Pakistan Tea Association (PTA) has expressed its profound concerns and apprehensions vis-a-vis the proposed budget’s continuation of sales tax and income tax exemptions for the erstwhile FATA/PATA region. Pakistan Tea Association elaborated that, while these exemptions may have been introduced with sincere intentions, but they have been misused for a long period. Pakistan Tea Association apprised that the erstwhile FATA/PATA region, with a population of approximately 6.5 million, should logically import around 1 million kilograms of tea annually based on standard consumption metrics. However, the current import figures are a staggering 23 million kilograms. This discrepancy indicates a significant misuse…
Category: Tech and Telecom
PTA Issues Advisory on Critical Security Flaw in Cisco Duo
The Pakistan Telecommunication Authority (PTA) has issued a warning about a critical security flaw in Cisco Duo Authentication for Windows Logon and Remote Desktop Protocol (RDP). This vulnerability, identified as CVE-2024-20301, could let attackers with local access bypass secondary authentication, potentially gaining unauthorized access to Windows devices. According to the advisory, this security flaw occurs because the system fails to invalidate trusted sessions created locally after a device is rebooted. This means that if an attacker has primary user credentials, they can exploit this weakness. The issue affects systems running versions earlier than 4.2.0 and those not updated to the…
Schools in Punjab to Remain Closed on Saturdays Under New Policy
The Punjab government has announced a new policy for all government schools. According to the latest announcement, Saturday will be a holiday. This decision, announced by Punjab Education Minister Rana Sikandar Hayat, aims to reduce the workload on teachers and provide them with dedicated time for professional development. Minister Hayat stated that the adjustment to a five-day teaching week, from Monday to Friday, will allow Saturdays to be exclusively reserved for teacher training sessions. معزز اساتذہ اکرام کی آسانی کے لیے پنجاب کے سکولوں میں سوموار سے جمعۃالمبارک کے دن تک یومیہ تدریسی اوقات کار بڑھانے اور ہفتہ کے دن…
Monsoon in July to Bring Heavy Rains Across Pakistan With Risks of Flooding
The National Disaster Management Authority (NDMA) through its National Emergencies Operation Center (NEOC) has issued a detailed monsoon forecast. According to the forecast, moderate to very heavy rains across Pakistan in July are expected, potentially leading to various types of flooding and landslides. As per the NEOC’s latest projections: In Sindh, including Mirpurkhas, Karachi, Hyderabad, Nawabshah, Larkana, and Sukkur districts, rainfall ranging from 30-75 mm is expected throughout July. Heavy to very heavy rainfall is specifically forecasted for the 2nd and 4th weeks, posing risks of flooding. Khyber Pakhtunkhwa’s Mardan, Malakand, and Hazara Divisions may experience isolated rainfall in the…
University of Home Economics Decreases Fee for Next Academic Year
The University of Home Economics has made a significant announcement regarding fee reductions for the next academic year. The syndicate has approved a budget of Rs. 1.14 billion, including various financial measures to ease the burden on students. The most notable changes include a 31 percent reduction in intermediate fees and a 38 percent cut in MPhil fees for new enrollees. In addition, the university has decided to freeze transport and hostel fees, offering further relief to students and their families. The budget also includes Rs. 315 million for the university’s endowment fund. During the recent Syndicate meeting, members approved…
Govt’s Current Year Bank Borrowing Exceeds Combined Totals of Last 2 Fiscal Years
The federal government borrowed Rs. 7.39 trillion from banks in 11 months of fiscal year 2024, exceeding the amount borrowed in the previous two fiscal years combined, according to the latest data by the State Bank of Pakistan (SBP). The government borrowed Rs. 7.16 trillion from banks in the previous two fiscal years, i.e., Rs. 3.72 trillion in FY23 and Rs. 3.44 trillion in FY22. Compared to the combined borrowed amount of FY22 and FY23, the federal government has borrowed Rs. 224 billion more in 11MFY24 than the total amount borrowed in the past two fiscal years. Meanwhile, the government…
Afghanistan Creates History by Qualifying for T20 World Cup Semi-Finals
Afghanistan emerged victorious against Bangladesh at the Amos Vale Stadium, winning by 8 wickets during the T20 World Cup following Rashid Khan’s bowling prowess. Afghanistan, batting first, struggled to post a competitive score. Despite a resilient innings from Rahmanullah Gurbaz, who scored 43 runs off 55 balls, the team could only muster a total of 115-5 in their allotted overs. The Afghan bowling attack proved too formidable, with their skipper Rashid Khan leading the charge. Khan delivered a stellar performance, claiming 4 wickets for just 23 runs. His spin bowling dismantled the Bangladesh batting line-up. Adding to Bangladesh’s woes, Naveen…
American Business Council Asks Govt to Reconsider Removal of 25% Advertising Expense Policy
The American Business Council has urged the federal government to reconsider the removal of the 25 percent Sales Promotion, Advertising and Publicity (SAP) expense policy. It said the government has disallowed 25 percent of SAP expenses creating a significant marketing cost, especially for multinationals that rely on advertising to sell fast-moving consumer goods (FMCG). This means a higher tax liability for foreign companies, already struggling with current macroeconomic conditions. It also means an anti-competitive and discriminatory landscape targeting foreign investors. A delegation from the American Business Council held meetings in Islamabad today on this matter with Federal Minister for Investments,…
Reko Diq Mining Company Installs 3rd RO Plant in Chagai District
The Reko Diq Mining Company (RDMC) has inaugurated a new reverse osmosis (RO) plant in Nok Chah village, Chagai district, to provide potable water to local communities. This is the third RO plant established by RDMC in the district, with the first two located in the villages of Humai and Mashki Chah. The new RO plant in Nok Chah uses advanced technology to produce 5,000 gallons of clean drinking water daily. Before its installation, local water wells had total dissolved solids (TDS) levels exceeding 5,200, making the water unsafe for consumption. The new RO plants have reduced TDS levels to…
Govt Might Withdraw Proposal to Bring Exporters Under Normal Tax Regime
The government is considering withdrawing its proposal to bring exporters into the normal tax regime. Instead, it may impose a higher tax rate of 2-3 percent on their export proceeds. With less than a week left before the new fiscal year commences, changes to the Finance Bill 2024-25 are imminent and still may include some relief for exporters. Ongoing discussions with the International Monetary Fund (IMF) are crucial as unresolved issues could impact the government’s efforts to secure a new bailout program, reported a national daily. If this is finalized in the 2024-25 budget, it will show that the government…
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