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National Assembly approves budget 2024-25 amidst opposition criticism | The Express Tribune

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ISLAMABAD:

The National Assembly on Friday approved the federal budget of Rs18,877 billion for the fiscal year 2024-25 following the completion of the approval process.

During the session, all opposition amendments were rejected unanimously.

Prime Minister Shehbaz Sharif, Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto-Zardari, and Asifa Bhutto-Zardari participated in the proceedings, where the opposition criticised the budget, labelling it as IMF-driven and harmful to the public.

Regarding the Petroleum Development Levy reduction, the PPP retracted its amendments, while the opposition’s amendments were dismissed by a vote count in the Assembly. Opposition amendments concerning the levy were voted down in the Assembly, with 170 members opposing and 84 supporting the reduction.

The prime minister responded to criticisms from PTI Chairman Barrister Gohar and former Speaker of the National Assembly Asad Qaiser regarding project allocations and fund distribution in Khyber Pakhtunkhwa.

Member of the Sunni Ittehad Council Junaid Akbar Khan criticized the premier, stating that if their government were to come to power, they would show him the reality of being in jail.

Additionally, amendments were passed to empower FBR officers for sales tax audits, allowing them to access necessary records without demanding data older than six years.

To strengthen tax enforcement, the FBR will establish a Tax Fraud Investigation Wing in Wang, focusing on preventing tax evasion and fraud, with dedicated legal and accounting units.

Minister of Finance Muhamamd Aurangzaib termed the budget 2024-25 as growth budget and said it was based on a well-thought-out strategy to boost the economic growth.

He said that the budget for the next fiscal year was aimed at narrowing the fiscal deficit by expanding the government’s revenues and cutting unnecessary expenditures.

Muhammad Aurangzaib reiterated the government’s commitment to increasing the tax-to-GDP ratio to 13 percent, which currently stands at a low 9.5 percent.

He said that the country had achieved macroeconomic stability. He highlighted that the economic indicators, including the current account, fiscal deficit, inflation, and foreign exchange reserves, were stable and under control.

He outlined the government’s plan to continue this economic stability into the next fiscal year, aiming to lead the country towards sustainable economic growth.

He also called for reconstructing and digitizing the Federal Board of Revenue (FBR) to ensure a high GDP target. He said that the concept of non-filers would be eliminated from the tax system, making it mandatory for everyone to pay taxes.

The minister expressed the government’s resolve to curb tax evasion and expand the tax net, particularly targeting retailers and the real estate sector.

He said that the current account deficit had decreased, the fiscal deficit was under control, and the country had foreign reserves of $9 billion, providing an import cover for two months.

He highlighted a significant reduction in inflation, from 38 percent to 11 percent, and sustained food inflation at two percent. He said that no tax had been imposed on solar energy.

The Finance Minister said that cardiology stents, surgical items, books, printing materials, and items in the FATA and PATA regions had been granted tax exemptions.

He said that tax exemptions could not be granted for packaged milk that did not meet quality standards. He said that these tax exemptions for the education and health sectors were provided despite the challenging economic conditions.

Opposition leader in the National Assembly, Omar Ayub, along with Pakistan Tehreek-e-Insaf (PTI) Chairman Gohar Ali Khan and Sunni Ittehad Council leader Ali Muhammad, said relevant stakeholders were not taken on board during the formulation of the bill.

Omar Ayub said: “The finance bill fails to address the critical economic challenges faced by the country and has been drafted without adequate consultation with key stakeholders.”

Gohar Ali Khan said: “This bill is not reflective of the people’s aspirations or the country’s economic realities.”

 

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Pakistan

PM Shehbaz approves FBR’s homegrown transformation plan – Pakistan Observer

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ISLAMABAD – A meeting chaired by Prime Minister Shehbaz Sharif in Islamabad on Friday gave in-principle approval to FBR’s homegrown Transformation Plan regarding tax collection management.

This plan has been prepared by the FBR on the instructions of the Prime Minister in collaboration with other economic and technological experts of the country after a detailed analysis of the tax collection of the last twenty five years.

This will enable more tax to be collected in a better manner without hindering the journey of economic development and will provide more convenience to the people paying full tax.

The meeting was given a detailed briefing on the FBR’s transformation plan. It was informed that the plan includes a comprehensive strategy for the effective use of information technology, incentivizing officers and staff who demonstrate integrity and performance in improving tax collection and enhancing the enforcement of tax laws.

According to the proposals, strict measures can be taken against those who do not pay full tax on time and are involved in fraud in order to prevent tax evasion in the society.

It was informed that these measures will be implemented after extensive consultation with good taxpayers.

Under the transformation plan, auditing capacity of FBR will be enhanced.

Speaking on the occasion, the Prime Minister was appreciative of FBR’s transformation plan and directed further consultation on it with all relevant stakeholders. He said good taxpayers should be invited and consulted on the transformation plan.

The Prime Minister Shehbaz directed the formulation of a comprehensive strategy to further enhance the effectiveness of the FBR’s enforcement system, describing it a pressing need of the time.

The Prime Minister noted that FBR is the backbone of the country’s economy and its digitization is an important milestone in government’s economic reforms.

Shehbaz Sharif said improvement in revenues will enhance the provision of services to the public and lead to betterment in the social sector.

The Prime Minister also directed third party audit of all FBR projects.

Shehbaz Sharif said promotion of the private sector is among the government’s priorities, emphasizing an active and prosperous private sector is very important for the country’s economy.

The Prime Minister also directed to accelerate efforts against smuggling. It was also decided to set up new check posts to prevent smuggling.

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Pakistan

Honda CD70 Dream Latest Price, Installment Plans – Sep 2024 Update – Pakistan Observer

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Honda remains leader in bikes market, with its top-selling units like CD 70, and that’s without making any major changes as the entry-level bikes look almost same for a long time. As the CD-70 remains its most selling model, bikes like the CD-70 Dream and Pridor are considered a niche products.

Despite failing to achieve top sales, CD 70 Dream is still in the market, featuring air-cooled, 4-stroke engine that delivers smooth performance and impressive fuel economy, often averaging around 60-70 km/l, making it ideal for daily commuting.

The bike looks better with stylish and modern design with attractive graphics, as compared to simple CD70. People also like its comfort as built quality remains optimum, comparing to other players.

Its pricing makes it accessible to a wide audience, including students and working professionals, solidifying its status as a favorite among motorcycle enthusiasts in Pakistan.

As bikes prices remain out of hands, people are having hard time to upgrade their ride while companies also face low sales.

Honda CD 70 Dream Price

The price of Honda CD70 Dream is Rs168,900 in September 2024.

Honda CD 70 Dream Installments

Installment Plans Monthly Payments 
3 months Rs56,300
6 months Rs28,300
9 months Rs21,890
12 months Rs17,200
24 months Rs10,170
36 months Rs7,800

 

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Pakistan

Check Property Ownership in Lahore, other Punjab cities Online – Pakistan Observer

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If you live in Lahore or any other city in Punjab; you might have faced difficulties in getting land record in previous years, but now the government made the land verification process smooth with digitization.

To curb the menace of land mafia and to help residents of Punjab, the government rolled out a systematic process and also eased the process of property transfers and real estate transactions.

A new verification system is Live by provincial authorities to check the legitimacy of properties available for purchase or investment across the region of 110 million people.

The relevant authority in this regard is Punjab Land Record Authority which oversees management and maintenance of land records. You can get different services, including ability to search for and view land records, as well as request copies of documents.

Check Property Ownership Online 2024

Here’s Step by Step Guide To Check property ownership

Step 1: Please visit PLRA portal at Punjab-zameen.gov.pk.

Step 2: Find ‘Property Registration,’ on home and click on https://rodportal.punjab-zameen.gov.pk/.

Step 3: It will ask you to select your district and service center.

Step 4: You can search by different options including Bahi number, ID card, registration number, or by person name.

Step 5: After entering details, please advance to ‘Search’ to get the land ownership.

With latest updates, you can check data on number of property transfers in last 36 months.

Beware of These Illegal Housing Societies in Lahore – September 2024 Update

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Pakistan

Suzuki Bolan discontinued in Pakistan after 36 years; Here’s replacement for ‘Carry Dabba’ – Pakistan Observer

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LAHORE – Finally, it’s time to say goodbye to the iconic Suzuki Bolan as Pak Suzuki pulled plugs to replace the minivan with another model. Over the last 3.5 decades, Suzuki Bolan enjoyed decent sales and was valued for its flexibility, serving a multi-passenger vehicle and for commercial purposes.

Amid shift in auto landscape in Pakistan, Bolan becomes latest drive to be discontinued after Suzuki Mehran, which you can still spot.

Pictures of Suzuki Bolan’s last batch surfaced online, and Pakistanis hit nostalgia as many grew up in this vehicle. The final chassis number marked as 01151691. The country’s oldest automaker and maker of Bolan also confirmed discontinuation of the 800cc Carry Dabba.

The company decided to replace Bolan for its outdated design and lack of safety features. Amid its low sales, consumer demand for a modern replacement like Changan Karvaan increased.

Suzuki Every to Replace Bolan

Suzuki earlier mentioned that Every will replace Bolan, and one of its recent model was unveiled at a recent auto show.

The launch of Every models faced delays due to import challenges and it is expected to launch in mid October.

Suzuki Bolan Price in Pakistan

 

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