Category: Highlights

Budget 2024-25: Business and Industry Deem It ‘More IMF-Friendly’

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Budget-2024-25

KARACHI/ISLAMABAD/LAHORE: Businessmen and industrialists expressed dissatisfaction on Wednesday with the budgetary measures proposed for 2024-25, criticizing it as anti-industry and overly aligned with IMF directives. Trade and industry leaders have labeled the budget a burden on existing taxpayers, with no substantial efforts made to broaden the tax base or promote industrial production and commerce. During a press conference at the Chamber House, Islamabad Chamber of Commerce and Industry President Ahsan Zafar Bakhtawari highlighted that the government’s ambitious tax target of Rs12.97 trillion would increase the burden on existing taxpayers instead…

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Govt Targets Rs1.28 Trillion in Petroleum Development Levy Collection

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petroleum-group

ISLAMABAD: The federal government has set an ambitious target to collect Rs1.28 trillion through the petroleum levy for the fiscal year 2024-25, marking a 47.4% increase over the previous year’s goal. In the outgoing fiscal year, the government collected Rs960 billion from the petroleum levy, surpassing the original target of Rs869 billion. The upcoming fiscal year projects an additional Rs321 billion in collections. Furthermore, Rs28 billion is expected to be collected from the levy on crude oil, matching the amount collected this year despite an original target of Rs35 billion.…

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PM Orders Reduction in Load Shedding Amid Rising TemperaturesShehbaz Announces Upcoming Visit of High-Powered Chinese Delegation

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Shahbaz-Sharif

ISLAMABAD: Prime Minister Shehbaz Sharif has directed provincial governments to intensify efforts against power theft and reduce load shedding as temperatures rise. Chairing a review meeting on load shedding, power theft prevention, and energy sector reforms, the premier emphasized the need for effective complaint registration systems within distribution companies to address power outages promptly. “With the rising heat, load shedding should be minimized,” Shehbaz stated, highlighting the necessity of adhering to international standards in purchasing new transformers. He also urged the adoption of globally recognized modern systems for energy sector…

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Government Prepares for Heavy Taxation Budget Amid Tough IMF Conditions

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pak-imf

The government is set to present its first budget since its inauguration in March, facing stringent conditions imposed by the International Monetary Fund (IMF). Local economists predict the budget will result in heavy taxation and increased inflation. Negotiations between the finance ministry and the IMF are ongoing as the government grapples with the loaning agency’s tough demands. These include increasing the tax revenue target, withdrawing subsidies, taxing the agriculture sector, raising levies and taxes on power, gas, and oil sectors, privatizing struggling government organizations, and improving administrative efficiency. Last fiscal…

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