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Articles for tag: Bank, intervenes, maintain, PM intervenes to maintain 15% tax on bank profits, profits, Tax

June 27, 2024

News Desk

PM intervenes to maintain 15% tax on bank profits

Islamabad: The 15% additional income tax on banks may remain in place after Prime Minister Shehbaz Sharif intervened on Thursday, instructing authorities not to provide any relief to banks. The Prime Minister’s intervention came as the government finalized new tax avenues that may be announced today (Friday) when the 2024-2025 Budget is passed. The National Assembly is expected to approve the new budget and unveil new tax proposals, which are over and above the Rs1.5 trillion in taxes imposed on June 12. At least two cabinet members confirmed to The Express Tribune that the prime minister intervened after widespread backlash

June 8, 2024

News Desk

The PM Office intervenes at the request of the OMCs

Islamabad: The Prime Minister’s Office approached the Directorate of Petroleum to draw its attention to the irreparable exchange loss of Rs 26 billion faced by the petroleum industry. It has also pointed to the reduced sales tax, which is preventing recovery of sales tax paid, resulting in a holdback of Rs 65 billion, which has affected cash flow. The oil industry is seeking the government’s intervention to address several issues, including foreign exchange loss that has risen to Rs 26 billion. The Prime Minister’s Office, in a memorandum, said the president of the Oil Marketing Association of Pakistan had pointed

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