Power Minister Awais Leghari on electricity prices
Power Minister Awais Leghari on Thursday said that reduction in power tariff and provision of electricity to the people at an affordable price were the government’s top priorities.
Addressing a press conference, the minister said that various pragmatic measures were being taken to slash electricity prices in order to provide maximum relief to the masses.
He said the electricity price should be reduced by Rs 10 per unit for which agreements with Independent Power Producers (IPPs) were mutually revised and reassessed. reassessed.
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As the Federal Board of Revenue (FBR) rules out any general extension to the September 30 deadline for tax return submissions, here's why it's crucial to file your taxes on time.
Dawn.com's Talal Ahsan discusses the pros and cons of timely tax filing. Have you filed yours yet?
Head to FBR's official website for more information: https://fbr.gov.pk/income-tax-basics/51147/61148
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Concerns over the US economy's slowing momentum were central to the stock market crash globally
Initial panic rippled through global markets as a sharp sell-off stoked fears of an impending recession in the world’s largest economy. Concerns over the US economy's slowing momentum were central to the stock market crash.
Mikail Ahmed from Dawn.com explains. Script by Mahira Sarfaraz.
For more details, click the link in bio.
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Finance Minister Muhammad Aurangzeb says he understands concerns about additional taxes
During a press conference on Sunday, Finance Minister Muhammad Aurangzeb said that he understands that people are "worried about additional taxes."
He said that the government is doing what they can to redress their concerns and that they will bring the exporter community into the tax regime and "expand from there."
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NA opposition leader assails budget’s ‘economic terrorism’ as debate opens on finance bill
Leader of the Opposition in the National Assembly (NA) Omar Ayub on Thursday assailed the budget presented for fiscal year (FY) 2025 as “economic terrorism” against the people as debate opened on the finance bill.
Ayub said investors would not trust the economy to invest in a country where there was “no rule of law”, adding that the International Monetary Fund (IMF) had clearly instructed the government to talk to other stakeholders.
“The finance minister is a very professional man but his wings were clipped,” Ayub said.
He added that everyone was saying the budget was “a constrained budget under the long shadow of IMF stipulations,” adding that the government did not put any room to manoeuvre for itself.
“They dug a grave for themselves, laid in it by themselves and are now asking to be saved,” he said, adding that only PTI founder Imran Khan could save the economy.
He said the nation stood behind the former premier and would go through hard times for him, however, the same could not be said for the current government.
Read more: https://www.dawn.com/news/1840846
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Other sectors being brought into tax net, assures Finance Minister Aurangzeb
Speaking at a press conference in Kamalia today, Finance Minister Muhammad Aurangzeb said that the current tax-to-GDP ratio of 9.5 per cent was “not sustainable”.
“Schools, universities and hospitals can function with charity and philanthropy. Countries can only function with taxes,” he said, adding that the tax-to-GDP-ratio needed to be increased to 13pc.
He said that there were several ways to achieve this, including imposing direct taxation where previously there was none and the need to reduce tax exemptions.
“We have tax exemptions, or expenditures, of Rs3.9tr. We call them expenditures but they are exemptions and we need to reduce those exemptions,” he said, adding that the government had “ring-fenced some areas”, including health and agriculture.
The minister assured that the government was “bringing other sectors into the tax net”. He noted that approximately 32,000 retailers had been registered, adding that they would be taxed from July onward.
Read more: https://www.dawn.com/news/1840546
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FInMin on non-filers
After his press briefing, Finance Minister Muhammad Aurangzeb was confronted by a journalist who said that the burden of non-filing is on the common man and raised the point that there is no cut in expenditure for those in the highest echelons of society.
The finance minister said that he agrees that the government should reduce their expenditure and that he is working on closing ministries. He also said that he apologises if any sim was unjustly blocked.
Read more: https://www.dawn.com/news/1839675
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Finance Minister underscored the need for digitisation
During a press briefing today, Finance Minister Muhammad Aurangzeb underscored the need for digitisation: “We aim to end the undocumented economy and digitise finances. Talk about the FBR’s performance is also warranted, since the compliance and enforcement wee not up to par.
“End-to-end digitisation tends to reduce human intervention. Corruption will go down, there will be transparency and improved client service,” he added.
Read more: https://www.dawn.com/news/1839675
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Everyone must contribute to the economy: FinMin Aurangzeb
The finance minister announced new initiatives to address leakages in the tax system, acknowledging that the previous track and trace system had failed. “We are now moving towards digitalisation to minimise human intervention,” he said.
Aurangzeb echoed his colleague’s — who was seated beside him — sentiment that “there are no sacred cows” and everyone must contribute to the economy.
He emphasised that while philanthropy could support schools, universities, and hospitals, the country’s functioning relied on taxes. “That’s one certain[ty]. That’s the basic principle,” he said.
Read more: https://www.dawn.com/news/1839249
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“There is no plan B, and if there was a plan B, the IMF wouldn’t be called a ‘lender of the last resort’”
Finance Minister Muhammad Aurangzeb noted that the current fiscal year had begun under Prime Minister Shehbaz Sharif’s leadership, before a brief caretaker administration, and was now back under PM Shehbaz’s elected government for the next five years.
Aurangzeb, who has been in his role for three to four months, said he had always believed that Pakistan would need to turn to the IMF programme.
“There is no plan B, and if there was a plan B, the IMF wouldn’t be called a ‘lender of the last resort’,” he said.
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The State Bank of Pakistan (SBP) on Wednesday announced that Saudi Arabia had extended the term for a deposit of $3 billion to Pakistan for one more year.
“The Saudi Fund for Development (SFD), on behalf of the Kingdom of Saudi Arabia, has extended the term for the deposit of $3bn, maturing on December 5, for another year,” the bank said in a statement posted on social media platform X.
The SBP said the extension was a continuation of the kingdom’s support to Pakistan, adding that it would help to maintain foreign exchange reserves and contribute to the country’s economic growth.
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https://www.dawn.com/news/1793619/saudi-fund-extends-term-for-3bn-deposit-to-pakistan-for-1-year-sbp
