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On this day, the FY2024–25 budget will be “presented.”

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7 months ago

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An initial estimate of Rs 1,500 billion is being given for subsidies, while Rs 9,700 billion is being estimated for interest and loan expenses.

The projection for tax income, according to sources, is more than Rs 11,000 billion, of which Rs 5,300 billion is projected to come from direct taxes and Rs 680 billion from federal excise duties.

Sources predicted that customs duties will bring in over Rs 1,100 billion and sales tax would likely bring in over Rs 3,850 billion.

A fuel charge of Rs 1,100 billion is anticipated to yield the first estimate of non-tax revenue of Rs 2,100 billion. Additionally, reports stated that the estimated government budget deficit is Rs 9,300 billion.

The Pakistani government is expected to remove tax exemptions in the FY2024–25 budget, according to earlier reports, per an IMF demand.

Additionally, tractors and insecticides may see price increases as a result of the government’s proposed sales tax. These are necessary agricultural supplies.

Right now, pesticides and the active substances listed on a registration form filed with the Department of Plant Protection are free from sales tax under the Sixth Schedule of the Sales Tax Act.

Additionally, tractors are exempt from sales tax, including road tractors used to tow semi-trailers. On the other hand, for the next fiscal year, budget managers are talking about eliminating these exemptions and lowering the sales tax rate on pesticides and tractors.

The cost of pesticides and agricultural equipment could rise as a result, which would put a heavy burden on farmers and those who depend on these products.

It is anticipated that the 2019 budget will impose withhold tax on commercial importers, resulting in an additional tax revenue of Rs30 billion.

In order to revive Pakistan’s energy industry, the International Monetary Fund (IMF) called on Islamabad to implement “strong cost-side reforms.”

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

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6 days ago

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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.

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

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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.

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The inflation rate in Pakistan dropped to its lowest level.

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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.

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