Salim Mandviwala, the chairman of the Senate Finance Committee, has chastised the Federal Board of tax (FBR) for taking drastic steps to reach its tax collection goals.A day earlier, the Senator addressed the media and voiced worries on the potential economic effects of higher taxes. He also cautioned that the new tax policies in the federal budget for 2024–2025 would probably cause inflation to increase by 10%.Mandviwala questioned the present taxing system, pointing out that tariffs on basic commodities will greatly increase inflation and highlighting Pakistan’s severe economic situation. He continued by saying that the dire economic circumstances prevent the…
Author: Iqra Khan
To finalize recommendations on the Finance Bill 2024–25, the Senate Standing Committee on Finance and Revenue convened for its ninth consecutive session. The committee discussed the Money Bill 2024’s Sales Tax Provisions in great detail during the meeting. The meeting was presided over by Senator Saleem Mandviwalla, and Senators Sherry Rehman, Farooq Hamid Naek, Anusha Rahman Ahmad Khan, Shahzaib Durrani, while Fesal Vawda were among the committee members present. Along with guests from various departments and the Federal Board of Revenue (FBR), Senator Zeeshan Khanzada was invited as a special guest. The committee added a default surcharge at the rate…
Due to a security blunder, TikTok unintentionally posted a link to an early draft of their new AI tool. With the help of this program, users can produce videos with animated digital avatars that communicate in any language. Sadly, the early version lacked security features, allowing users including CNN to create movies with offensive information, such as Hitler quotations and offensive comments. Although this crude version has been removed, TikTok reassures users that the finished, safe product is still scheduled for release. Symphony Digital Avatars, TikTok’s latest advertising tool, debuted this week with an unexpected bug. Businesses can use the…
The proposed taxes on mobile phones and telecom services in the nation were voiced by the telecom sector. A 25 percent tax on phones over $500 and an 18 percent GST on phones under $500 are included in the newly proposed budget for the fiscal year 2024–2025. Due to the high cost of connectivity, telecom companies claim that these new tariffs will impede the advancement of digital technology and widen the digital divide in the nation.In Pakistan, where 20 percent of the population still lacks connectivity and about half of the population cannot use mobile broadband due to exorbitant costs,…
The local manufacturing and assembly plants produced and assembled 13.08 million mobile devices during the first five months of 2024,while commercial imports accounted for 0.76 million of the total.According to official figures, 2.23 million mobile devices were produced or assembled locally in May, whereas 0.11 million were commercially imported. Among the 13.08 million mobile phones produced or assembled locally were 8.1 million smartphones and 4.98 million 2G phones.Furthermore, according to PTA data, 39% of mobile devices on the Pakistan network are 2G, and 61% of mobile devices are smartphones. In 2023, there was a four percent decrease in the local…
Saudi media has reported the death of Dr. Saleh bin Zain al-Abidin Al-Shaibi, the Holy Kaaba’s longtime custodian and key bearer. He had been unwell for quite some time. The 109th key holder of the Kaaba was Dr. Saleh. Crown Prince Mohammed bin Salman and Saudi King Salman bin Abdulaziz both sent their condolences on his death. During his six-day journey in Pakistan last year, Dr. Saleh had meetings with high-ranking officials.For centuries the al-Shaibi family has had the privilege of being the custodians of the Kaaba. This holy position’s responsibilities include cleaning, fixing, opening and shutting the Kaaba’s doors,…
The Punjab government intends to change a 116-year-old rule, making it permissible for Pakistanis living abroad to purchase and sell real estate in the nation.After these modifications are implemented, foreign nationals of Pakistan who want to buy or sell real estate can do so without having to travel to Pakistan by sending their statement for the sale deed directly to their embassy. In the past,order to buy or sell real estate, Pakistanis residing overseas were required by Section 31 of the Registration Act 1908 to register and send their power of attorney to Pakistan. It was believed that the person…
ISLAMABAD: Retaliating against lawmakers who have made concessions to traders and prevented the tax body from operating, the Federal Board of Revenue (FBR) announced on Friday that it will raise property valuations to nearly 90% of market values in order to collect an extra Rs70 billion in revenue for the upcoming fiscal year. The impact of increased property values is expected to be around Rs 30 billion of the Rs 70 billion total. The remaining Rs 40 billion is expected to be collected through higher withholding taxes on the revised valuations and new withholding tax rates. Senator Farooq H. Naek…
LAHORE: According to the Economic Survey of Pakistan, Phase-I of the Green Pakistan Upscaling Program has succeeded in planting 2.12 billion more trees than it set out to, increasing the nation’s forested area. For the next four years (2024–2028), the program will be revised to add carbon finance mechanisms, scientific resource evaluations, livelihood creation, and biodiversity conservation to its expanded scope.It further stated that in an effort to lessen and decrease the carbon footprint, the Ministry of Climate Change and Environmental Coordination is collaborating with the Green Climate Fund (GCF) and the Global Environment Facility (GEF). These funds are being…
PESHAWAR: Khyber Pakhtunkhwa Minister for Forests, Fazal Hakim Yousafzai has said that provincial government was making incessant efforts to counter challenges of climate change. Talking to a delegation here Saturday, he said that our planet was faced with many threats of climate change including constant rise in global temperature. He said that the government was also following a result oriented strategy to protect forests and environment. He said that billion tree tsunami project was also an attempt of the KP government to minimize effects of climate change. He said that preparations had been finalized to launch billion tree plus project…
