Latest news with #Rs550
Express Tribune
10 hours ago
- Business
- Express Tribune
Salaried class slams 719% rise in tax burden
Listen to article Representatives of the Salaried Class Alliance Pakistan have raised serious concerns over the proposed Finance Bill 2025-26, calling it unfair to the country's most tax-compliant group. Speaking at a press conference at the Karachi Press Club on Thursday, alliance members Bilal Farooq Alvi, Rizwan Hussain, Adeel Khan, and Lesha Fazal said salaried individuals have seen their tax contributions rise from Rs76.44 billion in FY2018-19 to over Rs550 billion in FY2024 -25 — a jump of nearly 719%. They said this increase reflects inflation and policy changes, not real income growth. Key concerns include taxation on pension funds, increased taxes on bank and mutual fund profits, and the continued 10% surcharge on high-income earners, while undocumented sectors remain untaxed. They urged the government to raise the tax-free salary slab to Rs100,000 per month, restore earlier slab rates, reduce the top slab to 32.5% and the second-highest to 27.5%, and keep the lowest slab at 1% as per the budget speech. They also demanded the reinstatement of tax credits for insurance, education, and investments, removal of the 10% surcharge, and equal treatment of all taxpayers.
Time of India
11 hours ago
- Automotive
- Time of India
30 new AC e-buses roll in, Aapli Bus EV fleet to grow to 260
1 2 Nagpur: The city's push towards cleaner and greener public transport is gaining pace, with 30 new air-conditioned electric buses arriving this week under the much-delayed 250 e-bus project sanctioned in 2023 by then deputy chief minister Devendra Fadnavis. These buses will soon be inducted into the Aapli Bus service, increasing the electric vehcile fleet from 230 to 260. The Aapli Bus fleet now comprises a total of 539 buses, including 150 midi buses, 45 mini buses, and 237 standard diesel buses procured under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM). Out of the 230 electric midi buses already in service, 184 are air-conditioned while 46 are non-AC. Many of the 237 standard diesel buses have surpassed their 15-year lifespan. Nagpur Municipal Corporation (NMC) has already begun phasing them out. In the first phase, 123 such ageing buses were scrapped, and more are expected to be replaced gradually as electric buses arrive. In 2023, Fadnavis sanctioned Rs136 crore for the procurement of 250 AC e-buses. However, the project was marred by delays, including the enforcement of the model code of conduct during the Lok Sabha and state assembly elections. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Costco Shoppers Say This Wrinkle Cream Is "Actually Worth It" The Skincare Magazine Undo The Rs550 crore project finally gained traction in 2024 when NMC awarded the contract to Hansa Vahan India Private Limited, which partnered with EKA Mobility for the execution. "NMC twice floated tenders for this project. Hyderabad-based Olectra and Nagpur-based Hansa Vahan India Pvt Ltd emerged as top contenders. Hansa's competitive bid of Rs62.84 per km was significantly lower than Olectra's Rs77.91, leading to the selection of the local firm. NMC issued the Letter of Award on October 11, 2023, and gave the firm 300 days to supply and operate all 250 buses," said a senior transport official. As per the Request for Proposal (RFP), the selected contractor is to operate the 250 air-conditioned electric buses under this scheme at a cost of Rs62.91 per kilometre. The state govt is offering a subsidy of Rs55 lakh per bus, while the remaining cost will be borne by the operator. NMC will pay the operator based on the kilometres operated. The official added that NMC has already received the first lot of 30 e-buses from the company. Construction of depots is underway at Wathoda and Khapri. Meanwhile, the company has been temporarily allotted space at the Matrishakti E-Depot in Lakadganj for setting up a charging station, allowing it to begin operations while permanent infrastructure is developed. In addition, the civic body is expecting the first lot of e-buses next month as part of the 150 sanctioned under the Pradhan Mantri e-Bus Sewa scheme. Besides this, NMC has also sent a proposal to the PMe-Bus Sewa scheme to allocate another 240 e-buses. "By next year, NMC plans to phase out the remaining JNNURM standard buses. By 2029, our target is to convert the entire city fleet to electric, achieving zero emissions in public transport operations," the official said.
Business Recorder
18 hours ago
- Business
- Business Recorder
Pakistan salaried class rejects govt's claim of giving relief in income tax
Representatives of the Salaried Class Alliance of Pakistan (SCAP) said on Thursday the government had done a 'number juggling' and given almost no relief in income tax to the salaried individuals in the budget proposals for the fiscal year 2025-26. In a press conference at the Karachi Press Club on Thursday, they pointed out that the tax authorities have targeted to collect Rs540 billion in income tax from employees working in regulated sectors in FY26, compared to Rs550 billion to be received in the outgoing FY25. 'The Rs10 billion relief to the entire working class nationwide is a so-called relief. This is number juggling,' said Bilal Farooq Rizvi, a member of the SCAP. 'We reject the government's claim of relief to the salaried class people (in the budget 2025-26),' he said. According to the Federal Board of Revenue (FBR) reports, the income tax collection from salaried class people would be Rs550 billion in FY25, higher by Rs112 billion compared to FBR's set target for the outgoing year. Numbers speak: Sindh agriculturalists spend more on vehicle registration, pay less in income tax According to the budget proposals for FY26, the tax rate for those earning Rs600,001 to Rs1.2 million has been slashed to 2.5% from 5%. Individuals earning between Rs1.2 million and Rs2.2 million will pay 11%, down from 15%, along with a drop in the fixed tax component from Rs30,000 to Rs6,000. For the Rs2.2 million to Rs3.2 million bracket, the rate has been reduced to 23% from 25%, and the fixed tax lowered from Rs180,000 to Rs116,000. For those earning above Rs3.2 million annually, the rates remain unchanged. The 30% tax on incomes up to Rs4.1 million and 35% for those earning more continues. However, fixed taxes for the two slabs have been reduced to Rs346,000 and Rs616,000 from Rs430,000 and Rs700,000 respectively. A slight relief has also been provided in the form of a 1 percentage point cut in the surcharge, down to 9% from 10% for individuals earning more than Rs10 million a year. Adeel Khan, another SCAP member, claimed 'the income tax collection from salaried people has jumped 7 to 8-time in the past 3 to 4-year, increasing to Rs550 billion in FY25 compared to Rs70-80 billion a few years ago.' Budget 2025-26: Pakistan govt offers tax relief to salaried class, but representatives unhappy The government has targeted salaried class people to achieve the FBR tax collection target of Rs14.1 trillion in FY26, 'as it knows this is the soft target and they will not restore to violent protests and sit-ins and will neither block roads like political parties and shopkeepers do to get their demands accepted,' he added. Khan said the government provided a meager relief of a maximum of Rs7,000 a month in income tax to the people appearing in middle income groups, reducing their monthly tax burden to merely 'Rs493,000 a month in FY26 from Rs500,000 a month paid in FY25'. The employees working in the formal sectors were given a minimum relief of only Rs20,000 a month in income tax to the people falling in the middle income brackets. 'The provided so-called relief is no relief. This would make almost no difference in our lives,' he said. SCAP member Iesha Fazal said, 'The provided relief is insignificant. This is tantamount to playing with the salaried class people. This is a joke. We reject it'. They appealed to the authorities concerned to reduce the income tax rates by at least 2.5% for all the taxable slabs, including the individuals falling in the upper income brackets. The government can still make changes in its proposals, as the Parliament is yet to give its official nod to the proposed budget and Finance Bill 2025. 'Pakistan salaried class paid 5 times more taxes than exporters, retailers in outgoing FY25' Another SCAP member Rizwan Hussain said they would file a case in a court of law to get the due relief in income tax if the government approved the proposed tax rates as it was in the Finance Bills 2025. He reiterated SCAP's old demand of removing the super tax completely, which the government reduced by 1% to 9% in the budget proposals for FY26. Hussain also demanded relief in taxes on investment in mutual funds and similar investment products FY26.
Express Tribune
2 days ago
- Business
- Express Tribune
K-P eyes NEPRA-style power authority
Khyber-Pakhtunkhwa's Adviser to Chief Minister on Finance, Muzammil Aslam, said during the budget session of the provincial assembly that real electricity relief for the province will only be possible if it generates its own electricity and supplies it directly to the public. He announced that the provincial government plans to establish its own regulatory authority, similar to the National Electric Power Regulatory Authority (NEPRA), to set power tariffs independently. Responding to lawmakers' queries during the ongoing budget debate, Aslam revealed several key initiatives. Among them is a Rs13 billion solar power project for the merged tribal districts. For the first time, oil and gas-producing districts will receive 15 per cent royalty. He emphasized that the budget discussion was a productive experience and appreciated the active participation of assembly members, noting that he attentively listened to all questions for three hours without interruption. Reflecting on Pakistan's economic trajectory, Aslam criticized the performance of mainstream political parties, stating, "Pakistan has been around for 75 years, with just two parties in power for 72 of those. Members have raised issues like poverty, lack of hospitals, and schools — but these same parties were responsible for governance for decades." He also claimed extensive expertise in national budgets, saying, "I've been analyzing federal budgets for 22 years. No budget in the world is based entirely on facts — they're all built on projections." He expressed concern that the federal government allocated only Rs550 million for Khyber-Pakhtunkhwa out of a national development budget of Rs1 trillion. Aslam criticized the PPP for not pushing for the 8th and 9th NFC Awards after the 7th, and defended PTI leader Barrister Saif, saying, "Questions were raised in the House about Barrister Saif, but I want to clarify that he is a trusted ally of PTI." Speaking on counter-terrorism funding, he stated that the 1 per cent share from the federal government is not a favor, but a right earned through the sacrifices of the province. Aslam added that K-P receives Rs3 billion monthly from the federal government under the net hydel profit formula. Projects under the Provincial Energy Development Organization (PEDO) are expected to generate 1,000 megawatts of electricity. "The only sustainable way to provide relief in electricity costs is for the province to produce its own power and supply it directly to its people," he reiterated.
Express Tribune
6 days ago
- Business
- Express Tribune
K-P finance advisor accuses federal government of neglecting province's development
Listen to article Khyber Pakhtunkhwa's (K-P) Finance Advisor, Muzammil Aslam, said on Saturday that the federal government is ignoring the province due to political opposition. Addressing a post-budget press conference, Aslam stated that the federal government's economic position is no longer stable, with the growth rate dropping to 2.7%. He claimed K-P was largely ignored in the federal development budget, receiving only Rs550 million, forcing the province to increase its own development spending due to lack of federal support. Aslam said the province achieved 93% of its revenue targets through its own sources. However, K-P received Rs90 billion less than its share under the National Finance Commission (NFC). He added that the provincial government spent Rs20 billion from its own treasury for tribal areas and used Rs70 billion for the merged districts without any federal support. He clarified that the province had not taken any new loans. The loans currently being received were from agreements signed previously. Any future loans, he said, would only be taken for major development projects. Comparing the budgets, Aslam noted the Centre's budget stands at Rs1 trillion, while K-P's is Rs547 billion. He said an NFC meeting had been scheduled for August on K-P's request. The K-P chief minister, he said, raised the issue of pending dues with the Centre, which had promised payments. Despite this, he said, annual funds exceeding Rs47 billion were never released by the federal government for tribal areas. Aslam acknowledged that for the first time, the Centre had allocated Rs70.4 billion for the merged tribal districts. He clarified that Rs170 billion in loans were inherited from previous governments. A Rs1.5 billion fund had been set up to manage debt repayments. He said the province is satisfied with its NFC share and sees it as the key to resolving its fiscal challenges. Salaries and pensions, he said, have been increased by 10% and 7% respectively, in line with federal adjustments. For the new fiscal year, the K-P government has included development schemes worth Rs500 billion in its Rs195 billion development budget. This year, Rs145 billion out of the allocated Rs156 billion for settled districts had already been released. For merged tribal areas, Rs41 billion was allocated, with Rs26.9 billion disbursed. He described it as the largest development budget in K-P's history. 'When we took office, the throw-forward liabilities stretched over 10 years — they've now been reduced to 5.1 years,' he concluded.
