Latest news with #Rs47
Hans India
4 days ago
- Business
- Hans India
DLF-Trident Realty sells 416 flats in Mumbai for Rs 2,300cr
New Delhi: India's largest realty firm DLF Ltd and Trident Realty have sold all 416 flats for around Rs2,300 crore in a luxury residential project in Mumbai on high demand. In a regulatory filing on Friday, DLF said that the entire 416 units launched in the first phase of 'The Westpark' project has been sold for Rs2,300 crore in less than a week. DLF arm DLF Home Developers Ltd is developing this project at Andheri West in partnership with Trident Realty. 'Our entry into Mumbai represents a significant strategic milestone for DLF,' said Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd. 'Mumbai has always been a key component of our national growth strategy, and with the launch of The Westpark, we are proud to offer a development that resonates with the aspirations of the city's discerning residents,' he added. DLF and Trident Realty will invest around Rs900 crore to develop this luxury housing project at Andheri (West). The company launched the first phase of this 5-acre project in a price range of Rs42,000 per sq ft to Rs47,000 per sq ft. It sold flats in a range of Rs4 crore to Rs7.5 crore. In July 2023, DLF had announced its re-entry in Mumbai market by partnering with NCR-based builder Trident group. Then, DLF had said that the company would hold a 51 per cent stake in the special purpose vehicle (SPV) which will develop this project.
Business Recorder
19-06-2025
- Business
- Business Recorder
MoF raises over Rs1.2trn through major govt bond auction
ISLAMABAD: The Ministry of Finance has successfully raised over Rs1.2 trillion through a major auction of government bonds held on Wednesday. An official statement issued by the ministry stated that this includes the launch of a new 15-year Zero Coupon Bond, the first of its kind in Pakistan, which received strong demand from investors and raised over Rs47 billion. This new bond does not pay interest every year. Instead, investors receive a lump sum at the end of 15 years. This helps the government reduce short-term repayments and plan finances better. The strong response shows that investors are confident in Pakistan's economy and reforms. This move is part of the government's broader strategy to reduce borrowing risks, extend the repayment period of debt, and promote Islamic and long-term financial products. Securities' auction procedures: SBP unveils changes Yields on other government bonds also dropped, indicating optimism in financial markets about falling inflation and lower interest rates in the future. Pakistan's debt is now becoming more stable. The average repayment period of domestic debt has increased from 2.7 years last year to 3.75 years now, reducing the pressure to repay loans quickly. Moreover, more pension funds and insurance companies—rather than just banks—are now investing in government bonds. This helps spread financial risk and deepen the local investor base. Finance Minister Senator Muhammad Aurangzeb said: 'This is a major step forward in making Pakistan's financial system stronger and more resilient. We are introducing new, smart ways of borrowing that reduce risk and give investors more options. Our aim is to manage public debt responsibly, promote Islamic finance, and attract more long-term investment to support the country's economic growth.' The Ministry of Finance is also working on more products to allow ordinary citizens to invest in government bonds, especially Islamic ones, to encourage savings and financial inclusion. Despite global uncertainties, today's auction shows that Pakistan's economy is gaining investor trust and moving in the right direction, the ministry added. Copyright Business Recorder, 2025
Express Tribune
15-06-2025
- Business
- Express Tribune
Lawmakers demand tax relief for masses
On June 10, Finance Minister Miftah Ismail had announced an income tax relief of Rs47 billion for the salaried class. PHOTO: FILE Listen to article Lawmakers in the National Assembly on Saturday delivered a detailed and constructive review of the federal budget for FY2025-26 and called for providing more relief to the common man. While participating in the general discussion on the budget, Defence Minister Khawaja Asif said Pakistan suffered huge losses due to tax evasion, especially in sectors like tobacco, real estate, steel, and tyres. "We lose around Rs300 billion annually in tobacco taxes alone." He acknowledged that the Federal Board of Revenue (FBR) has made some improvements, but much more needs to be done. "If we can just improve our tax collection by 50%, we wouldn't need foreign loans," he noted. He demanded accountability and urged the finance ministry and the FBR to brief parliament on the large-scale tax evasion and the people behind it. "We need honesty in governance. Only then can we provide real relief to the people," he said. He gave the example of how public shops in Punjab are rented for very low rates, while private shops in the same area earn ten times more. "This has continued for decades without accountability," he pointed out. He called for a national campaign to end corruption, particularly in sectors dominated by a few corrupt families. Asif praised Finance Minister Muhammad Aurangzeb, calling him a professional and experienced person. He credited him for bringing back international trust in Pakistan's economy. He shared encouraging economic data: GDP growth improved from -0.2% to +2.7%, inflation dropped to 4.6%, and the current account posted a $1.2 billion surplus. foreign investment rose by 20%. He admitted that the public may still be feeling economic pressure but said positive changes are happening. "The business community is showing more confidence, and the stock market recently hit a historic 125,000-point high," he said. He criticized those who now attack the government's economic policy but had once urged the IMF not to support Pakistan. "These people tried to sabotage our economy," he said. "Pakistan is not about any one person. It is a mission, a belief, and a shared history," he added. He urged political leaders to rise above personal ambitions and serve the nation with sincerity. PPP senior leader Mirza Ikhtiar Baig emphasised the pivotal role of the industry, agriculture and services sector in driving long-term economic stability. Acknowledging the ongoing economic challenges, he said the government's push toward reforms, though modest GDP growth of 2.6% continues to be overshadowed by inflation, population pressure and mounting national debt. He raised concern over pension reforms, particularly the withdrawal of posthumous benefits for pensioners' children after 10 years, warning this could create financial distress for many families. The lawmaker also cautioned against harsh tax enforcement measures, such as granting arrest powers to income tax officers, which he said could dampen business confidence. However, he welcomed incentives in the construction and property sectors, including the reduction in withholding tax on property transactions from 4% to 2.5%, elimination of federal excise duty on commercial property transfers and reduction of stamp duty in Islamabad from 4% to 1% — measures expected to boost real estate activity. He also supported the increased defense budget, recognizing the valor and international standing of Pakistan's armed forces, particularly in light of recent hostilities. Mirza Ikhtiar praised the record-breaking $38 billion in remittances sent by overseas Pakistanis and called for an export-led growth model, especially through sectors like IT and rice. PTI legislator Asad Qaiser urged the government to revisit its decision to impose new taxes in the erstwhile FATA region, emphasising the area's sacrifices in the war on terror. Qaiser warned that further burdens could hinder socio-economic rehabilitation. He also highlighted issues of power outages and damage to household appliances in Khyber Pakhtunkhwa due to erratic electricity supply, urging greater PSDP allocations for the province. Qaiser raised alarms about the tobacco sector, noting the lack of a fixed minimum support price, which is driving companies out of K-P. He called for urgent government intervention to protect farmers. Senior MQM leader Dr. Farooq Sattar hailed the armed forces for their resilience during recent Pakistan-India tensions, crediting divine help and national unity under Field Marshal General Asim Munir. He appreciated relief measures for salaried classes in the budget but warned that the middle class continues to bear a disproportionate tax burden. Farooq Sattar urged reforms to reduce electricity and gas tariffs and proposed a national economic dialogue to adopt a unified "Charter of Economy." He stressed the importance of taxing agricultural income through provincial consensus under Article 177 to improve Pakistan's fiscal credibility with international lenders. Condemning Israeli aggression, he reaffirmed solidarity with Iran amid recent tensions. PPP stalwart Syed Naveed Qamar took a strategic view, asserting that the federal budget must not be limited to a balance sheet but should reflect a coherent economic vision. He stressed that budgetary allocations must align with policy goals rather than serve as mere political optics. Naveed Qamar criticized the neglect of agriculture, especially in terms of food security and misdirected subsidies that favor foreign producers over domestic farmers. He lamented that serious economic reformers are often sidelined while superficial narratives dominate policymaking. Naveed Qamar criticized Pakistan's reliance on international lenders and the failure to promote domestic exports, particularly in the cotton sector. The fertilizer subsidies and price controls, he argued, have hurt small farmers while benefiting powerful industrial lobbies. Naveed Qamar has called for the adoption of a clear, flexible, and consistent economic policy in anticipation of potential global oil price hikes, warning that the country cannot afford to remain tethered to outdated and reactive financial planning models. He cautioned that international oil price fluctuations pose direct risks to Pakistan's fiscal strategy, inflation targets, and energy affordability. He criticized the government for preparing budgets based on optimistic oil price assumptions without accounting for geopolitical volatility. "In recent years, our budgets were framed based on declining global oil prices. But if the situation in the Middle East worsens and prices suddenly spike, do we have an alternative strategy in place?" he asked, urging the finance ministry to explain whether price increases would be passed on to consumers or absorbed through subsidies. He stressed that such vital economic variables demand transparency and contingency planning. "There must be clarity. If the benchmark price increases by 20%, what is the fallback? Ad hocism will not take us forward." Naveed Qamar underlined the need for economic policies that transcend partisan agendas and prioritize institutional coherence. "We hear at the Prime Minister's level about the need for policy consistency. But if decisions continue to be made in silos, without coordination, instability will persist." He also urged serious consultation among political leadership, bureaucratic institutions, and the business community, warning against policy capture by a select few. "It's unacceptable that one individual travels abroad and makes decisions on the nation's behalf, while key institutions remain unaware. Responsible policymaking requires collective ownership." He criticized the enduring influence of those who, he alleged, negotiated economically detrimental deals in past decades, leading to chronic dependence on external actors. "The same people who committed the country 30 years ago are still writing our policies. If we want sovereignty, we must abandon these recurring policy patterns." He stressed the need for a forward-looking, sovereign, and inclusive economic framework — one that replaces reaction with resilience. "We must move beyond fire-fighting. Only with vision, transparency, and consensus can we break the cycle of economic instability." Taking part in the debate, MNA Zartaj Gul stressed the need for increased budgetary allocations for women empowerment, calling it vital for the uplift of a key segment of society. She also warned of the grave threat posed by climate change and called for greater resources to mitigate its impact. Stressing the importance of regional equality, she urged a fair share of development funds for the Saraiki belt, noting its population is comparable to other provinces. Haji Jamal Shah Kakar lauded Prime Minister Muhammad Shehbaz Sharif for earmarking Rs 250 billion for Balochistan, terming it a long-overdue recognition of the province's importance. He welcomed allocations for infrastructure and highways but stressed the need for transparency and proposed the formation of a monitoring committee to ensure efficient fund utilization. PPP MNA Syeda Shehla Raza condemned the Israeli aggression against Iranian civilians, calling for global accountability. She criticized the federal budget for raising taxes and imposing a carbon levy while neglecting Karachithe country's economic hub. Opposing a new Danish university in Islamabad, she argued that existing institutions remain underfunded. She also highlighted the decline in oil and gas output, despite discoveries in Khairpur, and advocated urgent reforms. On a positive note, she welcomed the Reko Diq project, saying it could contribute 1% to Pakistan's GDP next year. Iqbal Afridi raised serious concerns regarding the rehabilitation of the merged districts (former FATA), urging the government to expedite the reconstruction of destroyed homes and ensure the return of displaced populations. He also demanded the withdrawal of newly imposed taxes in tribal areas and criticized delays in releasing development funds. Asia Naz Tanoli commended Prime Minister Shehbaz Sharif for enhancing Pakistan's international image and improving the value of the green passport. She described the budget as balanced and people-centric, acknowledging the difficult decisions taken to pursue economic reform and national security. PPP's Sharmila Faruqui pointed out that nearly 70% of the national budget is consumed by debt servicing, leaving limited space for development. Citing Khawaja Asif's statement, she revealed that Rs 5.8 trillion was lost last year due to tax loopholes, subsidies, and concessions. She called for comprehensive tax reforms to ease the burden on the salaried and middle-income classes. MQM-P MNA Sofia Saeed Shah noted that although Rs 3.2 billion has been allocated for the KV-4 water project in Karachi, the amount falls short of the rising costs. She recalled MQM's earlier proposal of Rs 30 billion for the project and questioned the government's claims of reducing electricity prices while increasing levies on fuel. SIC lawmaker Shahzada Muhammad Gushtasap Khan stressed the need to increase allocations for education and health. He praised KP's 100% free healthcare program, attributing its success to effective provincial policy. Syed Ali Qasim Gillani demanded more investment in higher education in South Punjab to improve access. Emphasizing agriculture as the backbone of the economy, he urged greater support for crop production. He welcomed increases in the budgets for the Benazir Income Support Programme (BISP) and the information technology sector. MNA Muhammad Aslam Ghuman condemned Israel's aggression, calling it the "world's biggest terrorist," and reaffirmed Pakistan's solidarity with Muslim nations. He advocated for more support for farmers to ensure food security. Moin Aamer Pirzada called for widening the tax base by expanding the filer network. He also urged a review of the decision to end pensions for deceased government employees, stressing the need for humane policy revisions. PPP lawmaker Nawabzada Mir Jamal Raisani highlighted the federal budget's role in setting the country's economic direction. While welcoming the government's target of 4.2% economic growth and the allocation of special allowances for the armed forces, he expressed disappointment over the lack of substantial allocations for Balochistan. However, he appreciated the establishment of four Daanish Schools in the province and called for vocational training institutes to empower local youth. MNA Sajid Khan demanded the establishment of a Danish School in the merged tribal areas and emphasized coordinated efforts between federal and provincial governments to maintain peace in the region. SIC legislator Umair Khan Niazi criticized the budget and urged the inclusion of more high-net-worth individuals in the tax net. He called for increased allocations for agriculture and concrete support for farmers. PPP's Salahuddin Junejo raised the long-standing issue of the Hyderabad-Sukkur Motorway project and urged the Prime Minister to reconsider its funding. He advocated a structured agricultural policy to improve productivity. Highlighting injustices in his constituency, he said locals were not benefiting from natural gas extracted from the region and demanded job and resource rights for local residents. Junejo also thanked the Prime Minister for dispatching Bilawal Bhutto Zardari on diplomatic missions, praising his effective representation of Pakistan on the global stage.
Express Tribune
11-06-2025
- Business
- Express Tribune
Salaried class gets tax relief
On June 10, Finance Minister Miftah Ismail had announced an income tax relief of Rs47 billion for the salaried class. PHOTO: FILE In a much-needed relief for the tax-burdened and inflation-stricken government employees, the government jacked up their salaries by 10% along with a 4% cut in income tax rate across various slabs in the federal budget unveiled on Tuesday. The government has taken a significant step to provide substantial relief to lower and middle-income sectors, proposing up to a four per cent reduction in income tax across various slabs. In addition, the government also proposed a 1% decrease in surcharge on earning of over Rs10 million per annum. Presenting the federal budget for fiscal year 2025-26, Finance Minister Muhammad Aurangzeb stated that the prime minister had consistently endeavoured to lower taxes on salaried individuals. "Keeping this objective in mind, we have proposed a decrease in income tax across all slabs," he said. "This measure will not only ease the existing tax structure but also strike a crucial balance between inflationary pressures and individuals' take-home pay by alleviating the tax burden," the minister announced, while delivering the budget speech in the National Assembly. According to the budgetary proposal, individuals earning between Rs600,000 and Rs1.2 million per annum are set to receive significant tax relief, as the government lowers the tax rate from 5% to 1%. For those earning up to Rs100,000 per month, the total tax amount comes down from Rs30,000 to Rs6,000. Similarly, individuals in the next slab who earn up to Rs2.2 million per annum will see a 4% decline from 15 to 11% in income tax rate on their salaries. Individuals earning up to Rs3.2 million will benefit from a 2% cut — from 25 to 23% — in the next fiscal year. Meanwhile, in a move to mitigate the brain drain phenomenon, which sees professional human resources facing the highest tax burden in the region, the government has proposed a 1% decrease in the surcharge applied to individuals earning more than Rs10 million per annum. The salaried class paid a staggering Rs331 billion in income tax in the eight months of the current fiscalJulyFebruary periodwhich is 1,350% more than the taxes paid by retailers. The amount was also Rs120 billion, or 56% higher than Rs211 billion collected during the same period of the last fiscal year. Simultaneously, the finance minister also proposed a 10% increase in the salaries of the federal government employees and 7% enhancement in the pensions of retired federal employees. However, he said that high-income pensioners would be brought under the tax net. Finance Minister Aurangzeb said that despite the financial constraints, the government had decided to give a 10% increase in the salaries of government employees from Grade 1-22, with a view to increasing their purchase power. Besides, special conveyance allowance for handicapped employees was being increased from Rs4,000 to Rs6,000. In order to reduce disparities among the employees of various departments, he announced the provision of 30% disparity reduction allowance for eligible employees. This relief, the minister stated, would not only simplify the tax structure but also ensure a balance between inflation and take-home salary. "This move reflects the government's commitment to making taxes fairer and reducing the burden on salaried individuals," the finance minister said. Similarly, the minister announced a 7% increase in the pensions of the retired employees. He said a 5% tax had been proposed on the income of pensioners of up to 70 years, whose annual pension exceeded Rs10 million. He said that no tax would be imposed on the low and middle income pensioners. He said that the pension scheme had been modified through executive orders in the past few decades, which burdened the national treasury. To rectify the situation, the government introduced reforms, such as discouraging early retirement and linking pension rise to the Consumer Price Index (CPI). The finance minister also said that the family pension duration has been restricted to 10 years after the spouse's death, and multiple pensions had been abolished. Upon re-employment after retirement, an individual will have to choose between pension and salary.
Time of India
06-06-2025
- Business
- Time of India
Maharashtra achieves highest agro food exports in financial year 2024-25
N ashik: The state has achieved a 15% increase in its agricultural, processed, and food product exports, hitting an all-time high of Rs47,017 crore in the financial year 2024-25. This significant surge solidifies the state's position as a leading agricultural exporter. While the export volume for the financial year 2024-25 stood at 54.14 lakh tonnes, a slight dip from the 55.79 lakh tonnes recorded in 2023-24 fiscal, the substantial rise in value underscores a highly successful year. This data comes from the Agricultural and Processed Food Products Export Development Authority (APEDA), which operates under the Union Commerce Ministry. In the previous fiscal year (2023-24), the state's exports in this segment were around Rs40,898 crore. The state's diverse export portfolio includes a wide array of products such as bananas, grapes, onions, various other fruits, bovine meat, alcoholic beverages, and rice. Breaking down the export values for 2024-25 fiscal, bovine meat led the way at Rs10,300 crore, followed by fresh fruits (including bananas, grapes, and pomegranates) at Rs9,500 crore, and non-basmati rice at Rs6,613 crore. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo The export of bovine meat increased by 20% — from Rs8,565 crore in 2023-24 to Rs10,300 crore in 2024-25. The export of fresh fruits also registered a 17% rise, from Rs8,100 crore in 2023-24 to Rs9,500 crore in 2024-25. The export of fresh fruits in 2024-25 includes bananas (Rs2,839 crore), grapes (Rs2,781 crore), pomegranates (Rs371 crore), and others (Rs3,405 crore). Interestingly, exports of other fruits increased by 32% to Rs3,405 crore in 2024-25 as against Rs2,566 crore in the previous year. Other exports include pulses at Rs2,100 crore, cereal preparations at Rs2,093.43 crore, jaggery and confectionery at Rs1,620 crore, onions at Rs1,436 crore, and alcoholic beverages at Rs1,353.52 crore. Vice-president of Horticultural Produce Exporters' Association (HPEA) Vikash Singh said the rise in export is because of the incentives being given by the Centre and state in the food sector. "There is huge potential for export of bananas, and govt needs to focus on increasing its export," he said. "The APEDA has been taking measures to boost export of grapes for the past decade, particularly in European countries, and this is showing results. Just like grapes, the APEDA also needs to find new markets to increase the export of onions, particularly in European countries," he added. Singh further said the Centre should also provide green lanes at the JNPT Mumbai for containers of perishable goods for faster clearance. "In 2014, the Centre had made an announcement about a separate green lane for faster clearance for containers of perishable goods, but it is yet to be executed," he said. Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
