The federal government has decided not to reduce gas prices for all categories starting July 1, 2024, despite the Oil and Gas Regulatory Authority’s (OGRA) decision to lower them by 10 percent for the next fiscal year. However, gas prices for captive power plants (CPPs) will be increased by Rs. 250 per mmBtu to Rs. 3000 per mmBtu on par with demands of the International Monetary Fund (IMF), reported a national daily. The government expects to generate Rs. 110-115 billion from this rate hike which will be used to reduce the circular debt. The Petroleum Division has instructed OGRA that…
Category: Tech and Telecom
FBR Starts Countrywide Exercise to Audit 437 Fertilizer Dealers
The Federal Board of Revenue (FBR) has initiated a countrywide exercise for conducting income tax audit of 437 urea/fertilizers dealers. According to the FBR, the audit would ensure that they pay the correct amount of income tax on their earnings. Notices have been issued for audit to a total number of 437 cases. The proceedings are on hand and shall shortly be finalized. Besides the above, notices to all non-filers have also been issued by the concerned Inland Revenue Field Formations, FBR added. The post FBR Starts Countrywide Exercise to Audit 437 Fertilizer Dealers appeared first on ProPakistani.
Senate Finance Committee Unanimously Rejects Proposal to Increase Taxes On Salaried Class
The Senate Committee on Finance and Revenue on Monday unanimously rejected the federal government’s proposal to increase taxes on salaried class in the Finance Bill 2024. After reviewing the report presented by the apex finance committee, the Senate has proposed 128 recommendations to the National Assembly for inclusion in the Finance Bill 2024 including nine public sector development programs (PSDP) for next fiscal year. Chairman Senate Standing Committee on Finance Saleem Mandviwalla presented the budget recommendations. Of the 128 recommendations, 69 were general budget recommendations for FY25 while others included eight changes to the Customs Act, 1969, 23 to the…
Shaheen Afridi Will Get £5000 Even After Pulling Out from The Hundred
Pakistan’s premium speedster Shaheen Afridi, will earn £5,000 from this season’s Hundred competition, despite pulling out of his contract with Welsh Fire. Shaheen Afridi, who was re-signed by Welsh Fire in the £100,000 category, the second-highest tier, after participating in six matches for the team in 2023, withdrew from the competition last month. This decision came amid interest from the Global T20 Canada, which is set to take place from July 25 to August 11. The Hundred runs almost concurrently from July 23 to August 18. According to reports, Afridi’s withdrawal from the Hundred does not entirely sever his financial…
Sindh’s New Policy: No More 60-Day Deadline for Vehicle Registration
The Sindh government has proposed a major revision to the car registration legislation to improve traffic safety and attention to regulations. The province would no longer let automobiles run without registration, ending the existing 60-day window for registration following purchase, according to a statement made by Sindh Information Minister Sharjeel Memon. According to the new rule, all vehicles must be registered before they leave the dealership or enter the nation. Memon said that the purpose of this amendment is to stop the misuse of ‘Applied For’ number plates, which has been a common practice that has permitted unregistered vehicles to…
Karachi’s “Feels Like” Temperature Hits 51°C
The port city of Karachi is enduring extreme heat, with the “feels like” temperature reaching 51°C around 2 pm on Monday. This is due to the high humidity making the heat much worse than what the temperature alone shows. A partial heatwave is forecasted to continue for the next three days. Sardar Sarfraz, the chief meteorologist of the Pakistan Meteorological Department (PMD), reported that the temperature in Karachi is expected to exceed 40°C today. The city will experience extremely hot and humid weather for the next three days. During this period, the sea breeze will be blocked during the day,…
Govt Proposes New Drone Registration Policy
The Ministry of Aviation has finalized a new framework for registering drones and unmanned aircraft. Titled ‘Civil Unmanned Aircraft Rules, 2024’, the draft regulations are slated for federal cabinet approval. They aim to govern drone usage nationwide, requiring all unmanned aerial vehicles (UAVs), commonly known as drones, to be registered with the federal government. The rules classify UAVs into four categories based on their maximum take-off weight: category-I (up to 250 grams), category-II (250 grams to 10 kilograms), category-III (10 kg to 25 kg), and category-IV (25 kg to 100 kg). According to the draft, operating categories II, III, and…
People’s Bus Service is Launching in Another City in Sindh
The Sindh government is set to launch the Peoples Bus Service in Nawabshah next week. This announcement was made by Sindh Senior Minister for Transport, Information, Excise, Taxation, and Narcotics Control Sharjeel Inam Memon. Memon highlighted that the Peoples Bus Service has already seen successful operations in Karachi, Hyderabad, Sukkur, and Larkana. He also revealed plans to introduce two new routes for the service in Karachi: one from Hawkes Bay to Merewether Town and another 36-kilometer route from Saadi Town to Merewether Tower. Memon stated that the number of female-only pink buses has increased on various routes in Karachi, following…
SECP Invites Feedback For Improving REIT Regulations
The Securities and Exchange Commission of Pakistan has published a Consultation Paper to invite feedback/suggestions on potential improvements in the Real Estate Investment Trust Regulations, 2022 (REIT Regulations). The paper is part of SECP’s efforts to modernize the regulatory ecosystem in catering to the evolving REIT landscape within the country and aligning the REIT Regulations with international benchmarks. The analysis has been carried out on the basis of consultations with relevant stakeholders, including RMCs and trustees. Potential areas where refinements have been proposed include streamlining the procedure for registration of trust deed and REIT Scheme, rationalizing the timelines for transfer…
Shehzad Roy Convinces Govt to Reconsider Book Tax, Withdrawal of Tax Rebate on Teachers
Prime Minister Shehbaz Sharif and Planning Minister Ahsan Iqbal have reassured Pakistani singer Shehzad Roy that the government will reconsider the 10 percent sales tax on books as well as the withdrawal of the 25 percent tax rebate for teachers in budget 2024-25. “I have spoken with Prime Minister Shehbaz & Planning Minister Ahsan Iqbal Sahab & requested to reverse the 10 percent sales tax on books and reinstate the 25 percent tax rebate for teachers. They both reassured me that they will reconsider this decision with a favorable outcome,” the singer tweeted on X. The federal government through the…
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