Tech and Telecom

The number of cellular subscribers in Pakistan declined by 0.46 million to 183.48 million by the end of May 2021 as compared to 183.94 million by the end of April 2021, as revealed by the data from the Pakistan Telecommunication Authority (PTA). Teledensity for cellular mobiles had also decreased from 84.11 percent by the end of April 2021 to 83.85 percent by the end of May 2021. The total teledensity had dropped from 85.25 percent by the end of April 2021 to 84.99 percent by the end of May 2021. However, the number of 3G and 4G users in Pakistan…

Asset Management Companies (AMCs) have received an overwhelming response as investors opened up nearly 30,000 accounts in various mutual funds since its inception. According to the official data, more than 8,000 accounts were opened online till 2020. In the five months of 2021, the number of accounts opened online stood 21,000 as of March 2021. The digital onboarding mechanism has been introduced by SECP received to attract investors in instruments of asset management companies through the easiest approved process and regulations. The digital onboarding mechanism offers investors not only a seamless account opening process for investments in mutual funds but…

A woman from Khyber Pakhtunkhwa has made Pakistan proud by winning the Lady Diana Award. Mashal Aamir was awarded the UK’s Lady Diana Award for her services for humanity and participation in welfare activities. With this achievement, Mashal has been included in the list of 300 people from around the world to receive the Lady Diana Award. ALSO READ Record-breaking Heatwave in North America Leaves a Dozen Dead This young woman has not limited her welfare efforts to just Pakistan. Besides Pakistan, she has participated in welfare activities in South Korea and the United States. In Pakistan, her efforts include the betterment of the children…

The Federal Board of Revenue (FBR) has surpassed the revenue collection target of Rs. 4691 billion for the whole fiscal year of 2020-21 by amassing Rs. 4725 during FY21 (July-June). Top FBR officials told Propakistani that the FBR has achieved the assigned revenue collection target of Rs 4691 billion for 2020-21. The tax collection has crossed Rs. 4725 billion mark. However, this is only provisional figure and revenue collection would further show significant increase after compilation of figures. ALSO READ FBR Reveals the Changes Made Under New E-Audit System The FBR had issued instructions to all the Field Offices to…

The announcement and approval of the 2021-22 budget has sparked debates among car enthusiasts, analysts, and casual car buyers for good reason as the government has announced certain reliefs for the local auto industry that could significantly lower the prices of cars in Pakistan. Due to the incentives provided to the new car companies under the Automotive Development Policy (ADP) 2016-21, the car market now has several new and intriguing products that have created a more competitive environment. It has been observed that most of the new entrants are compact crossover SUVs and compact sedans, all costing over Rs. 2…

The Federal Board of Revenue (FBR) has notified that the taxpayer or his authorized representative would not be required to personally appear before Inland Revenue officers during the whole audit proceedings under the new e-audit system. The FBR has issued a procedure for e-audit through a notification to amend Income Tax Rules, 2002. ALSO READ Repatriated Profits and Dividends Show 23% Increase During July-May Under the new facility, the “e-audit” means the audit proceedings of a registered person conducted through electronic means, including video links, or any other facility as may be specified by the Board from time to time.…

The Securities and Exchange Commission of Pakistan (SECP), to promptly response public queries regarding incorporation of companies, has introduced its WhatsApp Channel for Business Care. The WhatsApp help line number is first of its kind service in Pakistan’s Public sector. The WhatsApp service can be accessed by saving the help line number “03069365625” and then starting a conversation with SECP WhatsApp. Users will have a more streamlined experience as this service will provide immediate responses to their queries on Company Registration, Companies search through Name & Incorporation number and fee calculator. ALSO READ SECP to Launch RDA-type Accounts for Resident…

The Pakistani Rupee (PKR) has improved by Rs. 10.51 or 6.25% against the US Dollar during the current fiscal year (FY2020-21). According to the financial analytics platform Capital Stake, the PKR has improved 6.25 percent against the US Dollar year-to-date. ALSO READ Rupee Reverses Losses With Big Gains Against All Major Currencies  The rupee touched a low of Rs. 168.44 against the USD. This was back in July-August 2020 when PKR was trading close to Rs. 170 to the USD. The local unit touched a high of Rs. 152.27 against the Dollar during May 2021. On the last day of…

The Federal Board of Revenue (FBR) has tightened conditions, from July 1, 2021, for the exporters, who are availing the scheme of “temporary importation of goods for subsequent exportation” without payment of duties and taxes. ALSO READ FBR Takes Action Against Unregistered Plastic Manufacturing Unit The Federal Board of Revenue (FBR) has amended S.R.O. 492(I)/2009 through a notification issued on Wednesday. Under the revised scheme, the customs officials have been empowered to conduct profiling of the goods being exported, through the Risk Management System, to check whether exporters have misused the facility of “temporary importation of goods for subsequent exportation.”…

Federal Minister for Science and Technology, Shibli Faraz, has said that Pakistan Halal Authority can make Pakistan an active player in the trillion-dollar halal food market through its effective implementation regime. ALSO READ Senate Committee Advises Govt to Abolish Lifetime Token Tax on Small Used Vehicles He highlighted that Pakistan has a nominal share in this emerging market which is mostly dominated by non-Muslim countries. He said this while chairing the 3rd Board of Governors meeting of the Pakistan Halal Authority. Federal Minister emphasized that the mission of PHA must be to facilitate and promote trade and commerce of Pakistan’s…