Latest news with #Rs175
Business Recorder
5 days ago
- Business
- Business Recorder
May: FBR's provisional collection over Rs935bn
ISLAMABAD: The Federal Board of Revenue (FBR) has provisionally collected over and above Rs 935 billion in May 2025 against the assigned target of Rs1110 billion, reducing shortfall to Rs175 billion. Till now, the FBR has collected Rs10,244 billion during July-May (2024-25) period against the target of Rs 11,240 billion, further reducing the shortfall to Rs 1016 billion, according to updated revenue collection figures of the FBR late Saturday night. Copyright Business Recorder, 2025
Express Tribune
07-04-2025
- Business
- Express Tribune
Not paying salaries to sanitation staff reeks of corruption: HCSTSI
The Hyderabad Chamber of Small Traders & Small Industry (HCSTSI) President Muhammad Saleem Memon expressed concern over the non-payment of salaries to the employees of the Hyderabad Water and Sanitation Corporation (HWSC) for the past eight months, despite the government of Sindh having released an amount of Rs175 million for it. He condemned the situation as a glaring example of poor governance and unacceptable negligence, arguing that even during sacred occasions such as Ramazan and Eidul Fitr, the affected employees were unable to meet basic needs of their families, turning this issue into a humanitarian crisis. Memon further stressed that this situation is also concerning for citizens and the business community who play a vital role in supporting the financial structure of the institution. President Memon noted that HCSTSI, representing the city's business community, has continuously been overlooked from the Board of Directors of critical institutions like the HW&SC. Instead, individuals with no experience in urban planning or financial management have been appointed to the board. He argued that such exclusion has led to increasing corruption and mismanagement, with a growing perception that the business community is being intentionally distanced from institutional decision-making in order to conceal financial irregularities and prevent transparency. Memon stressed that the HW&SC has the potential to become an autonomous, profitable and transparent organisation provided the involvement of honest and competent stakeholders. He confidently stated that if HCSTSI is given representation on the Board of Directors with the authority to exercise powers with integrity, the organisation's financial position could be significantly improved within just three years.
Express Tribune
18-03-2025
- Business
- Express Tribune
CCP warns of policy action in face of sugar crisis
Listen to article The emerging sugar crisis has landed in the Competition Commission of Pakistan (CCP), which stated on Tuesday that it was closely monitoring the ongoing situation and strict enforcement and policy actions would be taken if any anti-competitive activities were found. Sugar prices have touched Rs175 per kg in Ramazan and are expected to rise further to Rs200 owing to the alleged cartel of sugar millers. The government had allowed sugar export to the millers, but it did not consider wider implications of the policy. Now, to arrest rising prices and meet consumer needs, the government is planning to import raw sugar for supply to the market. Earlier, the millers made significant money following exports of the sweetener and now dealers are expected to get a windfall with the import of raw sugar, putting both consumers and the government at a disadvantage. The CCP said that it had been actively working to curb cartelisation in the sugar industry by promoting fair competition and protecting the consumers. In 2020, the commission had launched an inquiry that revealed that sugar mills were engaged in price fixing and controlling supplies through coordinated actions facilitated by the Pakistan Sugar Mills Association (PSMA). As part of the investigation, the CCP also conducted raids at the PSMA offices. As a result, in August 2021, the CCP imposed huge penalties of Rs44 billion on sugar mills and the PSMA – one of the highest fines in its history. However, the decision was challenged in courts, leading to the issuance of stay orders by the Sindh and Lahore High Courts as well as the Competition Appellate Tribunal. It delayed the recovery of penalties. The CCP has consistently intervened to enhance transparency and competitiveness in the sugar sector. Its first inquiry in 2009 found evidence of PSMA's involvement in price fixing and manipulation of production and supply quotas. Consequently, the CCP served show-cause notices on certain sugar mills and the PSMA on July 16, 2010, though the proceedings were subsequently stayed by the Sindh High Court. Over the years, according to the CCP, it has issued multiple policy notes (2009, 2012 and 2021), recommending the federal and provincial governments to reduce market distortions. Key recommendations included deregulating the sugar sector, allowing market forces to determine prices and lifting restrictions on the establishment or expansion of sugar mills to encourage competition. In its latest policy note, the CCP advised the government to discontinue the practice of announcing support prices for sugarcane and instead adopt a market-based pricing mechanism. This shift will ensure a fair compensation to farmers while fostering efficiency and competition within the sector. Currently, 127 cases related to sugar cartelisation are pending in various courts, including 24 in the Supreme Court, 25 in the Lahore High Court, six in the Sindh High Court and 72 in the Competition Appellate Tribunal. To expedite the resolution of these cases, the government has recently appointed a new chairman and members of the appellate tribunal.
Express Tribune
18-03-2025
- Business
- Express Tribune
Solar panel prices fall after new government policy changes
Refuting rumours of new taxes on solar power, Minister for Power Awais Leghari stated that the government has no such plans in the near future. photo: file Listen to article Pakistan's solar industry is facing uncertainty following recent amendments to the net metering policy, with solar panel prices seeing a decline. As a result of these changes, consumers now find solar energy options more affordable, with prices dropping by Rs35,000 to Rs175,000. A 5 kW solar system now costs between Rs500,000 and Rs550,000, while larger systems like a 10 kW unit are priced above Rs800,000. The price reduction follows the government's decision to lower the buyback rate for solar net metering to Rs10 per unit and implement net billing for new consumers. The move aims to control rising grid electricity costs but has sparked criticism from industry leaders who argue it could negatively impact consumers and the solar sector. Meanwhile, the Pakistan Solar Association (PSA) has expressed concerns over the new regulations, particularly their impact on residential and small-to-medium enterprises (SMEs). PSA Chairman Waqas Moosa noted that the amendments will increase the payback period for on-grid solar systems from 1.5 years to around three years, making off-grid, hybrid solar systems more appealing. These hybrid systems, which often incorporate advanced lithium-ion batteries, offer shorter payback periods, potentially shifting demand away from grid-connected systems. The PSA has called on the government to engage more with industry stakeholders before finalising such policy changes, warning that the new approach could reduce grid demand and drive up electricity prices for remaining consumers.
Express Tribune
18-02-2025
- Business
- Express Tribune
PAC irked over Rs580m revenue loss
The Public Accounts Committee (PAC) of the Balochistan Provincial Assembly has raised serious concerns over a staggering monthly revenue loss of Rs580.996 million in the Excise and Taxation Department. During a review meeting, the committee criticized the department's failure to meet property tax, motor vehicle tax, provincial excise, and professional tax collection targets for the financial year 2022-23. The meeting was attended by Assembly Secretary Tahir Shah Kakar, Accountant General Balochistan Nasrullah Jan, DG Audit Shuja Ali, Excise and Taxation Secretary Syed Zafar Ali Bukhari, Additional Secretary PAC Siraj Lehri, Additional Secretary Finance Hafiz Muhammad Qasim, Chief Accounts Officer Syed Muhammad Idrees and DG Excise Zeeshan Raza. The PAC noted that out of the Rs 1.2 billion allocated for the department's non-development budget in 2021-22, only Rs1 billion was spent, leaving Rs175 million unutilized. Additionally, the Finance Department provided extra funds in violation of budget rules.
