Latest news with #NationalAssembly
Business Recorder
9 hours ago
- Business
- Business Recorder
NA Speaker, Fazl discuss federal budget
ISLAMABAD: National Assembly Speaker Sardar Ayaz Sadiq and Jamiat Ulema-e-Islam (JUI-F) Chief Maulan Fazlur Rehman discussed Federal Budget 2025-26 and agreed on the need to ensure budgetary allocations for the development of smaller provinces, economic stability, and public welfare projects. Speaker Sadiq met with JUI-F Chief Maulana Fazl in his chamber at the Parliament House on Thursday. During the meeting, a detailed discussion was held on the overall political situation of the country, the upcoming federal budget for the next fiscal year, and the emerging regional scenario in light of the Iran-Israel conflict. The meeting discussed Federal Budget 2025-26. Both leaders agreed on the need to ensure budgetary allocations for the development of smaller provinces, economic stability, and public welfare projects. The NA speaker noted that, for the first time in parliamentary history, parliamentary committees have been made more active in the budget proposal process so that constructive input from all stakeholders can be incorporated. Maulana Fazl expressed deep concern over the Iran-Israel war, stating that "in the current situation, the entire Muslim Ummah must demonstrate unity, solidarity, and foresight to ensure that efforts for peace in the region are not undermined." He emphasised that Pakistan should further intensify its diplomatic efforts to play a reconciliatory role within the Muslim world. On this occasion, Speaker Sadiq stated, "Pakistan has openly condemned Israeli aggression and reiterated its friendship and solidarity with Iran. We have effectively presented our stance regarding Palestine and Iran on all international forums, and the Parliament stands in complete support of this position." He stated that, all political parties must speak with one voice in the national interest to strengthen Pakistan's foreign policy on the global stage. Maulana Fazl congratulated Speaker Sadiq on performing Hajj and expressed best wishes for him. Governor of Balochistan Jaffar Khan Mandokhail was also present during the meeting. In conclusion, both leaders reaffirmed their commitment to promoting democratic traditions, strengthening national unity, and continuing joint efforts for sustainable peace in the region. Copyright Business Recorder, 2025
Business Recorder
10 hours ago
- Business
- Business Recorder
PD tells NA body Rs2.50/litre carbon levy to apply from July 1
ISLAMABAD: Petroleum Division Thursday informed National Assembly's Standing Committee on Finance that the carbon levy of Rs2.50 per litre will be imposed on petroleum products from July 1, 2025. Senior officials from the Petroleum Division informed that at present, petroleum levy stands at Rs77/litre on high-speed diesel (HSD) and Rs78.02/litre on petrol. The government plans to cap it at Rs90/litre. Furnace oil, while phased out from public power plants, continues to be used by IPPs (Independent Power Producers). The government plans to borrow Rs1.275 trillion from commercial banks at a rate 0.9 per cent below the three-month KIBOR to retire existing power-related debts. Rs77 per litre PL on furnace oil likely 'This will eliminate IPPs and Power Holding Company liabilities in six years,' the secretary power division said, adding that Rs683 billion will go toward Power Holding Company dues alone, with Rs323 billion repaid annually. The surcharge of Rs3.23/unit will not apply to lifeline consumers, who continue to receive subsidised rates, he stated. The Committee considered the Amendments in the Petroleum Products (Petroleum Levy) Ordinance,1961. The Committee approved the proposed amendments in principle, with the observation that the Ministry shall brief the Committee on the issue of whether the proposed measure should be classified as a levy or a tax. Committee Chairman Naveed Qamar clarified the recommendation for solar taxation originated from the National Assembly panel, not the Senate, refuting member Mubeen Arif's claim. 'It was our recommendation, not the Senate's,' he asserted. Earlier, Qamar recalled, the committee had suggested avoiding any tax on solar to promote renewable energy. The committee also discussed plans to boost electric vehicle (EV) production as per global climate commitments. While Pakistan currently has 76,000 EVs, officials aim to raise production to 2.2 million in five years, mostly comprising electric motorcycles. However, concerns arose as officials revealed the government plans to finance EV subsidies by levying new taxes on vehicle buyers. According to the Industries Secretary, a 1pc levy will apply to cars up to 1300cc, 2pc for cars between 1301cc–1800cc, and 3pc for cars above 1800cc. Committee members were surprised to learn that these levies were not mentioned in the Finance Bill 2025-26. The Committee considered the amendments in the enactment of the New Energy Vehicle Adoption Levy Act, 2025. During detailed deliberations, the Committee observed that there is no comprehensive plan in place for the transition to Electric Vehicles (EVs), particularly due to the inadequate availability of recharging stations. Accordingly, the proposed shift to EVs and the corresponding imposition of tax were deemed unsatisfactory and lacking a proper implementation framework. It was further noted that hybrid vehicles have not been included in the proposed measures. Given these concerns, the Committee decided to defer consideration of the matter until the next meeting, with directions to the Ministry to present a comprehensive and actionable plan for the implementation of the objectives outlined in the proposed bill. The Committee considered the amendments in the Sales Tax Act, 1990. The Committee undertook a clause-by-clause examination of the proposed amendments to the Sales Tax Act, 1990. Following detailed deliberations, the Committee approved the majority of the clauses. However, it proposed amendments to certain provisions where deemed necessary. Provisions relating to fraud were deferred for further consideration, and the Bill was accordingly deferred for reconsideration in the next meeting. Furthermore, the Committee recommended a review of the Export Finance Scheme (EFS) concerning raw cotton, and suggested that tax imposition on local production be brought at parity with that on imported cotton. It was further recommended that these observations be forwarded to the Secretary of Commerce and Chairman, Federal Board of Revenue (FBR), for necessary action and compliance. The Committee considered the amendments in the Regulation of Generation, Transmission and Distribution of Electric Power Act, 1997 (XL of 1997). After detailed deliberations, the Committee recommended that the revised amended draft, as submitted by the Ministry, be approved. The Committee considered the proposed amendments to the Stamp Act. During detailed deliberations, it was observed that the term non-filer is being used in the proposed amendment, even though this category has been removed from the applicable laws. In light of this inconsistency, the Committee decided to defer consideration of the amendment until the next meeting. Copyright Business Recorder, 2025
Express Tribune
16 hours ago
- Business
- Express Tribune
FBR to block bank accounts, cut utilities for unregistered businesses
Listen to article In a bid to expand the tax base, the federal government has proposed tough new measures under the Finance Bill, seeking to restrict unregistered businesses from operating bank accounts and to disconnect their electricity and gas connections, Express News reported on Thursday. The National Assembly's Standing Committee on Finance on Thursday granted conditional approval to the move, directing the inclusion of procedural safeguards. During a meeting of the committee chaired by MNA Syed Naveed Qamar, Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial briefed lawmakers on the proposed amendments. He stated that businesses not registered for sales tax would no longer be allowed to operate bank accounts. Notices would be issued prior to any such action, and accounts would be reactivated within two days of registration. Read More: Govt slaps Rs415b taxes to raise Rs2.2tr Langrial further informed the committee that non-registered Tier-1 retailers would face disconnection of power and gas utilities while revealing that of the 300,000 industrial units operating in Pakistan, only 30,000 to 35,000 were currently registered with the FBR. 'Tax rates are admittedly high, and compliance remains low,' he said. 'Electricity theft alone costs the national exchequer Rs500 to Rs600 billion annually.' Responding to a question on how unregistered businesses would be identified, the FBR chairman said income tax filings and business volume would be used to assess eligibility for sales tax registration. The committee was also told that a significant number of businesses, even among those registered, underreport sales and production. 'One-third of manufacturers are not even registered,' Langrial said. 'Those that are often engage in under-filing.' Committee member Javed Hanif expressed support for the FBR's proposals under Sections 14A(C) and 14A(D) of the Sales Tax Act. However, Chairperson Qamar cautioned that any new law should not be applied in a manner that could unjustly penalise unintended parties. Also Read: Govt to raise tax evasion fines to Rs5m for shopkeepers Finance Minister Muhammad Aurangzeb, also present at the meeting, said the government had no plans to offer further tax amnesties or exemptions. 'That era is behind us,' he remarked. 'Our focus is to bring more people into the tax net and to improve thresholds and procedures.' The committee advised the FBR to include clear safeguards before proceeding with temporary account deactivations. The board was also asked to present a revised draft incorporating those protections. Langrial acknowledged that many business models are based on tax evasion and sought permission to temporarily suspend bank accounts rather than permanently freeze them. He suggested that any decision on permanent closures should rest with a designated committee. The proposed crackdown is part of a broader reform package aimed at increasing tax compliance in line with Pakistan's commitments under its programme with the International Monetary Fund (IMF).
Cision Canada
16 hours ago
- Business
- Cision Canada
Official opening of 25 social and affordable housing units for families, seniors and individuals in Amos Français
AMOS, QC, June 19, 2025 /CNW/ - The governments of Quebec and Canada, the Town of Amos and the Office d'habitation du Berceau de l'Abitibi today marked the official opening of the Centurion, a 25-unit social and affordable housing project for families and individuals in Amos. This project represents an investment of over $12.2 million. The event was attended by France-Élaine Duranceau, Quebec Minister Responsible for Housing; Suzanne Blais, Member of the National Assembly for Abitibi-Ouest and Parliamentary Assistant to the Minister Responsible for Social Solidarity and Community Action (Social Solidarity); Sébastien D'Astous, Mayor of Amos; and Annie Quenneville, President of the Office d'habitation du Berceau de l'Abitibi. The Government of Quebec contributed more than $6 million to the project through the Société d'habitation du Québec (SHQ), which is also securing the organization's mortgage loan. The Government of Canada contributed more than $5 million to the project through the second Canada-Quebec Rapid Housing Initiative Agreement. The Town of Amos donated the land, contributed $1.2 million, and granted a 35-year tax credit worth $1.6 million. Quotes: "Our government is sparing no effort to ensure that more Quebecers are able to enjoy a quality living environment. Our financial contribution to this project will enable 25 households to remain in their community. This project demonstrates once again that our investments in the creation of affordable housing reach all regions of Quebec and benefit all people." France-Élaine Duranceau, Quebec Minister Responsible for Housing "Our government is presenting Canada's most ambitious housing plan since World War II. We will implement a series of measures to help double the rate of residential construction across the country. Our collaboration with the Government of Quebec and the Berceau de l'Abitibi Housing Office brings us closer to our goal of providing more affordable housing for Quebecers." The Honourable Gregor Robertson, Minister of Housing and Infrastructure "This investment by our government through the Société d'habitation du Québec shows our firm commitment to meeting the needs of different client groups in all regions of Quebec. I congratulate the Office d'habitation for taking the initiative on this project, as well as the many partners and collaborators involved." Suzanne Blais, Member of the National Assembly for Abitibi-Ouest and Parliamentary Assistant to the Minister Responsible for Social Solidarity and Community Action (Social Solidarity) "It is with great pride that we inaugurate Le Centurion today—a promising project for our community. Providing social housing for seniors and low-income families is a priority for the City of Amos. This investment builds on our many housing initiatives and demonstrates our concrete commitment to improving quality of life in our region. I sincerely thank our government partners, the Berceau de l'Abitibi Housing Office, and everyone who contributed to the success of this project." Sébastien D'Astous, Mayor of Amos "Behind each of the 25 doors of Le Centurion lies a story. At the Berceau de l'Abitibi Housing Office, the well-being and dignity of our community members are what motivate us every day. We are proud to have brought this project to life—providing not only a roof for those in need, but also a stimulating and supportive living environment. Thank you to all our partners and stakeholders who helped make this mission a reality for our community." , President, Office d'habitation du Berceau de l'Abitibi Highlight: Twenty eligible households could benefit from the Société d'habitation du Québec's (SHQ) Rent Supplement Program, ensuring that they will not spend more than 25% of their income on rent. This additional assistance is covered by the SHQ (90%) and the Town of Amos (10%). About the Société d'habitation du Québec As a leader in housing, the SHQ's mission is to meet the housing needs of Quebecers through its expertise and services to citizens. It does this by providing affordable and low-rental housing and offering a range of assistance programs to support the construction, renovation and adaptation of homes, and access to homeownership. To find out more about its activities, visit About Canada Mortgage and Housing Corporation Visit for the most requested Government of Canada housing information. CMHC plays a critical role as a national convenor to promote stability and sustainability in Canada's housing finance system. Our mortgage insurance products support access to homeownership and the creation and maintenance of rental supply. We actively support the Government of Canada in delivering on its commitment to make housing more affordable. Our research and data help inform housing policy. By facilitating co-operation between all levels of government, private and non-profit sectors, we contribute to advancing housing affordability, equity, and climate compatibility. Follow us on X (formerly Twitter), YouTube, LinkedIn, Facebook and Instagram. Progress on programs and initiatives is updated quarterly on the Housing, Infrastructure and Communities Canada (HICC) website. The Housing and Infrastructure Project Map shows affordable housing projects that have been developed. SOURCE Canada Mortgage and Housing Corporation (CMHC)
Coin Geek
19 hours ago
- Business
- Coin Geek
Vietnam legalizes 'crypto,' limits AI use under new law
Getting your Trinity Audio player ready... Vietnam has officially legalized digital assets after the National Assembly of Vietnam, the country's legislature, overwhelmingly approved the Law on Digital Technology Industry on June 14, with 441 of 445 lawmakers voting in favor of the bill. The legislation defines digital assets as 'digital technology products created, issued, transferred, and authenticated using blockchain technology, with prices and property rights in accordance with civil and relevant laws.' This definition includes security tokens/encrypted securities assets, payment tokens, utility tokens, and mixed tokens—all of which are now regulated and provided with clear property rights, per the law. When it comes into force on January 1, 2026, the legislation will also bring incentives for digital technology development, particularly semiconductor manufacturing, artificial intelligence (AI), and digital technology startups. Outside of incentives, the law mandates the implementation of measures to ensure network safety and security to 'prevent and combat money laundering, terrorist financing, and financing the proliferation of weapons of mass destruction.' This is likely an attempt to get Vietnam off the Financial Action Task Force (FATF) 'grey list' for 'jurisdiction under increased monitoring,' which it has been on since June 2023. Vietnam has seen digital asset adoption skyrocket in recent years despite the legal uncertainties prior to the law's passage, with blockchain analysis firm Chainalysis ranking the country fifth globally for digital asset adoption in 2024. In March, local media reported that Prime Minister Pham Minh Chinh had directed the Ministry of Finance and the State Bank of Vietnam to finalize digital asset regulation proposals by the end of the month in a bid to reach a national growth target of 8% by year-end. The regulation took a couple more months than hoped, but now the country has a dedicated digital asset law, it's a case of better late than never. The next stage will involve the government outlining specific business conditions, classifications, and oversight mechanisms for the asset types defined in the regulation. Categorizing digital assets One of the key features of the new legislation is the creation of three main categories of digital assets, based on the technology used and purpose of use, namely: virtual assets that can be used for exchange or investment purposes; crypto assets that use encryption technology to authenticate assets during creation, issuance, storage, and transfer; and other digital assets. According to the law, virtual and crypto assets do not include 'securities, digital forms of legal currency, and other financial assets as prescribed by civil and financial laws'—meaning these products would either fall under the category of 'other digital assets' or fall outside the remit of the Digital Technology Law. AI provisions While encouraging innovation and development in AI, certain activities are strictly prohibited by the new law. Specifically, an AI system that deploys techniques for the purpose of 'influencing the behavior of an individual without the individual being aware of it' or using said techniques to 'entice or deceive to materially distort the individual's behavior by impairing the ability to make decisions resulting in significant harm.' It is also illegal to deploy or develop an AI system used to evaluate or classify individuals based on social behavior or systems that exploit people who are vulnerable due to age, disability, economic or social circumstances. Vietnam's tech hub ambitions The new legislation is a signal of Vietnam's ambition to become a digital tech hub, and it sets an ambitious target of 150,000 digital technology enterprises by 2035, according to local media. In order to achieve this, the law lays the groundwork for providing preferential treatment for digital technology companies when it comes to land, credit, and tax, as well as incentives for research, testing, development, production, and application of digital technology products and services. For example, companies developing semiconductors, AI systems, and digital infrastructure can receive corporate income tax rates as low as 10% for 15 years, along with exemptions from import duties and land rental fees. In a range of other incentives, the salaries and wages of experts, scientists, and people with special talents working on projects are also exempt from personal income tax for a period of five years, while large-scale projects investing over $80 million in data centers or $160 million in semiconductor facilities are eligible for additional 'special' incentives. Watch | From BRICS to Blockchain: How Global Trade and Digital Currencies Are Evolving title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen>
