ISLAMABAD, AUGUST 6: The zero-rating of petroleum items into sales tax exemption in the budget (2024–25) will result in an annual savings of roughly Rs. 20 billion for the government. The Finance Act 2024 has modified the status of Motor Spirit (Petrol), High-Speed Diesel, Kerosene, and Light Diesel Oil (LDO) from taxable to exempt supplies in relation to sales tax. The status change will result in an increase in revenue of between Rs. 18 and 20 billion. Due to a shift in the status of petroleum goods from zero-rating sales tax to sales tax exemption, the industry is no longer…
Author: Mawadat Fatima
ISLAMABAD, AUGUST 6: We mourn the violence and tragic loss of life that has taken place in recent weeks in Bangladesh,” the World Bank stated. Washington: After Bangladesh’s Prime Minister Sheikh Hasina quit and left, the World Bank announced on Monday that it was evaluating how the current situation might affect its loan agreement with that nation. Following a crackdown on rallies that started as protests against preferential job quotas and turned into a movement calling for Hasina’s removal, hundreds of people died. This led to Hasina’s resignation. “We pray for a speedy and peaceful conclusion and lament the violence…
ISLAMABAD, AUGUST 6: Judge Mehta stated, “Google is a monopolist and has behaved as one to preserve its monopoly.” According to the BBC, a US judge found that Google used monopolistic tactics to crush rivals and preserve its hegemony over online search and search advertising. This decision is a major setback for Alphabet, the parent company of Google, and it may fundamentally alter the business models of top internet companies. In 2020, the US Department of Justice filed a lawsuit against Google, alleging that the firm held approximately 90% of the market share for online searches. This prosecution is part…
ISLAMABAD, AUGUST 6: The Tajir Dost Scheme, the Federal Board of Revenue (FBR) has made available to trader’s flexible advance tax rates (Trader-Friendly Scheme). In accordance with the revised rates, 78% of localities will be subject to a monthly tax of Rs $5,000. The following rates of taxation are established under the scheme: Rs 10,000 for 14% of the areas, Rs 20,000 for 5% of the territories, Rs 30,000 for 2% of the areas, Rs 45,000 for 0.6 percent of the regions, and Rs 60,000 for 0.32 percent of the areas. Furthermore, under the system, traders who pay their taxes…
ISLAMABAD, AUGUST 5: According to authorities, criminals are utilizing the well-known Google Maps program to transport narcotics throughout Pakistan by taking advantage of technology. Dealers in the Khyber area have established a covert distribution network by exchanging GPS information and utilizing chat applications. They may send pharmaceuticals across the country using this technique, called the “Location Network,” in place of more conventional face-to-face transactions. These traffickers place narcotics in predetermined sites around various cities and villages, eschewing the conventional hand-to-hand exchanges. They take pictures of these locations, post the pictures, and use WhatsApp to communicate with the district’s major merchants.…
ISLAMABAD, AUGUST 5: Today, the Pakistani rupee (PKR) opened trading at 278 in the interbank market, but it began the week down versus the US dollar. It closed in red vs the US dollar, remaining negative throughout the day. During today’s session, it recorded significant losses compared to the majority of the other major currencies. Today, it lost about Rs. 5 to the Euro. The interbank rate closed at 278/$, where it had spent most of the day. Today’s open market rates were rigidly set at the 278 level across a number of currency exchanges. The PKR lost 13 paisas…
ISLAMABAD, AUGUST 5: An international airline located in the United Arab Emirates was fined Rs. 100,000 by a consumer court in Sialkot for giving a customer subpar service. Passenger Fatima Saba from Sialkot filed a complaint with the district consumer court, claiming that she had purchased a ticket from Faisalabad to Istanbul (Turkiye) on April 17, 2024. When Saba got to the airport, she saw that the airline had canceled the trip without telling her in advance. In addition, she did not get a refund for her ticket and the trip was not rescheduled. The petitioner submitted the necessary paperwork…
ISLAMABAD, AUGUST 5: The admission timetable for Semesters 1 and 5 of the 2024–2025 academic year has been released by Punjab University, following the successful completion of the entrance exam for undergraduate programs. Punjab University’s undergraduate program admissions are now open. The program includes the campuses in Lahore, Gujranwala, Jhelum, and Potohar, according to government sources. For the undergraduate regular program, the first merit list will be made public on August 12 and the second on August 16. The following merit lists are scheduled to be released on August 21, August 26, and August 29. The first merit list for…
ISLAMABAD, AUGUST 5: Bangladeshi Prime Minister Sheikh Hasina has quit her position and left Dhaka in the midst of violent protests. It is said that she is going to India. “She and her sister have left Ganabhaban (the Prime Minister’s official residence) for a safer place,” according to an AFP source. She and her younger sister Sheikh Rehana left Bangabhaban at approximately 2:30 p.m. on Monday on a military chopper to go to a “safer place.” ANI reported. In the meantime, Prime Minister Sheikh Hasina has been handed a 45-minute ultimatum by the Bangladesh Army to go. Student organizations’ protests…
ISLAMABAD, AUGUST 5: The Competitive Commission of Pakistan’s clearance, Lucky Core Industries will purchase a portion of M/s. Pfizer Pakistan Limited’s assets. A number of agreements, including the Asset Purchase Agreements and the Frame Agreement, have made this transaction possible. A number of well-known pharmaceutical medicines, together with the corresponding registrations, manufacturing techniques, expertise, and related trademarks for Ansaid, Ponstan, Ponstan Forte, Basoquin, Deltacortril, Lysovit, Corex-D, and Mycitracin, are included in the transaction. Pakistan’s Lucky Core Industries is a publicly traded business that produces a range of chemicals and medications. Pfizer Pakistan Limited, the seller, is a publicly traded, unlisted…
