Chicken prices drop in Peshawar

The price of poultry has dropped significantly, falling from Rs460 per kilogram to Rs380 within a week - a decrease of Rs80 per kilogram. Despite the steep decline in raw chicken prices, the cost of chicken dishes at restaurants and fast-food outlets remains unchanged, drawing criticism from consumers. As Eid-ul-Azha approaches, the poultry market has witnessed a notable dip in prices. However, eateries across the city continue to sell chicken dishes at inflated rates, unchanged since prices peaked earlier this year. Previously, when chicken prices surged to Rs500 per kilogram, restaurant and fast-food operators raised the prices of popular chicken dishes. Now that chicken rates have dropped significantly, the public is questioning why those increased menu prices haven't been revised.

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Express Tribune

5 hours ago

• Express Tribune

Elite clubs come under tax ambit

Listen to article The government's plan to ban economic transactions by ineligible persons from the start of new fiscal year has faced a setback, as a National Assembly panel found the online portal being developed to determine the eligibility criteria for carrying economic transactions was far from the finishing line. National Assembly Standing Committee on Finance Chairman Syed Naveed Qamar gave his critical post-review assessment on Friday after reviewing the government's much-trumpeted plan to catch tax evaders. The committee, nonetheless, supported the government's proposal to impose income tax on the earnings of elite recreational clubs, like Islamabad Club and Guns and Country Club that charge more than Rs1 million membership fees. Work on the online platform is far from the finishing line, said Naveed Qamar, a day after he and other committee members took a briefing of the new system in a visit to the Federal Board of Revenue headquarter. The statement made by the chairman after reviewing the system shows that FBR has failed to develop a credible online system. The government has proposed to ban economic transactions by those whose assets and wealth statements do not support buying a plot, a car, invest in securities or maintaining bank accounts. The committee had linked the approval of the powers with the FBR's ability to develop a system that is free from the exploitation of the taxpayers. The FBR had earlier promised to develop this system by April this year. The FBR's briefing showed that it was merely a prototype system that cannot be described fully functional and does not have the ability to achieve the intended purposes, said Usama Mela, the member of the standing committee and the PTI MNA. In his post-budget press conference, Finance Minister Muhammad Aurangzeb had warned that if the Parliament did not approve the proposed amendments, the government may have to impose Rs400 billion to Rs500 billion in new tax measures. But his organization has not developed a trustworthy system. There is still a chance that the National Assembly committee will approve these amendments but their enforcement will be linked with the development of a credible online platform. The new system determining the eligibility criteria of taxpayers to undertake economic transactions would not be enforced from July 1st, the Chairman FBR Rashid Langrial told the standing committee. He further explained that the current system will continue until a new system is put in place. The government has already proposed in the law that these new conditions will take effect after the approval of the federal government. The chairman of the standing committee proposed that initially the FBR should apply the new system to a set of taxpayers instead of fully rolling it out. The chairman FBR agreed to the recommendation. The government has proposed that only those people can buy cars, plots, invest in securities who have sufficient declared white legal resources to buy these assets and maintain bank accounts According to the bill, the ineligible persons would not be allowed to withdraw cash from their bank accounts beyond a certain limit. However, it gives certain relaxations to them, including the freedom to procure up to 800cc vehicles, buses, trucks and tractors and invest in shares up to a certain limit. The new system was conceived by Rashid Langrial in order to collect due taxes from people, either filers or non-filers. An eligible person can make major purchases of up to 130% of the value of cash and assets, declared in his last tax return and the wealth statement or he can justify any new source. Recreational Clubs The FBR informed the standing committee about an amendment in the law to capture the incomes of the elite clubs, which are exempted from paying income tax. The government has proposed to exclude these recreational clubs charging over Rs1 million for the membership fee from the purview of the non-profitable organizations. The Islamabad Club is very much coming in the tax net, said Muhammad Aurangzeb. The club had been built as a recreational facility for the bureaucrats and diplomats. Over the years, its fee was exorbitantly increased to many millions of rupees. Its membership is being offered to only the richest or the influential people, denying others from availing facilities being built on the state land. The standing committee also rejected a government budget proposal of indirectly charging income tax from the farmers despite their income cannot be taxed by the federal government.

Business Recorder

14 hours ago

• Business Recorder

SBP injects record high Rs14.3trn in banks for seven days

The State Bank of Pakistan (SBP) has injected a record high Rs14.3 trillion in conventional commercial and Shariah-compliant banks for one week to help overcome the shortage of liquidity in the system after people withdrew significant cash during Eid-ul-Adha and external inflows delayed, it was learnt on Friday. The volume of the injection through open market operations (OMO) comes to almost 44% of the total deposits standing at Rs32.7 trillion in May 2025, according to the central bank latest data. SBP injects massive Rs11.85 trillion into banking system for up to 14 days Citing SBP Governor Jameel Ahmad from an analysts briefing held after the issuance of the latest monetary policy at the outset this week, Arif Habib Limited (AHL) and Topline Research said the OMO stock had increased mainly due to two reasons, including higher currency in circulation during Eid (temporary effect) and delays in external inflows. 'However, OMO levels are expected to decline in the coming weeks as (external) inflows materialise,' AHL reported Ahmad saying this. AHL's Sana Tawfiq and AKD Securities' Awais Ashraf said the cumulative supply of over Rs14 trillion to banks through OMO were record high injections. Elaborating SBP Governor Ahmad's reasoning for the elevated OMO stocks, Tawfiq said people withdrew huge cash from banks during Eid that reduced deposits levels and created additional demand for liquidity in the system. Besides, the reliance of the government on domestic debt has spiked after external inflows from multilateral creditors like the International Monetary Fund (IMF), World Bank, and Asian Development Bank (ADB) got delayed. She added the government reliance on domestic debt, including the one from commercial banks, had been on the rise, as the collection of revenue in taxes had remained low compared to government expenditure. The low tax collection was increasing fiscal deficit, which is being met through piling up debt. Ashraf said the external inflows had remained low for the past two to three years, shifting the government reliance solely on domestic debt to finance budget deficit. Pakistan salaried class rejects govt's claim of giving relief in income tax He said commercial bank financing and national saving schemes had remained two rich avenues available with the government to raise new debt. Out of total Rs31.8 trillion the domestic debt, the share of bank loans had stood at Rs28.1 trillion at present, he added. SBP OMO breakup The breakup of the data suggest the SBP injected Rs13.9 trillion into conventional commercial banks at the rate of return of 11.03% for a period of seven days, as it accepted all the 34 quotes received from banks for the loan. The central bank supplied another Rs375 billion to Shariah compliant banks at the rate of return of 11.11% for seven days, accepting all the three quotes received from Islamic banks.

Express Tribune

a day ago

• Express Tribune

NA panel reviews FBR powers

The National Assembly Standing Committee on Finance on Thursday directed the Federal Board of Revenue (FBR) to incorporate safeguards before closing bank accounts of unregistered businesses, amid widespread tax evasion and underreporting by businesspeople. The committee, which met here with its chairman Syed Naveed Qamar in the chair, reviewed the FBR's proposed measures to enforce sales tax compliance, including the disconnection of utilities and temporary freezing of bank accounts for non-filers. During the meeting, FBR Chairman Rashid Mahmood Langrial gave a briefing to the committee. He said that unregistered businessmen would not be able to operate a bank account under sales tax laws, adding that such a person would be served a notice prior to the closure of the bank account. "The bank account of an unregistered person will be reactivated within two days after registration," he said. He revealed that out of 300,000 industrial units in Pakistan, only 30,000 to 35,000 were registered with the authorities. Explaining reasons, he acknowledged that the tax rate in Pakistan was high. "One-third of manufacturers are not registered in sales tax. People who even come under the tax net do not file returns," Langrial said. "Those who pay taxes underreport their incomes," he told the committee. "Electricity theft alone costs Rs500 to 600 billion every year." When asked how the FBR would identify businesses not paying sales tax, the FBR chairman explained that the income declared for income tax purposes would be used to estimate the volume of sales, supplies and overall business activity. Action would then be taken against individuals who fail to register, he added. Committee member Javed Hanif supported the FBR's proposals but the committee chair cautioned against enacting a law aimed at catching tax evaders if it also adversely affects compliant businesses. Another Committee member, Sharmila Farooqi, suggested that instead of making the penalties more stringent, the taxpayers should be given incentives. "Reduce the tax rate. It will broaden the tax net and encourage the people to get them registered. Finance Minister Muhammad Aurangzeb replied that the tax threshold and process would be improved. however, he made it clear that tax exemptions and amnesties would not be given anymore. "The time for tax exemptions and amnesties has passed. People have to be brought into the tax net." Langrial urged the committee to allow the FBR to temporarily deactivate the bank account of unregistered businessmen. The committee, however, directed for including safeguards in the process. Petroleum levy Meanwhile, the committee approved a proposal to increase the rate of petroleum development levy (PDL) to Rs90 and impose carbon levy on petrol, diesel and furnace oil. Finance Ministry officials told the committee that there was a proposal to impose the PDL on furnace oil as well. The officials said Rs100 billion in revenue was expected from the PDL on furnace oil. They added that 1.2 million tons of furnace oil was imported for 1,000MW Independent Power Producers (IPPs). The Power Ministry secretary said that the target of PDL recovery in fiscal 2025-26 was set at Rs1,468 billion. The Finance Ministry officials said that the government expected Rs45 billion in revenue through the carbon levy. The committee chair asked how much amount the Centre would get if the levy was turned into a carbon tax. On that the officials said that the amount in that case would be Rs18 billion. The committee was informed that the entire amount of a levy went to the federal government, but in taxes, provinces also get share. The chair stressed that the committee was not taking any decision regarding a levy or a tax on petroleum products. The industries secretary told the committee that Rs10 billion from carbon levy would be spent of the promotion of electric vehicles. He added that 30% of the vehicles would be shifted to electric vehicles by 2030. The production of all types of vehicles in the country is around 150,000, the officials said, adding that there were 76,000 electric vehicles in the country at present. "In the next five years, the production of electric vehicles will be increased to 2.2 million," the secretary said.