Tech and Telecom

According to the finance bill of 2024, sales tax on smartphone imports as well as IMEI registration is now 25% ad valorem following budget 2024-25. This applies to smartphones valued above $500, meaning all high-end and premium smartphones. However, the 25% rate only applies to fully assembled smartphones valued above $500. Handsets that are yet to be assembled or partially assembled will continue to be taxed at an 18% rate regardless if their value exceeds 18%. The same is the case with locally manufactured and supplied smartphones. As for mobile phones valued below $500, a flat 18% rate will be…

The new income tax slabs for the salaried class under the federal budget 2024-25 revealed that a higher rate of income tax would now be applicable from July 1, 2024, where annual taxable income exceeds Rs. 600,000, high-level sources informed ProPakistani. In the new federal budget 2024-25, where taxable income is between Rs. 600,000 but does not exceed Rs. 1,200,000, the rate of tax would be Rs. 2,500, or 5 percent, doubling the existing tax of Rs. 1,250. For individuals earning up to Rs. 600,000, there is no change as this bracket remains tax-free. This exemption ensures that the lower-income…

The Government of Pakistan has announced a freeze on new hirings for Basic Pay Scale (BPS) 1 to 16 positions. This decision, unveiled by Finance Minister Muhammad Aurangzeb during his budget speech for the fiscal year 2024-25, is expected to save the government approximately Rs. 45 billion annually. Finance Minister Aurangzeb explained that this hiring freeze is part of a broader initiative to streamline government spending and enhance fiscal efficiency. “By freezing new hirings in the BPS 1 to 16 categories, we anticipate significant savings that will help reduce our overall expenditure,” he stated. “This is a critical step towards…

Pakistan defeated Canada by a comprehensive performance in New York to bring some hope to the fans as they registered 2 points on the table for the first time in this T20 World campaign. Pakistan’s heart-wrenching loss by 6 runs against India on Sunday has put their qualification chances for the Super 8s in jeopardy. However, there is still a glimmer of hope for Babar Azam’s men. Like all the previous World Cups in recent history, The Men in Green need a miracle to qualify for the next round as they have faltered in the first two matches. With only…

The Federal Board of Revenue (FBR) has seized non-duty paid/smuggled goods worth Rs 81.6 billion during 2023-2024 as compared to the seizure of goods worth Rs 45.3 billion in 2022-23, reflecting an increase of Rs 36.3 billion. According to the Economic Survey (2023-24) issued on Tuesday, to deal with the smuggling menace in Pakistan, a comprehensive National Anti-Smuggling Strategy has been prepared in consultation with the relevant stakeholders. This strategy proposes targeted interventions at both strategic and tactical levels by setting short-, medium-, and long-term goals. Pakistan Customs also beefed up its anti-smuggling operations, which resulted in the seizure of…

The federal government has announced a decisive crackdown on over 3,000 illegal petrol pumps operating across Pakistan. This initiative will see the Department of Explosives and the Pakistan Petroleum Dealers Association (PPDA) working together to eliminate the widespread issue of unregulated “dabba” petrol stations and unauthorized nozzles. A meeting was held between the Director General of Explosives, Abdul Ali Khan, and representatives of the PPDA, where the hazards posed by these illegal fuel shops were discussed. The PPDA representatives highlighted the dangers of these stations, which often have large tanks buried under shops in residential and commercial areas. The PPDA’s…

The government has decided to impose 18 percent sales tax on agriculture related items including tractors, pesticides and fertilizers in budget (2024-25). According to the details, the government has given go ahead to the Federal Board of Revenue (FBR) to incorporate amendments in the Finance Bill 2024. The government had to meet challenging target of Rs. 12,900 billion for 2024-25 for which we have to take tough revenue measures, sources added. It is pertinent to mention here that the agriculture sector in Pakistan witnessed robust growth in FY2024, with an overall increase of 6.25 percent. The post Govt to Slap…

The Balochistan government, with the help of the Balochistan Public Private Partnership Authority (BPPPA), is set to launch a Solar Salt project in District Gwadar. The Pakistan Economic Survey 2023-24 revealed that Reconnaissance Licenses for Solar Salt have been granted to the government-owned Balochistan Mineral Resources Limited (BMRL). Negotiations are ongoing with international investors regarding areas granted to BMRL and the Balochistan Mineral Exploration Company (BMEC). Following the Reko Diq settlement, the government has focused on large-scale mining, issuing several Exploration Licenses (ELs) for copper, gold, and associated minerals. BMRL received five ELs, and the Balochistan Mineral Exploration Company (BMEC)…

India vs USA is set to be played at the Nassau County Cricket Stadium in New York as both teams play their third match of the 2024 T20 World Cup campaign. The Men in Blue have already triumphed against their arch-rivals Pakistan and now they only need one more victory to qualify for the Super 8s. Meanwhile, the hosts need to beat either India or Ireland to qualify for the next round in this Group A clash. If they secure a point then Pakistan will be knocked out of the campaign for sure. There will be plenty of support on…

New licenses for Direct-To-Home (DTH) services will be issued by the Pakistan Electronic Media Regulatory Authority (PEMRA) that will potentially bring between $2 billion to $3 billion in investment, according to the Economic Survey of Pakistan for the financial year 2023-34. The survey said that the increase in investment through new licenses will have a multiplier impact on growing the work of media production companies, advertising agencies, and performing arts, as well as creating job prospects for trained media personnel and journalists. The new licensing of DTH satellite TV channels, FM radios, and teleport services would be helpful, the survey…