Stories from Shahbaz Rana
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Rs7.022tr budget for FY2019-20 sails through NA
Combined opposition fails to block passage of money bill
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Ministries empowered to get approval of contracts
Agreements like $6b IMF deal may now escape cabinet’s scrutiny
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Money stashed by Pakistanis in Swiss banks down 34%
This is the lowest level of deposits retained by countrymen since 1996
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ECC okays 190% hike in gas prices
Also increases electricity prices by Rs1.5 per unit
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Govt borrowing to rise 84% to record Rs43.5tr in FY20
The money will be spent on repaying maturing public debt and bearing interest cost
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Govt announces major taxation concessions
Slaps federal excise duty on all imported cars including ones used by middle income groups
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Govt gives Rs20b tax relief to richest class
Reduces tax liability on inter-corporate dividends by amending Section 103C of IT Ord
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Qatar also offers US $3 billion to Pakistan
Loan from Gulf country to come in shape of deposits and direct investments
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Govt’s foreign borrowing soars to $9.5b in 11 months
Fails to meet annual projection of $9.3b in foreign loans
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Govt quietly offers tax amnesty to realty sector
Allows investors to legalise tax-evaded money at just 4% of property value