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PM discards FBR’s two tax proposals for budget

The Federal Board of Revenue (FBR) had planned to collect billions of rupees from the two tax proposals

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Islamabad: Prime Minister Shehbaz Sharif Saturday rejected two important tax proposals of the Federal Board of Revenue (FBR) for the budget of the next financial year, GNN reported.

According to the details, the FBR had proposed to levy sales tax on various items at 18 to 19 percent and on petroleum products up to 18 percent.

The Federal Board of Revenue (FBR) had planned to collect billions of rupees from the two tax proposals.

Prime Minister Shehbaz Sharif rejected the FBR proposals and directed the Chairman Federal Board of Revenue to prepare alternative proposals.

The IMF had proposed to Pakistan to impose sales tax on petroleum products in the recent negotiations.

It is pertinent to note that the government has suspended the sales tax on petroleum products from March 2022. The federal government is already charging petroleum development levy of Rs60 per liter on petroleum products instead of sales tax.

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Pakistan

Punjab serious about investing in solar energy

Provincial Minister Shafay stated that the Chinese company should invest in the solar energy sector, they will be facilitated

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Lahore: Industry and Commerce Minister Punjab Shafay Hussain said that the government is serious about manufacturing solar panels at the local level.

Provincial Minister of Industry and Commerce Shafay Hussain was met by a delegation of a Chinese solar company, in which discussions were held on setting up a solar panels manufacturing plant in Punjab.

Speaking on the occasion, Shafay stated that the Chinese company should invest in the solar energy sector, they will be facilitated. The foreign solar companies have expressed interest in investing in Punjab.

He added that a long-term policy will be made for the promotion of solar energy, now is the best time to invest in solar energy in Punjab.

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Business

Onion export from Pakistan exceeds $210mn

By the end of this year, the export of onions will reach 250 million dollars

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Karachi: For the first time in the country's history, the export of onions from Pakistan has exceeded 210 million dollars, while by the end of this year, the said export will reach 250 million dollars, which is a record.

The spokesperson of Pakistan Fruit and Vegetable Exporters Association said that for the first time in the country's history, the export of onions has reached a record level, which is the highest in the history of any product including fruits and vegetables.

According to the spokesman, from July 2023 to April 2024, the export of onion from the country was recorded more than 210 million dollars, while earlier in the history of the country, there were only more exports of orange, which was 210 million dollars. He stated that by the end of this year, the export of onions will reach 250 million dollars.

According to the statement, due to the ban on the export of Indian onions, Pakistan has got new markets and now Pakistani onions have gained access to the major markets of the world, including the Far East and the Middle East.

He added that even in the top stores of the world, Pakistani onions are available for sale today. The government has to take immediate steps to increase the shelf life of onions as new markets for Pakistani onions may develop in the coming times.

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