Latest news with #PMOffice
Express Tribune
6 days ago
- Business
- Express Tribune
Retail sector pays extra Rs455b
Listen to article The Prime Minister's Office said on Wednesday that the retail sector paid an additional income tax of Rs455 billion in the last fiscal year, a startling claim made on the basis of a briefing given by tax authorities. In an official statement released by the PM Office, it was stated "in the retail sector, tax collection increased by Rs455 billion compared to the previous year, driven by the integration of point-of-sale systems and stricter enforcement". Officials of the Federal Board of Revenue (FBR) claimed that total income tax payments made by the retail sector in fiscal year 2024-25 were in fact Rs617 billion and the additional income tax was Rs455 billion. They said that the collection of Rs617 billion included Rs316 billion in quarterly advances given by three categories, wholesalers, retailers, traders and some companies. The surprising Rs316 billion in quarterly advance could be looked into with critical lenses due to the highly informal nature of the sector. Sources in the FBR told The Express Tribune that a loose definition of the retail sector was used, which included some corporate sector firms. The official statement added that Prime Minister Shehbaz Sharif chaired a review meeting on the ongoing reforms in the FBR, lauding the progress made so far while stressing the need for sustained and time-bound efforts to overhaul the tax system in line with modern requirements. Sources said that during the meeting discussions took place on the share of retail and manufacturing sectors and the record tax contribution of Rs555 billion made by the salaried class. Some of the participants were of the view that the manufacturing sector and salaried individuals were highly overburdened compared to their contribution to the economy. According to Pakistan Bureau of Statistics' (PBS) data, the share of the manufacturing sector in the economy was hardly 12% while the share of wholesale and retail sectors was 18% in FY25. FBR spokesman Dr Najeeb Memon did not respond to a question about the breakdown of additional income tax of Rs455 billion collected from the retail sector. However, an FBR official said that it was a definitional issue as various categories were included in the retail sector and as a result total income tax contribution reached Rs617 billion. With the additional Rs455 billion, the total income tax collection from the retail sector should have been Rs940 billion. In fiscal year 2023-24, the collection was Rs484 billion on the basis of the new loose definition, said the sources. Retailers and traders are functioning under a highly informal mechanism. According to the input the FBR has used for claiming the collection of Rs617 billion and an additional Rs455 billion, the wholesalers, traders and retailers are treated as part of the retail sector. These three categories paid income tax in the shape of advance income tax on a quarterly basis, admitted income tax with annual returns, withholding taxes on sales, purchases, imports and electricity bills, and other taxes. FBR officials claimed that the collection of Rs617 billion included Rs316 billion in advance income tax. In the advance tax, Rs30 billion was paid by wholesalers, Rs49 billion by traders and Rs316 billion by retailers. Likewise, the admitted income tax stood at Rs28 billion, including Rs14 billion from traders, Rs5.3 billion from retailers and Rs8.5 billion from wholesalers, the sources said, adding that these three categories also paid Rs216 billion in withholding taxes. Of this, the wholesalers paid Rs28 billion, traders Rs119 billion and retailers Rs69 billion. In the category of others, Rs57 billion in income tax was paid by these three categories. However, if one goes by the definition of the retail sector and its contribution, the sources said, in FY24, payments by the retail sector were Rs484 billion and in this case the net increase was Rs133 billion. The PM Office statement said that Shehbaz Sharif told the meeting that recent improvements in the tax machinery were "encouraging," but reforms must lead to the creation of a sustainable, digitised and facilitative tax system. The PM directed the FBR to accelerate digital transformation, restructure its digital wing with a clear roadmap and enhance enforcement to curb the informal economy. He also stressed the importance of stakeholder consultation in the reform process, particularly with businesses, traders and taxpayers. He reiterated that improvement in the tax system should contribute to boosting national revenue while reducing the tax burden on the common citizen. The meeting was briefed that as a result of reforms and enforcement measures, the tax-to-GDP ratio registered a historic rise of 1.5% in FY25 compared to FY24. However, the FBR missed the IMF condition to increase the ratio to 10.6% despite imposing record taxes. The PM Office said that the number of income tax return filers surged from 4.5 million in 2024 to over 7.2 million by June 30, 2025. FBR officials also reported significant progress under the faceless customs clearance system, which increased revenue and was expected to reduce clearance time from 52 hours to just 12 hours in the next three months.
Express Tribune
16-07-2025
- Business
- Express Tribune
Pakistan, Indonesia discuss defence ties
Listen to article Indonesia's Defence Minister Lt Gen (retired) Sjafrie Sjamsoeddin expressed his country's desire to boost defence ties and explore possible collaboration in defence production as he met the country's top civil and military leadership Gen Sjamsoeddin called on PM Shehbaz at the PM Office today, where he reiterated Indonesia's desire to "further strengthen defence ties with Pakistan and to explore possible areas for cooperation, especially in defence production", according to a statement from government-run PID. The Indonesian minister conveyed the best wishes of President Prabowo Subianto for the prime minister and people of Pakistan, the press release added. Meanwhile, PM Shehbaz "reaffirmed Pakistan's commitment to explore and expand collaboration with Indonesia in joint ventures of investment in mutually beneficial projects", the statement said. The prime minister also reiterated Pakistan's commitment to enhance bilateral cooperation with Indonesia in all avenues, including economic, strategic and trade sectors, along with defence and defence production. He highlighted that Pakistan and Indonesia enjoyed a "longstanding friendship rooted in shared cultural, religious and historical bonds, supporting each other at international forums". Both sides stressed the importance of "enhancing multifaceted bilateral cooperation", according to the PID. "The meeting underscored the deep-rooted historical, brotherly and friendly bilateral relations between Pakistan and Indonesia," the statement noted. Recalling his meeting last year with Indonesia's President Prabowo Subianto on the sidelines of Developing-8 Summit in Cairo, PM Shehbaz conveyed his best wishes for the Indonesian president. The prime minister also reviewed ongoing initiatives under the Pakistan-Indonesia Defence Cooperation Agreement and agreed to "accelerate the implementation of key areas of mutual interest", the PID added. Meeting with COAS Indonesian Defence Minister Lieutenant General (Retd) Sjafrie Sjamsoeddin met with Chief of Army Staff (COAS) Field Marshal Asim Munir at the General Headquarters (GHQ) in Rawalpindi on Tuesday to discuss strengthening military ties, the military's media wing reported. According to a statement issued by the Inter-Services Public Relations (ISPR), the Indonesian defence minister, who is leading a delegation of senior representatives from various military and intelligence agencies, held wide-ranging talks with Pakistan's top military leadership. Both sides exchanged views on regional security, defence cooperation, and avenues to enhance bilateral military collaboration. The meeting underscored the longstanding friendship between the two nations, with particular emphasis on mutual cooperation to ensure peace and stability in the region. Field Marshal Munir highlighted the importance of mutual cooperation in maintaining peace and stability in the region. The Indonesian minister, in turn, appreciated the professional achievements of the Pakistan Army, particularly its role in the fight against terrorism.
Business Recorder
30-05-2025
- Politics
- Business Recorder
PM Shehbaz condemns terrorist attack in Balochistan, pays tribute to martyred ADC
Prime Minister Shehbaz Sharif on Friday strongly condemned the cowardly terrorist attack in Suarab, Balochistan, which targeted a bank, innocent civilians, and administrative officials. In a statement issued by the PM Office, the prime minister paid rich tribute to Additional Deputy Commissioner Hidayatullah Baloch, who embraced martyrdom while defending his area against the terrorists. He expressed heartfelt condolences to the bereaved family and prayed for their strength and patience in this time of grief. 'The cowardly terrorists deliberately targeted unarmed civilians, including women and children,' the prime minister said, adding that the attack reflected the anti-people mindset of elements who oppose peace and development in Balochistan. Shehbaz Sharif reiterated the government's commitment to continue the war against terrorism until the complete elimination of such elements from the country. He lauded the bravery of the martyred ADC, calling his sacrifice a 'shining example of courage and valour.' 'The entire nation stands in solidarity with the family of Shaheed Hidayatullah Baloch,' the Prime Minister added. He said the armed forces of Pakistan were working round the clock to counter proxy networks involved in terrorism under Indian patronage. 'The nation stands shoulder to shoulder with its armed forces in eradicating terrorism and its facilitators,' he remarked. The prime minister directed the authorities concerned to identify and bring to justice those responsible for the attack. Earlier, Chief Minister Balochistan Sarfraz Bugti also condemned the attack, praising the martyred ADC's bravery and the commitment to serve the country. He said despite being in the position of ADC Revenue, Buledi valiantly led his life while fighting against the 'Indian-sponsored terrorists', who he'd opened fired on innocent civilians in the market. As per reports, dozens of BLA terrorists launched a coordinated attack in Sorab and torched multiple government offices and a local police station, while setting up check points on the Quetta-Karachi highway, earlier in the day. Security forces are actively engaging the terrorists.
Express Tribune
17-05-2025
- Business
- Express Tribune
Govt unveils major tariff reforms
Listen to article PM Shehbaz Sharif on Friday unveiled major tariff reforms, announcing that customs duty would be capped at a maximum of 15% and that additional customs and regulatory duties would be phased out in the next four to five years. The prime minister, who chaired a meeting on National Tariff Policy, took the step by approving a gradual but significant reduction in import tariffs. "The move is being considered a major milestone towards economic improvement that will enable export-led growth. This decision is expected not only to help control unemployment but also to keep inflation in check. Besides, it will also encourage international investment, help create new job opportunities," according to a PM Office press release. He directed that Additional Customs Duty (currently ranging from 2% to 7%) and Regulatory Duty (currently varying from 5% to 90%) be eliminated over the next four to five years. Similarly, the Customs Duty will be capped at a maximum of 15% as currently, for some items, the rate exceeds even 100%. The number of duty slabs has also been reduced to four to ease legal complexities related to imports and provide a level playing field to various industries. Prime Minister Shehbaz reiterated that his government was committed to developing a strong economy, creating employment opportunities, and doing away with inflation. He said that after thorough consultations with national and international economic experts, a comprehensive plan for fundamental economic reforms had been formulated, and the decision to reduce customs duties was also part of those reforms. The prime minister's "historic decision" will open the economy to foreign investment and ensure that domestic industries have easy and affordable access to raw materials, intermediate goods, and capital equipment. Moreover, increased competitiveness will enable local industries to become more efficient and competitive, to assist in controlling inflation and stabilizing the national currency. The prime minister viewed that tariff reduction would help stabilize the current account deficit and contribute to higher revenue collection, and also formed an implementation committee on the subject. The meeting was attended by federal minister Jam Kamal Khan, Ahad Cheema, Muhammad Aurangzeb, and Ali Pervaiz Malik, Special Assistant to PM Haroon Akhtar, and senior officials of relevant departments.
Express Tribune
16-05-2025
- Politics
- Express Tribune
Marka-e-Haq: PM, COAS visit CMH to inquire after health of injured troops
Prime Minister Shehbaz Sharif on Friday visited Combined Military Hospital (CMH) in Rawalpindi to inquire about the health of soldiers and civilians injured during Marka-e-Haq. The prime minister was accompanied by Chief of Army Staff (COAS) General Syed Asim Munir, Federal Defence Minister Khawaja Asif and Federal Information Minister Atta Tarar, according to the statement released from Prime Minister (PM Office). During the visit, the prime minister lauded the unparalleled bravery, determination and sense of duty shown by the wounded soldiers during Marka-e-Haq. The way our armed forces and the entire nation fought this war is truly unprecedented, said PM Shehbaz during his visit. The nation is observing Youm-e-Tashakur (Day of Gratitute) across Pakistan today to mark the historic victory of Marka-e-Haq and to pay tribute to the armed forces and the resilient people of the country following the success of Operation Bunyan Marsoos. The day began with the recitation of the Holy Quran and special prayers in mosques throughout the country. Special supplications were offered for Pakistan's stability, prosperity, and unity. Prayers were also held for the freedom of Indian Illegally Occupied Jammu and Kashmir (IIOJK). Following the Namaz-e-Shukr, Quran recitations were held for the success of the armed forces and the elevation of the ranks of the martyrs who laid down their lives in defence of the nation. A 31-gun salute was presented in Islamabad and 21-gun salutes echoed across all provincial capitals, including Azad Jammu & Kashmir (AJK) and Gilgit-Baltistan, as Pakistan marked Youm-e-Tashakur to celebrate the historic victory of Operation Bunyan Marsoos. Gun salutes, change of guard ceremonies, and floral wreaths laid at monuments to the fallen were part of the day-long events honouring the courage and sacrifices of Pakistan's defenders. Prime Minister, accompanied by the Chief of Army Staff, visited the residence of Shaheed Squadron Leader Usman Yousaf. PM Shehbaz and COAS met with the family members of the martyr and offered prayers for the elevation of his rank in the hereafter. The Prime Minister praised the dedication and sense of duty demonstrated by Squadron Leader Usman Yousaf during Marka-e-Haq, sources added. President Asif Ali Zardari and PM Shehbaz have also issued special messages to the nation on the occasion of Youm-e-Tashakur declaring the success of Operation Bunyan Marsoos as a joint victory of Pakistan's armed forces and its proud, dignified people. President Asif Ali Zardari, in his official message, praised the courage and professionalism of the armed forces, stating "This victory is not only of our valiant military but of the entire nation that stood united like a solid wall. I thank Almighty Allah for granting us success in this critical hour."
