Connect with us

Business

No rise in taxes on non-filers’ cash withdrawals: PM directives

Published

7 months ago

on

The Federal Board of Revenue (FBR) has revealed that Prime Minister Shehbaz Sharif has rejected a plan to raise the tax on cash withdrawals from banks for non-filers in the run-up to the 2024–25 budget.

For bank withdrawals exceeding Rs50,000 made by non-filers, the idea was to increase the tax rate to 0.9%.

On bank withdrawals over this amount, non-filers are now charged a 0.6% withholding tax. Projected to bring in Rs20 billion from non-filers, the proposed hike was part of a larger plan to raise more money. In light of the possible financial hardship on non-filers, the prime minister chose not to approve the hike.

FBR officials noted the government’s position on preserving the current tax structure for these transactions, saying, “Prime Minister Shehbaz Sharif has rejected the proposal to increase the tax on cash transactions for non-filers.”

Since this decision affects the ongoing debates about fiscal policy and economic reforms, FBR officials have been required to inform the Finance Ministry in accordance with the PM’s directive.

The first suggestions for raising government employee pay have been made public by the Ministry of Finance. Although the PM will make the final decision after consulting with the Finance Ministry and the cabinet, sources within the ministry estimate a potential 15% to 20% pay increase for federal employees.

A significant recommendation is to raise the officials’ compensation policy. A suggested raise of Rs65,000 to Rs105,000 has been made for officers up to grade 20. The suggested salary increase for grade 21 officers is Rs120,000, up from Rs75,000. There could be a pay hike for grade 22 officers from Rs95,000 to Rs155,000.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

6 days ago

on

By

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Continue Reading

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

on

By

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

Continue Reading

Business

The inflation rate in Pakistan dropped to its lowest level.

Published

1 week ago

on

By

On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

Continue Reading

Trending