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CPDI BUDGET WATCH
Fortnightly Budget News Alerts
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Pakistan’s mini-budget to be huge for SMEs, farmers
The Khaleej Times (Jan 24, 2019) |
| Pakistan’s Finance Minister, Asad Umar, on Wednesday unveiled details about Pakistan Tehreek-i-Insaf’s (PTI) ‘mini-budget’, which is targeted towards encouraging investment in the country and is expected to invigorate the country’s stock market, agriculture, and industrial sectors. Speaking at the National Assembly session, Umar described his party’s mini-budget as more of a corrective measure that will reduce the gap between Pakistan’s rich and poor by addressing… Read More |
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Measures in mini-budget hailed
The News (Jan 24, 2019) |
| PESHAWAR: Former chairman Standing Committee of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Ahmad Jawad has welcomed the measures taken in the mini-budget including the lifting of the ban to purchase vehicles on non-filers and removing the embargo of tax on withdrawal of the amount starting from Rs50,000. The measures, he said, also includes the abolition of super tax on non-banking companies as well as on duty on… Read More |
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CPEC to play larger role in driving Pakistan’s economy
The Global Times (Jan 23, 2019) |
| China and Pakistan have decided to widen the scope of the China Pakistan Economic Corridor (CPEC), the Economic Times reported, adding that the two countries have signed new agreements to launch industrial, agricultural and socio-economic projects under this initiative. Why take this step at this very sensitive moment? In recent months, the project has been blamed for causing a debt trap and economic woes for Pakistan. There…Read More |
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Here’s what to expect from PTI’s mini-budget
www.samaa.tv (Jan 23, 2019) |
| Pakistanis should brace themselves for harder times ahead. The PTI government will present its second mini-budget today (Wednesday). The National Assembly will come into session at 4:30pm. Mobile phones, electronics and hundreds of luxury items are likely to get more expensive. The price of nearly 100 imported products is expected to rise too. It is expected that tax will be charged on Rs500 mobile balance. The …Read More |
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Govt may abolish duty on 150 to 250 items in mini-budget
The News by Mehtab Haider (Jan 22, 2019) |
| ISLAMABAD: With the decision to increase import duty on 1800cc cars by 10 percent and jacking up tax on import of high end user mobile phone sets, the government is considering major relief in terms of downward adjustments in four import slabs by 1 percent as well as abolishing Regulatory Duty on 150 to 250 items through upcoming supplementary finance bill. “The government is going to announce implementation on five-year Strategic Trade Policy …Read More |
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Mini-budget; Businessmen expect relief and economic direction from govt
The Daily Times (Jan 22, 2019) |
| The Rawalpindi Chamber of Commerce and Industry (RCCI) President Malik Shahid Saleem has said that business community has high hopes and expectations from upcoming economic package to be presented at national assembly on January 23. “We are anticipating big relief in taxes, regulatory duties and low tariff for Small and Medium Enterprises (SMEs),” they expressed their aspirations. Addressing a press conference at Chamber house here on Monday, RCCI President Malik…Read More |
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A Budget tale: When a boy wrote a poem justifying India’s first income tax act
The Economic Times (Jan 21, 2019) |
| NEW DELHI: In 1860, James Wilson, the finance member in Viceroy Lord Canning’s council in undivided India, prepared India’s first Budget, and also created the first income tax act. The levy of the income tax did not go down well with the Indians. The tax drew sharp reactions and some odd praise too. Military expenditure had ballooned in the aftermath of what the British call the Sepoy Mutiny and Indians their first War of Independence in 1857. The land revenue showed no scope of…Read More |
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Overseas Pakistanis pin hopes on mini budget
The Khaleej Times by Muzzafar Rizvi (Jan 21, 2019) |
| Pakistan Finance Minister Asad Umar is set to introduce an economic reform package in his second mini-budget speech this week to put the economy back on track after securing over $14 billion in financial assistance from the UAE, Saudi Arabia and China. Umar will unveil tax reforms, incentives to the stock market and announce new initiatives to ensure the ease of doing business in Pakistan. He is also expected to launch Pakistani diaspora bonds to raise $3 billion of funds through…Read More |
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‘Serious reservations’ in Cabinet over upcoming mini-budget
The Pakistan Today (Jan 20, 2019) |
| ISLAMABAD: While Finance Minister Asad Umar has announced to introduce the mini-budget on January 23, the government has yet to develop consensus among its cabinet members on the supplementary budget proposals. According to insiders, the members of the federal cabinet have serious reservations on a number of proposals aimed at increasing revenue and reducing expenditures through the supplementary budget. The finance ministry, sources claim, is yet… Read More |
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Market hold steady with 3rd budget of FY19 around corner
The Nation (Jan 20, 2019) |
| LAHORE – After two positive sessions, carrying on the momentum from the previous week, the market lost steam midway, ending slightly higher at 39,306 points, up by 0.7 percent WoW. News flows regarding the upcoming reform package kept investors sideways during the week. Volumes remained lower than the previous week for a large part, averaging 118m shares per day, while average daily traded value depicted a similar trend, ending down 14 percent WoW. During…Read More |
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KATI hopes relief for industry in ‘mini-budget’
Pakistan Observer (Jan 20, 2019) |
Karachi: Acting president of Korangi Association of Trade & Industry (KATI) Faraz-ur-Rehman hoped the government would provide relief to industry in upcoming “mini budget”, would be announced in coming week.
In a statement released by KATI Acting President of KATI Faraz-ur-Rehman and Vice President Maheen Salman applauded the efforts of federal government to promote exports and measures to lower down production cost of Industry.
Faraz-ur-Rehman…Read More |
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Socio-economic opportunities in Pakistan
The Nation by Syed Tauseef Shah (Jan 19, 2019) |
| Reliance on science and technology will place Pakistan’s economy on a path of sustained development. There is need to strengthen science & technology as this was the critical need of the time. Value addition and knowledge input are key components for economic activity and are important determinants for growth. A 21st century economy cannot hope to grow without high contribution to GDP from the manufacturing sector. A knowledgeable and trained work force with….Read More |
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Stocks rise on mini budget expectations
The Dawn (Jan 19, 2019) |
| KARACHI: Markets ended last day of the week on a positive note gaining 62.6 points (0.16 per cent) before touching an intraday high of 147 points to finally settle at 36,306.50. The sentiment was lifted by reports of government planning to announce ease of doing business measures in the mini-budget to be presented on Wednesday. Initial reports suggest the government is likely to rationalise capital gains tax, reduce or abolish advance tax on brokers and allow capital losses to be …Read More |
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What’s the mini budget all about?
The Pakistan Today by Shahab Jafry (Jan 18, 2019) |
| Thing about mini-budgets is that they are, by their very nature, designed to address revenue deficiencies that crept up, for whatever reason, in the original draft. That much is at least more believable than what the finance minister implied; that a few months after the last mini budget the government suddenly felt compelled to float another mini-budget because it wanted to encourage private investment, exports, and all that. And before anybody could speculate…Read More |
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Govt mulls rolling back income tax relief in mini-budget
www.geo.tv (Jan 18, 2019) |
| ISLAMABAD: Bitten by a shortfall in tax revenues, the Pakistan Tehreek-i-Insaf (PTI) federal government is considering a rollback of the income tax relief given to the salaried class by the previous government, sources told Geo News on Friday. In its last budget shortly before general elections in July 2018, the Pakistan Muslim League-Nawaz (PML-N) government had announced large tax cuts that included an upward revision of the minimum taxable income for salaried class to Rs1.2…Read More |
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APCTMA hopes mini-budget will facilitate tile manufacturers
The Pakistan Today (Jan 17, 2019) |
| ISLAMABAD: All Pakistan Ceramic Tiles Manufacturers Association (APCTMA) is hopeful that in the upcoming mini-budget, the government would take steps that would enable the local tiles manufacturers to increase their market share in Pakistan which would result in saving precious foreign exchange and creating employment opportunities for the skilled and unskilled workforce. The APCTMA spokesman said that the tile industry could grow and become an export-oriented …Read More |
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Pakistan stocks close lower as investors await ‘Mini Budget’
The Daily Times (Jan 17, 2019) |
| Pakistan’s equities Wednesday closed on a negative note with benchmark KSE-100 Index losing 342 points, to finally settle at 39,272 levels, down 0.9 percent. The market started off on a weak note only to continue the downward trajectory amid low volumes and lack of participation. KSE-100 Index remained lackluster throughout the session due to lack of investors’ interest as they wait for upcoming ‘Mini Budget’ scheduled to be presented in …Read More |
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Opportunities for female youth vital for Pakistan’s economic stability: Andleeb Abbas
The Pakistan Today (Jan 16, 2019) |
| ISLAMABAD: Parliamentary Secretary for Foreign Affairs Andleeb Abbas has said that opportunities for channelling the potential and talent of the country’s female youth are pertinent to improve participation of women in the future of Pakistan’s economic stability. She was speaking during the Public-Private Dialogue on Gender-Focused Economic Reforms, organised by the Center for Research and Security Studies (CRSS) here on…Read More |
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Buzdar approves Lahore Ring Road council budget
The News (Jan 16, 2019) |
| LAHORE: Chief Minister Sardar Usman Buzdar presided over an important meeting of Lahore Ring Road Authority and Lahore Ring Road Council at his office here Tuesday. The meeting approved budget of Lahore Ring Road Council for the year 2018-19 besides approving the revised budget of 2017-18. The chief minister approved the Southern Loop III project of Lahore Ring Road and the meeting also approved starting the land acquisition …Read More |
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FM’s promises rejuvenate Pakistan stocks, up 364 points
Daily Times (Jan 15, 2019) |
| Pakistan equities Monday closed in green with benchmark KSE-100 Index settling at 39,413, up 0.93 percent for the day on the back of anticipation of relief for the stock market in the government’s upcoming mini-budget. Market kicked off on a positive note after Finance Minister’s assurances to the business community over the weekend on the upcoming Finance Bill, scheduled to be presented in the National Assembly on January 23, 2019. An analyst at Trust Securities said …Read More |
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Budget 2019 BQView: The economy under Modi-big ideas, small successes
bloombergquint.com (Jan 14, 2019) |
| Prime Minister Narendra Modi’s image has loomed large over the Indian economy in the last five years. Every big project has carried his stamp. From GST, demonetisation and the Mudra Scheme to Swachh Bharat and Ayushman Bharat, Modi has pitched big ideas of change for the economy. Some of these ideas have drawn praise; others derision. But few have resulted in any large dividends for the Indian ec…Read More |
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Mini budget session seems steamier than usual
The News (Jan 14, 2019) |
| LAHORE: Federal Information Minister Fawad Chaudhry on Sunday said that all previous budgets were fake and now real budgets were being presented. “The upcoming January 23 mini-budget will lay a foundation of Pakistan’s strong economy,” he said and added that the PTI government would come up to th ISLAMABAD: The upcoming supplementary national budget, formation of 38 house committees and fresh efforts for choreographing terms of reference for …Read More |
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Minister terms all previous budget fake
The EL PIAS (Jan 13, 2019) |
LAHORE: Federal Information Minister Fawad Chaudhry on Sunday said that all previous budgets were fake and now real budgets were being presented. “The upcoming January 23 mini-budget will lay a foundation of Pakistan’s strong economy,” he said and added that the PTI government would come up to the expectations of people.
The information minister’s remarks come a day after Finance Minister Asad Umar on Saturday dispelled the impression that…Read More |
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Asad says tax-free mini budget to be unveiled on 23rd
The EL PIAS (Jan 13, 2019) |
| Three months later than was scheduled, the 2019 budget was filed this morning in Spain’s Congress by the finance minister, María Jesús Montero. The plans include the biggest rise in public spending since 2010, with more funds destined to social areas. The intention of Socialist Party (PSOE) Prime Minster Pedro Sánchez with the budget is to heal the wounds left behind by the dramatic global financial crisis, which began a decade ago…Read More |
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Food prices crawl up ahead of Pakistan’s mini-budget
The Gulf Times (Jan 13, 2019) |
Internews/Karachi: Retailers have pushed up prices of essential food items including sugar and vegetables prices ahead of the mini-budget which will be announced by the government of Pakistan on January 23.
Sugar now costs Rs60 per kg versus Rs55 per kg a few days ago following an increase in the wholesale price to Rs57-58 per kg from Rs55 per kg. Two months ago, the wholesale price of sugar was Rs52-53 per kg.
Retailers with old stocks of sweetener are…Read More |
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OICCI opposes govt move to raise GST rate in mini-budget
The News (Jan 12, 2019) |
| ISLAMABAD: While sternly opposing any move to raise GST rate by one percent from 17 to 18 percent in the mini budget, the Overseas Investors Chamber of Commerce and Industries (OICCI) has asked PTI led government to broaden the narrowed tax base instead of raising burden over existing taxpayers. The OICCI also asked the government to maintain three tier taxation system for tobacco industry and reduce the difference between duty paid and non-duty paid…Read More |
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Stocks end flat as investors wait for update on mini budget
The News (Jan 12, 2019) |
| ISLAMABAD: While sternly opposing any move to raise GST rate by one percent from 17 to 18 percent in the mini budget, the Overseas Investors Chamber of Commerce and Industries (OICCI) has asked PTI led government to broaden the narrowed tax base instead of raising burden over existing taxpayers. The OICCI also asked the government to maintain three tier taxation system for tobacco industry and reduce the difference between duty paid and non-duty paid…Read More |
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Writ-less govt, wirless policies rudderless economy
The News (Jan 11, 2019) |
| LAHORE: Pakistani economy’s biggest drag is the absence of the government writ as most of the laws that ensure fair trade and better regulations are in place but authorities are unfortunately too timid to enforce them. The law for instance makes it binding on the sugar mills to make the payment of the sugarcane they purchased from the farmers within fifteen days. Yet the millers hold the payments till next season. They then ask the government to give them concessions and subsidies so…Read More |
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