Tech and Telecom

Brokerage house Topline Securities Thursday said that the federal budget for FY25 will likely pave the way for a new International Monetary Fund (IMF) program. Topline said in its report that the tax measures taken under this budget are quite balanced and less inflationary than expectations, as earlier it was considered that the government would increase GST by 1 percent etc. The brokerage house said that it believes that these measures will pave the way for the IMF program if approved by the parliament. The report highlighted that the Federal Board of Revenue (FBR) tax revenue target has been set…

The Association of Builders and Developers (ABAD) has opposed budgetary measures, including increasing the Capital Gains Tax (CGT) on real estate to 15 percent for filers and 45 percent for non-filers and imposing a 5 percent federal excise duty (FED) on new plots, commercial, and residential properties to curb speculation. ABAD Chairman Asif Sum Sum argued that the real estate sector is already overburdened with various taxes and that additional levies are unnecessary. “New taxes will not only strain the real estate sector further but also deter overseas Pakistanis from investing their hard-earned money in Pakistan’s property market,” he stated.…

The Securities and Exchange Commission of Pakistan (SECP) vigilantly monitors app stores, websites, and social media for illegal personal loan apps to protect the public from falling into debt traps. “DD Credit”, an illegal app found to be reaching out to the public through advertisements on Facebook was reported to the PTA and FIA and was consequently blocked by the PTA. The SECP, through its efficient in-house surveillance mechanism, has identified 141 illegal apps and reported them to Google, Apple and the PTA for prompt blocking along with referring these apps to the FIA for action following the Prevention of…

Visa (NYSE: V), a world leader in digital payments, recently hosted Pakistan’s premier “Fraud Prevention and Risk Management Summit”. This landmark event in Karachi was part of Visa’s ongoing mission to promote seamless payments and protect the digital payments infrastructure within the country while ensuring issuers and acquirers are well-informed about risks and well-equipped to protect themselves from attacks. Umar S. Khan, Country Manager for Pakistan & Afghanistan, Visa, commented: “Empowerment is vital in combatting fraud. The journey to a secure digital future needs a collective push involving consumers, businesses, and governments. Visa has prioritized securing the digital landscape through…

Finance Minister Muhammad Aurangzeb on Thursday said the federal government has allocated the biggest and record budget for the IT sector. Addressing the post-budget press briefing in Islamabad today, he said the government has earmarked a significant portion of the budget for the development of the IT sector. Current IT exports stand at $3.5 billion, with projections suggesting they could rise to between $5 billion and $7 billion in the near future. To support this growth, measures to improve digital infrastructure have been proposed. Aurangzeb said the government plans to subsidize loans and offer risk guarantees for the IT sector and…

Have you heard about LuckyOne Mall’s latest campaign, Changing Lives? It’s a heartwarming initiative reflecting the mall’s commitment to giving back to the community. This campaign was a natural extension of last year’s “Random Acts of Kindness” campaign, which aimed to inspire people to spread kindness and positivity. About Changing Lives LuckyOne Mall had taken up a notch with Changing Lives by making a tangible impact on people’s lives. It’s inspiring to see businesses like them leading the way in making the world a better place. Changing Lives was a comprehensive initiative comprising several distinct segments. Each with its own…

Muhammad Zohaib Khan, Chairman Pakistan Software Houses Association (P@SHA), has expressed his profound apprehensions that IT Industry’s budgetary proposals have been completely overlooked; despite repeated assurances given by the government. On the contrary, the salaried class is now burdened with even higher income tax; which will further fuel the brain drain of the skilled workforce from the IT industry of Pakistan. The situation was already alarming vis-à-vis taxes and human resource availability; and, P@SHA has, time and again, duly presented the facts and relevant proposals to the government, he added. Ali Ihsan, Senior Vice Chairman of P@SHA, lambasted the government…

The increase in petroleum development levy (PDL) will be slowly phased into fuel prices in order to bring them in tandem with international oil prices, Finance Minister Muhammad Aurangzeb said in his post-budget press briefing in Islamabad today. The increase in PDL will not be immediately implemented from 1st July 2024 but in phases, he added. The Finance Minister on Wednesday’s budget presentation in parliament announced an increase in the maximum petroleum levy on petrol and high-speed diesel to Rs. 80 per liter. The maximum petroleum levy rate will now be Rs. 80 per liter, an increase of Rs. 20…

If you thought Pakistan’s on-field performance was embarrassing, wait till you see what the former cricketers are up to off the pitch. They’re practically in a race to out-embarrass the current squad. Whether it’s their social media antics or their TV appearances, these ex-players, including Kamran Akmal, Ijaz Ahmed and more, are desperately clinging to relevance through immaturity and, sadly, even outright racism in some cases.  In the aftermath of Pakistan’s loss to India in the T20 World Cup, former cricketer Kamran Akmal made headlines for all the wrong reasons. During a live television broadcast, Akmal made a racist remark…

Finance Minister Muhammad Aurangzeb on Thursday said higher taxes will be imposed on high-income earners next fiscal year. He also criticized the concept of non-filers and stressed to eliminate this category. A meeting of the Senate Standing Committee on Finance and Revenue was held in Islamabad today chaired by Senator Salim Mandviwala. Finance Minister Muhammad Aurangzeb was also present. A representative of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) voiced concerns about the new budget, stating that nothing had been allocated for industry and exports. He argued that the income tax on rice exports had been increased…