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‘Bilateral trade enhancement’; EU to launch first-ever business forum in Islamabad

Islamabad: European Union (EU) will launch the first-ever EU-Pakistan Business Forum in Islamabad on Wednesday to provide opportunities for bilateral trade enhancement between the two sides.

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‘Bilateral trade enhancement’; EU to launch first-ever business forum in Islamabad
‘Bilateral trade enhancement’; EU to launch first-ever business forum in Islamabad

While talking to APP, Ambassador of the European Union to Pakistan Mrs Androulla Kaminara said that the initiative is aimed at promoting and facilitating trade activities between Pakistan and EU with a focus to further enhance public interaction for boosting economic cooperation.

“Such projects and forum would help enhancing relations between Pakistan and EU, as well as contribute to the development of scientific and educational cooperation,” she said.

Courtesy: Radio Pakistan

 

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NA approves amendments in budget to impose Rs 50 levy on petroleum products

There is zero petroleum levy on petroleum products.

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NA approves amendments in budget to impose Rs 50 levy on petroleum products

Islamabad: The National Assembly Wednesday approved amendments in the budget for the fiscal year 2022-23 to impose a Rs 50 levy on petroleum products.

Under the Finance Bill, the government has changed the cap on the petroleum development levy (PDL) from Rs30 per litre to Rs50 per litre.

However, the government hinted about increasing PDL to Rs50 per litre gradually.

At present, there is zero petroleum levy on petroleum products.

On the other hand, Federal Finance and Revenue Minister, Miftah Ismail here on Wednesday clarified that the government has no intention to pass on the full amount of petroleum levy (Rs.50 per liter) as incorporated in the Finance Bill 2022-23 to the consumers. 

“The government has got the permission from you (the house) to impose up to Rs.50 per litter levy on petroleum products but there is no hope and intention to take the levy up to this figure”, he said while speaking in the National Assembly (NA). 

The Minister also informed the members of the house that at present there is zero petroleum levy on the petroleum products.

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NA passes Finance Bill 2022

The NA passed the Finance Bill 2022, giving legal effect to budgetary proposals for the next fiscal year.

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NA passes Finance Bill 2022

Islamabad: The National Assembly (NA) on Wednesday passed the Finance Bill 2022, giving legal effect to budgetary proposals for the next fiscal year.

It was moved by Minister of State for Finance Aisha Ghaus Pasha.

Having a total outlay of 9502 billion rupees, the budget 2022-23 encompasses measures for sustainable economic growth, industrial and agriculture development and relief for the poor people.

The budget envisages Federal Public Sector Development Programme (PSDP) OF 800 billion rupees for the next fiscal year. It has been centered on improvement in sectors such as water resources, transport and communication, energy, higher education, health, science and technology, and balanced regional development.

699 billion rupees have been set aside for targeted subsidies to extend benefit to deprived segments of the society.

The budget of Benazir Income Support Program has been increased to 364 billion rupees.  In addition, 12 billion rupees have been allocated for the provision of subsidy on essential commodities through Utility Stores Corporation.

The salaries of government employees have been increased by fifteen percent along with a merger of adhoc allowances.

As regards taxation, the government has levied super tax on affluent class in order to reduce the budget deficit and take the country towards economic sovereignty.

Taking the floor, Foreign Minister Bilawal Bhutto Zardari said that the Pakistan Peoples Party (PPP) has always led the struggle for democracy, free and fair elections and  the economic rights of the people. He said his party strongly believes in transparent elections.

He said the PPP will also secure victory in the second phase of Sindh local government elections to be held in a month's time.

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No intention to impose whole of petroleum levy: Miftah

At present, there is zero petroleum levy on the petroleum products.

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No intention to impose whole of petroleum levy: Miftah

Islamabad: Federal Finance and Revenue Minister, Miftah Ismail here on Wednesday clarified that the government has no intention to pass on the full amount of petroleum levy (Rs.50 per liter) as incorporated in the Finance Bill 2022-23 to the consumers. 

“The government has got the permission from you (the house) to impose up to Rs.50 per litter levy on petroleum products but there is no hope and intention to take the levy up to this figure”, he said while speaking in the National Assembly (NA). 

The Minister also informed the members of the house that at present there is zero petroleum levy on the petroleum products.

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