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budget

EU budget battle looms, as economy lifts out of crisis

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Pakistan's export

European governments have spent hand over fist, despite ballooning public debt, to prevent the coronavirus pandemic from triggering economic calamity. Now, the European Union faces calls to loosen its budget rules to allow the largesse to continue, but the topic is a sensitive one for many member states. The European Commission, the EU executive that … Read more

Cars imports surge 153% in July

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KARACHI: The imports of used and old cars registered a massive growth of 153 per cent in July 2021 over the same month of the last year. According to the data released by the Pakistan Bureau of Statistics (PBS) on Friday, the imports of old and used cars increased to $33.03 million in July 2021, … Read more

NCCPL publishes capital gains, tax rates

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NCCPL

NCCPL (National Clearing Company of Pakistan Limited) has made changes in the Capital Gain Tax (“CGT”) System vide Finance Act, 2021, Per the announcement of the budget.

For the years 2021 and 2022, the capital gain tax has increased for investors that are not appearing in the FBR ATL (Active Taxpayer List), as per the notice of NCCPL. To expand the number of taxpayers the government made the decision.

According to the announcement, no CGT will be charged to investors at the Pakistan Stock Exchange (PSX) who purchased securities before July 1, 2013. Investors appearing in ATL will have to pay 12.50 percent CGT on securities acquired on or after July 1, 2013, while investors not appearing in ATL will pay 25.00 percent CGT.

If the security is held for longer than four years, no CGT will be charged for mutual funds investors. Whereas, for people, associations of persons, and corporations trading in stock funds, if the fund’s dividend receipts exceed capital gains, a CGT of 10.00 percent will be imposed on ATL investors, while a CGT of 20.00 percent will be imposed on non-ATL investors.

KE stated, “Bill of over Rs25,000 per month: 7.5pc tax on non-filers effective from July 1”.

Individuals, partnerships, and corporations dealing in stock funds will face a 12.50 percent CGT if dividend receipts are smaller than capital gains, whilst non-taxpayers will face a CGT of 25.00 percent.

Whereas people who are associated with other funds CGT of 10.00% will be applicable on investors that are taxpayers, while who are non-taxpayers CGT of 20.00% will be applied on them. However, for corporate dealing in other funds, on taxpaying investors, 25.00% of CGT will be applicable and 50.00% on non-taxpayers.

According to the notice, a 5.00 percent CGT will be applied to investors appearing in ATL for future commodity contracts put into by members of the Pakistan Mercantile Exchange, while a CGT of 10.00 percent would be applied to investors not appearing in ATL.

[embedpost slug=”the-government-plans-to-sell-20-of-its-stake-in-pakri-through-the-psx”]

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Highest PSDP spending in FY20/21: Umar

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Pakistan vaccinations Asad Umar

ISLAMABAD: The total spending under the Public Sector Development Programme (PSDP) during 2020/21 exceeded the target set for the corresponding year by Rs9 billion to Rs659 billion. “[The] total PSDP spending in 2020/21 was Rs659 billion against the target of Rs650 billion, or 101.40 per cent,” he tweeted. The minister said this was the highest … Read more

American Business Council hails govt’s efforts to facilitate taxpayers

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Federal budget

KARACHI: The American Business Council (ABC) of Pakistan has appreciated the efforts of the government to facilitate taxpayers, ameliorate ease of doing business and incentivise digitalisation of the economy, a statement said on Tuesday. The council said the government of Pakistan has positively reflected on its policy recommendations and incorporated it in the Federal Budget … Read more

Shah Mehmood, Bilawal Trade Barbs In National Assembly

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Shah Mehmood, Bilawal Trade Barbs In National Assembly

Foreign Minister Shah Mehmood Qureshi and Pakistan Peoples Party Chairman Bilawal Bhutto Zardari argued in the National Assembly session. Federal Foreign Minister Shah Mehmood Qureshi while addressing the National Assembly on Wednesday said that if Imran Khan would not speak in the National Assembly then Bilawal Bhutto Zardari and Shehbaz Sharif would not be allowed … Read more

KMC allocates largest share of budget for health services

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KMC

The Karachi Metropolitan Corporation (KMC) on Tuesday approved a budget of Rs25.9 billion for the upcoming financial year with a major focus on improving health services. The largest expenditure of over Rs5 billion has been allocated for the Department of Medical and Health Services, while the expenditure under District ADP is estimated at Rs5 billion … Read more

World Bank Approves $800 Million For Pakistan’s Clean Energy, Human Development Projects

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world bank

KARACHI: The Board of Executive Directors of the World Bank has approved $800 million to finance the Pakistan Programme for Affordable and Clean Energy (PACE) and the Securing Human Investments to Foster Transformation (SHIFT), a statement issued by the bank said. The $400 million PACE project focuses on the measures to improve the financial viability … Read more

Rupee expected to remain range-bound next week

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rupee

KARACHI: The rupee/dollar parity is likely to move range-bound next week, owing to the demand for import and corporate payments, besides inflows of export receipts and workers remittances. The currency experts said that the exchange rate would depend on the demand for import and corporate payments. Usually, by the end of the fiscal year, the … Read more

Higher Education Commission: Budget To Be Increased For Education Sector

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Higher Education Commission: Budget To Be Increased For Education Sector

Higher Education Commission (HEC) conducted an initial assessment which showed that most of the universities in Pakistan are not well-equipped for online teaching platform. Out of a total of 205 universities, only 40 of them had well-established universities. Due to COVID-19 restrictions, universities have been using online education mode to protect their faculty members, students … Read more

Bahria Town Funds Not To Be Included In the Next Year’s Budget Plan

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Bahria Town Funds Not To Be Included In the Next Year's Budget Plan

Bahria Town has been excluded from this year’s budget. The amount that the real estate giant was supposed to deposit was Rs460 billion. The Supreme Court, on 21st March 2019, had accepted the land developer’s offer to pay Rs460 billion in order to purchase the land in Malir, Karachi and ordered it to deposit the … Read more

Sindh presents Rs1.477 trillion deficit budget; no new tax levied

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Sindh presents Rs1.477 trillion deficit budget; no new tax levied

KARACHI: The provincial government on Tuesday presented the Rs1.477 trillion Sindh Budget for the financial year 2021/22 with a deficit of Rs25.7 billion. The provincial government has not imposed any new taxes during the next fiscal year. Regarding pay and pension, the provincial government has proposed a 20 per cent increase in the salaries, while … Read more

Budget 2021-22: Imported Make-up, Food And Perfumes Set To Become Costly

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Budget 2021-22: Imported Make-up, Food And Perfumes Set To Become Costly

Imported make-up, food, shampoo and perfumes are set to become costly in the budget as according to the government the high taxes on imported food items would only affect the rich. In the budget for the next financial year, sales tax on online purchases, regulatory duty on imports of mobile phones and tires have been increased. additional customs … Read more

Opposition Has Not Even Bothered To Read Budget Documents: Fawad Chaudhry

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Pakistan Not Able To Increase Defence Budget Due To Previous Govts' Debts

Federal Minister for Information and Broadcasting Fawad Chaudhry says that the attitude of the opposition has been irresponsible as they have not even bothered to read the budget documents so far. In a tweet released on the social networking site Twitter, he wrote that the budget has been appreciated by people from all walks of … Read more

Equities witness selling pressure as investors remain cautious ahead of budget

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Equities

KARACHI: The equity market remained under selling pressure on Wednesday, as investors wait for the consensus between the government and the International Monetary Fund (IMF) over the upcoming budget and avoid taking fresh positions, dealers said. Maaz Mulla at JS Global Capital said that another volatile session was witnessed at the Pakistan Stock Exchange (PSX) … Read more

Trade body seeks 50% cut in withholding tax to boost exports

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Trade body seeks 50% cut in withholding tax to boost exports

KARACHI: Exporters on Wednesday proposed the government to slash the withholding tax by 50 percent to enhance earnings. In its budget proposals announced at a press conference, the Pakistan Hosiery Manufacturers Association (PHMA) said, at present, the withholding tax on exports is one percent, which is considered as the final liability. The government should reduce … Read more

Budget that is beneficial for the business is required, urge Pakistani Merchants

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Budget that is beneficial for the business is required

Budget that is beneficial for the business is required, urge Merchants. If the federal government wants to meet revenue generation targets for the next fiscal year, the country’s merchants have urged that the federal government make the budget more trade-friendly and streamline the tax collecting system. Muhammad Kashif Chaudhry, President of Markazi Tanzeem-e-Tajran, has urged … Read more

Stocks Review: Market to stay bullish on budget optimism

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Stocks remain range-bound over political turmoil

Stocks Review: The Pakistan Stock Exchange (PSX) is likely to remain in the positive territory next week due to optimistic budget expectations and a decline in the number of Coronavirus cases in the country, dealers said on Saturday. “We expect the market to remain positive, with the view of a positive budget for the market … Read more

Weekly Review: Rupee to remain stable on budget hopes

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Weekly Review: Rupee

Weekly Review: Rupee – The money market is expected to maintain its current level against the dollar next week due to reports on the back of positive sentiments of various relief measures regarding duty and taxes in the forthcoming budget 2021/22. The government is scheduled to announce the Federal Budget 2021/22 on June 11 (Friday). … Read more

Major relief for investors: CGT rate on shares to be slashed by 3%

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Major Relief to Investors

KARACHI: The government has decided to provide a major relief to capital market investors by reducing the capital gains tax (CGT) rate from the existing 15 per cent to 12 per cent in the upcoming budget 2021/22, sources said on Saturday. The sources in the Ministry of Finance said the proposal of major relief to … Read more

PML-N vows not to let budget pass in NA as it slams PTI Govt. for rising prices

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budget pass in NA

PML N cannot accept upcoming “anti-people” budget, says PML-N leader Miftah Ismail In the last 2 years, the rate of inflation has not gone below 10%, deplores Ismail He said that Finance Minister Shaukat Tarin is right when he says that the “economy is in shambles because of Imran Khan” PML N will not let … Read more

Incentives will be given to the salaried persons in next budget: Sheikh Rashid Ahmed

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Interior Minister condemns terrorists’ attack on security forces

Interior Minister Sheikh Rashid Ahmed said on Sunday that despite the coronavirus pandemic and unfavorable international economic conditions, the 4% growth rate of the Pakistani economy is a testament to the extraordinary performance of Prime Minister Imran Khan and his economic team. According to the details, in a series of Tweets today, Sheikh Rashid Ahmed … Read more

OGRA raises LPG prices for September as winter approaches

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LPG prices

The Oil Gas Regulatory Authority (OGRA) announced an increment in the prices of Liquid Petroleum Gas (LPG)as winter approaches the country. In August, the price of a domestic LPG cylinder was set at Rs 1,363 OGRA has issued a notification today to increase the price of LPG. [embedpost slug=”pm-imran-khan-rejects-proposal-to-increase-petroleum-prices/”] In a statement released by OGRA … Read more

Sindh govt prepared report on Coronavirus to submit in SC

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Sindh government's report on Coronavirus prepared

A report has been prepared by the Sindh government for the self-notice case related to the prevention of Corona epidemic which will be submitted to the Supreme Court. According to the report of Sindh government, a 50-bed hospital in Gulistan-e-Johar and a 200-bed Sindh Disease Control Hospital have been activated due to COVID-19. [embedpost id=”50366″ … Read more

Budget united whole Pakistan against government: Bilawal Bhutto

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Bilawal Isolates Himself After His Political Secretary Tests Positive For COVID-19

Chairman PPP Bilawal Bhutto has said that PTI budget has united the whole of Pakistan against the government. Opposition parties have come up with a common strategy while rejecting the budget while we are taking the voice of the people to the National Assembly. Before the budget was passed, more taxes were charged than petrol … Read more

PM Imran Khan chaired Federal Cabinet meeting today

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PM Imran Khan chaired Federal Cabinet meeting

The meeting of the Federal Cabinet chaired by Prime Minister Imran Khan ended. According to details, the economic and political situation was discussed in detail in the cabinet meeting. The cabinet was also briefed on the Saudi government’s new Hajj policy. The Cabinet was also briefed on the preparation of satellite service policy in Pakistan. … Read more

FPCCI calls for amendments in budget before approval of finance bill

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FPCCI calls for amendments in budget before approval of finance bill

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Anjum Nisar has termed the recently announced federal Budget 2020-21 as status quo and conventional budget, as the bureaucracy has tried to further accumulate its powers through this opportunity. Moreover, the budget provided nothing to run the industry or sustain the country’s exports in … Read more

Khyber Pakhtunkhwa presents budget of Rs. 923 billion for fiscal year 2020-21

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Khyber Pakhtunkhwa presents budget of Rs. 923 billion for fiscal year 2020-21

Khyber Pakhtunkhwa has presented a budget of Rs 923 billion for the financial year 2020-21. No new tax has been imposed in the province. Rs 317 billion has been allocated for the development program. The provincial budget was approved in the Khyber Pakhtunkhwa cabinet meeting, after which Finance Minister Timur Jhagra presented the budget in … Read more

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