After the national cricket team’s dismal performance in the T20 World Cup, which is now being co-hosted by the USA and the West Indies, Pakistani cricketer Ahmed Shehzad sparked controversy with his recent remarks criticizing Babar Azam and the team. Shehzad said that the members of the Pakistan national team should apologize to the people for a horrible performance during the 2024 T20 World Cup rather than backing Haris Rauf on social media for the unpleasant event with the supporter. “Although we completely denounce the actions taken against Haris Rauf, we also think that the players’ supportive posts have to…
Author: Iqra Khan
According to data released by the State Bank of Pakistan (SBP), auto financing fell for 23 consecutive months in the calendar year 2024, down 22.5 percent YoY to Rs. 233 billion by the end of May from Rs. 300 billion in the same period the previous year. Over the past 11 months, rising automobile prices, high auto finance costs, and declining consumer spending power have all contributed to a decline in auto sales.Automobile costs continue to be a major sales obstacle, as demonstrated in FY23. Although a few assemblers have offered reductions on registration and other fees in recent months,…
The Ministry of Industry, prices for electric and hybrid cars would rise by 15% starting in July as a result of higher taxes on these cars, which will go from 8.5% to 25%. Price increases for cars Senator Vawda also brought up the subject of significant increases in taxes and tariffs on both domestically and imported automobiles. In addition to raising the sales tax rate from 8.5% to 12.75% on hybrid and electric vehicles, the government also quadrupled the custom duty to 50% on imports of electric vehicles priced over $50,000. According to Indus Motors CEO Ali Asghar Jamali, the…
ISLAMABAD: Pakistan’s tax chief revealed on Thursday that the government has successfully rejected the IMF’s pressure to impose regular income tax rates on the real estate industry, which continues to benefit from a “much-favourable” environment. The remarks regarding the real estate industry were made by Malik Amjad Zubair Tiwana, Chairman of the Federal Board of Revenue, at a Senate Standing Committee on Finance hearing. The seamless functioning of the standing committee’s activities is a result of the Pakistan Peoples Party’s assistance to the government in passing the budget. The committee’s deliberations moreover shown that the budget was crafted in secrecy,…
Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar met Mr. Liu Jianchao, Minister of Central Committee of the International Department of Communist Party of China (IDCPC) today in Islamabad. THE Deputy Prime Minister and Foreign Minister appreciated the positive contribution of CPEC to Pakistan’s socio-economic development, and progress and prosperity. He underscored that as the flagship project of President China’s Belt and Road Initiative, CPEC has transformed energy security. Lauding the unanimous political consensus on CPEC in the two countries, the Deputy Prime Minister and Foreign Minister expressed Pakistan’s firm resolve to building upon the achievements of CPEC and…
ISLAMABAD: Google and Pakistan’s education ministry declared on Thursday that they were collaborating to create smart schools, digitally alter Pakistan’s educational system, and give millions of children nationwide access to education. There are 26.2 million out-of-school children in Pakistan, which is the second-highest number in the world.In an effort to guarantee these children’s access to education and enhance their educational possibilities, Prime Minister Shehbaz Sharif issued a national emergency declaration last month.PM Shehbaz Sharif met with a high-level Google for Education team on Thursday in Islamabad, which was led by Kevin Kells, the company’s managing director. Google’s partnership with the…
The Board of Executive Directors at the World Bank authorized $535 million in funding for Pakistan to pursue two initiatives.The Sindh Livestock and Aquaculture Sectors Transformation (LIVAQUA) Project will support competitive, climate-smart small and medium producers in Sindh’s livestock and aquaculture sectors. The additional funding for the Crisis Resilient Social Protection (CRISP) Program aims to fortify the nation’s social protection system and foster shock resilience among impoverished and vulnerable households. Najy Benhassine, the World Bank’s Country Director for Pakistan, stated, “The devastating floods that struck Pakistan in 2022 were a tragic reminder of the importance of building resilience to such…
Pakistan’s foreign exchange reserves increased significantly by $31 million, the State Bank of Pakistan (SBP) said in a statement on Thursday.The increase from $14.384 billion the week before on June 7, 2024, to $14.415 billion for the week ending on June 14, 2024, represents the total reserves. The official foreign exchange reserves of the SBP saw a notable increase, increasing by $32 million to close the week at $9.135 billion. Compared to the $9.103 billion recorded the week before, this represents an improvement. The country’s ability to meet its international obligations, maintain the value of the local currency, and maintain…
Federal Minister for Finance and Revenue Muhammad Aurangzeb said on Thursday that the government aims to cut its expenditures in order to bring economic stability to the country, saying that an Inter-Ministerial Committee has been constituted in this regard. The Inter-Ministerial Committee will present a report to the Prime Minister in the next two months on the dissolution of ministries. He said that the PM has constituted an Inter-Ministerial Committee under my chairmanship regarding cutting off government expenses while talking to a private news channel. He said the committee’s aim is to devise a plan for dissolving the ministries. The…
Under the direction of Senator Saleem Mandviwala, the Senate Standing Committee on Finance and Revenue met today to talk about the several tax measures included in the Finance Bill 2024. Senator Faisal Vawda argued that the globe was encouraging the use of electric and hybrid vehicles, hence he was against raising taxes on them. He bemoaned the difficulties caused by unforeseen policy changes, bringing up the 25 percent sales tax on cars valued at more than Rs. 15 million. He also took issue with the different tax rates on cars made domestically and those imported. According to Vawda, many were…
