The government has raised the sales tax rate to 18 per cent from 1pc on raw materials used in producing pharmaceutical active components and goods, which is expected to spike drug prices. The Finance Bill 2024 proposed that the standard sales tax rate will be applied to all items classified under Chapter 30 of the First Schedule with exceptions to the Customs Act 1969. The bill suggested severa
The Pakistan Tax Bar Association (PTBA) has criticised the increase in taxes on salaried individuals and sales tax as oppressive. It also believes that giving the FBR officials more powers will lead to greater harassment of taxpayers. PTBA President Anwar Kashif Mumtaz, at a press conference held at Karachi Press Club on Thursday, labelled the budget FY25 as counterproductive to economic activi
The government is expected to pass on the impact of lower international prices to consumers with a cut in the rates of petrol and high-speed diesel (HSD). In the upcoming fortnightly review of prices on June 15, petrol is expected to go down by about Rs9 and HSD by Rs5 per litre. According to sources, the prices of petrol and HSD had declined in the international market by about $3.75 and $2
While the people are still trying to gauge the real impact of the new budget on their lives, an interaction with the man on the street revealed that 40 per cent Pakistanis living below the poverty line had a feeling the government had left them to fend for themselves. Finance Minister Muhammad Aurangzeb said nothing about tackling poverty in his budget speech, disappointing the have-nots who
Some pre-budget optimism emerged at the Pakistan Stock Exchange (PSX) on Wednesday as the KSE-100 index rebounded following two consecutive sessions of significant declines. The upturn followed Finance Minister Muhammad Aurangzeb’s assurance to the nation of efforts to stabilise the economy ahead of the federal budget presentation. Earlier, the trading session began with a spike but soon inv