Finance Minister Muhammad Aurangzeb has reiterated his commitment to strengthen the Federal Board of Revenue (FBR) and its supporting initiatives to enhance revenue collection, digitisation and economic development. The minister expressed these views while chairing a meeting at the FBR headquarters on Monday to review the performance of the tax machinery. Chairman Zubair Tiwana and members of t
Pakistan Stock Exchange (PSX) traded in a narrow band in the outgoing week as investors were worried about the budget measures being debated in the National Assembly, which drove the KSE-100 index down by over 350 points. It came despite optimism over the impending approval of a new and larger International Monetary Fund (IMF) loan programme. It was an eventful week that marked the closure of f
After offering relief to consumers in the last three revisions of oil prices, the federal government increased the prices of petroleum products by up to Rs9.56 per litre on Sunday in view of fluctuations in the global fuel prices. The new rates are taking effect on the first day of a tax-laden budget. According to a notification, the price of petrol was raised by Rs7.45 per litre, while the hig
As the government missed the annual tax target by a margin of Rs110 billion, Finance Minister Muhammad Aurangzeb on Sunday defended the income tax exemption that he gave on sale of properties by Pakistan’s all serving and retired civil and military government employees. The coalition government has given the new income tax exemption despite the Federal Board of Revenue’s (FBR) tax-to-GDP ratio
Budget preparation and presentation have recently become more of a ceremonial exercise, primarily aimed at reassuring lenders about fulfilled promises or demonstrating the intent to secure the next round of funding. Once the dust settles on the post-budget debate, the average citizen is left to wonder just how deeply the knife has cut this time. Meanwhile, as the finance minister wrapped up