By Muhammad Baqir

ISLAMABAD: About 37 per cent of tax revenue will be spent on foreign debt servicing in the budget for the financial year 2016-17. Annual deficit of the current fiscal year 2016-17 has been fixed 3.8 per cent of GDP and it is proposed to obtain long term foreign loan amounting to Rs 234.4 billion and […]

ISLAMABAD: The target for collection of revenue by Federal Board of Revenue (FBR) has been set at Rs 3621 billion in the budget for fiscal year 2016-17 According to budget documents the target for collecting revenue by FBR has been set at Rs 3621 billion in the current fiscal 2016-17 with increase of Rs 417 […]

ISLAMABAD: The estimate of the current expenditure would be Rs 3.844 trillion in the next financial year 2016-17 with the increase of Rs 400 billion as compared to Rs 3.483 trillion in 2015-16 during current fiscal year. The estimates of current expenditure were Rs 3482.239 billion in 2015-16 but it reached to Rs 3599.858 billion. […]

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has sent references to the National Accountability Bureau (NAB) against two registered broker firms allegedly involved in a billions of rupees fraud. The firms, which committed the fraud, are Stock Street Securities (Private) Limited (SSSL) and Capital Vision Securities (Private) Limited (CVSL). Before sending the references […]

ISLAMABAD: The Federal Government has slashed development budget by Rs 113 billion in the current financial year 2015-16 as out of Rs 1340 billion allocated only Rs 1227 billion were releaded while for upcoming fiscal year 2016-17 government has increased the development budget by Rs 165 billion. The government has proposed allocation of Rs 1675 […]

ISLAMABAD: Khyber Pakhtunkhwa (KP) province as compare to Punjab has been awfully neglected by Finance Division in allocation and release of funds under Public Sector Development Programme (PSDP) during fiscal year 2015-16 as funds were allocated for nine projects of Punjab Province while allocation of funds was made only for three projects of KP. Out […]

ISLAMABAD: Government has released only Rs 482.3 billion out of total funds amounting to Rs 700 billion allocated for development projects in the budget for the current financial year 2015-16. Owing to less provision of funds, the cost of construction of these uplift projects is likely to increase manifold and it is the people who […]

ISLAMABAD: Non utilisation and surrendering funds amounting to Rs 216.629 million by the Ministry of Information Technology and Telecommunication (IT) and its subsidiaries during the current financial year has raised a question mark about its performance. According to documents available with the Daily Times, IT ministry and its subordinate departments failed to fully utilise the […]

ISLAMABAD: The International Monetary Fund (IMF) demand for slapping additional taxes of billion of rupees on the people in the budget for the financial year 2016-17 in order to pay back its loans has put the government under hot water in terms of preparation of the upcoming budget. The IMF has come up with certain […]

ISLAMABAD: The only rail project under the China-Pakistan Economic Corridor (CPEC) on the western route would kick off in 2025. Under the project, a rail track would be laid down from Kola Jam Bhakkar to Bostan Railway Station. The project has been included in the category of midterm projects instead of long-term projects, which would […]