Latest news with #Rs17.6
Express Tribune
30-06-2025
- Business
- Express Tribune
President gives assent toFinance Bill
President Asif Zardari has signed the Finance Bill 2025, giving effect to the budget for fiscal 2025-26 from Tuesday, July 1, according to a gazette notification issued here. As per the notification dated June 29, the Finance Act 2025 received the president's assent on June 27. On Thursday, the National Assembly approved the Rs17.6 trillion budget along with Rs463 billion new taxes. The House approved the second budget of the government of PM Shehbaz Sharif with a comfortable majority. During a voting on one clause, the coalition government mustered the support of 201 members of the NA as against 57 votes of the opposition parties.
Express Tribune
30-06-2025
- Business
- Express Tribune
President Zardari signs Finance Bill 2025-26 into law
Listen to article President Asif Ali Zardari has officially signed the Finance Bill 2026 into law following its approval by both the National Assembly and the Senate. The signing took place after the bill was passed through the necessary legislative processes. In accordance with the Constitution, the bill, which includes various fiscal measures for the upcoming financial year, was presented to President Zardari after being debated and passed in both houses of Parliament. Following the president's signature, the official Gazette notification has been issued, making the bill's provisions effective immediately. On June 10, Finance Minister Muhammad Aurangzeb unveiled a Rs17.6 trillion federal budget for fiscal year 2025-26, laying stress on the government's focus on economic stability and growth. Read more: Govt has agreed to income tax exemption on annual salary below Rs1.2m: Bilawal In his budget speech in the National Assembly marred by the opposition's pandemonium, Aurangzeb outlined key economic achievements, saying that remittances have reached $31.2 billion, with projections to rise to $37-38 billion by the end of the current financial year. Last week, National Assembly approved the budget with certain amendments, rejecting opposition calls for public consultation and clearing the way for a raft of tax reforms, revenue measures, and government spending plans for the coming year. The session, chaired by Speaker Ayaz Sadiq, began with Aurangzeb moving the Finance Bill 2025, which was taken up for a clause-by-clause review. Opposition members proposed an amendment to delay the approval of the bill and seek public consultation, but this amendment was overwhelmingly rejected.
Express Tribune
29-06-2025
- Politics
- Express Tribune
New garbage tax sparks outrage
A hefty garbage tax is being imposed across all cities and villages in Punjab from tomorrow (July 1), drawing ire of citizens and social organisations. This tax will be collected monthly with forceful implementation by Waste Management Companies, Municipal Corporations, Municipal Committees, Town Committees, and District Councils. Official bills will be issued, and non-payment may lead to police action upon report. The Punjab government has also issued a detailed fee structure for urban and rural areas, sparking public outrage. Even daily wage labourers living in rented accommodations will be required to pay the garbage tax. Monthly garbage tax rates for rural areas will be Rs200 for two to five marla houses, Rs400 for 10 marla and above, Rs300 for small shopkeepers, Rs700 for medium businesses, and Rs1,000 for large businesses/factories/industries. For urban areas, Rs300 will be charged per month for up to 5 marla houses, Rs500 for five to 10 marla houses, Rs1,000 for 10 marla to one kanal houses, Rs2,000 for one to two kanal houses, and Rs5,000 for over two kanal houses. Under commercial areas, authorities will charge Rs500 for a single shop, Rs1,000 for medium businesses, and Rs3,000 for factories/industries. Social organisations and citizens have strongly condemned the garbage tax, demanding that the government curb its lavish spending instead of burdening the public with endless taxation. Citizen Action Committee Chairman, Malik Zaheer Awan, has criticised the extravagance of the Punjab Chief Minister's office, stating it consumed biscuits worth Rs2.14 billion in a year, excluding food bills. He demanded that this money be redirected toward cleanliness in Punjab. He further suggested that the alleged Rs10 trillion lost to corruption in Punjab in a year be recovered and used to resolve issues related to cleanliness, drinking water, and sewage. Malik Saleh Advocate, a senior member of the Rawalpindi District Bar Association, announced he is obtaining a copy of the notification and will challenge the Garbage Tax in the Lahore High Court (LHC). Meanwhile, MNA Engineer Qamarul Islam, convener of the District Development Committee, supported the tax, stating it would upgrade Punjab's sanitation system and help transform the province into the "Paris of South Asia" in terms of cleanliness. The development comes just days after the National Assembly approved the Rs17.6 trillion worth budget along with Rs463 billion new taxes, bringing the digital economy under the purview of tax laws but almost nullified the single largest enforcement measure to ban economic transactions by ineligible persons. The National Assembly approved the second budget of the government of Prime Minister Shehbaz Sharif with a comfortable majority. During a voting on one clause, the coalition government mustered the support of 201 Members of the National Assembly as against 57 votes of the opposition parties.
Express Tribune
27-06-2025
- Business
- Express Tribune
PM Shehbaz meets parliamentarians after budget 2025 approval
Prime Minister Shehbaz Sharif chairs a review meeting on Hajj arrangements for the upcoming year in Islamabad on Saturday, June 21, 2025. Photo courtesy: Radio Pakistan Prime Minister Shehbaz Sharif hailed on Friday the federal budget for the fiscal year 2025-26 as one reflective of the needs of the people. During a meeting with senators and members of the National Assembly a day after the lower house passed a Rs17.6 trillion federal budget he appreciated the hardwork economic team in crafting a budget that represents the aspirations of the Pakistani people and thanked the allied parties for shaping the same. The National Assembly approved on Thursday the Rs17.6 trillion worth budget along with Rs463 billion new taxes, bringing the digital economy under the purview of tax laws but almost nullified the single largest enforcement measure to ban economic transactions by ineligible persons. The budget was passed with a comfortable majority. Read: NA passes Finance Bill with Rs463b new taxes The premier stressed on the importance of unity moving forward for Pakistan's economic growth. He called on all stakeholders to work together tirelessly for the country's progress, stating, 'I firmly believe that this exemplary unity will ensure Pakistan's economic growth'. Shehbaz also underscored Pakistan's recent victory over India in the face of unwarranted aggression and praised the combined efforts of the armed forces, political leadership, the public, civil society and the media in defeating the enemy's nefarious intentions. Read more: Economic team lauded for 'balanced budget' The PM noted that this victory has elevated Pakistan's global standing. Moreover, he commended the diplomatic efforts led by Pakistan People's Party Chairperson Bilawal Bhutto Zardari in presenting Pakistan's clear stance and exposing India's aggressive plans before the international community. The delegation, led by Bilawal, was warmly received internationally, and overseas Pakistanis also hailed the government and armed forces for their diplomatic and military succes, according to Shehbaz. Moving onto the recently culminated Israel-Iran war, Shehbaz reiterated Pakistan's full solidarity with Iran and the Iranian people. He added that Pakistan had maintained complete communication with Iranian leadership, particularly with President Dr Masoud Pezeshkian, during the conflict. The PM expressed hope that resolution of the Israel-Iran dispute would open doors to peace and prosperity in the region. The meeting was attended by the Senate chairperson, members of the federal cabinet and members of the National Assembly.
Express Tribune
27-06-2025
- Business
- Express Tribune
PSX rebounds after NA approves budget
The Pakistan Stock Exchange (PSX) saw a positive performance on Friday, as the KSE-100 Index gained 1,581.77 points, or 1.3%, reaching the current index at 123,628.23 during intra-day trading. The index traded between a high of 123,628.23 and a low of 122,222.69, showing a modest fluctuation. The market is currently suspended for the Namaz break and will resume afterwards. Source: PSX The market saw strong trading activity with a total volume of 81,076,304 shares and a total value of Rs9,001,266,999. The previous close for the index was 122,046.46, reflecting a notable improvement as investor sentiment remained positive. The National Assembly on Thursday approved the Rs17.6 trillion worth budget, along with Rs463 billion in new taxes, bringing the digital economy under the purview of tax laws, but almost nullified the single largest enforcement measure to ban economic transactions by ineligible persons. The NA approved the second budget of the government of Prime Minister Shehbaz Sharif with a comfortable majority. Read: NA passes Finance Bill with Rs463b new taxes During a vote on one clause, the coalition government mustered the support of 201 Members of the National Assembly as against 57 votes of the opposition parties. It was also the second budget presented by Minister for Finance Muhammad Aurangzeb in the National Assembly. With the approval of the assembly and subsequent assent by President Asif Ali Zardari, the Finance Act 2025 will come into effect from Tuesday. The National Assembly approved a Rs17.6 trillion budget for the fiscal year 2025-26, making the single largest allocation of Rs8.2 trillion for the interest payments. The defense spending would consume Rs2.55 trillion, the single largest expense in the budget, excluding expenses on the armed forces development programme and military pensions. The subsidies are the third biggest head with over Rs1.1 trillion allocation, followed by over Rs1 trillion for pensions, Rs1 trillion for development spending, and another Rs917 billion for running the civil government.
