CM Maryam-led government allocates Rs20.7 billion for ongoing and new governance and IT schemes By APP | June 13, 2024 LAHORE: The Punjab government has announced the relaunch of the laptop scheme for students and allocated Rs10 billion for it in the budget for the financial year 2024-25. Punjab Finance Minister Mian Mujtaba Shuja-ur-Rehman, in his budget speech, mentioned that …
A new budget is here, but it fails to bring the reforms and economic revival we urgently need. Like many of our past budgets, it focuses on taxing the already burdened sectors, while sidestepping property, agriculture, and the NFC. It also aims to meet IMF conditions. Old habits die hard, as evidenced by this PML-N budget. Total federal development spending …
The stock market soared to unprecedented heights on Thursday, fueled by investor optimism over the federal budget’s decision to maintain the Capital Gains Tax (CGT) status quo for the fiscal year 2024-25. Pakistan Stock Exchange’s (PSX) benchmark, the KSE-100 Shares Index, surged to a record high of 76,208.16 points, marking a historic single-day gain of 3,410.73 points or 4.69%. “The …
![Islamabad: Finance Minister Muhammad Aurangzeb expressed optimism on Thursday that discussions with the International Monetary Fund (IMF) were progressing positively and anticipated reaching a staff-level agreement in July. The budget, which experts believe has been tailored to meet IMF criteria for securing a $6 to $8 billion bailout under the Extended Fund Facility (EFF), represents a 25% increase over the previous fiscal year. "The discussions with the IMF are on the right track [...] We are hopeful and aiming for a staff-level agreement in July," the finance minister told reporters during a post-budget press conference. The minister noted that virtual discussions with the IMF team were ongoing, covering various aspects of the budget. "I do not want to make any definitive statements at this time, but progress is being made positively." The government has set a challenging tax revenue target of Rs13 trillion for the upcoming fiscal year starting July 1, representing nearly a 40% increase from the current year, in the national budget designed to strengthen the case for a new IMF bailout deal. As the authorities explore avenues to boost revenues and reduce the fiscal deficit as part of the reforms being discussed with the IMF, they have raised taxes that are expected to generate an additional Rs3.8 trillion in line with IMF demands. The government has increased taxes on the salaried and non-salaried classes, real estate, retailers, vehicles, eliminated GST exemptions and introduced taxes on milk and milk products, mobile phones, and tier-1 retailers of branded stores at 18%. In response to reservations expressed by the Pakistan Peoples’ Party about the Rs18.7 trillion budget, the federal minister said that all allied parties had been briefed on the budget proposal and had given their consent. Gradual increase in PDL The minister stated that the increase in the petroleum development levy (PDL) would be gradual and linked to international oil prices. He said, “Petroleum levy will](https://tv84.pk/wp-content/uploads/2024/06/549123_6891981_updates.webp)
Islamabad: Finance Minister Muhammad Aurangzeb expressed optimism on Thursday that discussions with the International Monetary Fund (IMF) were progressing positively and anticipated reaching a staff-level agreement in July. The budget, which experts believe has been tailored to meet IMF criteria for securing a $6 to $8 billion bailout under the Extended Fund Facility (EFF), represents a 25% increase over the …
ISLAMABAD: A 13-member full-court bench of the Supreme Court has been formed to hear a plea filed by the Sunni Ittehad Council (SIC) challenging the Peshawar High Court’s (PHC) verdict that denied the party reserved seats for women and minorities, sources told Geo News Friday. Chief Justice of Pakistan Qazi Faez Isa would head the bench, comprising all the available …
