As the budget speech unfolds, it becomes increasingly clear that the leniency previously extended to non-filers is being gradually revoked. Until recently, the capital gains tax rate for securities and real estate transactions, held for less than a year, stood at 15%. However, it appears that stricter measures are being implemented. Under the new proposals, both filers and non-filers will face a uniform tax rate of 15% for buying and selling these assets. Non-filers, however, will bear the brunt of the tax burden, facing rates as high as 45% on transactions in both real estate and securities. This approach aims…
Author: WebDesk
Republic of Korea President Yoon Suk Yeol is set to visit Uzbekistan from June 13th to 15th at the invitation of President Shavkat Mirziyoyev. Since its establishment on January 29, 1992, relations between Uzbekistan and South Korea have blossomed into a successful partnership across various sectors. Over more than three decades, these ties have seen significant development and growth, marked by several key milestones. In 2006, the signing of the Joint Declaration on Strategic Partnership marked a significant step, followed by the elevation to a special strategic partnership in 2019. These phases of collaboration reflect deep-rooted historical connections and are…
Pakistan emphasized the imperative of addressing the myriad challenges confronting the world’s oceans, vital for sustaining life on Earth. Ambassador Usman Jadoon, Pakistan’s Deputy Permanent Representative to the United Nations, conveyed concerns at a meeting of the parties to the U.N. Law of the Sea Convention (UNCLOS), highlighting the adverse impacts of climate change on marine ecosystems. Ambassador Jadoon pointed out that marine biodiversity is suffering due to over-exploitation and ocean acidification, with a significant portion of fish stocks harvested unsustainably. He also highlighted the pollution of coastal waters with chemicals, plastics, and other waste, exacerbating environmental degradation. Moreover, he…
At this year’s InfoComm expo in Las Vegas, Samsung introduced a new type of TV that is still in development but could hit the market soon. This TV utilizes a unique screen technology called color e-ink, akin to what you find on e-readers. Primarily designed for showcasing advertisements or announcements in various settings like offices, stores, and even outdoors, the technology boasts impressive features. The screen, measuring 32 inches wide, offers 2K resolution and can exhibit up to 60,000 colors. Despite its size, the TV is remarkably thin and lightweight, weighing just 2.9 kg without the battery and measuring 17.9…
During the first two hours of trade following the presentation of the federal government’s market-positive budget on Wednesday, the Pakistan Stock Exchange witnessed a gain of over 2,100 points as eager buyers entered the market. Starting at 72,797 points, the benchmark KSE-100 index surged by 3 percent or 2,141 points by 11:13 AM, reaching 74,947 points. The positive trend persists, with the current liquidity draw nearing 75,000 points once more. Investors are notably responding favorably to the slight adjustments in Capital Gains Tax (CGT) for tax filers. Additionally, the introduction of new taxes targeting non-filers, certain retailers, and the real…
In the proposed fiscal year 2024-25 budget, the federal government has unveiled substantial tax relaxations concerning the importation of raw materials for both the solar panel and aquaculture industries. Finance Minister Muhammad Aurangzeb announced these measures during his budget speech in the National Assembly on Wednesday. To bolster domestic manufacturing of solar panels, the government plans to offer tax exemptions on the importation of machinery, equipment, raw materials, and components essential for producing solar panels, inverters, and batteries. Likewise, in a bid to foster the expansion of the aquaculture sector, the government has suggested tax relief on the importation of…
According to high-level sources, the government has put forth a new suggestion to revoke tax exemptions for electric cars priced above $50,000, as informed to ProPakistani. Initially, imported electric vehicles enjoyed tax privileges to promote their import and adoption in Pakistan. However, this is slated to change, as electric cars valued above $50,000 will now be subject to taxation similar to conventional cars. This adjustment will impact high-end electric car models such as the Audi e-Tron/e-Tron GT, BMW i8, etc. Nevertheless, more affordable electric cars like the MG ZS EV, MG4 EV, Rinco Aria, etc., priced below $50,000, will remain…
The federal cabinet has endorsed a proposal to enhance the pensions of federal government employees by 15 percent. Additionally, the cabinet has sanctioned a notable raise in the salaries of federal government employees. Employees falling under grades 1 to 16 will witness a 25 percent salary hike, whereas those in grades 17 to 22 will experience a 20 percent increase. It’s noteworthy that provincial governments are expected to emulate this decision and implement a 15 percent increase in pensions for their employees. Both decisions are anticipated to be announced by Prime Minister Shehbaz Sharif during his parliamentary address later today.
The 2024 University Impact Rankings by Times Higher Education highlight and praise universities for their outstanding contributions to advancing various United Nations Sustainable Development Goals (SDGs). These institutions showcase excellence in specific fields and demonstrate a comprehensive commitment to global sustainable development. Through their achievements across multiple SDGs, they reaffirm their dedication to tackling critical global issues such as environmental sustainability, social inclusion, economic growth, and collaborative partnerships. Recognized for their significant impact on sustainable development across diverse areas, these leading universities play a crucial role in shaping a sustainable and resilient future. Their holistic approach emphasizes the importance of…
At Apple’s recent event, the focus was primarily on software updates, with little attention given to hardware. However, reports suggest that Apple is actively working on two foldable devices: a 20.3-inch MacBook nearing completion and a 7.9-inch foldable iPhone. Analyst Jeff Pu indicates that the foldable iPhone will feature an outward folding design similar to the Huawei Mate Xs 2, where a single display covers both the front and back when folded, unfolding into a seamless, flat display. This configuration, resembling the Samsung Galaxy Z Fold but folding outward, is expected to debut by the end of 2026 or possibly…
