Auto industry seeks higher duty on small car imports
WEB DESK: The auto industry in Pakistan has called on the federal government to impose a 25 percent regulatory duty on imported small used cars below 1,300cc while maintaining the existing 15 percent duty on vehicles above 1,300cc. In a letter to the Prime Minister on Tuesday, the Pakistan Association
Punjab senior bureaucrats to get luxury houses soon
The Punjab government has unveiled plans to construct luxury houses for senior government officials of grades 20, 21, and 22. Originally approved at a cost of Rs1.6445 billion for 27 houses, the project has now expanded to include 29 double-storey luxury houses. The inclusion of additional amenities such as a
Budget 24-25: Makeup products prices increased
WEB DESK: The federal government has announced a significant increase in tariffs on a wide range of imported beauty and makeup products as part of the Finance Bill 2024-25. According to a notification, duties on 657 items have been raised following approval from the National Assembly. Under the new measures,
Pakistan adopts IMF-mandated budget today
Mehtab Haider ISLAMABAD: Under the dictates of the IMF, the government has secured Parliamentary approval for the budget, and implementation on it will kick-started on Monday. This budget for 2024-25 has witnessed the highest-ever taxation in the country’s history and the masses will face rising inflationary pressures in days, weeks,
Pakistan’s new budget comes into effect today
President Asif Ali Zardari has signed the Finance Bill-2024 into law, making the federal budget effective from July 1 (today), the start of the new fiscal year. The National Assembly passed the bill on Friday with some amendments before sending it to the president for approval. The Opposition, largely supported
When will petrol prices go up in Pakistan?
The federal government, led by PM Shehbaz Sharif, will announce a significant petrol price hike effective July 1, following the Budget 2024-25. This will be the first price change since the budget was presented on June 12. The Finance Bill 2024 proposes an increase in the maximum petroleum levy, raising
Govt faces dual challenges: securing IMF deal and parliamentary approval of budget amid economic crisis
ISLAMABAD: The ruling coalition led by PML (N) has been facing the daunting task of tackling political cum economic crisis simultaneously. The challenge for the ruling government will be getting approval of the budget for 2024-25 from the Parliament to please the coalition partners, especially the Pakistan Peoples Party (PPP),
“The constitution cannot be bulldozed at the IMF’s behest”: Barrister Ali Zafar
WEB DESK: PTI Senator Barrister Ali Zafar has firmly stated that the Constitution cannot be bulldozed at the behest of the International Monetary Fund (IMF). During a Senate session on the budget, chaired by Deputy Chairman Sayedal Khan Nasir, Barrister Ali Zafar criticized the proposed budget, calling it a recipe
Budget 2024-2025: ‘taxation, taxation, and only taxation will suffocate the economic growth’
Without undertaking any much-awaited reforms to slash the expenditure side, the government has come up with the prescription of taxing heavily in the budget for 2024-25, up to such an extent that was never witnessed in Pakistan’s history. A detailed analysis of the budget documents for 2024-25 showed that the
What to expect from new budget of Pakistan?
Pakistan’s Federal Budget for the fiscal year 2024-25, amounting to Rs18.9 trillion, will be presented by Finance Minister Muhammad Aurangzeb in the National Assembly at 4pm today (Wednesday). This budget announcement follows the government’s recent acknowledgment that the anticipated economic growth rate of 2.4 percent for the current year falls
