Latest news with #SaleemMandviwala
Express Tribune
21-05-2025
- Business
- Express Tribune
Govt to raise tax evasion fines to Rs5 million
The federal government has decided to increase fines in the upcoming budget in order to curb tax evasion among shopkeepers and businesses, Express News reported. During a meeting of the Senate Standing Committee on Finance on Wednesday, Federal Board of Revenue (FBR) officials briefed members that fines for shopkeepers who use to evade taxes, will be raised from Rs0.5 million to Rs5 million while also proposing a reward scheme for those who report fake receipts used to avoid taxes. According to the FBR, the upcoming budget will impose heavier penalties on retailers involved in tax evasion as the government aims to expand the number of retailers registered at points of sale, targeting seven million retailers. The FBR also proposed a reward scheme to incentivise reporting of fake receipts used to avoid tax payments, with informants eligible for cash prizes up to Rs10,000. Read more: IMF official visits amid budget talks Officials said monitoring will be strengthened by deploying cameras and additional staff at retail points. The upcoming budget will also focus on sectors such as poultry, tobacco, beverages, and sugar mills, where enhanced oversight has already led to increased tax collection. Meanwhile, Senate Finance Committee Chairman Saleem Mandviwala expressed concern over long delays in sales tax refunds, which exporters claim can take months instead of days. FBR officials said they are prioritising refunds for key export sectors including textiles, sports goods, carpets, leather, and surgical products, promising faster processing. To combat tax evasion, authorities said daily business closures and fines are being enforced in major cities including Lahore, Karachi, and Islamabad, with plans to raise fines and extend measures nationwide. Read more: Businessmen oppose tariff rationalisation A media campaign against fake receipts and tax evasion will be launched soon, with plans to involve university students to help monitor thousands of shops across the country, they added. The committee was informed that new higher fines could come into effect from July 2025. Officials said the current lower penalties have weakened enforcement efforts and the government will seek parliamentary approval for the increases.
Express Tribune
30-04-2025
- Business
- Express Tribune
PAC unearths Rs3.4b graft by 195 cotton mills
The Public Accounts Committee (PAC) on Wednesday revealed that Rs3.4 billion in taxes had not been recovered from 195 cotton mills across Punjab, Sindh, Khyber-Pakhtunkhwa and Balochistan from 2012 to 2023. The revelation came during a PAC meeting chaired by Junaid Akbar. The Ministry of National Food Security and Research came under sharp scrutiny for failing to collect the cotton tax for over a decade. The secretary for food security informed the committee that the mills had taken the matter to court, but settlements were now in the works. "We hope the entire amount will be recovered in the coming months," he added. However, committee members expressed frustration over why the matter had reached this point. Senator Saleem Mandviwala questioned, "Why did it even come to this. Why wasn't the tax collected in the first place?" The secretary responded that the ministry lacked a clear mechanism for upfront tax recovery. Chairman Junaid Akbar instructed the ministry to ensure full recovery by June. PAC member Aamir Dogar lamented the deteriorating state of cotton production, asking, "Cotton is disappearing from this country... what is being done about it?" In response, the secretary said the Central Cotton Committee (CCC) was being merged into the Pakistan Agricultural Research Council (PARC), and that efforts were underway to revive the cotton sector. The committee also raised serious concerns about the frequent reshuffling of top bureaucrats in the ministry. PAC member Hussain Tariq pointed out that four secretaries had been changed within the past eight months. The current secretary, he noted, was previously serving in the Ministry of Kashmir Affairs and Gilgit-Baltistan. "It takes six months to even understand the workings of the ministry, and by that time the secretary is changed," Tariq said, urging PAC to issue guidelines discouraging such premature transfers. Shazia Marri endorsed the proposal, urging PAC to formally advise the government against frequent administrative transfers. The committee agreed to write a letter to the prime minister on the issue. Moreover, PAC members also expressed alarm over the declining cotton yield. The food security secretary assured the committee that improvement efforts were underway and that a special committee had been formed by the prime minister to address the issue. However, the committee was informed of a Rs52.3 million loss due to the CCC's failure to invest Rs90 million. "This amount has now been invested," said the secretary, but the PAC directed the ministry to submit investment verification within 15 days. Even more concerning was the revelation that the CCC hired 155 employees without Ministry of Finance approval, leading to a loss of Rs21.6 million, according to audit officials. "These 155 employees have now been terminated," the secretary claimed. When Aminul Haque asked why the staff were fired after eleven years, the secretary clarified, "These workers were not continuously employedthey were recruited for 89-day terms during each cotton season."
Express Tribune
26-02-2025
- Business
- Express Tribune
Foreign advice on Pakistan 'shameful': Vawda
Senator Faisal Vawda has said that it is extremely shameful for Pakistan to receive advice from outsiders on how to fix its problems. The statement came during a meeting of the Senate's Standing Committee on Finance chaired by Saleem Mandviwala. Senator Faisal Vawda said the Iranian diplomats have disclosed everything. "It is embarrassing for us that outsiders are telling us how to put our house in order," said Vawda, adding Pakistan is bearing a loss of $2.2 million per day. He demanded an end to what he termed as the committee's theatrics and called for those responsible for the situation to be summoned.
Express Tribune
26-02-2025
- Business
- Express Tribune
Shameful that outsiders are instructing the country on how to fix its issues: Faisal Vawda
Listen to article Senator Faisal Vawda has expressed his frustration over foreign nations telling Pakistan how to manage its affairs, calling it "shameful" that outsiders are instructing the country on how to fix its issues. During a meeting of the Senate finance committee, chaired by Senator Saleem Mandviwala, the Ministry of Finance officials provided a briefing on electricity subsidies. The ministry proposed limiting electricity subsidies to BISP beneficiaries, with ongoing efforts from the Finance Ministry, Power Division, and related companies to implement this policy. Senator Faisal Vawda, in his remarks, condemned the foreign criticism, calling it "extremely shameful" that foreign diplomats were telling Pakistan how to fix its problems. He also added that Pakistan is losing $2.2 million daily due to these issues. Vawda called for an end to the "drama" in the committee and demanded that those responsible for creating these policies be held accountable. Senator Anusha Rahman commented that there should be no electricity subsidies, stating that such policies would turn the entire country into beggars, affecting not only poor women but men as well. She suggested that those who can afford electricity bills should pay them, and called for the resolution of the Rs 33 billion outstanding dues related to electricity subsidies for industries in Karachi. Officials from the Ministry of Finance responded, stating that the matter is currently in court, with K-Electric having obtained a stay order from the judiciary. Senator Farooq H. Naik expressed his belief that no one truly cares about Pakistan, citing the Iranian diplomat's comments as "shocking" and "embarrassing" for the nation. He also mentioned that these statements were eye-opening for Pakistan and that they should be taken seriously. The committee also discussed the issue of 600 trucks being blocked at the Pakistan-Iran border, with the Iranian diplomat explaining that Pakistan had imposed a bank guarantee requirement, which had led to a daily loss of $2.2 million. The diplomat explained that due to this, the number of Iranian trucks crossing the border had dropped significantly, from 600 to 400. These trucks have been stuck at the border for six months. The Iranian diplomat stressed the importance of free movement between Pakistan and Iran, in line with bilateral agreements, and encouraged Pakistan to focus on developing the Gwadar Port. Senator Saleem Mandviwala noted that bartered trade between Pakistan and Iran had come to a halt due to complex customs regulations and the imposition of the bank guarantee requirement. Customs officials confirmed that there is no bank guarantee requirement for bartered trade, but for bilateral trade between Pakistan and Iran, the condition is in place. They also clarified that goods from third countries cannot enter Pakistan through bartered trade. Earlier, Senator Faisal Vawda said that anchor Arshad Sharif was murdered and that a lot of "big people" will face trial if his case is opened.
