ISLAMABAD: Pakistan Meteorological Department (PMD) has forecast mainly hot and dry weather for most parts of the country during the next 24 hours. However, windstorm/thunderstorm-rain is likely at isolated places in Gilgit Baltistan, Kashmir, Khyber Pakhtunkhwa, Potohar region and northeast Balochistan.As per synoptic situation, continental air was prevailing over most parts of the country. A shallow westerly wave was likely to affect upper parts of the country. During the last 24 hours, hot and dry weather prevailed over most parts of the country. However, rain wind/thunderstorm occurred at isolated places in Gilgit-Baltistan, Upper Khyber Pakhtunkhwa and Barkhan.The rainfall recorded during…
Author: Iqra Khan
Prime Minister Muhammad Shehbaz Sharif on Monday reiterated that the federal government along with all the provincial governments resolved to eliminate the menace of Polio forever and said that they were fully committed to control its spread through collective efforts. Addressing a meeting of the National Task Force on Polio Eradication, the prime minister said that the polio eradication campaign in the country was progressing positively and they were close to eliminate polio but unfortunately, things turned negative as the virus returned back in certain parts of Pakistan, still it did not show that they had failed in their efforts.…
The National College of Arts (NCA) and the Pakistan Institute of Fashion and Design (PIFD), two esteemed educational establishments in Lahore, are scheduled to establish branches in Karachi shortly. Dr. Khalid Maqbool Siddiqui, the Federal Minister for Education and Professional Training and Chairman of the Muttahida Qaumi Movement-Pakistan, made this declaration on Saturday at a news conference. The vice-chancellors of PIFD and NCA, the head of the Higher Education Commission (HEC), and other high-ranking officials joined Dr. Siddiqui. He said that the young people of Sindh would be able to access “employable skill-based short courses” at the new campuses. Dr.…
After starting trade at 278 in the interbank market today, the Pakistani rupee (PKR) saw losses versus the US dollar to start the last week of June.It closed in red versus the US dollar, remaining bearish throughout the day. Against every other major currency, it saw losses during the session today. The interbank rate closed at 278/$, where it had spent the majority of the day. Today’s open market rates were precisely between 278 and 279 at several currency counters.The PKR lost 11 paisas versus the dollar today, depreciating by 0.04 percent to settle at 278.62. So far this fiscal…
The tractor maker, Millat Tractors Limited (PSX: MTL), informed the Pakistan Stock Exchange on Monday that the story regarding its Rs. 5.4 billion penalties for sales tax audit discrepancy has been misreported. This relates to a recent article in the English-language daily in the area about the Federal Board of Revenue (FBR) fining the company Rs. 5.4 billion for errors found in a sales tax audit. The stock filing added, “The said news is misreported as FBR has not imposed any such fine until the publication of this information.”MTL confirmed that, in accordance with its own interpretation, FBR has sent…
A Consultation Paper has been released by the Securities and Exchange Commission of Pakistan, seeking comments and opinions regarding possible enhancements to the Real Estate Investment Trust Regulations, 2022 (REIT Regulations). The paper is a component of SECP’s endeavors to update the regulatory framework in order to accommodate the nation’s changing REIT environment and bring the REIT Regulations into compliance with global standards. Based on discussions with pertinent parties, such as trustees and RMCs, the study was completed. Simplifying the process of registering trust deeds and REIT schemes, rationalizing the timeframes for transferring real estate or SPV shares in the…
Pakistani singer Shehzad Roy has received assurances from Prime Minister Shehbaz Sharif and Planning Minister Ahsan Iqbal that the government will reevaluate the 10 percent sales tax on books and the removal of the 25 percent tax refund for teachers in the 2024–2025 budget. “I have demanded that the 10 percent sales tax on books be reversed and the 25 percent tax credit for teachers be reinstated. I have spoken with Prime Minister Shehbaz and Planning Minister Ahsan Iqbal Sahab. The singer tweeted on X, “They both reassured me that they will reconsider this decision with a favorable outcome.” The…
The Institute of Chartered Accountants of Pakistan (ICAP) and the Competition Commission of Pakistan (CCP) are creating a framework for compliance with competition legislation, which will be embraced by CA professionals operating in different economic sectors. At the competition law seminar held at ICAP in Lahore, the ICAP council members presented this suggestion to CCP.The seminar was a component of the advocacy campaign series that CCP and ICAP had agreed upon. The first seminar in this series was held at ICAP Karachi, and the stakeholders responded quite well to it as well. Professionals from the financial, marketing, and legal fraternities,…
The Federal Board of Revenue’s (FBR) Income Tax General Orders (ITGOs) against non-filers have resulted in fines of between Rs. 100 and Rs. 200 million for the telecom industry. The Telecom Operators Association has submitted an urgent request to the Special Investment Facilitation Council (SIFC) to remove these fines. The group sent a letter to the authorities requesting that the “punitive measures” included in the Finance Bill 2024–25 be removed. Additionally, it asked for the examination and elimination of the advance tax of 75% on mobile services for non-filers who are not in compliance. According to the association, the planned…
The second-worst weekly decline in cryptocurrency values of 2024 occurred as a result of global investors losing interest in Bitcoin exchange-traded funds (ETFs).According to Bloomberg, the top 100 cryptocurrencies fell 5% over the previous week, marking the largest drop in the sector since April. On Monday, the price of bitcoin fell below $63,000 and reached its lowest point since May. This occurs when the US markets are extremely confused over whether the Federal Reserve would lower its major interest rate or not, causing the cryptocurrency market to continue losing money for the sixth day in a row since last week.…
