Pakistan

Key proposals of the ‘mini-budget’

Published

1 year ago

Farwa

As the government seeks to fulfil the prerequisites for unlocking the $1.1 billion International Monetary Fund (IMF) loan tranche, Minister for Finance and Revenue Senator Ishaq Dar has introduced the Finance (Supplementary) Bill 2023 or the “mini-budget” in the National Assembly and Senate on Wednesday.

The government last night ratified the increase in the general sales tax (GST) rate from 17% to 18% and increased the Federal Excise Duty (FED) on cigarettes in order to fetch an additional Rs115 billion out of Rs170 billion agreed to by Pakistan in line with the IMF conditions.

Through the “mini-budget”, the Pakistan Democratic Movement (PDM)-led government aims to reduce the budget deficit and broaden its tax collection net — in order to meet the conditions laid forth by the Washington-based lender.

Talking to reporters after the session on Wednesday, FinMin Dar said that he expects the bill to be passed in both houses by Monday or Tuesday as Senate Chairman Sadiq Sanjrani has “given us till Friday”.

Key proposals

1. Increase in GST on luxury items from 17% to 25%

2. Federal Excise Duty (FED) on business and first-class air tickets be increased to Rs20,000 or 50% — whichever is higher

3. 10% withholding adjustable advance income tax to be imposed on marriage halls

4. Increase in FED on cigarettes, soft and sugary drinks

5. FED on cement to be raised from Rs1.5 kg to Rs2 kg

6. Increase in GST from standard 17% to 18%

7. GST to not be imposed on essential goods — wheat, rice, milk, pulses, vegetables, fruits, fish, eggs, meat

8. BISP stipend to be increased; govt to allocate Rs400 billion for programme

Business

Price of LPG “slashed” by Rs. 20 per kilogram

Published

4 hours ago

Farwa

Sources claim that LPG rates have been lowered by Rs 20, making the cost per kilogram drop from Rs 280 to Rs 260.

It is noteworthy to remark that the costs of LPG were reduced by Rs 20 per kilogram earlier, resulting in a total reduction of Rs 40 per kilogram within a few weeks.

The price of liquefied petroleum gas for the month of May 2024 was lowered by the Oil and Gas Regulatory Authority (OGRA) on April 30.

The LPG tariffs were lowered by Rs 11.88 to Rs 238.46 per kilogram in accordance with the OGRA’s notice. On Wednesday, May 1, 2024, the new rates will go into effect.

In April of last year, the price per kilogram of LPG was Rs 250.34. pricing reduction of Rs 140.18 has resulted in a new pricing for home LPG cylinders set for May 2024 of Rs 2813.85.

The OGRA reported a drop in liquefied petroleum gas pricing in April. The price of LPG is now Rs 250.34 per kg instead of Rs 256.78 due to a reduction of Rs 6.44 per kg.

The price of the household cylinder was fixed at Rs 2954.03 for the month of April, down from Rs 3030.12, a decrease of Rs 76.9.

Business

ADB delegation stops by FBR headquarters

Published

4 hours ago

Farwa

Senior Director ADB Tariq Niazi oversaw the expedition, which also involved Sana Masood, Farzana Noshab, and Senior Public Sector Management Specialist Laisiasa Tora. The meeting included presentations from economists as well, according to an FBR press release.

The officers focused on structural and policy adjustments as they discussed the Domestic Resource Mobilization Program’s implementation at the meeting.

$300 million was given to the Pakistani government by ADB in December 2023 as a result of the hard work and dedication of FBR. Better laws, regulations, and institutional capability for the FBR were established by Sub-Program I.

With the $300 million in funding provided by the Asian Development Bank (ADB) to the Government of Pakistan in December 2023, the delegation conveyed satisfaction with the program’s effective launch.

The FBR also underlined how crucial digitization is to recording the economy and boosting productivity in a sustainable way.

In order to promote the Government of Pakistan’s Digital Tax Administration Project, both parties decided to look into measures to improve their cooperation.

Latest News

Off-duty police in Islamabad are prohibited from donning uniforms.

Published

4 hours ago

Farwa

The new directives, according to specifics, were sent via wireless by the federal capital police and state that no officer may wear a uniform when reporting for duty or leaving it.

According to the police official, uniforms will only be worn when on duty; otherwise, two policemen will accompany each other during duty hours and will always be required to carry guns.

A different development was the earlier release of an app by the Islamabad Police with the goal of improving crime prevention and public safety.

Launched on the orders of former Interior Minister Sarfraz Akbar Bugti, the recently released ICT-15 app aims to empower the people of the capital city by giving them the ability to actively engage in the battle against crime and protect their areas.

Residents of Islamabad can now easily download and utilize the ICT-15 app because it is easily accessible on the Google Play Store.

Citizens can report a variety of issues with this easy-to-use application, such as incidents, unlawful behavior, complaints against law enforcement, the presence of undocumented people, or any suspicious criminal activity.

The police promise quick reaction times as soon as information is reported using the app, so assistance will be provided as quickly as feasible.