The commerce ministry has formed a special committee to assess proposals from exporters amidst opposition parties’ rejection of the government’s proposed tax measures. Ahead of the passage of the Finance Bill 2024 in the parliament, Commerce Minister Jam Kamal Khan held a meeting on Monday to address concerns raised by the All Export Association of Pakistan. The National Assembly will likely
The Federal Board of Revenue (FBR) has initiated nationwide audits of urea/fertiliser dealers to ensure compliance with income tax regulations and accurate tax payments. In this regard, notices for audit have been issued for 437 cases, the FBR announced on Monday. The audit proceedings are swiftly underway and will be finalised in the near future. In addition, notices to all non-filers have
Lawmakers belonging to the PPP, a key partner in the ruling coalition, during their speeches in the National Assembly on Monday not only made a scathing attack on the tax-laden and ‘directionless’ federal budget, but also targeted the ruling PML-N, claiming that Prime Minister Shehbaz Sharif had lost popularity among the masses. Despite expressing serious reservations over the budget, the P
Claiming that the proposed federal budget 2024-25 practically cancelled the recently announced policy for setting up new and upgrading existing refineries, the oil industry has asked the government to revive the existing taxation regime, including continuing customs duty on diesel and sales tax laws on all petroleum products. In a representation to the federal ministers for finance and petroleu
The government’s borrowings in the first 11 months of the outgoing fiscal year have exceeded the combined figure of the two preceding fiscal years. This huge borrowing from banks was made when the interest rate was unprecedentedly high, at 22 per cent, indicating the size of debt servicing will enormously increase and exceed the budget estimates for the upcoming fiscal year. According to the