Budget 2019/2020: salary, pension increased up to 10 percent

Jun 11

2019-2020, Budget

Budget 2019/2020: salary, pension increased up to 10 percent

ISLAMABAD: The government has announced increase up to 10 percent in salary and pension in the federal budget 2019/2020. Hammad Azhar, State Minister for Revenue presented Budget 2019/2020 on Tuesday and announced following relief measures for government employees and pensioners. Ad-hoc Relief Allowance at 10 percent on running Basic Pay of BPS 2017 to civil […]

by Faisal Shahnawaz

Jun 11

2019-2020, Budget

Budget 2019/2020 at glance

ISLAMABAD: Following is the glance of budget 2019/2020.

by Faisal Shahnawaz

Budget 2019/2020 with massive tax burden presented

Jun 11

2019-2020, Budget, Finance

Budget 2019/2020 with massive tax burden presented

ISLAMABAD: The present government on Tuesday presented its first budget with total outlay of Rs 7,022 billion for the fiscal year 2019-2020, registering growth of 30 percent against the revised budget of Rs 5.385 trillion for current fiscal year (2018-2019). State Minister for Revenues Hammad Azhar presented the budget in the National Assembly, amid protest […]

by Faisal Shahnawaz

Share of indirect taxes increases to 60.9 percent: Economic Survey

Jun 11

2019-2020, Budget, Taxation

Share of indirect taxes increases to 60.9 percent: Economic Survey

ISLAMABAD: Despite claims of authorities to increase the share of direct taxes in total revenue, the share of indirect taxes further increased to 60.9 percent in 2018/2019. The Economic Survey 2018/2019 launched a day earlier, stated that the tax structure in Pakistan is skewed towards indirect taxes. The share of indirect tax to FBR tax […]

by Faisal Shahnawaz

FBR to force all NTN holders for filing tax returns

Jun 11

2019-2020, Budget, Taxation

FBR to force all NTN holders for filing tax returns

ISLAMABAD: Federal Board of Revenue (FBR) has chalked out a comprehensive plan to broaden the tax base by enforcing tax returns in the case of all National Tax Number (NTN) holders. According to Economic Survey 2018/2019 released on Monday said that the FBR would take following measures to broaden the tax base: — Creation of […]

by Faisal Shahnawaz

LSM growth exhibits massive decline on lower PSDP spending

Jun 11

2019-2020, Budget, Finance

LSM growth exhibits massive decline on lower PSDP spending

ISLAMABAD: The Large-Scale Manufacturing (LSM) declined by 2.93 percent during July-March 2018/2019 in contrast to growth of 6.33 percent during the same period last year. The target for this year was 8.1 percent, said Economic Survey 2018/2019 released on Monday. “The present trend suggests that full year LSM growth will remain below the target by […]

by Faisal Shahnawaz

Agriculture posts meager 0.85 percent growth on reduction in cultivation area

Jun 10

2019-2020, Budget, Finance

Agriculture posts meager 0.85 percent growth on reduction in cultivation area

ISLAMABAD: The agriculture has posted meagre 0.85 percent growth in 2018/2019 against the target of 3.8 percent, said Economic Survey 2018/2019 on Monday. It said that the performance of agriculture during 2018/2019 remained subdued. The under-performance of agriculture sector hinged upon reduction in the area of cultivation, lower water availability and drop in fertilizer off […]

by Faisal Shahnawaz

Exemptions, concessions cost Rs972.4 billion in 2018/2019

Jun 10

2019-2020, Budget, Finance, Taxation

Exemptions, concessions cost Rs972.4 billion in 2018/2019

ISLAMABAD: The economy has incurred duty and tax losses to the tune of Rs972.4 billion due to exemptions and concessions during the fiscal year 2018/2019, according to Economic Survey 2018/2019 launched on Monday. The cost of tax exemptions included: income tax Rs141.6 billion, sales tax Rs597 billion; and Rs233.1 billion as customs duty. Income Tax: […]

by Faisal Shahnawaz

Economic Survey 2018/2019: Almost all growth targets missed

Jun 10

2019-2020, Budget, Finance

Economic Survey 2018/2019: Almost all growth targets missed

ISLAMABAD: The outgoing fiscal year 2018-19 witnessed a muted growth of 3.29 percent against the ambitious target of 6.2 percent. The targets set for the various sectors missed or witnessed negative growth during fiscal year 2018/2019. According to Economic Survey 2018/2019 launched by Dr. Abdul Hafeez Shaikh, Advisor to Prime Minister on Finance and Revenue […]

by Faisal Shahnawaz

Profit on banking deposits: High tax rate planned for non-filers in budget 2019/2020

Jun 9

2019-2020, Budget, Exclusive, Taxation

Profit on banking deposits: High tax rate planned for non-filers in budget 2019/2020

ISLAMABAD: A sharp increase in withholding tax rate (may be up to 30 percent) on profit on banking deposits has been planned for non-filers in order to make it almost impossible to stay remain unregistered, sources said. Sources told PkRevenue.com that Federal Board of Revenue (FBR) a large sum of banking system deposits were remained […]

by Faisal Shahnawaz