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ECC approves exports of surplus sugar

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ECC

ISLAMABAD: The Economic Coordination Committee of Cabinet (ECC) has approved the export of 500,000 metric tonnes of surplus sugar.

A meeting of the ECC was held under the supervision of Finance Minister Muhammad Aurangzeb in which the export of surplus sugar was approved. The statement said that the export was allowed due to surplus sugar reserves in the country.

The export is subject to an undertaking by Pakistan Sugar Mills Association that their mills will commence production by 21st of next month for the next crop year and export quota of any non-compliant mill will be revoked.

According to provincial statistics, existing stock of sugar stood at 2.054 million MT of sugar reserves were available in the country till September 30 while 5.454 million MT of sugar were consumed in the country in the last 10 months and 0.900 million MT of sugar are estimated to be consumed in October and November.

The committee made the export of sugar subject to the commencement of the crushing season on November 21 by the sugar mills. The sugar will be exported in 3 months and this facility can be withdrawn at any time if the price of sugar increases.

The ECC further directed that the Cabinet Committee on Monitoring Sugar Exports, already constituted vide Cabinet Division’s Notification dated 25th & 26th June, 2024 and 13th September, 2024, would continue to regularly monitor and update the Cabinet on demand, supply and price situation of sugar in the country, including in the case of export of 0.500 MMT of sugar as well.

The ECC also discussed and approved a summary submitted by the Ministry of Energy (Power Division) seeking a compensation package for the deceased Chinese employees of Port Qasim Electric Power Company (Private) Limited.

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Govt decides to impose tax on agriculture income from July 2025

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Govt

ISLAMABAD: The Federal Finance Minister Muhammad Aurangzeb has announced that federal government will impose tax on agricultural income from July 2025.

Speaking to the media in Parliament, Finance Minister Muhammad Aurangzeb said that the tax legislation on the agricultural sector will be made in January 2025 and progress is being made on the National Finance Pact with the provinces.

He said that the re-profiling of debt of China–Pakistan Economic Corridor(CEPC) power projects is going on positively and it is hoped that the re-profiling agreement of CPEC power projects will be done soon.

He said that he is a supporter of complete independence of State Bank of Pakistan.

It should be noted that there is no tax on agricultural income in the country, if the tax is imposed, it will be for the first time after the independence of Pakistan.

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FBR likely to extend deadline for filing income tax returns

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FBR faces Rs110bn revenue shortfall in April 2025

ISLAMABAD: Federal Board of Revenue (FBR) has set September 30(today) as last and final day for submission of income tax returns while government has not yet announced an extension.

It is the last day for submission of income tax returns, the business community is demanding an extension of the date, but no decision has been taken by the government to extend the date.

FBR has started considering extending the date of submission of income tax returns.

Sources say that it will be recommended to extend the date of the Prime Minister’s return to the country, there is a lot of load on the system during the submission of returns.

So far, 29 million returns have been collected till September 28. 1.4 million returns were submitted till this date last year.

Earlier, Finance Minister Muhammad Aurangzeb said that this year the number of filers has reached to 3.2 million, last year there were 300,000 new filers, while this year it has increased to 723,000.

He said that non-filers will not be able to buy vehicles, property and there will be a decision regarding the under-filers.

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FM discusses investment opportunities with foreign investors

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FM discusses

ISLAMABAD: Finance Minister Senator Muhammad Aurangzeb held a meeting with a delegation of international investors, led by Chief Executive Officer (CEO) J.P. Morgan Pakistan, Amin Mohammad Khowaja, to explore fixed income investment opportunities in country’s economy

According to press release issued by finance ministry, during the meeting, the minister highlighted the significant strides Pakistan has made in improving its macroeconomic indicators – including the 14 % rise in exports, the decline in inflation to 9.6 % (which is 34 months low), and an overall decline in the Current Account deficit.

He also pointed out the improvement in Pakistan’s sovereign credit ratings which reflect a stable and promising economic outlook. “The country’s economic growth is underpinned by robust fiscal discipline, inflation management, and a favorable balance of payments” he stated.

Senator Aurangzeb also elaborated on the government’s ambitious structural reforms agenda, aiming at broadening the tax base, rightsizing of the public sector, privatization drive, and energy sector reforms, to aid overall macroeconomic stability.

The Minister reaffirmed the government’s resolve to carry forward the comprehensive reforms agenda to enhance the efficiency and governance of public institutions. “These reforms,” he noted, “are designed to create a more conducive environment for foreign investment and to ensure the long-term stability of the economy.”

The Finance Minister assured the delegation of the government’s full support in facilitating their investment ventures and welcomed their interest in contributing to Pakistan’s economic growth. He reiterated Pakistan’s strong commitment to attracting foreign investments through maintaining a business friendly environment.

On the occasion, the delegation commended the government’s efforts to create a business-friendly environment and expressed optimism about the prospects of increased investment flows into Pakistan.

The discussions covered a range of potential investment areas, including renewable energy, information technology, infrastructure development, and the financial sector.

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PM Shehbaz stresses more efforts for economic stability

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PM Shehbaz

ISLAMABAD: Prime Minister Shehbaz Sharif said that after bringing the inflation rate down to the single digit of 9.6%, more efforts were required to bring in economic growth and stability besides addressing the challenges of circular debt and tax evasion.

“Alhamdulillah, the burden of inflation is reducing gradually. A single-digit inflation rate of 9.6% was reported in August this year which was 27% this month of last year. But we have to keep up our efforts to achieve economic growth and stability, create productive employment, reduce expenditures by rightsizing and downsizing, shrink circular debt, curb evasion of receipts and eliminate smuggling,” the prime minister said addressing the meeting of the federal cabinet chaired by him.

He congratulated the finance minister, State Bank governor and other economic team members for the achievement and said that serious and tireless efforts were underway to achieve the challenging task.

“This gradual improvement. We have to take it forward swiftly… The task is cumbersome but we will reach our destination if we remain focused on targets,” he remarked.

He said sincere efforts always led nations to excel and Pakistan too could achieve the same as the country had immense resources including competent minds, natural resources and youth.

Prime Minister Shehbaz told the cabinet members that the prerequisites of IMF program were under supervision and all-out measures were being taken to fulfill the conditionalities.

“Insha Allah, we will fulfill all the IMF conditionalities timely which will follow the consideration and approval by the IMF Board. This will start a new journey. But we should keep in mind that this should be the last IMF program in Pakistan’s history,” he remarked.

Earlier, in the day, the prime minister wrote on his X time that the reduction in Pakistan’s annual inflation rate to 9.6% was not an accident but an outcome of the government’s efforts.

“Pakistan’s annual inflation rate has dropped to 9.6% in August, first single-digit figure in nearly 3 years according to the Pakistan Bureau of Statistics. This is not an accident! These are results,” the prime minister said.

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Reforms must be make EFF last IMF programme: Finance Minister

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IMF

ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb here reiterated the need for structural reforms to ensure the Extended Fund Facility (EFF) with International Monetary Fund (IMF) is the country’s last programme, highlighting the importance of privatization, export-led growth, and foreign direct investment to sustainable macroeconomic stability.

Addressing the Ground Breaking Ceremony of the Head Office Building of the Securities and Exchange Commission of Pakistan (SECP), the minister said, the Staff Level Agreement (SLA) has been signed with IMF and it would go to fund’s board for final approval.

“So under the fund umbrella, it is not only getting the fund but making sure that this time we do the structural reforms,” he remarked.

“If we have to make it last programme of the fund then whether it is on taxation side, energy side, or SOE reforms and the privatization side, we have to move forward because we do not have the space and room any more to dither on this agenda.” the minister remarked.

He said upgrade in Pakistan’s rating by Fitch, an international credit rating agency, and the policy rate reduction by State Bank of Pakistan (SBP) were direct manifestations of macroeconomic stability that the government has been following under the leadership of Shehbaz Sharif.

He said, the economic team would continue to move forward with this agenda. However, he added there was need to bring permanence into it. “Stabilization would lead to growth, so we have to bring permanence,” he said.

Talking about the role of private sector, the minister said, it has been decided in the cabinet committee on State-Owned Enterprises (SOEs) that all insurance companies under the public sector will be handed over the private sector.

He said, there was no reason whatsoever the government holds on to those entities or their functions. Even the strategic functions would be done by private sector he said adding the government would be there to provide policy framework and policy continuity.

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Govt committed to reduce expenditures, boot revenues: Aurangzeb

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Govt

ISLAMABAD: Federal Finance Minister Senator Muhammad Aurangzeb reiterated government’s commitment to reduce expenditures and boost revenues as part of a comprehensive effort to strengthen the country’s economy on sustainable grounds.

Addressing a press conference in his hometown, Kamalia, the minister said the federal government would shut down parallel ministries or departments that have been devolved to provinces.

This move is expected to significantly reduce expenditure and improve efficiency, adding, the Prime Minister has already announced the closure of Pakistan Public Works Department, a move that will help reduce the financial burden on the government.

Secondly, the government will privatize state-owned enterprises (SOEs), which have been a significant drain on the national exchequer. The minister cited the example of Pakistan International Airlines (PIA), which has a liability of 622 billion that has been transferred to the government.

The minister also announced that airport outsourcing is being completed, with Karachi airport set to be handed over to the private sector by July or August this year, to be followed by Lahore airport.

The government is committed to reducing losses and burdens on the federal government, and these measures are part of a larger effort to achieve this goal.

The minister emphasized that the Prime Minister was personally leading the effort to reduce expenditures and improve efficiency.

On revenue side, the minister emphasized the need to increase the tax-to-GDP ratio from 9.5% to 13% over the next three years, stressing that taxes are essential for running the country.

To achieve this goal, the government has announced revenue measures, including bringing the non-taxable sector into the tax base, gradually eliminating tax exemptions worth Rs3.9 trillion, and rephrasing policies in areas like health and agriculture.

 

The minister announced that 32,000 retailers have already been registered and will be taxed starting from July 2024, and emphasized the government’s commitment to bringing other sectors into the tax net.

The government is also focusing on compliance, plugging leakages in the system, and implementing an end-to-end digitization system to reduce human intervention, increase transparency, and end corruption. Sales tax automation is a top priority, he remarked.

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Budget 2024-25: Govt increases minimum salary from 32,000 to 36,000

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Good News! Salaries expected to be increased by 10% in Budget 2025-26

ISLAMABAD: The federal government has increased the minimum monthly salary of private sector employees from 32,000 to 36,000 in the budget 2024-25.

Federal Finance Minister Muhammad Aurangzeb said in the budget speech said government has also increased the salaries of government employees in the budget.

According to the budget document, in order to improve the purchasing power of civil servants from grades 1 to 16, the salaries are being increased by 25 percent, while the salaries of officers from grades 17 to 22 are being increased by 22 percent.

It is proposed to increase the pension of retired employees by 22 percent.

Meanwhile, government introduced the scheme in the budget for the financial year 2024-25 to bring down the pension expenditure.

The Federal Finance Minister said in the budget speech in the National Assembly that the federal government has an unfunded pension liability of trillions of rupees and the pension expenses are increasing rapidly. Therefore, the rate of increase in these costs needs to be reduced.

The Finance Minister said that the government has formulated a strategy for the reform of this sector on which the consultation has been completed to a large extent.

He said that according to international standards, reforms will be brought in the existing pension scheme, which will result in substantial reduction in the pension liability for the next three decades.

The finance minister added that a contributory pension scheme will be introduced for new employees in which the government’s share will be paid every month. This will ensure that future employees’ pensions are fully funded from the start of their employment.

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Gilani calls for maximum public relief in upcoming budget  

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Gilani

ISLAMABAD: Acting President Syed Yusuf Raza Gilani stressed the need for extending maximum relief to the masses through the upcoming federal budget, and the formulation of a comprehensive strategy to enhance the revenue.

The acting president said this in a meeting with Minister of Finance and Revenue Muhammad Aurangzeb, who called on him here at the Aiwan-e-Sadr.

The finance minister briefed the acting president about the ongoing preparations for the upcoming people-friendly budget and the government’s measures to reduce inflation.

The minister said that a remarkable reduction in the inflation rate manifested the government’s constant and undeterred actions by the government.

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Countries are run by taxes not charity: Finance Minister

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Countries are run by taxes not charity: Finance Minister

The finance minister stressed that taxes are vital for running the country. He emphasizes that the burden of taxation shouldn’t fall solely on one class. The inflation is at 17% which is anticipated to decline further. ISLAMABAD: Federal Finance Minister Muhammad Aurangzeb on Tuesday said that taxes are an integral part of the economy not … Read more

PM Shehbaz reconstitutes Council of Common Interests  

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PM Shehbaz

ISLAMABAD: Prime Minister Shehbaz Sharif reconstituted the Council of Common Interests (CCI) and the Foreign Minister has been included in the CCI instead of the Finance Minister.

After the approval of Prime Minister Shehbaz Sharif, the notification for the reconstitution of the Council of Common Interests has been issued. The 8-member Council of Common Interests will be chaired by Prime Minister Shehbaz Sharif, while the chief ministers of all four provinces will join the council as members.

For the first time, the Foreign Minister Ishaq Dar has been included in the Council of Common Interests instead of the Finance Minister.

The Finance Minister is a permanent member of the Council of Common Interests, but Prime Minister Shehbaz Sharif has included former Finance Minister Ishaq Dar in the CCI, considering his experience and ability to settle matters with the provinces.

Federal Finance Minister Muhammad Aurangzeb has become a part of the cabinet for the first time, so veteran Ishaq Dar has been replaced in the council.

According to the notification, Defense Minister Khawaja Asif and Minister for States & Frontier Region (SAFRAN) Amir Muqam from Khyber Pakhtunkhwa are also included in the Council of Common Interests.

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Finance Minister Muhammad Aurangzeb submits paper for Senate election

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Pakistan’s economic reforms on right path, says finance minister

LAHORE: Federal Finance Minister Muhammad Aurangzeb has submitted his papers for the Senate election on Saturday.

Similarly, Pervez Rasheed, Mustafa Ramday and Ahad Cheema have submitted nomination papers from Pakistan Muslim League –Nawaz(PML-N) in which former senator Pervez Rasheed has submitted papers for the general seat and Mustafa Ramday has submitted the papers for the technocrat seat.

Meanwhile, Faiza Malik from Pakistan People Party (PPP) also submitted papers to participate in the Senate election.

On the other hand, Chief Minister Sindh Syed Murad Ali Shah said Pakistan People’s Party (PPP) has submitted the nomination papers of nine candidates for the general seats, three each for women and technocrats, and two for minorities in Sindh. He expressed hope that his party would win almost all the seats. He added that the PPP would release the final list of its candidates after the scrutiny of the nomination papers on Monday.

When the Chief Minister was asked about the trend of PPP winning more votes in successive Senate Elections.

To a question, the chief minister said that except for PPP no other party has filed nomination papers for the ladies, Technocrat and Minorities seats of the senate so far. “They may file as there was enough time, but we have filed,” he said and added he was hopeful that his party would clinch maximum seats.

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Finance Minister backs SECP’s initiative to bring investment

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ISLAMABAD: Federal Minister for Finance, Revenue, and Economic Affairs Dr Shamshad Akhtar extended her unwavering support to Securities and Exchange Commission of Pakistan (SECP) initiative aimed at establishing financial institutions backed by private funds to serve as a catalyst for economic revival. Dr Shamshad Akhtar asked the fiscal and regulatory side including the Federal Board … Read more

British envoy discusses economic challenges with Finance Minister

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British envoy

ISLAMABAD: British High Commissioner to Pakistan Ms Jane Marriott called on Finance Minister Dr Shamshad Akhtar and discussed bilateral relations. Professor of Economic Policy at Oxford University Stefan Dercon also accompanied the British envoy. The finance minister shared policy actions to enhance Pakistan’s economic resilience in the face of global challenges focusing on sustainable development … Read more

Economy showing signs of recovery: Finance Minister

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Finance Minister

Finance Minister Dr Shamshad Akhtar said the economy was showing signs of recovery. She said the government was expecting $2 bn in assistance on a fast-track basis. She said Rs80 billion has been allocated to improve remittances. ISLAMABAD: Caretaker Federal Minister for Finance, Revenue and Economic Affairs Dr Shamshad Akhtar said that the country’s economy … Read more

Finance minister announces Rs2mn compensation for Bajaur attack martyrs’ families

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Finance minister announces Rs2mn compensation for Bajaur attack martyrs’ families

ISLAMABAD: Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar on Friday announced that the government would pay Rs 2 million as compensation to the families of each martyr of the Bajaur suicide attack. During a Senate session, while speaking on a Point of Order, the Minister of Finance and Revenue mentioned that the … Read more

State Bank Reports Pakistan’s Foreign Exchange Reserves Surpass $9.83 Billion

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State Bank of Pakistan

Pakistan’s foreign exchange reserves rise to $9.83 billion. State Bank of Pakistan reports an increase of $60 million in reserves. Deposits of $2 billion from Saudi Arabia and $1 billion from the UAE contribute to the improved reserves. Pakistan’s foreign exchange reserves have witnessed a significant improvement following the release of anticipated bailout funds from … Read more

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