Month: May 2024

Budget 2024-25: Govt Considers Revoking Tax Waivers for Wealthy

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Budget-2024

ISLAMABAD: The government is contemplating the withdrawal of tax concessions that disproportionately benefit high-earning individuals, a proposal likely to impact the wealthy while sparing the middle class, Dawn learned on Monday. The International Monetary Fund (IMF) has suggested that the government treat salaried employees’ incomes similarly to non-salaried individuals’ incomes as personal income. However, the Federal Board of Revenue (FBR) disagrees, arguing that these income sources cannot be equated. If the IMF’s recommendation is implemented, the tax burden on the salaried class will increase significantly. Currently, the devised revenue measures…

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Seminar on net metering, distributed generation policies Well-off power consumers having rooftop solar systems be permitted to donate excess electricity to charitable causes in Pakistan

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Hopewind-Group

Karachi: Well-off consumers with rooftop solar systems should have the opportunity to donate excess clean energy to charitable causes, benefiting deserving segments of society. Moin M Fudda, former managing director of the Karachi Stock Exchange and ex-chairman of Central Depository Company of Pakistan, suggested this to the government regarding the potential revision in net metering policy in the country. Fudda, a prominent figure in the Pakistani and foreign insurance industry, made these remarks at a seminar on net metering and distributed generation policies organized by Hopewind. He emphasized that incorporating…

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Seminar on net metering, distributed generation policies

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Well-off power consumers having rooftop solar systems be permitted to donate excess electricity to charitable causes in Pakistan Karachi: Well-off consumers with rooftop solar systems should have the opportunity to donate excess clean energy to charitable causes, benefiting deserving segments of society. Moin M Fudda, former managing director of the Karachi Stock Exchange and ex-chairman of Central Depository Company of Pakistan, suggested this to the government regarding the potential revision in net metering policy in the country. Fudda, a prominent figure in the Pakistani and foreign insurance industry, made these…

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Malaysia to cut diesel subsidies, saving $852m annually

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crude-oil

KUALA LUMPUR: Malaysia will begin cutting fuel subsidies to bolster its fiscal position starting with diesel, a move that will save about 4 billion ringgit ($852 million) annually, Prime Minister Anwar Ibrahim said on Tuesday. Anwar has repeatedly vowed to shift away from blanket subsidies to a targeted system that mainly aids low-income groups. Malaysia subsidises fuel, cooking oil, and rice, among other items, but rising commodity prices have seen that expense climb in recent years, straining the government’s coffers. Anwar said savings from subsidy cuts could be re-directed to…

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Previous flawed decisions hampering improvement in power sector?

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CPEC-IPPs

ISLAMABAD: Pakistan’s power sector has shown little, if any, sign of improvement in decades due to the irreversibility of past flawed decisions including contracts signed under the umbrella of the China Pakistan Economic Corridor (CPEC) that favour the Independent Power Producers (IPPs), coupled with the policy of net metering allowed for solarisation thereby overburdening the remaining consumers through ever rising tariffs to meet full cost recovery objectives specified by multilateral lenders including International Monetary Fund (IMF), World Bank (WB) and Asian Development Bank (ABD). In addition, informed sources told this…

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