Prime Minister Shehbaz Sharif has been presented with a proposal to set a tax revenue target of PKR 12,900 billion for the Federal Board of Revenue (FBR) for the upcoming fiscal year.
Sources indicate that during a briefing to the Prime Minister, the FBR recommended new taxes exceeding PKR 1,500 billion for the next financial year. Shehbaz Sharif has instructed that these proposals be finalized.
The recommendations include increasing tax duties on imported goods, removing sales tax exemptions on food items, and imposing withholding taxes or raising customs duty rates. There is also consideration of increasing the sales tax rate on imported food items and imposing sales tax on solar panels.
Despite reservations from the International Monetary Fund (IMF), there are suggestions to grant tax exemptions to certain sectors for the fiscal year 2024-25. One proposal includes tax exemptions for companies providing warehousing services for agricultural commodities.
Additional proposals include tax incentives for establishing agricultural warehouses and the insurance sector. A ten-year tax exemption on the import of storage and warehousing equipment is suggested to ensure food security in the country. This would help preserve wheat, rice, and various other agricultural products and fruits for extended periods, allowing farmers to store their produce in these warehouses and storage centers.
Further suggestions include offering tax credits for investments in life and health insurance and micro-insurance products. Personal accident, travel insurance, and household premium payments could also be eligible for tax credits, along with life, health, and private motor insurance.
The government’s focus on these tax adjustments and exemptions reflects an effort to balance revenue generation with promoting specific sectors, particularly those crucial for the country's agricultural stability and food security.
Pakistani rupee rates against US Dollar, Euro, Pound, Riyal and Dirham on August 22, 2024 (Thursday) in open market.
US dollar was quoted at 279.6 for buying and 280.5 for selling. Euro's buying rate moved down to 306.3 and the selling rate is 308.5.
British Pound rate is 360.1 for buying, and 362.4 for selling. UAE Dirham AED was at 75.8 and Saudi Riyal hovered at 73.72.
Source: Forex Association of Pakistan. (last update 08:00 AM)
Currency | Symbol | Buying | Selling |
---|---|---|---|
US Dollar | USD | 279.6 | 280.5 |
Euro | EUR | 306.3 | 308.5 |
UK Pound Sterling | GBP | 360.1 | 362.4 |
U.A.E Dirham | AED | 75.8 | 76.32 |
Saudi Riyal | SAR | 73.72 | 74.52 |
Australian Dollar | AUD | 185.55 | 189.15 |
Bahrain Dinar | BHD | 734 | 739.5 |
Canadian Dollar | CAD | 202.65 | 207 |
China Yuan | CNY | 38.29 | 38.69 |
Danish Krone | DKK | 40.03 | 40.43 |
Hong Kong Dollar | HKD | 35.68 | 36.03 |
Indian Rupee | INR | 3.34 | 3.45 |
Japanese Yen | JPY | 1.97 | 1.98 |
Kuwaiti Dinar | KWD | 905.45 | 910.6 |
Malaysian Ringgit | MYR | 58.99 | 59.59 |
New Zealand Dollar | NZD | 169.34 | 171.34 |
Norwegians Krone | NOK | 26.14 | 26.44 |
Omani Riyal | OMR | 723.4 | 728.5 |
Qatari Riyal | QAR | 76.44 | 77.14 |
Singapore Dollar | SGD | 202 | 204 |
Swedish Korona | SEK | 26.27 | 26.57 |
Swiss Franc | CHF | 319.5 | 324.5 |
Thai Bhat | THB | 7.57 | 7.72 |
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