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Finance Minister outlines plan for Tax Reforms, PDL Increase in post Budget presser

01:42 PM | 13 Jun, 2024
Finance Minister outlines plan for Tax Reforms, PDL Increase in post Budget presser
Source: File Photo

ISLAMABAD – Federal Minister for Finance Muhammad Aurangzeb on Thursday addressed stakeholders' concerns about fiscal year 2024-25.

The country's finance czar emphasised importance of widening tax base, saying that current tax-to-GDP ratio is unsustainable and aiming to increase it to 13pc in three years. He expressed government's commitment to eliminating the informal economy and promoting digital financial systems.

Addressing proposed increase in Petroleum Development Levy (PDL) by Rs60 to Rs80, the minister explained that the surge would be gradual over the next fiscal year and linked to international oil prices.

He further mentioned that salaried individuals earning up to Rs6lac annually and the top tax bracket of 35pc would remain unchanged, but there would be adjustments in the tax slabs, including higher taxes for non-filers.

Auranhzeb called for intent to eliminate the concept of non-filers and highlighted the importance of bringing the retail and wholesale sectors into the tax net to broaden the tax base. 

Moving further, he sheds light on shift of the Export Refinance Scheme from the State Bank of Pakistan (SBP) to EXIM Bank, with a focus on providing a significant portion of the refinance fund to the SME sector. He also highlighted government's goal to increase IT exports from $3.5 billion to $5 billion, emphasizing support for the IT sector.

Clearing air on privatization, Aurangzeb said the ongoing efforts, with transactions for PIA and Islamabad Airport set to be completed in next two months, and added that preparations for the documentation of Karachi and Lahore airports were also underway.

Daily Pakistan Global Web Desk

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US Dollar, Euro, Dirham, Pound, Riyal Rate in Pakistan Today - Currency Rates 20 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 20, 2024 (Saturday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.15 for buying and 280.85 for selling. Euro's buying rate remains stable at 301.35 and selling rate is 303.25.

British Pound rate is 354.85 for buying, and 358.35 for selling. UAE Dirham AED was at 76.5 and Saudi Riyal lowered to 73.70.

Currency Rates Today

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.15 280.85
Euro EUR 301.35 303.25
UK Pound Sterling GBP 354.85 358.35
U.A.E Dirham AED 76.5 77.25
Saudi Riyal SAR 73.7 74.42
Australian Dollar AUD 184.75 186.55
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.5 205.5
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 36.05 36.05
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.4 26.7
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.5 7.65

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