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• Finance secy says revenue numbers are already locked with IMF • Income tax rate of first slab reduced to 2.5pc, not 1pc as initially printed in Finance Bill • Change offsets additional fiscal impact from increased govt salaries • Aurangzeb defends steep pay hikes for lawmakers, ministers • Says govt held back on raising minimum wage as industry unwilling to implement previous rate • Contributory pension scheme for forces personnel may face delays ISLAMABAD: Finance Minister Muhammad Aurangzeb on Wednesday repeatedly warned that the government would be compelled to impose a further Rs400 to 500 billion in taxes if parliamentarians failed to approve the sweeping enforcement measures proposed in the 2025-26 budget — as they were already cleared by the International Monetary Fund (IMF). “I now request my colleagues in both houses of parliament to get the enabling clauses for enforcement measures passed, otherwise we would have to take Rs400-500bn additional tax measures,” the usually soft-spoken minister said a...
Civil society members gathered at Karachi’s Teen Talwar monument on Wednesday to protest the detention of activists on board the Gaza-bound aid ship Madleen and Israel’s ongoing offensive in Gaza, urging people “not to rest until the entire world stands in support of Palestine.” Earlier this week, Israeli forces detained the members of the aid ship, operating under the Freedom Flotilla Foundation, going to Gaza to break Israel’s siege. The activists, including Swedish climate activist Greta Thunberg, were carrying baby powder and aid for the besieged enclave. Israel has ramped up its offensive in Gaza, after it ended a ceasefire in March. So far, 55,014 Palestinians have been killed as a result of Israeli airstrikes. Chanting “Free Palestine” echoing through the city’s intersection, civil society members gathered to decry the Palestinian suffering in the face of Israeli occupation. The crowd sang, rejecting Israel’s actions: “Aisay dastoor ko mai nahi maanta” (I do not accept this system). Speaking to Dawn.co...
Finance Minister Muhammad Aurangzeb on Wednesday said lower government expenditures in the outgoing fiscal year were a “response” to previous “right pushback” from tax-paying individuals. He made the remarks during a post-budget press conference where he expanded upon the federal budget proposed yesterday for the upcoming FY25-26. Maintaining an aggressive stance on fiscal consolidation, as required by the International Monetary Fund (IMF), Aurangzeb yesterday still managed to offer some notional relief to the salaried class in the federal budget for FY2025-26, along with incentives for the real estate and construction sectors to revive the struggling industrial sector and stimulate economic growth. Highlights: Finance minister links no hike in minimum wage with slower inflation Aurangzeb defends salary hike ‘after 9 years’ for NA speaker, Senate chairman FBR chief notes levy on solar panels due to ‘disadvantaged’ local assemblers FBR member explains rationale behind taxing high-value goods at different rate...7934 items