Latest news with #ShibliFaraz
Express Tribune
19-06-2025
- Business
- Express Tribune
Senate panel rejects tax on online businesses
The Senate Standing Committee on Finance reviewed the Finance Bill 2025 on Wednesday and recommended a zero-rated tax on the income of up to Rs1.2 million and rejected a proposal to impose tax on individuals doing small online businesses. During a meeting, chaired by its chairman Saleem Mandviwala, the committee approved the proposal to impose tax on the income of online academies and teachers but opposed the levy of tax on the income of the Islamabad Club. Federal Board of Revenue (FBR) officials informed the meeting that teachers were providing online digital education services, earning Rs20-30 million. They added that a new clause had been introduced in the Finance Bill to impose tax on those doing e-commerce business, using online marketplaces. All individuals providing services via the internet and electronic networks will be affected, FBR officials said. They added that the tax will also apply to music, audio and video streaming platforms, cloud services, online software application providers, telemedicine and e-learning services. The tax would also be imposed on online banking services, architectural design services, research and consultancy reports, accounting services and other online facilities in the form of digital files, the FBR officials stated. The committee rejected a proposal to tax individuals doing small online businesses. The FBR chairman said that those with an annual income of 1.2 million will have to pay Rs12,500 in taxes. Committee member Senator Shibli Faraz said that there should be no tax on the income of Rs600,000 to Rs1.2 million. FBR Chairman Rashid Langrial told the committee that it had been decided to collect tax from entertainment clubs, including the Islamabad Club. However, the committee chair opposed the move. Langrial said that the common man did not benefit from this club, as it was the luxury of 300 people. The FBR officials said that there was a proposal to impose restrictions on the purchase of property and vehicles by non-filers. They added that a limit of 130% of the income had been set for the purchase of property by the non-filers. Senator Mohsin Aziz said that the limit of 130% for the purchase of property by non-filers should be increased. The committee recommended increasing the limit to 500%. Finance Minister Muhammad Aurangzeb said that steps were being taken to bring non-filers into the tax net.
Arab News
16-06-2025
- Politics
- Arab News
Pakistan says armed forces ‘fully alert' amid Israel's ongoing conflict with Iran
ISLAMABAD: Deputy Prime Minister Ishaq Dar said on Monday that Pakistan's armed forces were 'fully alert' amid Israel's ongoing military conflict with Iran, vowing to safeguard the country's nuclear assets. Dar's statement came as the military conflict between Iran and Israel entered its fourth day on Monday, with no signs of the two sides letting up. The worst fighting between the regional foes began late Friday when Israel carried out strikes against Iran's nuclear facilities and military leadership. So far, Iran says 224 people have been killed due to Israeli strikes while Tel Aviv has said at least 18 people have been killed by Iran. During a senate session, opposition lawmaker Shibli Faraz questioned whether Pakistan's nuclear facilities were safe in light of Israel's recent strikes against Iran, urging the government not to be complacent in safeguarding them. 'Israel dare not look to Pakistan,' Dar said in response. 'By the grace of god, Pakistan has the strength to respond to a brick with a stone, to any mala fide [intentions]. 'I assure my brother the armed forces of Pakistan are fully alert. As they were alert during the India-Pakistan conflict,' he added. The deputy prime minister was referring to India and Pakistan's military conflict last month. The two countries pounded each other with missiles, drone strikes, fighter jets and artillery fire in a military conflict that lasted for four days before Washington brokered a ceasefire on May 10. Dar said the Pakistani nation had developed its nuclear and missile defense system at a great cost and would protect them. 'These are the nation's assets, these are the nation's trust. This is the trust for the coming generation,' he said. 'It is our responsibility to safeguard it unitedly, which we will do, are doing and will do it together.' Israel sees Iran's nuclear program as a threat to its existence. It said its strikes on Friday were designed to avert the last steps to the production of an Iranian nuclear weapon. Tehran insists its nuclear program is entirely civilian and it does not seek an atomic bomb. The UN nuclear watchdog, however, reported Iran last week as violating obligations under the global non-proliferation treaty. Pakistan has criticized Israel in strong words and repeatedly said Iran has the right to retaliate under the UN Charter. Islamabad has also vowed to offer diplomatic support to Iran at international forums.
Business Recorder
14-06-2025
- Business
- Business Recorder
PTI criticises energy policies of govt
ISLAMABAD: The opposition Pakistan Tehreek-e-Insaf (PTI) on Saturday launched a scathing attack on the government, accusing it of enacting 'short-sighted, flawed, and misguided' policies that have crippled the power sector and driven electricity beyond the reach of millions. Speaking at a presser, Opposition Leader in National Assembly Omar Ayub took direct aim at the government's energy and fiscal management, flanked by senior PTI leaders Shibli Faraz, Sheikh Waqas Akram, and Taimur Jhagra. Together, they painted a grim picture: ballooning utility bills, decaying infrastructure, and chronic mismanagement. 'Electricity was far more affordable under our government,' Ayub said. 'Now, its prices have skyrocketed, and even the federal capital is experiencing frequent outages. The infrastructure is outdated, the number of feeders is inadequate, and demand continues to rise.' Citing escalating global oil prices exacerbated by the ongoing Israel-Iran conflict, Ayub warned that the economic fallout could drive Pakistan further toward collapse. ASRE 2025: Economic and energy policies must be aligned: experts Turning to the federal budget, Ayub called it a disaster, criticising the government's approach to energy policy. They can't stand the idea of affordable electricity, he said. 'The projects we initiated for Rs450 billion are now costing Rs2,000 billion – not due to inflation, but because of mismanagement and sheer incompetence.' He condemned the recurring Fuel Price Adjustments (FPA), arguing that they disproportionately burden ordinary citizens. 'Rates shift every three months, and it is always the people who pay,' he lamented. Ayub also accused the government of blocking the broadcast of his budget speech. 'They are afraid of the truth and that's the reason they censored my speech on the finance bill,' he claimed. He warned of a ballooning budget deficit – Rs6,501 billion – and looming threats of oil shortages and surging interest rates. 'This government must be held accountable. There is no alternative but to send them home.' However, Shibli Faraz echoed Ayub's concerns. 'Regional conflict will only drive fuel prices higher, and it is the people who will bear the cost. We have been saddled with corrupt, incompetent rulers.' Despite a reported 80,000 megawatt generation capacity under the PTI government, Faraz argued, power remains unaffordable. 'People want to pay their bills but they simply can't.' He also criticised the government's decision to impose an 18 per cent tax on solar panels, calling it a penalty on those seeking alternatives. 'We had a strategy in 2022 to promote competition. None of it has been implemented.' He pointed to a rising circular debt, inconsistent electricity supply, and outstanding payments to energy firms. 'There has been zero meaningful progress. PML-N and PPP are directly responsibility for this crisis.' Though the current generation capacity stands at 46,000 megawatts, Faraz said, cities remain in darkness, and load-shedding is worse than ever. Taimur Jhagra, an ex-provincial finance minister of PTI, severely criticised the government's limited privatisation effort – targeting only LESCO, FESCO, and IESCO – as insufficient and uneven. 'Millions in ex-FATA remain entirely without electricity,' he said. 'Who will be held accountable?' He said the Khyber-Pakhtunkhwa budget had been presented and citizens would soon see the difference. He also raised questions about the legal basis for the ongoing isolation of PTI patron-in-chief Imran Khan. 'What law allows this? Why is he being punished?' Jhagra said Punjab now endures more than 12 hours of daily load-shedding, while KP swelters under 46°C heat. 'Basic rights are being denied. Agriculture has completely collapsed. Even Bangladesh has gone ahead of us in energy.' Closing the presser, PTI spokesman Sheikh Waqas Akram spotlighted the crisis in rural areas of the country particularly in KP, Balochistan, Sindh, and southern Punjab, where power shortages have become acute. He said privatisation would fall short without fundamental reforms in IESCO and LESCO. Copyright Business Recorder, 2025
Express Tribune
14-06-2025
- Business
- Express Tribune
Debate opens in Senate amid fierce criticism
The budget debate in the Senate commenced with a blistering criticism from Opposition Leader Shibli Faraz, who blasted the government's economic policy, calling the budget "controversial by birth" and a reflection of incompetence and unprofessionalism. "This is the fourth budget of this installed regime, and it has broken all previous records of misgovernance," Faraz said, accusing the government of fabricating data and manipulating figures. "The numbers in this budget seem compromised ... it's a statistical deception. In the past, budget figures were never questioned, but this time doubts are widespread," he added. Faraz went on to say the current budget had "shattered the foundations" of Pakistan's already fragile economy. Referring to the controversial February 8 elections, he alleged that just as the government had manipulated numbers, it was playing the same game with the budget. He lamented that in Punjab, farmers were forced to dump wheat on the roads, calling it a failure of the state to protect agriculture. "They've destroyed the agriculture sector and stifled industry. How can growth happen when even Letters of Credit (LCs) aren't being opened?" he said. "There is no coherent policy for industrial development, only discouragement." "This is an IMF-dictated, anti-people budget. We've heard the 'South Asian Tiger' fantasy before. It's time to stop selling old fables," said Faraz, while lambasting the planning minister for "insultingly linking PTI with India". "PTI is not an anti-state party," he said. "How can a country progress when people can't even access the internet?" He denounced the government as a product of "Form-47 legitimacy", saying true representatives would never have presented such a budget. Shibli Faraz said that 61 million people fell below the poverty line post-2022 and that unemployment had surged by 14 million. He noted the lack of foreign direct investment and even remarked that "the Afghan currency is now stronger than the Pakistani rupee". He slammed the imposition of taxes on stationery and questioned the government's understanding of public priorities, citing the number of out-of-school children and deteriorating public services. Meanwhile, Finance Minister Muhammad Aurangzeb briefed the Senate Finance Committee on the budget, pushing back against the opposition's accusations. He revealed that India's director at the IMF Board had tried to delay Pakistan's recent funding approval, but "despite Indian objections, $700 million was approved". Aurangzeb asserted that Pakistan had met World Bank benchmarks and that the IFC had approved additional financing. "We expect policy rates to enter single digits this fiscal year," he added, saying fiscal and structural reforms, particularly in SOEs and energy, were showing results. He acknowledged that privatisation targets had not been met this year but expressed optimism for the next fiscal. "We have tried to reduce the burden on the salaried class and cut transaction taxes in the construction sector," Aurangzeb said. "On agricultural tax, the IMF has agreed to our stance following the prime minister's directive."
Business Recorder
28-04-2025
- Politics
- Business Recorder
National unity cannot be achieved in wake of PTI's victimisation: Shibli
ISLAMABAD: Leader of the Opposition in Senate Shibli Faraz has said that national unity cannot be achieved in the wake of continued and unprecedented victimisation of Pakistan's largest political party. 'Pakistan's largest political party has been pushed to the wall. More than 10,000 of our workers are languishing behind the bars—how can national unity be achieved in these circumstances?' he said at the Senate session on Monday. 'This government has taken a 'homeopathic' stance against India. They (government) lack the capability to stand up to India's highhanded designs,' said Faraz, who belongs to Pakistan Tehreek-e-Insaf (PTI), speaking on the issue of heightened tension between India and Pakistan, on the floor of the House. 'Only the real representatives of the people can take a tough stance in the existing situation; the people who have been given the mandate by the public,' he said, as the opposition and treasury sides exchanged harsh words. 'India was in search of an opportunity—they read the situation; Pakistan faces extreme political instability, the economy is very weak, the federation is involved in different problems—so they (India) just cashed in on the situation,' he said. Presiding over the Senate session, Deputy Chairman Senate Syedaal Khan said, the opposition leader's speech has 'broken the rhythm of national unity.' 'There was national unity here in the last couple of days—but your speech has broken the rhythm of national unity,' the deputy chairman addressed the opposition leader. Pakistan Muslim League (PML-N) Parliamentary Leader in Senate Irfan Siddiqui said, 'Even if whatever Shibli Faraz said, is really happening, still the situation demands that we should take on Modi at the moment, instead of attacking one another. We have had our differences with them (PTI), and we will continue to have differences, but why scratch one another's mouths in a situation like this when India has posed such a grave challenge?' he said. India is habitual of levelling false accusations against Pakistan without conducting any investigation or having any evidence, he said, adding that Pahalgam incident is a false flag operation staged by India to corner Pakistan. PTI Parliamentary Leader in Senate Ali Zafar said, 'India cannot unilaterally revoke Indus Waters Treaty. The stoppage of water by India is tantamount to an act of war.' Other senators including Kamran Murtaza from Jamiat Ulema-e-Islam Fazl (JUI-F), former caretaker prime minister Anwaar ul Haq Kakar, among others, also spoke in strong criticism of India. The Senate session was adjourned till today (Tuesday). Copyright Business Recorder, 2025
