Islamabad, December 4, 2024 – The National Tax Council (NTC) convened on Wednesday to explore measures aimed at boosting revenue through enhanced agricultural income and property taxation. The session, chaired by Minister for Finance and Revenue Senator Muhammad Aurangzeb, underscored the importance of federal-provincial collaboration to achieve comprehensive tax reforms and improve compliance.
(more…)Author: Mrs. Anjum Shahnawaz
-
Aurangzeb Pledges Solutions for American Business Council
Islamabad, December 4, 2024 – Finance Minister Muhammad Aurangzeb assured the American Business Council (ABC) of the government’s commitment to addressing issues affecting their operations in Pakistan, reaffirming efforts to bolster foreign investment and economic ties with the United States.
(more…) -
Pakistan Rebuffs Reports of Discounted Oil Deal with Russia
Islamabad, December 4, 2024 – Petroleum Minister Musadik Malik on Wednesday categorically denied reports suggesting that Pakistan and Russia had reached an agreement for the supply of discounted crude oil.
(more…) -
Aurangzeb for Market-Driven Financing to Bridge Housing Gap
Islamabad, December 4, 2024 – Finance Minister Muhammad Aurangzeb reiterated the government’s commitment to modernizing the housing sector without returning to directed lending, a practice he described as harmful due to its long-term economic distortions. Speaking at the International Affordable, Green & Resilient Housing Conference, the minister emphasized the need for creating mechanisms that incentivize the private sector, particularly banks and microfinance institutions, to take the lead in providing accessible housing finance.
(more…) -
Pakistan Weather Report – December 4, 2024
Islamabad, December 4, 2024 – The Pakistan Meteorological Department (PMD) has issued its weather report for Wednesday, December 4, 2024, predicting cold and dry conditions across most regions of the country. The PMD noted that continental air is prevailing over much of Pakistan, contributing to the dry and chilly weather.
(more…) -
Pakistan and Saudi Arabia Commit to Deepening Economic Ties
Pakistan and Saudi Arabia have reaffirmed their commitment to strengthening economic, trade, and investment ties, aiming for a qualitative transformation in their bilateral relationship. The development came during a “warm and cordial” meeting between Pakistan’s Prime Minister Muhammad Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman on the sidelines of the One Water Summit in Riyadh.
(more…) -
FBR Mandates Forensic Lab Tests for Vehicle Auctions
The Federal Board of Revenue (FBR) has introduced a significant policy change, requiring the Customs Department to conduct forensic laboratory tests through reputable forensic labs before auctioning confiscated vehicles. This move aims to enhance transparency in the auction process and ensure the sale of non-tampered vehicles to buyers.
(more…) -
Latest Petroleum Price Hike Driven by Taxes and OMC Margins
The recent increase in petroleum product prices in Pakistan has been attributed to multiple factors, including taxes and Oil Marketing Companies’ (OMCs) margins, which collectively account for 68% of the ex-depot prices. Effective December 1, 2024, petrol prices rose by Rs 3.72 per litre to Rs 252.10, while High-Speed Diesel (HSD) saw a hike of Rs 3.29, now costing Rs 258.43 per litre.
(more…) -
Aurangzeb Vows Support for Small Traders in Tax Reforms
Finance Minister Muhammad Aurangzeb has reaffirmed the government’s commitment to integrating the wholesale and retail sectors into the tax net while ensuring that small traders and shopkeepers receive maximum facilitation during this transition.
(more…) -
Aurangzeb Directs CCP to Expedite Action Against Cartelization
Islamabad, December 3, 2024 – The Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, has instructed the Competition Commission of Pakistan (CCP) to expedite its investigations into cartelization and collusive practices, emphasizing the government’s unwavering commitment to fostering competition and disciplining markets.
(more…)