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[ad_1] In a significant move aimed at documenting the economy and curbing the outflow of foreign currency, Finance Minister Ishaq Dar in Budget 2023-24 announced the imposition of new tax measures. Finance wizard said the imposition of taxes on cash withdrawals plays a crucial role in documenting economic transactions. As part of this effort, the government has decided to impose a 0.6% tax on cash withdrawals exceeding Rs50,000. This step is expected to encourage individuals and businesses to shift towards electronic transactions and formal banking channels. Furthermore, in order to discourage the outflow of foreign currency through bank channels, the government has revised the withholding tax on Debit and Credit Card transactions. The existing withholding tax, previously set at 1%, has now been increased to 5%. This measure aims to discourage excessive use of foreign currency transactions and promote the use of local currency within the country. However, for non-filers, in...

[ad_1] The federal government has decided to increase the price of petrol by Rs10 per litre for the next 15 days, Finance Minister Ishaq Dar announced Saturday. In a statement, the Finance Division said the rationale behind a hike in the price of petroleum products was the "increase in petroleum prices in the international market and exchange rate variation". Petrol's price has been increased to Rs282 per litre, while high-speed diesel and light diesel oil rates will remain stable at Rs293 per litre and Rs174.68 per litre, respectively, the statement from the Finance Division read. However, an increase of Rs5.78 per litre has been made to the price of kerosene oil, moving it from Rs180.28 per litre to Rs186.07 per litre. [ad_2] Source link https://worldnews2023.com/business/petrol-price-increased-by-rs10-per-litre-for-next-fortnight-such-tv/?feed_id=306652&_unique_id=666eff5f1fdb2

[ad_1] ISLAMABAD: The National Assembly on Monday passed the Finance (Supplementary) Bill, 2023 dubbed as 'mini-budget' to impose new taxes worth Rs170 billion in a bid to revive the stalled International Monetary Fund (IMF) bailout programme. Minister for Finance Ishaq Dar introduced the bill in the House last week followed by formal debate that started after Commerce Minister Syed Naveed Qamar moved a motion on February 17. In his concluding speech, the finance minister said that this bill proposes imposing new taxes of Rs170 billion to minimise the fiscal deficit. He said that his economic team had a hectic routine during the last ten days holding talks with the IMF to revive the programme, during which it agreed to take some tough decisions for streamlining the deteriorating condition of the economy. Also read: Rs170b mini-budget to spur inflation He said the new revenue measures would not affect the poor segments of society. In order to help the poor cope with...

[ad_1] Finance Minister Ishaq Dar on Friday said that the State Bank of Pakistan (SBP) has received $700 million from the China Development Bank (CDB) in a much-needed boost to forex reserves as the country grapples with a worsening economic crisis. The finance minister took to Twitter to make the announcement. "AlhamdoLilah! Funds $700 million received today by State Bank of Pakistan from China Development Bank". In an earlier tweet, Dar had maintained that the loan would "shore up" Pakistan's foreign exchange reserves. Formalities completed and Board of China Development Bank has approved the facility of US $ 700 million for Pakistan. This amount is expected to be received this week by State Bank of Pakistan which will shore up its forex reserves! — Ishaq Dar (@MIshaqDar50) February 22, 2023 Earlier this month, the country's foreign exchange reserves slipped to the alarming level of below $3 billion for the first time in nine years, reducing...

[ad_1] Finance Minister Ishaq Dar said on Thursday that Pakistan’s negotiations with the International Monetary Fund (IMF) related to the completion of the ninth review of a $7 billion loan programme were near conclusion and the staff-level agreement with the global lender will be signed by next week. The government is in a race against time to implement measures to reach an agreement with the IMF as the country has reserves barely enough for three weeks of essential imports, while hotly contested elections are due by November. In a series of tweets today, the finance czar rubbished rumours regarding Pakistan defaulting. “Anti-Pakistan elements are spreading malicious rumours that Pakistan may default. This is not only completely false but also belies the facts,” he said. Dar said that the State Bank of Pakistan’s (SBP) forex reserves had been increasing and were almost near $1 billion, “higher than four weeks ago despite making all external due payments on time”. “Foreign...

[ad_1] Finance Minister Ishaq Dar Friday reiterated his commitment to transparency and accountability in financial matters, particularly concerning the Extended Fund Facility (EFF) agreement with the International Monetary Fund (IMF). During his address to the National Assembly session, the minister said: “Any important developments in the country should be presented in the assembly”. “I will bring the documents of the IMF agreement in this House as the Finance Minister,” Dar asserted, assuring the lawmakers and the public that he would make the necessary documents available for scrutiny and review. Regarding the Letter of Intent, Dar revealed that it had been signed on June 30. He asserted that the MEFP (Memorandum of Economic and Financial Policies) and PFP (Policy Framework Paper) were attached to the Letter of Intent. He announced his intention to keep one copy of the three documents associated with the agreement in the assembly library, making them accessible to all m...

[ad_1] Finance Minister Ishaq Dar announced on Friday that the petrol prices will remain the same but the diesel prices have been increased by Rs7.50 for the next fortnight. Finance Minister Ishaq Dar shared the upgraded rates of petroleum products in a video statement. In an effort to minimize the burden on the public, the finance minister stated that the price of petrol will remain unchanged, ensuring stability in its cost. Dar went on to say that the decision to adjust the prices was reached after consultations with the prime minister, taking into consideration the recommendations put forth by Oil and Gas Regulatory Authority (Ogra) to keep the prices as low as possible. He said, “These revised prices will come into effect from midnight tonight and will be applicable for the next 15-day period.” It is worth noting that the Ogra had submitted the proposed petroleum product prices for the next fortnight to the Ministry of Finance. The government’s intention to provide rel...