ISLAMABAD: The caretaker government has established a task force for tax reform and appointed Dr. Shamshad Akhtar, the caretaker Finance Minister, as its chairperson. Arshad Saleem Tariq, a Member of the Federal Board of Revenue (FBR), has assumed the position of Secretary of the Tax Reforms Task Force.
The task force’s responsibilities include proposing measures to increase tax revenue, addressing loopholes in the tax system, and combating tax evasion. Additionally, it will develop strategies to combat smuggling through both short-term and long-term approaches.
Other members of the task force include Dr. Manzoor, Dr. Musharraf, Amanullah Ameer, Amir Ejaz, Khalid Mahmood, and the Chairman of the Federal Board of Revenue (FBR). The task force’s efforts aim to improve Pakistan’s tax collection and enforcement mechanisms.
Fuel Prices Expected To Drop In October Amid Strengthening Rupee
During the period from October 1 to October 15, it is anticipated that the prices of high-speed diesel (HSD) and petrol will experience a reduction, ranging from approximately Rs5 to Rs19 per liter. The potential decrease, which could mark the first in two months is due to the appreciation of the Pakistani rupee against the US dollar.
The last reduction in the prices of these essential fuels occurred in mid-July, with petrol seeing a decrease of Rs9 per liter to Rs253 and diesel decreasing by Rs7 per liter to Rs253.50.
Sources have indicated that based on the current tax rates and other associated costs, the price of petrol could potentially decrease by Rs15-19 per liter in the upcoming review. This expected reduction is primarily due to a 2% decrease in its international price, dropping from $101 to $99 per barrel, and an increase of around Rs10.5 in the rupee’s value against the US dollar. It’s worth noting that petrol predominantly powers private transport, small vehicles, rickshaws, and motorcycles, directly affecting the budgets of middle- and lower-middle-class individuals.
Similarly, the price of high-speed diesel (HSD) could see a reduction of Rs9-12 per liter if the government opts to maintain the petroleum levy at Rs50 per liter. However, if the finance ministry chooses to increase the levy by Rs5 per liter to meet budgetary targets, it would result in a reduction of Rs5-8 per liter in the diesel price.
In contrast to petrol, the international market price of HSD has increased by approximately $1 per barrel, reaching $122 in recent weeks. The transport sector uses HSD in heavy transport vehicles, buses, trains, and various agricultural engines, affecting the prices of essential goods like vegetables.
