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Additional tax revenues to be spent on welfare projects: PM Shehbaz

Prime Minister Shehbaz Sharif has said the additional tax collection will be spent on health, education, and other public welfare projects. He said this in a statement in response to the Lahore High Court’s decision of dismissing the stay order on windfall tax on banks’ additional income, benefiting the national treasury by 11.5 billion rupees, and a total of 34.5 billion rupees over the last month. The Prime Minister, taking notice of the stay order cases regarding the windfall tax imposed on banks’ additional income under the Finance Act 2023, had directed the Minister of Law, Minister of Finance, Attorney

September 3, 2024

News Desk

Finmin Aurangzeb describes Pakistan’s path to sustainable economic development

Pakistan’s Finance Minister Muhammad Aurangzeb reaffirmed the government’s commitment to steer the economy towards stability and sustainable growth. Speaking at a recent media briefing, Aurangzeb referred to the country’s ongoing economic challenges and the efforts being made to address them. He stressed that despite the difficulties, significant progress has been made, particularly in terms of remittances and credit assessments. Aurangzeb noted that remittances remained stable, reflecting the confidence of overseas Pakistanis in the country’s economic management. He further said that two prominent international rating agencies have maintained Pakistan’s credit ratings, which he interpreted as a positive sign that the country’s

addressing the challenges of debt, inflation and productivity

Britain’s economy is under incredible pressure, more than you might imagine. Austerity and two successive and costly crises have left the UK with huge debt. Compared to other major advanced economies, the UK’s national debt has risen more since COVID-19. Rising debts and tax revenues Borrowing is not the only issue. Tax revenue as a percentage of GDP – the share of the country’s output that the government takes to pay for public needs – is almost as high as in wartime. This is a huge problem for the current government in an election year, especially when public services need

April 17, 2024

News Desk

Aurangzeb unveils economic plan

WASHINGTON: Federal Minister for Finance and Revenue Muhammad Aurangzeb, heading a Pakistani delegation to the International Monetary Fund (IMF) and World Bank 2024 Spring Meetings in Washington, on Tuesday highlighted the country’s road map to address economic challenges and boost the economy towards sustainable development. During an interactive session with the Atlantic Council Center for Geoeconomics and the South Asia Center titled “Opportunities and Challenges for Pakistan’s Economy to 2024 and Beyond,” he outlined key measures such as raising the tax-to-GDP ratio, the digitization of the Federal Board of Revenue (FBR), reform of state-owned enterprises (SOEs), boosting exports, boosting remittances,

November 3, 2023

News Desk

FBR asked to raise revenue to Rs15tr

Islamabad: Caretaker Finance Minister Dr Shamshad Akhtar termed this year’s tax collection target of over Rs9.4 trillion as low and asked the authorities to work out a plan to increase collection to Rs15 trillion in the next financial year. The minister’s remarks came during an internal meeting on the restructuring of Pakistan Revenue Automation Limited (PRAL), a subsidiary of the tax machine and its technology arm. Akhtar also expressed his displeasure over the performance of the Federal Bureau of Revenue (FBR) members and demanded a one-page report on their achievements during their stay at the FBR headquarters. Sources said the

EU keen on strengthening trade ties with Pakistan: EU envoy

ISLAMABAD: European Union (EU) Ambassador to Pakistan Androulla Kaminara has said that the EU has some concerns regarding freedom of expression, forced disappearances and human rights issues in Pakistan. While speaking on Star News Pakistan programme Live With Sehar Kamran hosted by Senator Sehar Kamran, Ambassador of European Union to Pakistan Androulla Kaminara said that bilateral trade is the mandate of the European Union (EU) and not the member states. Member states of the EU cannot draft the bilateral trade agreement. The Generalised Scheme of Preferences (GSP- Plus) status applies to all EU members and it allows exports to the 27

PM lauds FBR for achieving historic tax revenue of Rs 4732b during FY 2020-21

ISLAMABAD: Prime Minister Imran Khan lauded the Federal Board of Revenue’s (FBR) efforts in achieving a “historic level of tax revenues of Rs4,732 billion in the fiscal year 2020-21”. In his Tweet on Friday, Prime Minister Khan said the FBR tax collection in the last fiscal year exceeded the revised target of Rs4,691 billion and was 18 per cent higher than last year. “This performance is testimony to the strong economic revival spurred by our government’s policies,” he said. On Thursday, the Federal Board of Revenue (FBR) released provisional revenue collection figures for the fiscal year 2020-21, according to which,

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