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Tag Archives: budget

Duty on coal import to cut industry to the bone

LAHORE: The PML-N government seems to be working against its policy of encouraging coal use by the industry, as is evident from its decision of imposing duty on coal import in the budget for fiscal year 2014-15. Prior to the announcement of budget, the government had claimed that it is struggling hard to convert maximum of the industry to coal ... Read More »

Dar hopes budgetary measures to flourish tax culture

ISLAMABAD: Finance Minister Ishaq Dar categorically declared that the government was committed to ending the culture of non-filing of income tax returns in the country for which tax rates have been enhanced for the non-compliant taxpayers and new scheme has been announced for retailers. Addressing a post-budget press conference, the Finance Minister said that major budgetary measure is to convince ... Read More »

Govt eyes Rs314b from fuel taxes in budget

ISLAMABAD: The government, in the new budget for fiscal year 2014-15, has projected Rs314 billion revenue from different fuel taxes including Gas Infrastructure Development Cess (GIDC), Natural Gas Development Surcharge (NGDS) and Petroleum Levy (PL). As per the budget document, Rs145 billion is estimated to be generated on account of GIDC in 2014-15 against revised estimates of Rs88 billion in ... Read More »

Govt feats enumerated: Dar highlights glimpses of next annual budget

ISLAMABAD: Finance Minister Senator Ishaq Dar said that the government will announce the annual budget 2014-15 on June 3 in National Assembly with total outlay of Rs 3,973 billion and budget deficit of 4.8 percent of the GDP for next fiscal year. Finance Minister Ishaq Dar briefed the joint session of the National Assembly and Senate Standing Committees on Finance ... Read More »

Budget 2014-15: Rs255b new taxes to reduce deficit

ISLAMABAD: In order to bring down the budget deficit the government is expected to introduce new taxes in the upcoming budget that are expected to yield an estimated Rs255 billion. Sources said that the reduced budget deficit is set at 4.8 per cent in the fiscal year 2014-15, currently 5.7 per cent. New taxation measures may include an increase in ... Read More »

FBR outlines Tax Advisory Council for budget proposals

ISLAMABAD: Federal Board of Revenue has announced the awaited Tax Advisory Council to give proposals for the upcoming Budget 2014-15. In this regard, a notification has been issued. According to the notification, Tax Advisory Council and its functions are defined. The Council encompasses all stakeholders including chartered accountants, academia, senior tax consultants, retired senior officers of Pakistan Customs and Inland ... Read More »

PIAF gears up for budget proposals for upcoming FY

LAHORE: Pakistan Industrial and Traders Associations Front (PIAF) has decided to take all trade and industry associations on board for the preparation of proposals for the budget 2014-15. The decision in this regard was taken at a meeting headed by PIAF Chairman Malik Tahir Javaid and participated by representatives of a number of trade and industry leaders. The PIAF Chairman ... Read More »

Govt to take the concerned on board for next budget

ISLAMABAD: Federal Government has decided to constitute a 23 member Tax Advisory Committee which will have a mandate to give tax advice and formulate budget proposals for the next fiscal year. The Federal Board of Revenue will provide the secretariat support for the committee. FBR Chairman Tariq Bajwa will chair the committee. A notification in this regard will be made public ... Read More »