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Punjab Meeting: Finance Invoice for fiscal 12 months 2024-25 handed by majority – Pakistan

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

The Punjab Meeting handed the Finance Invoice for the monetary 12 months 2024-25 by majority vote. Earlier than the passage of the invoice, the federal government and opposition members got here on the identical web page on the problem of figuring out the related authority for wage hike.

The Punjab Finance Invoice offered by the Provincial Finance Minister was accredited by majority vote. Speaker Malik Muhammad Ahmad Khan signed the finance invoice. After which the Punjab Finance Invoice 2024 was despatched to the Governor of Punjab for approval.

Within the assembly presided over by Speaker Punjab Meeting Malik Ahmed Khan, opposition member Rana Aftab raised the purpose of figuring out the authority to extend the salaries and allowances of the members of the meeting, then the federal government benches additionally supported it. Rana Aftab raised the purpose that the speaker is the custodian of this home, it’s the prerogative of the speaker to take the finances from the federal government and decide the salaries and allowances of the members of the meeting.

Prime Minister shakes arms with the opposition, ‘Imran Khan has issues, so let’s sit and discuss’

Different authorities members together with Samiullah Khan supported Rana Aftab’s place. On which the Speaker reserved the ruling and sought a report on the matter from the Minister of Parliamentary Affairs.

The nation goes bankrupt, your focus is just on taxation, Maulana Fazlur Rehman

Opposition member Nadeem Qureshi strongly condemned the sudden improve in tariff following consumption of 200 items of electrical energy. After finishing the agenda, the speaker adjourned the assembly until 2 pm on Thursday.

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2024-06-26 20:58:10

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Economy

Senate Standing Committee Unanimously Rejects Improve in Tax on Employers – Pakistan

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

The Senate Standing Committee unanimously rejected the rise in tax on employed individuals, whereas the rise in tax on toddler milk was additionally unanimously rejected.

Senate Standing Committee on Finance Chairman Salim Mandviwala introduced the report primarily based on suggestions on the funds for the following monetary 12 months within the Home and stated that we often get 14 days for suggestions, this time we got solely 6 days.

He stated that every one the committee members, senate workers, media, officers of assorted ministries cooperated lots. 32 stakeholders represented within the committee and submitted their suggestions.

Talking within the Senate assembly, Saleem Mandviwala stated that we should always cease politics on the nation’s economic system, all political events ought to agree on the economic system.

Authorities’s choice to oppose all cuts motions

The Standing Committee on Poultry Discipline Tax really helpful that the federal government ought to assessment it. The committee additionally really helpful that hospitals which don’t cost sufferers needs to be given incentives.

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Economy

Negotiations with the IMF: Government’s assurance of not borrowing from the central bank, timely external payments – Business & Economy

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

Talks between Pakistan and the International Monetary Fund (IMF) began in Islamabad to discuss a new long-term debt program and budget, the government’s assurance of not borrowing from the central bank and timely external payments. has been done

The IMF mission has reached the Finance Ministry for talks with the government’s economic team. According to Finance Ministry sources, a ten-member IMF mission is holding talks in the first introductory session.

It should be noted that Pakistan is hoping for a bailout package of more than 6 billion dollars. The IMF has called on Pakistan to revoke its discretionary powers to grant tax incentives, including a proposal to abolish all tax incentives in the Income Tax Ordinance.

The IMF has asked Pakistan to bring changes in the tax laws of NGOs, charitable organizations, pensioners and to practically end the special tax regime of the construction sector as soon as possible.

He assured not to borrow from the central bank in the next financial year

Sources familiar with the discussions between the finance ministry and the IMF mission in Islamabad on key budget targets said that the government has assured not to borrow from the central bank in the coming financial year.

According to the sources, there has been an agreement between the government and the IMF on timely external payments and the government has said that FB Artex will be bound to make timely refunds. Besides, there will be issuance of global market bonds for improvement of foreign exchange reserves and payments.

Completed all the working for the new loan program

In this regard, the sources further said that the economic team will negotiate on the new program, budget, all the working for the upcoming federal budget and new loan program has been completed by the government.

Sources say that working papers have been prepared for the extended fund facility loan programme. During the negotiations, the size and duration of the upcoming program will also be decided.

He said it is also expected that the issuance of similar ITGOs soon will also block over 893,000 SIMs not included in the list of active taxpayers.

Asif S Kasbati also indicated that one or more ITGOs may be issued for around 835,000 or more because of the difference between the ATL for the tax year 2023 as on 30 April 2024, 4, 073,068 as compared to the taxpayers in tax year 2022 as on 1st January 2024 the difference is 5,416,068 and even more. While in the already issued general order, only 506,071 ID cards have been issued.