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Arab News
23-06-2025
- Business
- Arab News
Pakistan says holds ample petroleum reserves amid fears of Iran's closure of Strait of Hormuz
ISLAMABAD: Pakistan has ample petroleum reserves and an uninterrupted supply chain, a junior minister said on Monday, amid fears that Iran may cut off a vital oil and gas shipping lane in retaliation for US strikes on its nuclear facilities. Iran's parliament has approved cutting off the Strait of Hormuz, a narrow shipping lane in the Arabian Gulf through which about 20 percent of global oil and gas passes. It's now up to Iran's national security council to decide whether to move forward with the idea, which could lead to a spike in the cost of goods and services worldwide. The price of oil jumped 4 percent shortly after trading began on Sunday night, but it quickly pared back as the focus shifted from what the US military did to how Iran would react. Oil futures were flip-flopping in Monday morning trading between gains and losses. They still remain higher than they were before the fighting began a little more than a week ago. Pakistan's State Minister for Finance and Railway Bilal Azhar Kayani denied rumors about a shortage of petroleum products in the South Asian country, stressing that his government was closely monitoring developments following tensions between Iran, Israel and the US to ensure stability. 'The Oil and Gas Regulatory Authority (OGRA) has directed all oil marketing companies to strictly maintain mandatory reserve levels in light of current global conditions, mitigating potential risks,' Kayani was quoted as saying by Pakistan's Press Information Department. 'There is no cause for concern as petroleum product inventories are sufficient and supply operations continue smoothly across the nation.' The statement came hours after President Donald Trump called for the US and other oil-producing economies to pump more oil as the White House sharpened its warnings to Iran against closing the Strait of Hormuz. Global markets were trying to ascertain what lays ahead after the US struck on Sunday key Iranian nuclear facilities with a barrage of 30,000-pound bunker busting bombs and Tomahawk missiles. Pakistan lacks adequate resources to run its oil- and gas-powered plants and mainly sources its oil from Arab Gulf nations. Kayani reassured citizens that the Prime Minister's office, Ministry of Petroleum and the Ministry of Finance were continuously monitoring the situation. 'We are fully prepared to address any uncertainties,' he said, adding the government was committed to ensuring the country's energy security.
Business Recorder
23-06-2025
- Business
- Business Recorder
‘Enough POL stock present in country'
ISLAMABAD: State Minister of Finance Bilal Azhar Kayani Sunday informed National Assembly Standing Committee on Finance that Pakistan has enough stocks of petroleum products in the country and government is closely monitoring situation after United States (US) attacks on Iran. He added that the Oil and Gas Regulatory Authority (Ogra) has directed all oil marketing companies (OMCs) to ensure the maintenance of their mandatory stock levels in view of impact of the Iran-Israel conflict on global oil supply. He was responding to queries of Opposition Leader in the National Assembly Omar. Ayub Khan who challenged budget estimates for 2025-26 after US attacks on Iran He also talked on expected situation of POL products in the country in coming days and anticipated POL prices. PTI warns oil reserves may run out in 10-12 days Kayani stated that the Prime Minister, Ministry of Petroleum and Ministry of Finance are regularly monitoring the POL situation and there is no need to worry about. 'We have enough stocks of the POL products with uninterrupted supply.' There was a heated debate between the Bilal Azhar Kayani and Omar Ayub Khan at the start of the meeting. Acting Chairman of the National Assembly Senate Standing Committee on Finance Jawed Hanif Khan told Omar that, 'I can disallow you from taking part in the committee proceedings.' Omar Ayub said that the budget estimates have become irrelevant after recent global events in the Middle East and attack of US on Iran. Jawed Hanif responded that the government has the provision of supplementary budget in case of necessary situation. Budget figures are also always estimated and government can handle the economic situation keeping in view international developments and regional situation. Copyright Business Recorder, 2025
Business Recorder
21-06-2025
- Business
- Business Recorder
Pakistan budget for 2025-26 to consolidate economic gains, NA told
ISLAMABAD: Amid criticism from opposition lawmakers, Minister of State for Finance Bilal Azhar Kayani on Friday said that the budget is aimed at further consolidating economic gains, providing relief to the people, and continuing the reform process. He said the reforms would also extend to tax fraud investigations, with new safeguards to prevent arbitrary arrests. Under the new policy, arrests during investigations would only occur in cases of sales tax fraud exceeding Rs50 million, and only after approval from a three-member Federal Board of Revenue (FBR) panel. The opposition lawmakers; however, sharply criticised the budget, saying it lacked vision and heavily favoured the handful elite. They decried the increase in allocations to the Benazir Income Support Programme (BISP), which rose from Rs592 billion to Rs716 billion, arguing it came at the expense of education, whose allocation remains comparatively low. PTI says 'federal budget favours elite, ignores masses' The opposition also slammed what they termed a symbolic 10 percent salary raise for government employees and a seven percent hike in pensions for retired government employees. They noted the budget failed to increase the minimum wage, allegedly due to pressure from industrialists. The Finance Ministry did announce some tax relief for salaried individuals, a promise previously made by Prime Minister Shehbaz Sharif. But opposition members ridiculed the tax relief for those earning above Rs1.2 million annually, calling it a 'cruel joke.' At the outset of the session, Federal Minister for Finance Muhammad Aurangzeb laid four Statutory Regulatory Orders (SROs) before the House, issued under the Customs Act and Income Tax Ordinance. He confirmed to the speaker that he would conclude the budget debate on Monday. Several lawmakers belonging to both opposition and treasury participated in the ongoing debate on the Finance Bill for 2025-26, voicing a wide range of concerns and suggestions. Pakistan People's Party (PPP) MNA Nafeesa Shah called for greater support to the agriculture sector. Saba Talpur echoed this sentiment, urging the government to cut prices of seeds, fertilisers, and pesticides to support farmers. Junaid Akbar Khan of PTI said the budget had nothing for the people and called attention to sacrifices made by Khyber Pakhtunkhwa in the war on terror. Agha Rafiullah of PPP demanded that the government review proposed family pension reforms and remove limitations affecting spouses and disabled children. Sahibzada Hamid Raza of SIC criticised the apparent neglect of health and education sectors in the budget. Minister for Religious Affairs Muhammad Yousaf described the budget as balanced and praised the government's handling of Hajj arrangements, noting that over 115,000 Pakistani pilgrims participated this year. Saudi Arabia awarded Pakistan for its management, and planning for next year's pilgrimage has already begun, he added. Qaiser Ahmed Sheikh, Minister for the Board of Investment, said macroeconomic indicators were improving, with inflation falling and remittances rising. He urged all political parties to agree on a Charter of Economy to attract investors. Minister for Public Affairs Rana Mubashir Iqbal said Rs250 billion had been allocated for Balochistan, including Rs100 billion for road infrastructure and further allocations for dams, agriculture, energy, education, and health. Minister of State for Religious Affairs and Interfaith Harmony Kesoo Mal Kheal Das stressed that no new taxes had been imposed on agriculture and reaffirmed the government's commitment to completing the Sukkur-Karachi motorway. Murtaza Mahmud lauded the government's steps toward economic stability, while Pullain Baloch called for tax relief for the public. Law Minister Azam Nazeer Tarar reiterated Pakistan's stance against Israeli aggression – whether in Gaza, Lebanon, Iran, or elsewhere – stating that the country will continue to oppose and condemn such actions. Other lawmakers who took part in the debate included Fayyaz Hussain, Azimuddin Zahid, Shaharyar Khan Mahar, Osama Sarwar, Noor Alam, Farah Naz and Zulfiqar Ali, Zahra Wadood. Copyright Business Recorder, 2025
Business Recorder
21-06-2025
- Business
- Business Recorder
Budget to consolidate economic gains, NA told
ISLAMABAD: Amid criticism from opposition lawmakers, Minister of State for Finance Bilal Azhar Kayani on Friday said that the budget is aimed at further consolidating economic gains, providing relief to the people, and continuing the reform process. He said the reforms would also extend to tax fraud investigations, with new safeguards to prevent arbitrary arrests. Under the new policy, arrests during investigations would only occur in cases of sales tax fraud exceeding Rs50 million, and only after approval from a three-member Federal Board of Revenue (FBR) panel. The opposition lawmakers; however, sharply criticised the budget, saying it lacked vision and heavily favoured the handful elite. They decried the increase in allocations to the Benazir Income Support Programme (BISP), which rose from Rs592 billion to Rs716 billion, arguing it came at the expense of education, whose allocation remains comparatively low. PTI says 'federal budget favours elite, ignores masses' The opposition also slammed what they termed a symbolic 10 percent salary raise for government employees and a seven percent hike in pensions for retired government employees. They noted the budget failed to increase the minimum wage, allegedly due to pressure from industrialists. The Finance Ministry did announce some tax relief for salaried individuals, a promise previously made by Prime Minister Shehbaz Sharif. But opposition members ridiculed the tax relief for those earning above Rs1.2 million annually, calling it a 'cruel joke.' At the outset of the session, Federal Minister for Finance Muhammad Aurangzeb laid four Statutory Regulatory Orders (SROs) before the House, issued under the Customs Act and Income Tax Ordinance. He confirmed to the speaker that he would conclude the budget debate on Monday. Several lawmakers belonging to both opposition and treasury participated in the ongoing debate on the Finance Bill for 2025-26, voicing a wide range of concerns and suggestions. Pakistan People's Party (PPP) MNA Nafeesa Shah called for greater support to the agriculture sector. Saba Talpur echoed this sentiment, urging the government to cut prices of seeds, fertilisers, and pesticides to support farmers. Junaid Akbar Khan of PTI said the budget had nothing for the people and called attention to sacrifices made by Khyber Pakhtunkhwa in the war on terror. Agha Rafiullah of PPP demanded that the government review proposed family pension reforms and remove limitations affecting spouses and disabled children. Sahibzada Hamid Raza of SIC criticised the apparent neglect of health and education sectors in the budget. Minister for Religious Affairs Muhammad Yousaf described the budget as balanced and praised the government's handling of Hajj arrangements, noting that over 115,000 Pakistani pilgrims participated this year. Saudi Arabia awarded Pakistan for its management, and planning for next year's pilgrimage has already begun, he added. Qaiser Ahmed Sheikh, Minister for the Board of Investment, said macroeconomic indicators were improving, with inflation falling and remittances rising. He urged all political parties to agree on a Charter of Economy to attract investors. Minister for Public Affairs Rana Mubashir Iqbal said Rs250 billion had been allocated for Balochistan, including Rs100 billion for road infrastructure and further allocations for dams, agriculture, energy, education, and health. Minister of State for Religious Affairs and Interfaith Harmony Kesoo Mal Kheal Das stressed that no new taxes had been imposed on agriculture and reaffirmed the government's commitment to completing the Sukkur-Karachi motorway. Murtaza Mahmud lauded the government's steps toward economic stability, while Pullain Baloch called for tax relief for the public. Law Minister Azam Nazeer Tarar reiterated Pakistan's stance against Israeli aggression – whether in Gaza, Lebanon, Iran, or elsewhere – stating that the country will continue to oppose and condemn such actions. Other lawmakers who took part in the debate included Fayyaz Hussain, Azimuddin Zahid, Shaharyar Khan Mahar, Osama Sarwar, Noor Alam, Farah Naz and Zulfiqar Ali, Zahra Wadood. Copyright Business Recorder, 2025
Business Recorder
19-06-2025
- Business
- Business Recorder
FBR proposes tax on online academies, recreational clubs
ISLAMABAD: The Federal Board of Revenue (FBR) has proposed to impose tax on the income of online academies and teachers, those using online marketplaces in e-commerce business, as well as to collect income tax from recreational clubs including Islamabad Club. The Senate Standing Committee on Finance and Revenue, chaired by Saleem Mandviwalla, held its sixth consecutive session on Wednesday, where 'Income Tax' provisions of the Finance Bill 2025-26 were discussed. The Committee was briefed on the tax reductions provided to salaried class under various slabs. The FBR chairman stated that the tax on the salaried class has been significantly reduced. The committee was informed that tax on salaried class coming under the tax slab (Rs600,000- 1200,000) annual income was reduced from five percent to 2.5 percent. He said that those with an annual income of Rs1.2 million will have to pay Rs12,500 in tax throughout the year, and the surcharge on income of more than Rs10 million has been reduced from 10 percent to nine percent. The committee recommended that the individuals earning monthly income of one lac should be exempted from the tax. The FBR officials, while giving a briefing, said that in the budget it has been decided to impose tax on the income of online academies and teachers. Teachers across the country are providing online digital education services. Tutor academies are earning Rs20 million to 30 million. A new clause 17C has been introduced in the Finance Bill 2025. Under the same measure, e-commerce businesses that operate via online marketplaces will also face new tax obligations, as authorities seek to broaden the tax base in the rapidly growing digital sector. The committee was further informed that it has been proposed to collect tax from entertainment clubs including Islamabad Club. In the Finance Bill 2025-26, income tax has been introduced on recreational clubs which were previously exempted from tax. State Minister for Finance and Revenue, Bilal Azhar Kayani, stated that the recreational clubs are liable to pay tax, where their income exceeds the expenditure, and such steps have been taken to broaden the tax net of the country. The Senate Standing Committee on Finance opposed the imposition of tax on the income of Islamabad Club and recommended tax exemption on annual income of Rs1.2 million, while the proposal of tax on small individuals doing online business was rejected. Discussing the newly introduced tax on e-commerce, the committee commented that the FBR should imposed tax on goods rather than services. Committee members recommended for removing Section 7E and equalise the tax rate for property seller and buyers. However, FBR told the committee that 7 E cannot be waived off as it has been agreed upon with the International Monetary Fund (IMF). The committee also expressed reservations over freezing bank accounts on notices by FBR. Federal Minister for Finance and Revenue also highlighted the newly introduced mortgage facility. He stated that mortgage will be available for houses up to 2,000 sq feet, and the individuals will also be eligible for tax credit not exceeding 30 per cent of total income. Commenting on the FBR's new move of disallowing 10 per cent in case of purchases from non-registered suppliers, the committee opined that such move will discourage competitive markets, as the number of registered suppliers is nominal across the country. The committee also expressed concerns over the newly-inserted clause, which restricts the 'Eligible Person' from making any purchase exceeding 130 per cent of wealth reflected in his/ her last year's statement. The committee recommended that such threshold should be exceeded to 400 per cent of previous year's statement. In attendance were Senators Syed Shibli Faraz, Mohsin Aziz, Fesal Vawda, Anusha Rahman Ahmad Khan, Muhammad Abdul Qadir, Ahmed Khan, Shahzaib Durrani, and Federal Minister for Finance and Revenue Muhammad Aurangzeb, State Minister for Finance and Revenue Bilal Azhar Kayani, FBR Chairman Rashid Mahmood Langrial and other senior officials of relevant departments. Copyright Business Recorder, 2025
