Latest news with #PBF
Business Recorder
3 days ago
- Business
- Business Recorder
Local cotton: Pakistan govt working to abolish 18% GST, says minister
ISLAMABAD: Minister for National Food Security Rana Tanveer Hussain said on Wednesday that the government is actively working to abolish the 18 per cent general sales tax (GST) on locally-produced cotton, including lint and cottonseed, to support farmers and boost domestic cotton production. The minister made these remarks during a meeting with a delegation from the Pakistan Business Forum (PBF), led by Chief Organiser Chaudhry Ahmad Jawad. Hussain said the government is also addressing pending cotton cess liabilities in the textile sector to ensure the Central Cotton Committee (CCC) remains financially stable. 'We are considering limiting tax-free imports of yarn and fabric under the Export Facilitation Scheme (EFS) to encourage local cotton consumption,' he added. PBF urges govt to take urgent measures to save cotton He stated that the government aims to produce 10 million cotton bales this year and is committed to offering relief to farmers in the next budget. The meeting discussed in detail the upcoming federal budget and advocate for targeted relief for the agricultural sector. The PBF delegation included Senior Vice President Amna Awan, Chairman South Punjab Talat Suhail, Chairman KP Ashfaq Paracha, and Deputy Secretary General Zafar Iqbal. PBF Chief Organiser Chaudhry Ahmad Jawad urged the government to eliminate the GST on local cotton and lower customs duties on imported machinery for the cotton ginning sector. 'Sustainable economic growth is not possible without strong support for agriculture,' he emphasised. Jawad also called for the implementation of new seed varieties developed by the Pakistan Agricultural Research Council (PARC) at the district level. 'Farmers are unaware of the latest research being carried out in Islamabad. It needs to be transferred to the grassroots through local agriculture departments,' he said. The government must take concrete steps to reduce the cost of cultivation. Fertiliser prices should also be brought down by offering tax relief, added Jawad. Copyright Business Recorder, 2025
Business Recorder
3 days ago
- Business
- Business Recorder
Local cotton: Govt working to abolish 18pc GST: minister
ISLAMABAD: Minister for National Food Security Rana Tanveer Hussain said on Wednesday that the government is actively working to abolish the 18 per cent general sales tax (GST) on locally-produced cotton, including lint and cottonseed, to support farmers and boost domestic cotton production. The minister made these remarks during a meeting with a delegation from the Pakistan Business Forum (PBF), led by Chief Organiser Chaudhry Ahmad Jawad. Hussain said the government is also addressing pending cotton cess liabilities in the textile sector to ensure the Central Cotton Committee (CCC) remains financially stable. 'We are considering limiting tax-free imports of yarn and fabric under the Export Facilitation Scheme (EFS) to encourage local cotton consumption,' he added. PBF urges govt to take urgent measures to save cotton He stated that the government aims to produce 10 million cotton bales this year and is committed to offering relief to farmers in the next budget. The meeting discussed in detail the upcoming federal budget and advocate for targeted relief for the agricultural sector. The PBF delegation included Senior Vice President Amna Awan, Chairman South Punjab Talat Suhail, Chairman KP Ashfaq Paracha, and Deputy Secretary General Zafar Iqbal. PBF Chief Organiser Chaudhry Ahmad Jawad urged the government to eliminate the GST on local cotton and lower customs duties on imported machinery for the cotton ginning sector. 'Sustainable economic growth is not possible without strong support for agriculture,' he emphasised. Jawad also called for the implementation of new seed varieties developed by the Pakistan Agricultural Research Council (PARC) at the district level. 'Farmers are unaware of the latest research being carried out in Islamabad. It needs to be transferred to the grassroots through local agriculture departments,' he said. The government must take concrete steps to reduce the cost of cultivation. Fertiliser prices should also be brought down by offering tax relief, added Jawad. Copyright Business Recorder, 2025
Express Tribune
3 days ago
- Business
- Express Tribune
PBF urges budget relief for agriculture
Listen to article The Pakistan Business Forum (PBF) has urged the government to take concrete measures in the upcoming federal budget to reduce the cost of agricultural cultivation, calling for immediate tax relief on fertilisers to ease the financial burden on farmers. A PBF delegation, led by Chief Organiser Chaudhry Ahmad Jawad, held a detailed meeting with Federal Minister for National Food Security Rana Tanveer Hussain to discuss the upcoming federal budget and advocate for targeted relief for the agricultural sector. The delegation emphasised that the federal government still holds the authority to reduce the cost of production for farmers. "Sustainable GDP growth is not possible without government support for agriculture," they stated. The delegation urged the government to eliminate the 18% GST on locally produced cotton and to reduce customs duties on imported machinery used in the cotton ginning sector. "The government must take concrete steps to reduce the cost of cultivation. Fertiliser prices should also be brought down by offering tax relief," they added. In response, Hussain expressed agreement with the forum's concerns and stated, "The ministry is actively working on eliminating the 18% GST on local cotton, including lint and cottonseed." He further noted that efforts are underway to resolve pending cotton cess liabilities from the textile sector to ensure the Central Cotton Committee does not face financial constraints. "We are also considering limiting tax-free imports of yarn and fabric under the Export Facilitation Scheme to support local cotton," said the minister. "This year, we are aiming to produce 10 million cotton bales locally, and we are making every effort to ensure that farmers receive relief in the upcoming budget." PBF also recommended that new research and seed varieties developed by the Pakistan Agricultural Research Council (PARC) be implemented at the district level through local agriculture departments. "At present, we are unaware of the latest research being conducted in Islamabad. The ministry should work with provincial governments to bridge this gap." PBF welcomed the government's decision to allow the import of cotton seeds and proposed that legislation be introduced to ensure local banks provide loans to the SME sector.
Business Recorder
5 days ago
- Business
- Business Recorder
PBF urges growth-focused budget in light of regional, economic situation
KARACHI: The Pakistan Business Forum (PBF) has urged the government to present a growth-focused budget in light of the current regional and economic situation. PBF President Khawaja Mehboob ur Rehman stressed that the upcoming budget must prioritize economic stability instead of just revenue generation. He warned that imposing more taxes could lead to an economic slowdown and harm long-term national interests. A budget that focuses only on meeting tax targets without addressing business and inflation concerns could worsen public and industrial stress. PBF also highlighted concerns over the government's reported plan to increase petroleum levy up to Rs100 per litre from July 1. Additionally, further taxation on electricity is being considered, which the forum believes will severely restrict economic activity. These measures, if implemented, could burden the already strained business sector and reduce industrial productivity. The forum believes such policies could discourage investment and delay recovery from the ongoing economic crisis. Businesses are already facing rising operational costs and shrinking margins. According to the Pakistan Business Forum, the government is also considering increasing tax targets by Rs2,000 billion in the new fiscal year. This figure, in their view, is unrealistic given the fragile state of the economy. Such a heavy tax burden would be unfair to the business community, which is already dealing with inflation and uncertainty. The forum recommended that the budget avoid new taxes and instead focus on relief for businesses and consumers. A more balanced approach could protect jobs and stabilize market conditions. The upcoming budget, scheduled to be announced on June 10, should provide direct support to the business environment and offer genuine inflation relief. The forum proposed reducing development expenditures and diverting those resources towards defence and economic recovery. They emphasized that the Ministry of Finance must acknowledge the exceptional nature of current challenges. Both the general public and national institutions cannot bear further inflation or instability. A responsible, supportive budget is essential for sustaining national strength. Copyright Business Recorder, 2025
Yahoo
17-05-2025
- Business
- Yahoo
Why PBF Energy Inc. (PBF) Stock Surged So High This Week
PBF Energy Inc. (NYSE:PBF) was among the energy stocks that gained the most this week. In this article, we are going to discuss why the stock surged 21.9% between May 7th and May 14th. Aerial view of an oil refinery, with smoke billowing from its chimneys. PBF Energy Inc. (NYSE:PBF) is one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States. PBF Energy Inc. (NYSE:PBF) continued to surge this week after it was upgraded by UBS from 'Neutral' to 'Buy'. The brokerage firm also raised the stock's price target from $20 to $26, citing a strong improvement in refining fundamentals and a strong rebound in refining cracks. It must be noted that PBF managed to beat both earnings and revenue estimates in its Q1 2025 results reported earlier this month, despite posting an overall net loss. While we acknowledge the potential of PBF to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than PBF and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 10 Cheap Energy Stocks to Buy Now and 10 Most Undervalued Energy Stocks According to Hedge Funds. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
