As the government missed the annual tax target by a margin of Rs110 billion, Finance Minister Muhammad Aurangzeb on Sunday defended the income tax exemption that he gave on sale of properties by Pakistan’s all serving and retired civil and military government employees. The coalition government has given the new income tax exemption despite the Federal Board of Revenue’s (FBR) tax-to-GDP ratio
Budget preparation and presentation have recently become more of a ceremonial exercise, primarily aimed at reassuring lenders about fulfilled promises or demonstrating the intent to secure the next round of funding. Once the dust settles on the post-budget debate, the average citizen is left to wonder just how deeply the knife has cut this time. Meanwhile, as the finance minister wrapped up
Textile millers have warned that cross-subsidies for the fertiliser sector in “ring-fenced” re-gasified liquefied natural gas (RLNG) prices will have a destructive impact on Pakistan’s exports, employment and economy. In a statement, the All Pakistan Textile Mills Association (Aptma) pointed out that the Ministry of Energy (Petroleum Division) and the Oil and Gas Regulatory Authority’s (Ogra) a
A milestone in educational cooperation between China and Pakistan was achieved last week with the formation of the China-Pakistan Digital Education Alliance. The alliance, jointly initiated by ITMC Technology Co Ltd and UNI International, along with over 160 Chinese and Pakistani technical and vocational education and training (TVET) partners, aims to strengthen Pakistan’s TVET system and trans
As per the announcement for the federal budget 2024-25, Pakistan will have to finance a budget deficit of Rs8,500 billion. This is such an important and staggering figure, yet no one recognises its real impact. We have been told that it is 8% of the GDP, but no one tells us that it is actually 45% of the total budget for 2024-25. To add some spice to it, a total of Rs7,800 billion will be financed