Category: National

Punjab announces 15% increase in salary

LAHORE: Punjab government has announced an increase of 15 per cent for employees of provincial government.

The Punjab government on Wednesday announced its budget for fiscal year 2022/2023. The finance minister announced an increase of 15 per cent for employees of provincial government. Besides, the provincial government also increased 5 per cent for pension.

The finance minister said that provincial government was well aware of high inflation and difficulties of masses.

About the employees of provincial government, the finance minister said the employees were committed to their jobs.

The minister also announced a special allowance of 15 per cent to the salary of employees of grade 1 to grade 19.

Further, the government also increased the minimum wage from Rs20,000 to Rs25,000 per month.

June 15, 2022
What are new petroleum prices in Pakistan?

KARACHI: The government is likely to revise the prices of petroleum products today June 15, 2022 for next fortnight. Recently, the petrol prices have been increased up to Rs60 per liter during May 27 to June 02.

READ MORE: New petroleum prices in Pakistan from June 03, 2022

The Finance Minister Miftah Ismail announced the increase in prices of petroleum products twice to persuade the International Monetary Fund (IMF) to release the next tranche of around $1 billion.

After the increase, the prices effective from June 03, 2022 to till date are:

READ MORE: Petroleum prices in Pakistan from June 01, 2022

Petrol at Rs209.86 per; High Speed Diesel at Rs204.15 per liter; kerosene oil at Rs181.94 per liter; and light diesel oil at Rs178.31 per liter.

The PTI government during its tenure maintained the petrol prices by granting huge subsidized rates to facilitate the citizens. As though the new government still kept the same subsidy on petrol till May 26, 2021.

READ MORE: Petroleum levy to generate Rs750 billion

However, on account of pressure by IMF and the high price of oil in the international market has left no option for the government to minimize the prices.

According to the sources, the government may further increase the petroleum prices tonight to meet the IMF demand.

READ MORE: Share of domestic electricity consumption declines

It may be mention here that the government has very few choices in not revising the prices of petroleum products because of high international oil prices and sharp decline in rupee value.

June 15, 2022
Sindh increases salary by 15% from July 1, 2022

KARACHI: The Sindh government on Tuesday announced a 15 per cent raise in salary of provincial government employees and 5 per cent increase in pension effective from July 01, 2022.

Sindh Chief Minister Syed Murad Ali Shah announced raise in pay and pension while presenting the provincial budget 2022-2023.

READ MORE: Sindh unveils Rs1.714 trillion budget for 2022/2023

The chief minister announced various relief measures for employees and pensioners during next fiscal year.

He said Adhoc Relief Allowances 2016, 2017, 2018, 2019 and 2021 at the rates admissible to employees of Federal Government are being merged and Revised Basic Pay Scale 2022 for Civil Servants of Government of Sindh is being introduced on the pattern of Federal Government.

Adhoc Relief Allowance at the rate of 15 per cent of Basic Pay Scales to Civil Servants of Government of Sindh w.e.f. 1st July 2022 is proposed.

READ MORE: Khyber Pakhtunkhwa raises salary, pension by 15%

Disparity Allowance at the rate of 33 per cent of Basic Pay will be paid to Civil Servants in BPS-1 to 16 and at the rate of 30 per cent to Civil Servants in BPS-17 and above in lieu of the differential rate of Ad-hoc Relief Allowances 2013, 2015, 2016, 2017, 2018, 2019, 2020 & 2021, which are being abolished w.e.f 1st July, 2022.

Pensioners of Government of Sindh were already getting 22.5 per cent more increase in net pension than pensioners of Federal Government till February 2022. Therefore, an increase at the rate of 5 per cent of net pension will be paid to the pensioners of the Sindh Government w.e.f 1st July, 2022.

READ MORE: Khyber Pakhtunkhwa presents Rs1.33 trillion budget 2022-2023

Thus, after announcement of 10 per cent increase in net pension by Federal Government in March 2022 and enhancement of the rate of increase to 15 per cent from 1st July 2022, the pensioners of Government of Sindh will still be getting 12.5 per cent more of net pension than the pensioners of Federal Government.

READ MORE: Advance tax on immovable property purchase enhanced to 250% for non-filers

June 14, 2022
Pakistan imposes tax on high net-worth individuals

ISLAMABAD: Pakistan has imposed an additional rate of tax on high net-worth individuals for poverty alleviation.

The country on June 10, 2022 presented its federal budget for the fiscal year 2022/2023. The budget was presented amid severe financial crisis.

READ MORE: Finance Bill defines beneficial owner under tax laws

Finance Minister Miftah Ismail urged the high income earner to contribute toward poverty reduction by paying additional amount of tax.

A separate section has been introduced to the Income Tax Ordinance, 2001 to levy additional tax on persons earning more than Rs300 million in a year.

READ MORE: Pakistan reduces salary tax slabs to 7 in budget 2022/23

Finance Bill, 2022 has proposed insertion of a new Section 4C to Income Tax Ordinance, 2001 for the purpose:

“4C. Tax on high earning persons for poverty alleviation.― (1) A tax shall be imposed for poverty alleviation for tax year 2022 and onwards at the rates specified in Division IIB of Part I of the First Schedule, on income of every person.

(2) For the purposes of this section, “income” shall be the sum of the following:—

READ MORE: Massive cut in subsidies to curtail current expenditures

(i) profit on debt, dividend, capital gains, brokerage and commission;

(ii) taxable income (other than brought forward depreciation and brought forward business losses) under section 9 of the Ordinance, if not included in clause (i);

(iii) imputable income as defined in clause (28A) of section 2 excluding amounts specified in clause (i); and

(iv) income computed, other than brought forward depreciation, brought forward amortization and brought forward business losses under Fourth, Fifth and Seventh Schedules.

READ MORE: Petroleum levy to generate Rs750 billion

(3) The tax payable under sub-section (1) shall be paid, collected and deposited on the date and in the manner as specified in sub-section (1) of section 137 and all provisions of Chapter X of the Ordinance shall apply.

(4) Where the tax is not paid by a person liable to pay it, the Commissioner shall by an order in writing, determine the tax payable, and shall serve upon the person, a notice of demand specifying the tax payable and within the time specified under section 137 of the Ordinance.

(5) Where the tax is not paid by a person liable to pay it, the Commissioner shall recover the tax payable under sub-section (1) and the provisions of Part IV, X, XI and XII of Chapter X and Part I of Chapter XI of the Ordinance shall, so far as may be, apply to the collection of tax as these apply to the collection of tax under the Ordinance.

READ MORE: FBR assigned tax collection target of Rs7 trillion in 2022/2023

(6) The Board may, by notification in the official Gazette, make rules for carrying out the purposes of this section.

Tax on high earning persons for poverty alleviation

The rate of tax under section 4C shall be:-

Income under section 4C Rate of tax
Where income does not exceed Rs. 300 million 0% of the income
Where income exceeds Rs. 300 million 2% of the income

June 11, 2022
Massive cut in subsidies to curtail current expenditures

ISLAMABAD: Pakistan has announced massive cut in subsidies and allocated an amount of Rs699 billion for the fiscal year 2022/2023 as compared with the amount of Rs1.515 trillion in the outgoing fiscal year.

The drastic cut in subsidies has been aimed at curtailing current expenditures to reduce the fiscal deficit.

READ MORE: Petroleum levy to generate Rs750 billion

Pakistan on June 10, 2022 presented its federal budget 2022/2023 which estimated current expenditure at Rs8.69 trillion during the next fiscal year as compared with estimated Rs8.516 trillion in the outgoing fiscal year.

An amount of Rs3.95 trillion has been allocated for mark-up payments for the fiscal year 2022/2023 as against Rs3.14 trillion in the outgoing fiscal year.

READ MORE: FBR assigned tax collection target of Rs7 trillion in 2022/2023

A whopping Rs3.44 trillion has been earmarked for mark-up payment on domestic debt during the next fiscal year as compared with Rs2.77 trillion in the current fiscal year. Meanwhile, an amount of Rs511 billion has been allocated for mark-up payment on foreign debt during next fiscal year.

The government estimated an amount of Rs530 billion for payment of pension during the next fiscal year. This amount includes Rs395 billion for the pension of military persons and Rs135 billion for the pension of civil employees.

READ MORE: Budget 2022/2023: Salient features of customs duty act

The government allocated an amount of Rs1.52 trillion for defence affairs and services during fiscal year 2022/2023 as compared with the estimated amount of Rs1.48 trillion in the outgoing fiscal year. The actual allocation was Rs1.37 trillion for the fiscal year 2021/2022.

An amount of Rs100 billion has been allocated for pay and pension during the next fiscal year.

READ MORE: Budget 2022/2023: Salient features of sales tax

The government earmarked an amount of Rs550 billion for running of civil government during fiscal year 2022/2023 as compared with Rs530 billion in the current fiscal year. The actual allocation for running of civil government was Rs479 billion in fiscal year 2021/2022.

June 11, 2022
Petroleum levy to generate Rs750 billion

ISLAMABAD: The government has estimated a collection of Rs750 billion as petroleum levy during next fiscal year 2022/2023.

It is worth mentioning that the previous PTI government had not imposed a petroleum levy in order to provide petroleum products at cheaper rates.

READ MORE: FBR assigned tax collection target of Rs7 trillion in 2022/2023

However, the current coalition government led by PML-N in its budget 2022/2023 announced on June 10, 2023 estimated collection of Rs750 billion during the next fiscal year.

The government has estimated a collection of Rs135 billion in the current fiscal year.

READ MORE: Budget 2022/2023: Salient features of customs duty act

The present government also estimated an amount of Rs40 billion through natural gas development surcharge during the next fiscal year as compared with existing estimates of Rs30 billion in the outgoing fiscal year.

An amount of Rs70 billion has been estimated to be collected from royalty on natural gas during the next fiscal year as compared with existing estimates of Rs60 billion in the current fiscal year.

READ MORE: Budget 2022/2023: Salient features of sales tax

Under the head of gas infrastructure development cess (GIDC) the government is estimating a collection of Rs200 billion during the next fiscal year as compared with existing Rs25 billion in the current fiscal year.

The government has also estimated a collection of Rs10 billion from windfall levy against crude oil as compared with estimated Rs12 billion in the outgoing fiscal year.

READ MORE: Budget 2022/2023: Salient features of income tax

June 11, 2022
Per capita income in Pakistan rises to $1,798 in 2021-22

ISLAMABAD: The per capita income in Pakistan has increased to $1,798 during fiscal year 2021/2022, according to Economic Survey of Pakistan.

The Economic Survey of Pakistan 2021/2022 launched on Thursday. According to the survey the per capita income of the country improved to $1,798 during the fiscal year 2021/2022 as compared with $1,676 in the last fiscal year.

READ MORE: Pakistan achieves 5.97% GDP growth in 2021/2022: Economic Survey

Regarding per capita income in terms of dollar, there was a rebound seen in 2020-2021 which continued in 2021-2022, the survey said.

“In the outgoing fiscal year, per capita income was recorded at $1,798 which reflects an improvement in prosperity due to the fact that economic growth per person improved,” the survey added.

READ MORE: Pakistan may increase normal sales tax rate to 18%

According to the survey though economy recovered from the pandemic (a 0.94 percent drop in FY2020) and maintained V-Shaped recovery by posting real GDP growth of 5.97 percent in the fiscal year 2022. This high growth, however, is unsustainable and has resulted in financial and macroeconomic imbalances.”

READ MORE: PM Shehbaz assures favorable measures on CNIC requirement

The economic survey highlighted that political instability in the country also led to a huge increase in economic uncertainty. Uncertainty at individual, firm, and government levels is negatively affecting the economy. Political stability can reduce uncertainty by making clear policy statements to build the trust of domestic as well as foreign investors and the business community.

READ MORE: New tax measures likely in budget 2022-2023

The survey highlighted that the higher high growth, however, is also accompanied by external and internal imbalances, as has been the case historically with Pakistan’s economy. However, external circumstances also played a critical role this time.

June 9, 2022
SBP issues instructions on Hajj related outward remittances

KARACHI: State Bank of Pakistan (SBP) has issued instructions to banks related to issuance of remittances for Hajj expanses and their repatriation on non-utilization.

The SBP issued a circular dated June 03, 2022 invited attention of banks to Para 45A, Chapter 17 of Foreign Exchange Manual in terms of which Authorized Dealers are allowed to make remittances in foreign exchange to Kingdom of Saudi Arabia on behalf of Hajj Group Organizers (HGOs) subject to compliance of applicable terms and conditions.

The SBP said in order to facilitate the HGOs to effect Hajj related remittances, Para 45(A) (v), Chapter 17 of Foreign Exchange Manual stands amended as per following:

“45A. Remittances by Authorized Dealers on behalf of Hajj Group Organizers for Hajj.

(v)(a) Authorized Dealers may also effect Hajj related remittances, on behalf of HGOs, to Tawafa/Hajj service providers duly designated by the Saudi Arabian Hajj Authorities. The remittances will be made on receipt of following information/ documents by Authorized Dealers:

— Details of Hajj Package bifurcating local and foreign expenses per pilgrim in terms of related Hajj Package(s).

— Undertaking from concerned HGO for repatriation of funds in case of non-utilization.

(b)It will be the responsibility of the banks to satisfy themselves about the bona fides of the transaction.”

Prior to the amendment, the Para 45A of Chapter 17 of the Foreign Exchange Manual is as:

“45A. Remittances by Authorized Dealers on behalf of Hajj Group Organizers for Hajj.

(i) Authorized Dealers may remit foreign exchange on behalf of the Hajj Group Organizers (HGOs) having been allocated quota by the Ministry of Religious Affairs & Interfaith Harmony (MoRA) under the Private Hajj Scheme for respective Hajj season subject to terms and conditions mentioned below. Authorized Dealers may obtain list of enlisted HGOs along with allocated quota in respect of each HGO from MoRA.

Authorized Dealers, on being approached, shall either open a PKR Account in the name of concerned HGO with suffix “Hajj” or use the previously opened similar account specifically for the purpose of Hajj related remittances to Saudi Arabia subject to the following:

a) While opening/activating and operating these accounts, Authorized Dealers shall strictly follow SBP’s AML/KYC guidelines and ensure compliance of all related rules and regulations issued from time to time. They shall obtain all necessary documents from the concerned HGO.

b) For the purpose of effecting Hajj related remittances to Saudi Arabia, each HGO is permitted to maintain only one account with the Authorized Dealer of its choice. In this respect, Authorized Dealer shall obtain an undertaking from the HGO that it is not maintaining such account with any of the other Authorized Dealers or any other branch of the same Authorized Dealer for this purpose.

(ii) With respect to the operations of the designated accounts of HGOs in Pakistan, the Authorized Dealers will ensure that permissible deposits shall only be the PKR funds received from intending pilgrims by the HGOs. The Authorized Dealers shall obtain the list of intending pilgrims from concerned HGOs containing at least the below-mentioned details:

a) Name, address and contact details.

b) Passport No. &

c) HGO Hajj Package opted (Amount of Hajj Packages).

(iii) Authorized Dealers shall allow remittances into HGO’s account maintained with a specified Saudi bank against the PKR funds collected by HGOs in terms of sub-para (ii) above. However, in case where an HGO has not been able to open/operate account in Saudi Riyal with a Saudi bank, the remittances may be allowed directly to vendors/service providers in Saudi Arabia through FDD/TT/SWIFT. In this context, Authorized Dealers must ensure the following:

a) The remittances shall only be made for meeting expenses related to housing, Maktab, catering, transportation, guides, subsistence requirements and charges of the Ministry of Hajj in respect of intending pilgrims performing Hajj from the quota allocated to the concerned HGO against authenticated underlying contracts with service providers in Saudi Arabia and submission of following information/documents by the respective HGOs:.

(aa) Detail of Hajj Package bifurcating local and foreign expenses per pilgrim.

(bb) Quota Allocation letter by MoRA for respective Hajj season.

(cc) Invoice(s) issued by Saudi vendors in favor of which remittance is being made or FDD is being issued. However, in case final invoices are not available with the HGOs, the Authorized Dealers will ensure submission of related invoices etc. after finalization of the contracts and will allow remittances after due diligence of contracts.

b) The HGOs shall provide per pilgrim per service foreign exchange requirements to Authorized Dealers for the services mentioned at (a) above in terms of related package. Authorized Dealers shall make remittances for such services after due verification keeping in view the total quota allocated to the concerned HGO under the Private Hajj Scheme for the concerned Hajj season. However, in any case, total remittances per pilgrim into account of HGO/direct payments to vendors in Saudi Arabia should not exceed 80% of the Hajj Package being offered to the individual pilgrim.

c) In case aggregate remittance against all services by an HGO on any given day exceeds US$ 100,000/-, the concerned HGO will approach Exchange Policy Department, State Bank of Pakistan, Karachi along with related details and Form ‘M’ through the concerned Authorized Dealer for prior approval.

d) Head/Principal Offices of Authorized Dealers shall submit consolidated report in respect of remittance transactions to the State Bank executed on behalf of HGOs on or before the 5th day of the following month as per the prescribed format (Appendix V-140) at the email ID: [email protected]. Further, Authorized Dealers shall maintain complete record of these transactions for SBP’s inspection.

e) It is mandatory for HGOs to repatriate the un-utilized amount to their designated bank accounts in Pakistan after completion of Hajj season. The respective Authorized Dealer shall ensure compliance of the same. Further, HGOs shall have the option to withdraw or transfer remaining PKR funds from these accounts to any other PKR account in Pakistan.

(iv) Further, in order to facilitate the HGOs to make arrangements of Maktab, housing, catering, transportation, guides, etc. in Saudi Arabia, Authorized Dealers may make advance remittances on behalf of HGOs upto 30% of the Hajj Package being offered by them to the individual pilgrims. The remittances will be made on submission of the following information/documents by the respective HGOs:

(a) Authenticated underlying contract with Saudi vendor/service provider.

(b) Details of Hajj Package bifurcating projected local and foreign expenses per pilgrim.

(c) Quota Allocation letter by the Ministry of Religious Affairs & Interfaith Harmony for previous Hajj season.

(d) Undertaking from concerned HGO for repatriation of funds in case of non-performance.

(e) Invoice(s) issued by Saudi vendors/service providers in favor of which advance remittance is being made. However, in case final invoices are not available with the HGOs at the time of remittance, the Authorized Dealers will ensure receipt of related invoices subsequently.

v) In addition to the above, Authorized Dealers may also effect Hajj related remittances into United Agents Office, Saudi Arabia’s IBAN maintained on behalf of each HGO with the External Hajj e-Service Portal. The remittances will be made on submission of following information/ documents by the respective HGOs:

a) Details of Hajj Package bifurcating local and foreign expenses per pilgrim in terms of related Hajj Package(s).

b) Undertaking from concerned HGO for repatriation of funds in case of non-utilization.

vi) Authorized Dealers must ensure receipt of all related invoices/e-invoices/vouchers, etc. from concerned HGO after finalization of the contracts, reconcile each transaction subsequently and comply with all instructions including those mentioned at Para (iii) above.

vii) While processing advance remittance request, the Authorized Dealer will take all possible measures to verify the bonafides and genuineness of the transaction. In case of non performance of contract for any reason, the Authorized Dealer and HGO will ensure repatriation of advance payment before completion of respective Hajj season.

viii) In the case of repatriation of advance payment, exchange gain, if any, will not be passed on to the HGO, rather the same will be deposited in favor of State Bank of Pakistan. To this effect, the Authorized Dealer should get consent/agreement signed by the concerned HGO at the time of effecting remittance. The exchange gain should be deposited in favor of the State Bank through RTGS Clearing Account No. 427518. In this respect, a consolidated statement regarding all such cases will be submitted by Head/Principal Offices of the Authorized Dealers to the Director, Foreign Exchange Operations Department, SBP-Banking Services Corporation on monthly basis as per prescribed format (Appendix V-141).

June 4, 2022
Prices of essential items rise by 20% on first POL rate jump

ISLAMABAD: The prices of essential items recorded an increase of 20 per cent owing to first jump in petroleum prices announced a week ago, official documents revealed on Friday.

The inflation based on Sensitive Price Indicator (SPI) has increased by 20.04 per cent on year on year basis by week ended June 02, 2022, according to data released by Pakistan Bureau of Statistics (PBS).

READ MORE: Pakistan’s headline inflation up by 13.8% in May 2022

On week on week (WoW) basis the SPI recorded a two percent for the week ended June 02, 2022 over the previous week ended May 06, 2022.

The SPI determines the price fluctuation in basic kitchen items on weekly basis. The Sensitive Price Indicator comprises 51 essential items collected from 50 markets in 17 cities.

The latest surge in prices of essential items is the result of increase in prices of petroleum products that were announced on May 26, 2022 and effective from May 27, 2022.

READ MORE: Pakistan’s inflation sharply up by 13.4% in April 2022

The federal government on May 26, 2022 announced a sharp increase of Rs30 per cent liter each on all petroleum products.

The price hike in essential items likely to rise alarmingly and may reflect in the SPI of next week ended June 9, 2022 as the government again increased the prices of petroleum products on June 02, 2022.

According to the PBS, the SPI for the current week ended on June 02, 2022 recorded an increase of 2 per cent.

READ MORE: Pakistan’s headline inflation increases by 12.7% in March

Increase observed in the prices of food items Potatoes (9.08 per cent), Eggs (6.38 per cent), Vegetable Ghee 1 kg (4.59 per cent), Bread (2.72 per cent), Mustard Oil (2.65 per cent), Pulse Masoor (2.33 per cent), Cooking Oil 5 litre (2.18 per cent), Pulse Gram (1.99 per cent), Sugar (1.93 per cent), Cooked Beef & Pulse Mash (1.69 per cent) each, Vegetable Ghee 2.5 kg (1.51 per cent) and Bananas (1.35 per cent), non-food items Hi-Speed Diesel (20.69 per cent), Petrol Super(19.91 per cent) and Toilet Soap (1.40 per cent) with joint impact of (2.09 per cent) into the overall SPI for combined group of (2.00 per cent).

On the other hand, decrease observed in the prices of Chicken (4.68 per cent ), Garlic (2.75 per cent), Wheat Flour (1.91 per cent), Tomatoes (1.26 per cent) and LPG (0.74 per cent).

READ MORE: Food inflation rural increases by 14.6% in February 2022

During the week, out of 51 items, prices of 28 (54.90 per cent) items increased, 05 (9.81 per cent) items decreased and 18 (35.29 per cent) items remained stable.

The year on year trend depicts an increase of 20.04 per cent, Onions (177.62 per cent), Tomatoes (152.57 per cent), Mustard Oil (70.50 per cent), Vegetable Ghee 1 Kg (68.02 per cent), Garlic (67.44 per cent), Pulse Masoor (66.92 per cent), Petrol (64.78 per cent), Cooking Oil 5 litre (64.72 per cent), Vegetable Ghee 2.5 Kg (62.43 per cent), LPG (60.14 per cent), Diesel (56.45 per cent) and Washing Soap (42.92 per cent), while major decrease observed in the prices of Chillies Powdered (43.42 per cent), Pulse Moong (21.62 per cent), Electricity charges for Q1 (11.71 per cent), Sugar (11.16 per cent), Bananas (9.95 per cent), Potatoes (6.89 per cent) and Gur (1.46 per cent).

June 3, 2022

Pakistan hikes petroleum prices up to 50.71% in a week

ISLAMABAD: The Pakistan government led by a coalition government has sharply increased petroleum prices by up to 50.71 per cent in just one week.

Finance Minister Miftah Ismail on Thursday made second announcement in just span of one week to increase the prices of petroleum products around Rs30 per liter each time.

The new petroleum prices per liter effective from June 03, 2022 are:

Description	Price on May 26, 2022	Price on June 03, 2022	Difference	Percent increase
Petrol	Rs149.86	Rs209.86	Rs60	40%
High Speed Diesel	Rs144.15	Rs204.15	Rs60	41.62%
Kerosene oil	Rs129.56	Rs181.94	Rs52.38	45%
Light Speed Diesel	Rs118.31	Rs178.31	Rs60	50.71%

A statement issued by the finance division on Thursday stated that crude oil and petroleum prices are increasing substantially in the international market.

Maintaining POL prices at the hugely subsidized rates results in increasing both budget deficit and imports.

The subsidized rates of these POL products also poses supply chain risk, the finance division said.

The current fiscal position and market prices leave no option for the government but to increase the prices. Therefore, the government has decided to increase the prices of petroleum products with effect from June 03, 2022 keeping petroleum levy and sales tax at zero per cent.

“We note that the government is still losing money on petrol, high speed diesel and light diesel oil,” the finance division added.

The previous PTI government in February 2022 decided to freeze the prices of petroleum products at the level mentioned above in the table on May 26, 2022 up to June 30, 2022. However, former Prime Minister Imran Khan was removed from the office through a no-confidence motion on April 10, 2022.

Since then, the new coalition government also maintained the prices till May 26, 2022. But under pressure of International Monetary Fund (IMF) for the release of next tranche of around $1 billion the government had no option but to increase the prices.

Analysts said that the significant hike in prices of petroleum products would bring a storm of inflation as POL prices are directly linked to all the prices of essential and non-essential items.

June 3, 2022

Income under section 4C	Rate of tax
Where income does not exceed Rs. 300 million	0% of the income
Where income exceeds Rs. 300 million	2% of the income