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On this day, the FY2024–25 budget will be “presented.”

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An initial estimate of Rs 1,500 billion is being given for subsidies, while Rs 9,700 billion is being estimated for interest and loan expenses.

The projection for tax income, according to sources, is more than Rs 11,000 billion, of which Rs 5,300 billion is projected to come from direct taxes and Rs 680 billion from federal excise duties.

Sources predicted that customs duties will bring in over Rs 1,100 billion and sales tax would likely bring in over Rs 3,850 billion.

A fuel charge of Rs 1,100 billion is anticipated to yield the first estimate of non-tax revenue of Rs 2,100 billion. Additionally, reports stated that the estimated government budget deficit is Rs 9,300 billion.

The Pakistani government is expected to remove tax exemptions in the FY2024–25 budget, according to earlier reports, per an IMF demand.

Additionally, tractors and insecticides may see price increases as a result of the government’s proposed sales tax. These are necessary agricultural supplies.

Right now, pesticides and the active substances listed on a registration form filed with the Department of Plant Protection are free from sales tax under the Sixth Schedule of the Sales Tax Act.

Additionally, tractors are exempt from sales tax, including road tractors used to tow semi-trailers. On the other hand, for the next fiscal year, budget managers are talking about eliminating these exemptions and lowering the sales tax rate on pesticides and tractors.

The cost of pesticides and agricultural equipment could rise as a result, which would put a heavy burden on farmers and those who depend on these products.

It is anticipated that the 2019 budget will impose withhold tax on commercial importers, resulting in an additional tax revenue of Rs30 billion.

In order to revive Pakistan’s energy industry, the International Monetary Fund (IMF) called on Islamabad to implement “strong cost-side reforms.”

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A bid of ten billion rupees has been submitted by Blue World Consortium for the privatization of the Pan-India Airport (PIA).

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A bid of 10 billion rupees has been made by the Consortium to privatize Pakistan International Airlines.

There is only one bid from the Blue World Consortium.

The Blue World City Consortium has been the only group to submit documentation.

Through circulation, the Federal Cabinet will approve the reserve price of PIA.

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Business Leaders Are Encouraged To Keep Up With New Regulations Regarding Pakistan’s Textile Exports To Germany

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Despite the fact that Pakistan is a significant exporter of textiles to Germany, business leaders in Pakistan need to remain updated about developing laws. A conference on textiles was organized in Karachi, and German Consul General Dr. Rudiger Lotz underlined this point at the event.

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During his meeting with the Qatar Businessmen Association, the Prime Minister of Pakistan extended an invitation to invest in key sectors.

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Meeting with the Qatar Businessmen Association (QBA) delegation, Prime Minister Muhammad Shehbaz Sharif talked about strengthening economic ties and looking into new cooperation opportunities.

His Excellency Sheikh Faisal Bin Qassim Al-Thani led the QBA delegation, which was made up of prominent businesspeople from Qatar who each represented important economic sectors. During the discussion, prominent members of Qatar’s business sector and important leaders from Pakistan discussed how to improve trade, investment, and economic ties.QBA members in attendance included Sheikh Mansoor bin Jassim Al Thani, Chairman of the Mansoor Jassim Al Thani Group; Mr. Nabil Abu Issa, CEO of Blue Salon; Mr. Khalid Ahmed Al Mannai, Executive Director of Mannai Corporation; Mr. Salah Mohammed Jaidah, Chairman MENA & Chief Country Officer of Deutsche Bank; Mr. Yousuf Ebrahim Al-Mahmoud, Director of Sendian Group; and Mr. Salah Mohammed Jaidah, Chairman MENA & Chief Country Officer of Deutsche Bank.

By highlighting the many prospects in industries like energy, infrastructure, and finance, the prime minister made Pakistan an alluring place for foreign investment.

All of these delegates showed interest in Pakistan’s economic situation, namely in the future energy, technological, and infrastructure development initiatives under consideration.
Throughout the discussion, both parties looked at possible partnerships that may promote innovation, job creation, and sustainable development in both nations. The QBA members expressed interest in increasing their investments in Pakistan’s infrastructure and energy sectors in a positive response to the Prime Minister’s request. The significance of bilateral cooperation was emphasized in order to support regional economic growth and stability.

The meeting was also attended by Federal Ministers for Commerce Kam Kamal Khan, Finance and Revenue Mohammad Aurangzeb, and Information and Broadcasting Attaullah Tarar, as well as Deputy Prime Minister and Foreign Affairs Senator Mohammad Ishaq Dar and Defense Minister Khawaja Muhammad Asif.

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