Federal Minister for Overseas Pakistanis and Human Resource Development (OPHRD), Chaudhary Salik Hussain, lauded the International Labour Organization’s (ILO) efforts to support workers and mitigate crises in Gaza and the West Bank during the 112th International Labour Conference held from June 3rd to 14th, 2024. Leading the Pakistani delegation, which included Zulfiqar Ahmad, Secretary of the Workers Welfare Fund, Chaudhary Salik Hussain highlighted Pakistan’s active engagement in global labor discussions at the conference. Topics covered included labor standards, employment strategies, and inclusive economic growth. Pakistan’s participation underscored its commitment to addressing labor issues and contributing to global labor dialogue.…
Author: WebDesk
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) proposed on Friday the establishment of a Real Estate Regulatory Authority (RERA) in Pakistan, akin to those in other regional countries. FPCCI President Atif Ikram Sheikh emphasized in a statement the necessity of a regulatory authority for optimal sector performance and its contribution to the national economy. He urged that initiatives in this regard should involve consultation with relevant stakeholders. Highlighting the infrastructure cess levied by the Sindh government at 1.25 percent on imports, translating to Rs225 billion annually, Sheikh suggested that if this cess were allocated for infrastructure…
In a significant effort to support Pakistan’s fragile economy, Toyota Indus Motors (IMC) has announced plans to export 50 units of its popular models, including the Fortuner, IMV series, and Corolla Cross. In addition to vehicle exports, IMC has achieved notable success in exporting human resources, with over 100 skilled professionals sent to Japan to work with Toyota Motor Corporation (TMC). TMC has recognized Pakistani professionals as the best in discipline, skill, and training among Asia Pacific countries. This HR export is expected to generate $2.5 million, highlighting the high value and competence of Pakistani professionals in the global automotive…
The Ambassador of Italy to Pakistan, Marilina Armellin, has signed an agreement with the United Nations Development Programme (UNDP) for the ‘Water for Development: Supporting Sustainable Mountain Development and Adaptation Policies’ initiative. Funded by the Italian Agency for Development Cooperation (AICS), this initiative aims to enhance the climate change adaptation capacity of communities, improve the management of natural resources, and support the livelihoods of the most vulnerable groups. In a statement, Ambassador Armellin highlighted the importance of this UNDP-implemented initiative, carried out in partnership with the EvK2-CNR Association, and reaffirmed Italy’s commitment to fostering a more inclusive and sustainable…
The ongoing privatization of Pakistan International Airlines (PIA) has sent ripples through the stock market, culminating in significant turbulence for investors. The process, which began in August 2023, reached a critical juncture in May 2024, leading to widespread investor panic and substantial financial losses. This chain of events has raised serious questions about the mechanisms and safeguards in place at the Pakistan Stock Exchange (PSX). While the PSX maintains that all actions were in accordance with the law and that they had no other options, investors argue that the situation has left them reeling with heavy losses. Critics suggest…
Mattias Martinsson, Chief Investment Officer and co-founder of Tundra Fonder, a Swedish mutual fund investing in frontier markets like Pakistan, has raised serious concerns over rumors of high taxes on capital markets in the upcoming budget announcement on June 12. In a social media post directed at Prime Minister Shehbaz Sharif, Martinsson emphasized the detrimental impact of the capital gains tax (CGT) on Pakistan’s investment climate. “For years, we have repeatedly called for Pakistan to abandon its counterproductive capital gains tax and replace it with a turnover-based tax like Vietnam has (10bps when selling),” Martinsson stated. These concerns were…
Zong 4G, Pakistan’s premier mobile connectivity provider, has introduced a special offer for international callers on the occasion of Eid-Ul-Adha 2024, enhancing its legacy of delivering top-notch calling options. Under the special IDD Saudi Arabia offer, customers can subscribe for just Rs. 2 + Tax daily and enjoy pulse-based calling at a discounted rate of 0.70/sec. Offer Details: Bundle Name: IDD KSA LBC Offer Type: Prepaid Price: Rs. 2 + Tax Daily Rate: 0.70/Sec Validity: Daily Subscription: Send SUBIDDAP to 7966 “This offer will help Pakistanis stay connected with their loved ones performing Hajj in 2024 or residing in…
ISLAMABAD: Prime Minister Shehbaz Sharif has reportedly expressed frustration with ministries and divisions for delaying the submission of information on the categorization of commercial State-Owned Enterprises (SOEs) as strategic or essential entities, according to well-informed sources in the Finance Ministry. In a letter to all relevant Secretaries, Additional Secretary-II at the Prime Minister’s Office, Syed Shakeel Shah, noted that despite frequent and clear directives from the Prime Minister, the Cabinet Committee on Privatization (CCoP), and the Cabinet Committee on State-Owned Enterprises (CCoSOEs), the recommendations on categorizing commercial SOEs have not been submitted to CCoSOEs by the concerned ministries and…
Afghanistan continued their strong showing in the Super Eight stage, securing another convincing victory by defeating New Zealand by 84 runs in Providence. This win, following their previous triumph over Uganda by 125 runs, has placed them at the top of Group C with an impressive net run rate of 5.225. In the match against New Zealand, Rahmanullah Gurbaz and Ibrahim Zadran provided a solid start for Afghanistan, accumulating 103 runs in 14.3 overs. This partnership marked their second consecutive century stand in the T20 World Cup, following their 154-run partnership against Uganda. Afghanistan’s batting performance was divided into two…
In a significant budget proposal, the government is considering imposing a 2.5% income tax across the entire trading chain, from manufacturers to retailers, to capture the true revenue potential from non-filers engaged in trading business. If approved by Prime Minister Shehbaz Sharif and passed by the National Assembly without yielding to trader pressure, this proposal could potentially add hundreds of billions of rupees to tax receipts. According to two other proposals, tax authorities have recommended increasing the withholding tax by at least 1% on all imports, except those by commercial importers. They also suggest raising the income tax rate…
