Tag: finance bill
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Govt increases excise duty on registration of cars over 2000cc
The federal government has implemented a considerable increase in excise duty on vehicle registration for vehicles with engine capacities exceeding 2000CC in the Finance Bill for the fiscal year 2023-2024.
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Ishaq Dar to present Rs14.7 trillion budget for FY2023-24 today
Finance Minister Ishaq Dar is set to reveal the federal budget for the fiscal year 2023-24 today, with a proposed outlay of Rs14.7 trillion. The budget carries a higher consolidated budget deficit, exceeding 6 per cent of the GDP, and includes allocations for various targeted schemes aimed at attracting voters in the upcoming general elections.
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Pakistani rupee’s three-day winning streak ends due to delayed IMF deal
The value of the Pakistani rupee (PKR) decreased 0.45 per cent against the US dollar following a three-day period of gains due to prolonged delays in critical funding from the International Monetary Fund (IMF). During the interbank session held today, the PKR depreciated by Rs1.3 to settle at Rs279.12 per USD, compared to yesterday’s closing…
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National Assembly passes mini-budget to meet IMF targets
The National Assembly of Pakistan passed the Finance (Supplementary) Bill, 2023, aimed at amending certain laws relating to taxes and duties. The bill is intended to generate an additional Rs170 billion within the next four and a half months, to fulfill the last prior actions agreed upon with the International Monetary Fund (IMF). Pakistan’s reserves…
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Pakistan impresses IMF with speedy implementation of agreed measures
Aisha Ghaus Pasha, the Minister of State for Finance and Revenue, announced that the International Monetary Fund (IMF) is not only satisfied, but is also surprised by the speedy implementation of the agreed measures.
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Saying ‘qabool hai’ just got more expensive: Mini-budget proposes increased tax rates on weddings, related events
The Finance (Supplementary) Bill, 2023 proposes to reintroduce advance tax on functions and gatherings, requiring a tax withholding of 10 per cent for filers and 20 per cent for non-filers. The tax rate will be applied to the total amount of the bill from the individual or entity hosting the function, whether it is in…
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Govt increases petrol price by Rs14.85 to Rs248.74 per liter
The price of petroleum products has been increased by the federal government on Thursday for the upcoming two weeks, costing the general public nearly Rs15–18 per liter. Finance Minister Miftah Ismail said that he was “not supposed” to appear on national television to announce an increase in the cost of petroleum products, but that he…
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Punjab cabinet approves annual budget 2022-23
On Monday, the provincial cabinet adopted the annual budget for the fiscal year 2022-23, as well as yearly development funds. The cabinet passed a Rs 3.226 trillion budget bill for 2022-23 with approval of amended estimates for 2021-22 at a meeting chaired by Punjab Chief Minister Hamza Shehbaz. In addition to raising pensions, the meeting…
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Federal government to present mini-budget of Rs350 billion today
The federal government will present the mini-budget worth Rs350 billion today. Prime Minister (PM) Imran Khan summoned a meeting of the federal cabinet that will approve the mini-budget at noon today. The federal cabinet, with PM Khan in the chair, will give a go-ahead to the Finance (Supplementary) Bill 2021. The Finance Amendment Bill 2021…
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FY22 Budget passes: Did the Opposition lie?
The National Assembly (NA) on Tuesday passed the budget for the new fiscal year with majority vote amidst the Opposition’s hollow claims of giving the government a tough time. Prime Minister Imran Khan was present for today’s session, while former president Asif Ali Zardari and Pakistan People’s Party (PPP) Chairman Bilawal Bhutto-Zardari were also in…