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Articles for tag: affordable health care, Budget 2024-25, care, costs, devices, diagnostic kits, expected, funding from public hospitals, Government tax, Health, health care burden, health care costs, Medical, medical devices, medical equipment tax, medical expenses increase., medical tax implications, Pakistan, pottery equipment, public hospitals, raise, Tax

June 22, 2024

News Desk

New tax on more than 200 medical devices expected to raise health care costs

KARACHI: The federal government has imposed a sales tax on more than 200 medical devices, including angiography and angioplasty equipment, as well as diagnostic kits for various diseases. T The move, part of the 2024-25 fiscal budget, is expected to significantly affect the affordability of healthcare for poor patients. For the first time, Pakistan imposes a tax on the diagnosis and treatment of diseases. Imposing this sales tax would increase the cost of diagnosis and treatment by 25% to 30%. This tax will also severely affect public hospital budgets, leading to a marked reduction in routine procedures, angiograms and angioplasty.

June 14, 2024

News Desk

Sindh unveils Rs 3.056 trillion budget with heavy focus on development, social welfare

KARACHI: Sindh Chief Minister Syed Murat Ali Shah on Friday presented a budget of Rs 3.056 trillion for the financial year 2024-2025. The budget includes a significant increase in development spending and proposes wage increases of 22 to 30 percent. The budget allocates Rs 959 billion, or 31 percent, for development projects, underscoring a strong commitment to infrastructure and social services. Projected revenue for the province is over Rs 3 trillion, with 62% coming from federal transfers and 22% from provincial collections. Other sources of revenue include capital receipts, foreign aid for projects and grants. The expenditure breakdown shows Rs

June 13, 2024

News Desk

WATCH: Journo’s question leaves FM scrambling for answers

Journalists staged a protest against the imposition of heavy taxes on wage earners ahead of Finance Minister Muhammad Aurangzeb’s press conference on Thursday. The finance minister was about to address a post-budget press conference in Islamabad when journalists stood up in protest. Journalists recorded a symbolic protest shortly before the start of the press conference. They expressed concerns that while wages in the private sector are not increasing, heavy taxation has been imposed on private sector employees. The Express Tribune earlier reported that the federal government has increased the tax rate for both salaried and self-employed taxpayers in the federal

June 12, 2024

News Desk

The agriculture sector faces a funding shortfall in the 2024-2025 budget

LAHORE: The savior of Pakistan’s economy for FY-24, the agriculture sector, has managed to attract only Rs 5 billion for the next financial year from the existing government. In his budget speech on Wednesday, Finance Minister Muhammad Aurangzeb said agriculture is the main pillar of Pakistan’s economy, contributing 24% to GDP and 37.4% to employment generation. The country’s food security and manufacturing depend on this sector, which also has huge export potential. The prime minister announced the Kissan package in 2022, which included a labeling and risk-sharing scheme for farm mechanization. “For the next financial year, Rs 5 billion has

June 12, 2024

News Desk

Government to unveil 2024-25 budget aimed at securing new IMF bailout

Finance Minister Muhammad Aurangzeb is set to present the 18 trillion rupees federal budget for the financial year 2024-25 in the National Assembly today, which will focus on fiscal consolidation to curb the fiscal deficit, official sources said on Tuesday. According to sources, the main objectives of the budget will be to alleviate the problems of the people, transform the agriculture sector, promote information technology (IT), boost exports, promote industrial development and boost business. The budget was formulated keeping in mind the existing challenges facing the economy on the domestic and international front, the sources said, adding that the government

June 11, 2024

News Desk

SBP will strengthen payment mechanism for small and medium enterprises

KARACHI: The State Bank of Pakistan (SBP) has directed commercial banks to adopt digital supply chain finance (DSCF) solutions to support small and medium enterprises (SMEs). The central bank has instructed commercial banks to develop and implement these DSCF solutions within six months. DSCF is a solution that helps businesses maximize their cash flow by extending the payment terms they give their suppliers, while giving their suppliers the ability to get paid sooner. As a result, both the buyer and the provider benefit. This initiative aims to improve SMEs’ access to finance. In addition, it will enable effective use of

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