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Finance Bill 2025–26: Salaried class demands substantial relief
Finance Bill 2025–26: Salaried class demands substantial relief

Business Recorder

time16 hours ago

  • Business
  • Business Recorder

Finance Bill 2025–26: Salaried class demands substantial relief

KARACHI: With deep concern and in the spirit of national responsibility, representatives of Pakistan's salaried class have raised alarm over the proposed measures in the Finance Bill 2025–26, which they believe continue to unfairly burden the most compliant segment of taxpayers. Over the past six years, the salaried class has seen its tax contribution rise from Rs 76.44 billion in FY19 to a projected over Rs 550 billion in FY25, an increase of nearly 719 percent. However, this surge does not reflect income growth, but rather the impact of inflation, lack of indexation, and withdrawal of essential tax credits on education, insurance, and investments. Addressing a press conference at Karachi Press Club (KPC) on Thursday, Addel Ahmed and Eisha Fazal of Salaried Class Alliance Pakistan said that the salaried segment, whose taxes are deducted at source and who remain fully documented, continues to face punitive policies including exorbitant tax on pension funds, particularly penalizing retirees with modest non-pension income; increase in tax on mutual fund and bank profits, discouraging regulated savings and long-term investment and continued 10 percent surcharge on high-earning individuals, while informal and undocumented sectors remain largely untouched. They said that despite public promises of relief, the current proposals fall short. They demanded meaningful relief in Finance Bill for FY26 and urged for raise the tax-free salary slab to Rs 100,000 per month, adjusting for inflation. In addition, they demanded restoration of earlier slab rates, including a reduction of the top slab from 35 percent to 32.5 percent and 30 percent to 27.5 percent second last slab and keeping the tax rate for lowest slab at 1 percent as per budget speech. 'Government must also reinstate tax credits for insurance, education, and investments and withdraw the 10 percent surcharge and ensure uniform treatment of all taxpayers,' they added. They urged the government to widen the tax net, targeting the largely untaxed wholesale, retail, and agricultural sectors. They said that the 2.5 percent slab rate reduction and minimal surcharge cut are noted, they are far from sufficient. The salaried class is not asking for favors but only fairness, they added. Salaried Class Alliance urged the policymakers to show compassion and take corrective action before finalizing the Finance Bill. A just tax policy is essential to restore public trust, prevent brain drain, and secure Pakistan's economic stability, they believed. Copyright Business Recorder, 2025

Petroleum council meets as Kuwait monitors oil market risks
Petroleum council meets as Kuwait monitors oil market risks

Kuwait Times

time2 days ago

  • Business
  • Kuwait Times

Petroleum council meets as Kuwait monitors oil market risks

Officials review strategic projects amid heightened geopolitical uncertainty in the Gulf KUWAIT: His Highness Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah, Prime Minister of Kuwait, chaired the first meeting of the Supreme Petroleum Council for 2025 on Tuesday at Bayan Palace. The meeting comes at a critical moment, with ongoing military strikes between the Zionist entity and Iran pushing threatening oil shipping routes and pushing prices into volatile territory. Council members reviewed key items on the agenda, including major projects approved by Kuwait Petroleum Corporation (KPC) and its subsidiaries, as well as strategic plans aligned with Kuwait's energy goals. The council also examined regional and international political developments and their implications for the oil market. No immediate disruptions Despite growing fears over a broader regional war, oil flows through the Strait of Hormuz — the primary route for Kuwait's crude exports — remain stable, according to data from the US Energy Information Administration (EIA). Ship-tracking data from analytics firm Kpler and the Financial Times confirm that tanker traffic continues uninterrupted, and there have been no efforts to block exports from Kuwait or its regional neighbors. Experts have said that any closure of the strait could restrict trade and impact global oil prices. About a fifth of the world's total oil consumption passes through the strait. Between the start of 2022 and last month, roughly 17.8 million to 20.8 million barrels of crude, condensate and fuels flowed through the strait daily, according to data from Vortexa. OPEC members Saudi Arabia, Iran, the United Arab Emirates, Kuwait and Iraq export most of their crude via the strait, mainly to Asia. Electronic interference At present, Kuwait has not announced any changes to production levels, rerouting plans, or adjustments to insurance policies for its oil shipments. Still, electronic interference affecting commercial navigation systems around the Strait and the wider Arabian Gulf has intensified in recent days, according to naval authorities. 'JMIC continue to receive reports of electronic interference stemming from the vicinity of Port of Bandar Abbas (in Iran), in the SoH and several other areas in the Arabian Gulf,' the US-led Combined Maritime Force's information center said in an advisory. 'This disruption is affecting vessels' ability to accurately transmit positional data via automated identification systems (AIS), posing operational and navigational challenges.' Prices stable for now Oil prices surged last week as Zionist airstrikes on Iran raised fears of supply disruption, especially through the critical Hormuz chokepoint. However, on Tuesday, Brent crude fell 1.52 percent to $75.31 per barrel after US President Donald Trump suggested Iran was seeking to negotiate — a remark that briefly calmed markets. 'In light of military escalation, oil prices have risen nearly eight percent since the conflict began, and are expected to continue climbing as hostilities intensify,' said Khaled Boudai, head of Ofoq Consulting, in comments to the Kuwait News Agency (KUNA) earlier this week. He added that prices could exceed $100, but said that without physical damage to infrastructure, which lead to sustained supply disruptions, such spikes are usually short-lived. — Agencies

Kuwait oil sector's impenetrable cybersecurity system keeps perils at bay
Kuwait oil sector's impenetrable cybersecurity system keeps perils at bay

Zawya

time2 days ago

  • Business
  • Zawya

Kuwait oil sector's impenetrable cybersecurity system keeps perils at bay

KUWAIT -- With concrete steps and a lucid vision, Kuwait's oil sector has succeeded in assembling a rigid cybersecurity system that acts as a shield for the national economy, helping to stifle any potential threats that could potentially emerge. This intricate cybersecurity system is routinely updated to ensure that it meets international standards, with a key method being effective penetration testing to ensure that the system is well prepared to deal with potential hackers, while the use of Artificial Intelligence tools can be instrumental in detecting incoming threats. In addition to the use of cutting-edge technology and the investment in such tools in a bid to enhance protection, the regular training of oil sector personnel is another effective strategy, allowing them the chance to get acquainted with the latest breakthroughs in cybersecurity research, all of which constitute preemptive measures. Kuwait Petroleum Corporation (KPC), alongside its affiliates, is home to multiple cybersecurity centers that aim to enhance protection and put in place proper defense systems that are well-equipped to deal with any cyber threats and hacking attempts. To shed more light on the matter, KUNA interviewed a bevy of experts and specialists in Kuwait's oil sector, all of whom agreed on the sheer importance of an effective cybersecurity system to deal with threats that seemingly lurk around every corner, which include malicious software developed by cybersecurity criminals. Presenting a comprehensive vision about the significance of cybersecurity in Kuwait's oil sector, Ali Al-Qallaf, Kuwait National Petroleum Company's (KNPC) cybersecurity operations chief, said that the matter entails multiple aspects, primarily, the reliance on digital platforms in day-to-day operations. On KNPC'S cybersecurity system, he cited critical components including infrastructure, operational and security systems, in addition to user data and digital services, all of which combine as a unit to form a system that can safeguard properties against various hazards, chief among them the rising cyber attacks. With malicious intentions, these efforts aim to steal, disable or destroy data and applications, often through unauthorized access to networks and computer systems, he explained, saying the state-run oil company constantly monitors the risk of these incidents and the detrimental effects they could have. As part of efforts to ensure maximum protection, KNPC has introduced a raft of measures that include the constant updating of cybersecurity systems to ensure that these programs fall in line with international standards, while emerging technologies such as AI tools have proven to be useful protection methods, he said. The aforementioned measures are in addition to training courses KNPC routinely organizes to keep its workforce adequately informed on the importance of cybersecurity, he added, underlining the revolving nature of the matter especially in light of new technologies that have become imperative to deal with existential and future threats that target outdated and ill-equipped systems. Offering his input on the matter, the head of Kuwait Oil Company's (KOC) cybersecurity team Mohammad Al-Safi said that cybersecurity attacks have grown in frequency over the past few years, where in some severe cases the applications and systems being targeted have been completely wiped out, he said. He went on to say that the oil sector forms an integral component of the national economy, therefore, it has become necessary to ensure that the oil industry is well protected against cyber attacks to keep intact the continuity of operations that are critical to the development and prosperity of the national economy, he said. He expected further integration in the Kuwaiti oil sector's cybersecurity in future by using security safeguards and sophisticated technology and promoting cooperation between oil companies and state bodies in a bid to provide a safer environment. For his part, Abdullah Al-Khateeb, chief cybersecurity officer at Kuwait Foreign Petroleum Exploration Company (KUFPEC) underlined the significant role of integration between companies and state bodies with a view to sharing information and expertise regarding new threats and attacks. He said that the package of cybersecurity support solutions and strategies in the oil sector embraces promoting security governance through carefully developed policies, upgrading systems by replacing old software, revamping infrastructure and training personnel. He added that they also include employing artificial intelligence (AI), machine learning for early detection, bolstering internet of things (IoT) security at oil facilities, and developing integrated cyber defense systems involving big data analytics and advanced encryption. The Kuwaiti government attaches paramount significance to cybersecurity, particularly in the oil and gas sector, given that it is a strategic element of safeguarding the sectorآ's assets by ensuring close integration between state-of-the-art technology and sophisticated security strategies, and continued staff training. All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (

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