the Ministry of IT to supervise the issue of dues recovery.

In a previous event, the tariffs levied on importing cell phones from outside were clarified by the Pakistan Telecommunication Authority (PTA).

Contrary to what some internet reports claim, PTA clarified in response to recent news regarding the tariffs on mobile phone imports that there hasn’t been a formal decision to remove these levies in Pakistan.

the PTA.Pakistanis living abroad will be the only ones free from these levies, according to the PTA. A SIM card can be inserted and the phone restarted to temporarily register a device for non-PTA mobile subscribers.

Business

Weekly inflation in Pakistan increased by 0.17 percent.

Published

14 hours ago

Farwa

The SPI for the week under review in the aforementioned group was reported at 321.95 points, as opposed to 321.40 points during the previous week, according to the PBS statistics.

The SPI for the combined consumption group saw a 20.09 percent increase in the week under review compared to the same week the previous year.

The weekly SPI includes 51 necessary items for every spending group and 17 urban areas, with a base year of 2015–16 = 100.

The SPI for the lowest consumption category, which is up to Rs 17,732, grew by 0.08 percent from 311.97 points to 312.22 points this past week.

0.18 percent,The index of consumption for the lowest consumption groups, which are Rs 17,732-22,888, Rs 22,889-29,517, Rs 29,518-44,175 and above Rs 44,175; increased by 0.13 percent, 0.15 percent, 0.18 and 0.19 percent, respectively.

Nineteen (37.25%) of the fifty-one commodities had price increases over the week, eight (15.69%) had price decreases, and twenty-four (47.06%) had unchanged pricing.

On a weekly basis, the following commodities saw significant price decreases: tomatoes (9.19%), onions (2.14%), LPG (1.04%), bananas (0.53%), wheat flour (0.35%), potatoes (0.17%), pulse masoor (0.16%), and bread (0.05%).

Chicken (4.80%), garlic (2.01%), pulse gramme (1.87%), eggs (1.71%), beef (0.93%), gur (0.89%), pulse moong (0.84%), fresh milk (0.45%), firewood (0.23%), and cigarettes (0.12%) were among the items whose average prices increased significantly week over week.

The commodities that saw a year-over-year decline were: wheat flour (31.75%); cooking oil (13.44%); vegetable ghee 2.5 kg (10.42%); vegetable ghee 1 kg (9.85%); mustard oil (8.33%); eggs (5.82%); rice basmati broken (4.15%); and tea package (2.52%).

Gas prices for Q1 (570.00%), onions (96.01%), pulse gramme (40.39%), powered milk (39.11%), garlic (34.61%), pulse moong (29.77%), men’s sandals (25.01%), beef (23.52%), salt powder (23.28%), pulse mash (22.50%), and energy saver (17.96%) were among the commodities whose average prices increased year over year.

Business

The price of gold has drastically dropped in Pakistan.

Published

2 days ago

Farwa

As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the cost of 24-karat gold per tola decreased by Rs 2,300, standing at Rs 250,500.

A kilogramme of 24-karat gold costing Rs1,972 less at the local market, making it worth Rs2114,763. Ten grammes of 22-karat gold had a price decrease to Rs196,866 as well.

After losing a significant $43 during the day, the rate per ounce of gold on the international market also decreased. It currently stands at $2,370.

On Thursday, the price of 24-karat silver also experienced a decline, falling by Rs60 to settle at Rs2,860 petal.