Islamabad, Nov 6: FBR to Register Retailers and Shopkeepers for Taxes Using Electricity Bill Data The FBR intends to expand the tax base by recognizing unregistered businesses with significant electricity consumption, focusing on around 350,000 traders in key cities like Karachi, Lahore, and Islamabad. The FBR will classify businesses according to their energy usage by including a designated column on electricity bills, allowing for the estimation of taxable income with minimal auditing needed. This approach enables the FBR to conduct direct tax evaluations on traders who might have previously evaded tax registration. This initiative is a component of Pakistan’s wider…
Author: Mawadat Fatima
Islamabad, Nov 6: Donald Trump Leads in Most of the States as the results of the 2024 presidential election are coming in. He has secured wins in states like Texas, Florida, and Indiana, along with several others across the South and Midwest. However, Donald Trump on 247 electoral votes to Kamala Harris’s 210 in the race for the White House. However, Donald Trump Leads in Arizona, Georgia, and North Carolina, and most other states, with leads typically being within the 1-2 percentage point range. Trump leads in the majority of swing states. As of 11 p.m., he holds a substantial…
Islamabad, Nov 5: Met Office Warns of Smog Spike from Nov 6-8 The Punjab Environment Department has issued a ‘red alert’ for Lahore due to a significant rise in smog anticipated over the upcoming days. The Met Office has predicted a marked increase in smog levels from November 6 to 8, leading to urgent health advisories for residents. Lahore’s air quality index (AQI) was measured at a concerning 293 around 1pm, with pollution levels surpassing World Health Organization standards by 42.8 times, making the city the most polluted in the world. Certain areas are facing even more critical conditions, with…
Islamabad, Nov 5: Pakistan, Iran Condemn Israeli Aggression on Palestinians On Tuesday, Senator Mohammad Ishaq Dar, who serves as both the Deputy Prime Minister and Foreign Minister, welcomed the Iranian Foreign Minister Seyed Abbas Araghchi along with his delegation at the Ministry of Foreign Affairs. The two Ministers acknowledged the enduring relationship between Pakistan and Iran and highlighted the importance of reinforcing these ties through expanded trade, energy collaboration, and improved border management. They affirmed their dedication to seeking opportunities for boosting trade, investment, and connections among people. Deputy Prime Minister Dar and Foreign Minister Aragachi also addressed the circumstances…
Islamabad, Nov 5: Gold Price in Pakistan drop further The cost of 24 karat gold per tola dropped by Rs.500, being sold at Rs.283,200 on Tuesday, November 5, 2024, compared to its previous sale price of Rs.283,700 on the last trading day. The Gold Price in Pakistan 10 grams of 24 karat gold also fell by Rs.429, bringing it down to Rs.242,798 from Rs.243,227, while the 10-gram price of 22 karat gold decreased to Rs.222,565 from Rs.222,958, according to the All-Sindh Sarafa Jewelers’ Association. The prices for both per tola and ten grams of silver remained steady at Rs.3,430 and…
Islamabad, Nov 5: The International Cricket Council (ICC) has revealed plans for a Women’s Champions Trophy, scheduled for 2027, signifying a new era in the international women’s cricket schedule. The upcoming cycle will begin with the 2025 ICC Women’s Cricket World Cup and will feature an ICC tournament each year, including the Women’s T20 World Cup in 2026, the first-ever Women’s Champions Trophy in 2027, and another Women’s T20 World Cup in 2028. In addition to this new tournament, the ICC has also announced the 2025-29 Future Tour Programme (FTP), which outlines the fixtures for the fourth edition of the…
Islamabad, Nov 5: Pakistan Railways (PR) has launched a dedicated train service to ease travel for passengers going from Karachi to Raiwind. As per the Ministry of Railways, the inaugural train will leave Karachi on November 6 at 1:30 p.m., with an estimated arrival in Raiwind around 8:00 a.m. the following morning. The special train will comprise 14 economy-class coaches to meet the expected high demand. Pakistan Railways projects that it will generate around Rs. 8.5 million from this service, which contributes to the ministry’s overarching aim of producing more than Rs. 100 billion in revenue for the forthcoming fiscal year…
Islamabad, Nov 5: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a meeting with Ambassador Munir Akram, Permanent Representative of Pakistan to the United Nations, who called on the finance minister at Finance Division today. During the meeting, matters related to follow-up and progress on meetings, consultations and discussions held between the Finance and Revenue Minister and stakeholders, including heads of leading financial institutions, commercial and investment banks, bilateral partners, think tanks and government officials came under discussion. Ambassador Munir Akram highlighted Pakistan’s efforts for underscoring the need for climate justice, scaling up climate finance and trade reforms…
Islamabad, Nov 5: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a meeting with a delegation of Asian Infrastructure Investment Bank (AIIB) led by Mr. Konstantin Limitovskiy, Vice President Client Region and Project Finance Global, Asian Infrastructure Investment Bank (AIIB) that called on the finance minister at Finance Division today. During the meeting, the AIIB team briefed the Minister about the Bank’s portfolio investment in Pakistan, including projects initiated in the hydro power generation, building road and transport sector, urban infrastructure development, building climate resilience and dealing with adverse impacts of pandemics, conflicts and climate-induced flood disasters. The…
Islamabad, Nov 5: The federal government of Pakistan is facing a substantial financial deficit exceeding Rs. 1,075 billion within its electricity sector for the current fiscal year. This shortfall is primarily due to high distribution losses and insufficient revenue from electricity sales, intensifying the pressure on the government to obtain extra funding. To partially address this gap, authorities plan to gather Rs. 275 billion through a rebasing initiative aimed at electricity consumers. . In order to enhance revenue collection, the government aims to lower these losses to approximately 17.3% and achieve a recovery rate of 90% by the fiscal year…
