Latest news with #Rs240
Express Tribune
20-05-2025
- Business
- Express Tribune
IMF official visits amid budget talks
Listen to article The International Monetary Fund (IMF)'s regional director, Jihad Azour, is visiting Pakistan this week in the middle of negotiations for approval of the new budget, as both sides are taking time to converge on key issues of increasing taxes and rationalising expenses. Government sources told The Express Tribune that Jihad Azour, the IMF's Director for the Middle East and Central Asia, would also meet Prime Minister Shehbaz Sharif during his visit this week. Azour will also hold discussions with Finance Minister Muhammad Aurangzeb. The regional director is visiting Pakistan 10 days after the approval of the second loan tranche of the $7 billion programme, despite opposition from India. Azour's visit is a testimony to smooth relations between the lender and the borrower, despite New Delhi's negative campaign. Both the Ministry of Finance and the IMF resident representative remained tight-lipped about the purpose of the visit at a time when the IMF staff is already in Pakistan to reach an agreement on the new budget for fiscal year 2025-26. One senior government functionary said the government would take up some outstanding budget-related issues with the IMF director, particularly regarding major spending items. The IMF has imposed a new condition on Pakistan that the government must secure parliamentary approval of the new budget in line with the IMF staff agreement to meet programme targets. This leaves little space for the government to implement its own agenda, although PM Sharif wants to provide relief to the salaried class. The sources said the tax target, defence spending, and some grant-related issues were being discussed. The federal government has decided to allocate nearly Rs2.504 trillion for defence spending in the next fiscal year, which is 18% higher than this year's allocation. However, the IMF's staff-level report released on Saturday showed defence spending at Rs2.414 trillion, an increase of 12%. Some grants and subsidy allocations have also not yet been finalised. The Federal Board of Revenue (FBR) on Monday presented the taxation proposals for the next fiscal year to the prime minister. The PM was also briefed that the FBR's tax target may be around Rs14.07 trillion, which is roughly Rs240 billion less than the earlier mutually agreed target between the IMF and the government for fiscal year 2025-26, they added. However, there is a possibility that the government may substantially increase petroleum levy rates in the Finance Bill 2025. The IMF has projected petroleum levy collection at over Rs1.3 trillion for the next fiscal year, which could become the single largest non-tax revenue source if the government starts charging Rs100 per litre levy on petrol and diesel. The current rate is Rs78 per litre. The finance ministry will have to find space to adjust the Rs240 billion reduction in the earlier agreed target if the petroleum levy is not immediately increased to Rs100 per litre in the budget. For the outgoing fiscal year, the FBR's tax target has further dropped to Rs12.16 trillion after economic growth remained below the government's conservative estimates. The sources said the PM termed the proposed relief in income tax for the salaried class and the cut in super tax rates as insufficient. He directed tax authorities to provide significant respite to salaried individuals in consultation with the IMF. The sources said the PM stated in the meeting that providing relief to the salaried class was his top priority. Salaried individuals paid a whopping Rs437 billion in taxes in just 10 months of this fiscal year, which was Rs150 billion higher than the previous record. The FBR's claims before the prime minister and the IMF that it would compensate for the shortfall in taxes through enforcement measures and by settling litigation cases have proven incorrect. This has created a trust issue between the IMF and the FBR, said the sources. In addition to the standard 29% income tax from the corporate sector, the government also charges a 10% super tax, which might be reduced in phases. The FBR's single biggest failure was its inability to collect the IMF-set target of Rs36.7 billion from traders in nine months under the Tajir Dost Scheme. The IMF report revealed that collections were less than Rs4 million during the first half. For the next fiscal year, the IMF has dropped the Tajir Dost Scheme and proposed a new target, which may shift the focus away from retailers. The IMF and the government have agreed to collect a cumulative Rs531 billion in taxes from retailers in the next fiscal year, including other applicable taxes.
Express Tribune
06-05-2025
- Business
- Express Tribune
Sky-high rates worry animal buyers
A rapid surge in inflation this year has significantly impacted the prices of sacrificial animals in Rawalpindi, with both small and large animals nearing the highest price levels in the country's history. As a result, performing the religious ritual of Qurbani (sacrifice) has become increasingly difficultif not impossiblefor the lower and middle-income segments of society. With less than a month remaining until Eidul Azha, the sale of sacrificial animals has begun in various neighborhoods and streets despite official restrictions. Livestock traders from other cities have also started arriving in Rawalpindi and the Cantonment area. Sales are already underway in several parts of the city, including Bani Chowk, Ghazni Road, Saddar Chungi 22, Bakra Mandi Road, Adiala Road, Chakri Road, and from Rawat to Sawan Camp. Meanwhile, official government-designated cattle markets for sacrificial animals will begin operations from May 28. Street vendors and local sellers are currently demanding up to Rs110,000 for small goats and sheep (standard quality), Rs150,000 to Rs170,000 for medium-sized goats and sheep, up to Rs200,000 for high-quality goats and sheep, while Rs300,000-Rs500,000 for premium or aesthetically appealing goats and sheep. They are seen demanding up to Rs240,000 for standard bulls, Rs300,000 for medium-sized bulls, Rs400,000-Rs450,000 for good quality bulls, Rs700,000 to Rs1 million for premium bulls, and Rs450,000 to Rs1m for camels. A particularly rare and powerful animal from the mountainous regions of Gilgit-Skarduthe Yak, known for its strength and ability to carry heavy loadsis available on special order for Rs550,000 to Rs1m. However, it must be kept in a temperature-controlled environment as it originates from icy, high-altitude regions. Purchased yaks are delivered directly from Gilgit-Skardu to the buyer's home.
Business Recorder
28-04-2025
- Business
- Business Recorder
Prices of kitchen items witness mixed trend
PESHAWAR: Mixed trend in prices of important kitchen items including live chicken/meat, sugar, flour, vegetables, cooking oil/ghee, pulses and others was witnessed in the retail market, according to a survey carried out by Business Recorder here on Sunday. The survey noted the price of live chicken has increased at Rs405/kg from Rs395/kg, showing an increase of Rs10/kg in the open market. Price of farm eggs dropped as available at Rs240/kg against price of Rs260/dozen in the retail market. Butchers have sharpened their knives as they are openly violating the official price list and charged consumers with self-imposed rates. Cow meat was available at Rs1100/kg against the fixed price by local administration at Rs800-900/kg while boneless meat is being sold at Rs1300/kg in the open market. Price of mutton beef touched at Rs2500/kg in the open market. A nominal increase was also witnessed in prices of various varieties and brands of cooking oil/ghee in the open market, the survey said. One kilogram of sugar was available at Rs145/kg against the price Rs165/kg, showing decrease of Rs20/kg in the retail market. Prices of tomato have dropped as available at Rs50 and 60 and Rs70/kg against the price of Rs100/kg in the open market, according to the survey. Similarly, the price of onion has also plunged as being sold at Rs70-80/kg against the price of Rs100/kg in the previous week while some vendors and dealers charge a self-imposed price in the retail market. Ginger and garlic remained unchanged as being available at Rs800/kg and Rs400 and Rs600/kg respectively. Green chilli was being sold at Rs120/kg. Prices of other veggie prices remained high in the open market. Peas was being sold at Rs100/120/kg against the price of Rs150/kg, capsicum at Rs100/kg, ladyfinger Rs80/kg, curry Rs70/kg and Kachalu Rs150-200/kg, turnip at Rs120/kg Eggplant (bringle) Rs100/kg, Zucchini (tori) Rs100/kg, Tinda Rs100/kg, lemon was being sold at Rs200/kg. Arvi was available at Rs100-120/kg, cabbage at Rs100/kg, red coloured potatoes available at Rs70/kg while white coloured potatoes are sold at Rs50/kg in the retail market. Copyright Business Recorder, 2025
Express Tribune
06-04-2025
- Express Tribune
Police bust fraud gangs, recover record millions
Police's Organised Crime Unit has arrested seven members of three gangs involved in fraud and seized nearly Rs240 million in cashthe largest single seizure in the city's history, officials announced on Saturday. The arrests were announced during a press conference held in Model Town by DIG Investigation Syed Zeeshan Raza and DSP Chaudhry Faisal Sharif, who led the high-stakes operation. The accusedShahid Akram (ringleader), Aamir Ali, Nazeer Ahmed, Khalid Mahmood, Khizar Hayat, Imran Shah, and Talat Butt — allegedly secured jobs in reputable companies, committed large-scale frauds, and vanished without a trace. Along with the cash recovery, police also seized clothing worth Rs1.8 million, with more recoveries expected as investigations unfold. DIG Raza credited the success of the operation to the use of advanced technology and collaboration with IT experts, calling it a "complex case" that required meticulous planning and execution. DSP Sharif said that the suspects would face the full force of the law, with the prosecution already working to build a strong case for conviction. The officials reaffirmed their commitment to dismantling organised criminal networks. Meanwhile, nine police officials were handed down penalties for misconduct. DIG Operations Faisal Kamran presided over the weekly Orderly Room at Police Lines, where he reviewed the performance, discipline and conduct of personnel. According to the spokesperson, 19 officials were punished for negligence, carelessness, corruption and misuse of authority. Three appeals against previous disciplinary actions were rejected. The DIG stated that an effective and transparent self-accountability system was in place in the department. Over the past 11 months, 357 personnel have faced departmental action, including dismissal of four inspectors, three sub-inspectors and 10 other officials.
Express Tribune
27-03-2025
- Business
- Express Tribune
M6, M9 projects dominate Senate panel discussion
The Senate Standing Committee on Communications on Wednesday reviewed the progress and future plans for key infrastructure projects across the country, particularly focusing on the M6 and M9 motorways. The meeting, presided over by Senator Pervaiz Rasheed, was attended by senior officials, including the communications secretary and the National Highway Authority (NHA) chairman, and provided critical insights into the Ministry of Communications' plans and the status of ongoing development projects. The NHA chairman briefed the committee on the progress of these projects. He revealed that an international consultant has proposed dividing the M6 motorway into five sections for better management. Additionally, he informed the committee that a delegation from the Islamic Development Bank (IDB) is scheduled to visit the country next month, with the bank expressing willingness to invest in three sections of the M6 motorway. Discussing Prime Minister Shehbaz Sharif's recent visit to Azerbaijan, the chairman emphasized its significance in advancing infrastructure cooperation. During the visit, alternative routes for the M6 and M9 motorways were presented to Azerbaijani companies. On March 19, Pakistan shared the feasibility study of the M9 alternative route with Azerbaijan. Senator Saifullah Abro questioned the maintenance and repair responsibilities of the M9 motorway. Meanwhile, concerns were raised regarding financial mismanagement in the land acquisition process for the M6 motorway. The NHA chairman disclosed that funds allocated for land procurement were transferred to the Sindh government, but certain deputy commissioners misappropriated these funds. He said NAB is currently investigating the matter and has managed to recover a portion of the stolen amount. Out of the embezzled Rs5.7 million, Rs3.2 million has been recovered. Expressing concern over the unprecedented nature of the case, Senator Pervez Rasheed remarked, "This is the first time in history that a deputy commissioner has absconded with government funds". The committee was also informed that the M6 motorway's Project Concept-1 (PC-1) will be developed under a hybrid model. The PC-1 is expected to be finalized this week and subsequently shared with the Ministry of Planning. Meanwhile, the Ministry of Communications presented its Public Sector Development Programme (PSDP) for the financial year 2025-26, highlighting its ambitious roadmap for national infrastructure development. The ministry is currently overseeing a total of 105 projects for the ongoing financial year, with 15 new projects and 90 ongoing projects being actively pursued. These projects are part of a larger national effort with a cumulative cost exceeding Rs240 billion. The NHA chairman emphasized that the Ministry of Finance had released Rs56 billion for the second quarter of the current financial year, with an additional similar amount expected to be disbursed in the remaining quarters. Senator Maulana Abdul Wasi raised concerns over the DI Khan Kuchlak Zhob Highway, calling for an expedited pace of work on the critical route.
