The chairman of the Senate standing committee on finance and revenue, former finance minister Senator Saleem Mandviwalla, said on Tuesday that the upcoming budget will further burden the people due to an increase in the petroleum levy. He was also critical of the Federal Board of Revenue’s (FBR) performance, especially in terms of the Tajir Dost Scheme (TDS). Under the TDS, taxes were to be
Bears continued their stampede on Monday at the Pakistan Stock Exchange (PSX) as shares declined by more than 600 points in intraday trade. The benchmark KSE-100 index declined by 886.10, or 0.74 per cent, to stand at 118,216.57 from the last close of 119,102.67 at 1:13pm. At 3:04pm, the index decreased by 642.92 points, or 0.54pc, from the last close. Mohammed Sohail, chief executive of
US President Donald Trump is back from his Middle East trip; his first major overseas visit after assuming office in his second tenure. The visit resulted in commitments of more than $2 trillion of investment from the oil-rich Gulf Arab states. Yet a question is making the rounds: Would all those commitments materialise, especially in the backdrop of a subdued oil market and growing budgetary pres
In the 1930s, John Maynard Keynes argued that lower tax rates can sometimes increase government revenues. He wrote in his 1933 book The Means to Prosperity: “Nor should the argument seem strange that taxation may be so high as to defeat its object, and that given sufficient time to gather the fruits, a reduction of taxation will run a better chance than an increase of balancing the budget.” Mor
In the wake of recent economic reforms, Pakistan has seen encouraging signs of macroeconomic recovery. Inflation is on the decline, the rupee has remained relatively stable, and remittances have picked up. The government’s fiscal discipline, supported by timely decisions around interest rate management, energy pricing, and the International Monetary Fund-programme compliance has helped rebuild con