The government has collected more than Rs900 billion in petroleum development levy on the sale of petroleum products, surpassing the full-year collection target of Rs869 billion in 11 months of the current fiscal year. As demand for petroleum products spiked to a nine-month high at 1.4 million tons in May 2024 in the wake of reduction in prices, total consumption reached 13.8 million tons in Ju
Economist Dr Kaiser Bengali has said that people in the low-income group are paying more taxes in Pakistan than those in high-income brackets, as the share of indirect taxes has spiked to 85% compared to the government’s claim of reducing their ratio to 59-60%. Speaking at a workshop titled “Budget Reporting” at the Karachi Press Club on Tuesday, he said “a study found that the top 10% rich peo
All Pakistan Textile Mills Association (Aptma) Central Chairman Asif Inam has demanded the reduction in power tariff to 9 cents per kilowatt-hour (kWh), lowering of interest rate to 12% and restoration of zero-rated facility to enable the textile industry to contribute to the national economy through exports, investment and employment. Speaking at a press conference at the Aptma Lahore office
Pakistani currency on Tuesday ticked up Rs0.06 and closed at Rs278.30 against the US dollar in the inter-bank market as gains came in the wake of a notable fall in global oil prices, which reduced demand for the greenback for energy imports. According to the State Bank of Pakistan (SBP)’s data, the rupee had closed at Rs278.36 against the dollar on Monday. Brent crude price decreased 3.4% to
Lahore University of Management Sciences (LUMS) has sought the government’s immediate attention to the impact of tax policies, particularly the federal excise duty (FED) adjustment, on Pakistan’s cigarette industry, which is causing more revenue loss than revenue collection. The study titled “Impact of Taxation on the Cigarette Sector in Pakistan” has uncovered a pressing issue and invited swif