Current Final

Author: News Desk

  • IMF remains concerned over Pakistan’s budget 2022-23

    IMF remains concerned over Pakistan’s budget 2022-23

    The International Monetary Fund (IMF) has expressed concern regarding Pakistan’s newly announced budget, according to Finance Minister Miftah Ismail, however the government is convinced it can implement adjustments to appease the lender.

    According to Miftah Ismail, Pakistan is expecting to sign a staff-level agreement with the IMF this month.

    The government officially launched a Rs9.5 trillion ($47.12 billion) budget for 2022-23 on Friday, striving to persuade the IMF to resume the crucial bailout payments.

    “The IMF still has some concerns regarding our budget,” Ismail said in an interview at his Islamabad office. If any alterations are mandated to bring them on board, we will consider them, he added.

    He stated that the IMF was displeased regarding fuel subsidies, a growing current account shortfall, and the need to enhance direct taxes.

    Fuel subsidies have been lowered in the last two weeks, and the remaining assistance is presumed to be phased out in the days ahead. Proposed budget estimates also aim to reduce the current account deficit, but direct tax revenues remain a concern.

    Ismail stated that Pakistan would try to alleviate the issues before the budget is approved by parliament. The fiscal year in Pakistan runs from July 1 to June 30. “If there are any changes that need to be made to bring them on board, we shall do so,” he said.

    Read more: Here are the latest income tax rates and slabs for salaried class

    Pakistan is halfway through a $6 billion, 39-month IMF programme that has been stalled due to the lender’s concerns about the status of some of its goals, including fiscal consolidation. It requires funds direly owing to the country’s shrinking foreign exchange reserves, which have reached $9.2 billion and are only sufficient for fewer than 45 days of imports.

  • Here are the latest income tax rates and slabs for salaried class

    Here are the latest income tax rates and slabs for salaried class

    In the budget for fiscal year 2022-23, the government has exempted those earning up to Rs100,000 per month from paying income tax, up from Rs50,000 last year.

    For the salaried income group, the latest budget is a mishmash as the government reduced tax rates and the number of slabs while eliminating available credit through the omission of deductible allowance for profit on debt and tax credit for investment in shares, health insurance, and pension funds.

    Moreover, the government has released a revamped list of income tax brackets for salaried employees. There were previously 12 slabs, which have now been shrunk to seven.

    Here are the new slabs:

    1. For annual incomes less than Rs600,000 (below Rs50,000 per month)
    2. For a yearly income of Rs600,000-Rs1.2 million (Rs50,000 to Rs100,00 per month).
    3. For annual earnings of Rs1.2m-2.4m (Rs100,000 to Rs200,000 per month)
    4. For annual earnings of Rs2.4m-3.6m (Rs200,000 to Rs300,000 per month)
    5. For earnings of Rs3.6m-6m (Rs300,000 to Rs500,000 per month)
    6. For annual earnings of Rs6m-12m (Rs500,000 to Rs10,00,000 per month)

    For annual earnings of more than $12 million (more than $100,000 per month), income tax is not to be levied on people earning between 0 and Rs600,000 per year (where income from salary exceeds 75 per cent of taxable income). A nominal amount of Rs100 will be subtracted per year from those earning between Rs600,000 and Rs1.2 million.

    Employees getting paid more than Rs1.2 million but less than Rs2.4 million per year will be levied 7 per cent of the amount that exceeds Rs1,200,000 in the third slab.

    An employee getting paid Rs1,400,000 per year will be levied 7 per cent of Rs200,000 (Rs1,400,000 minus Rs1,200,000 since that is the amount exceeding Rs1,200,000).

    As per the latest budget resolution, the government recommended an income tax rate of 20 per cent on small business earnings, 42 per cent on banking, and 29 per cent on related companies.

  • There should be no hindrance in Musharraf’s return to Pakistan: Khawaja Asif

    There should be no hindrance in Musharraf’s return to Pakistan: Khawaja Asif

    Defence Minister Khawaja Asif in a tweet has said that there should be no hindrance in former military dictator General (retd) Pervez Musharraf’s return, if he wants to come back to Pakistan.

    “In view of his health condition, there should be no hindrance in the return of Pervez Musharraf to the country,” tweeted Khawaja Asif. “Events of the past should not stand [in his way to come back].”

    “May he spend his time with dignity in this phase of life,” added the defence minister.

    Rumours of Musharraf’s death started circulating on social media on Friday. However, his family clarified that Gen Musharraf is not on a ventilator but has been unwell, stating that he is “going through a difficult stage where recovery is not possible”.

    On December 17, 2019, a special court found Musharraf guilty of high treason and sentenced him to death under Article 6 of the Constitution in a 2–1 split verdict.

    However, in January 2020, the Lahore High High Court (LHC) overturned the death sentence handed down to Musharraf.

  • Imran Khan responsible for the chaos during PTI’s long March: Islamabad Police

    Imran Khan responsible for the chaos during PTI’s long March: Islamabad Police

    The Islamabad Police, Chief Commissioner Islamabad and the interior secretary submitted their report regarding the Supreme Court’s (SC) order violation by Pakistan Tehreek-e-Insaf (PTI) leaders during the long march. The report submitted on Friday by the Islamabad Police stated that PTI Chairman Imran Khan caused disorder in the federal capital during his party’s “Azadi March”, which took place on May 25.

    The federal police further told the top court on Friday that Khan had directed protesters to enter the Red Zone despite a judicial order to hold the jalsa in H-9 ground. No PTI member went there because in a video message, PTI Chairman Imran Khan instructed his party workers to reach D-Chowk.

    “The PTI Chairman Imran Khan told his workers to reach the D-Chowk in a video message. The police and law enforcers made every effort to stop the protesters but they advanced removing all containers and barriers on the night between May 25 and 26,” the report stated.

    Islamabad Inspector-General (IG) Akbar Nasir Khan also attached video evidence and tweets of the PTI leaders with their report.

    The report says that the PTI supporters managed to remove containers and barriers as PTI leaders Fawad Chaudhry, Zartaj Gul, Saifullah Niazi and Imran Ismail kept provoking them.

    Earlier, the SC sought a report from law enforcement within seven days. The top court also directed the Inter-Services Intelligence (ISI) and other authorities to submit a report before the court explaining whether the judiciary’s orders were violated on May 25 during the long march.

    On June 1st, SC gave its majority judgment after a petition was filed by the Islamabad High Court Bar Association under Article 184(3) of the Constitution in anticipation of a protest march into Islamabad by the workers of the (PTI) on May 25, the federal government had blocked highways to and roads within the Capital to prevent entry and movement of the protestors.

    Chief Justice of Pakistan (CJP) Umar Ata Bandial observed that Pakistani citizens have the right to move and assemble anywhere within the country under Articles 15, 16 and 17 of the Constitution of Pakistan. He also warned the government against any illegal arrests and raids.

    However, during the hearing, Attorney-General (AG) Ashtar Ausaf Ali claimed that the PTI workers and supporters moved forward to D-Chowk after their leader [Imran Khan] asked them to.

    In its majority judgment, the top court stated: “It is apparent that the assurances conveyed to the court by the learned counsel for the top leadership of the PTI may have been dishonoured by the workers/supporters/sympathisers of the party by proceeding to the D-Chowk in the Red Zone area and by allegedly committing acts of arson and destruction of public and private properties on the way. However, we note that in the early morning today Mr Imran Khan reached Jinnah Avenue leading to D-Chowk and announced the postponement of his sit-in at Islamabad for six days. As a result, further damage to property or injury to human life has been averted.”

    The judgment also added, “there is no evidence or allegation that such acts were committed on the instigation of any party or happened randomly.”

    “At its most elementary level, the PTI leader appears to have assured the holding of a political rally at the G-9/H-9 ground and therefore not to assemble and sit in another venue including at D-Chowk in G-5 Islamabad.”

    ’ Not withstanding the said request by the AGP, we exercise restraint for the time being for several reasons’: SC

    The court also said it was “disappointed” to note that riots took place in the federal capital despite its order to create a balance between both sides, PTI and the government.

    The court further added that peaceful protest is a constitutional right but PTI could have done it with the permission of the state. As long as sanctions under Articles 15 and 16 are inevitable, the right to protest cannot be restrained without legal, reasonable grounds.

    However, Justice Yahya Afridi wrote a dissenting note. He quoted Khan’s statement after the court order: “Wherever Pakistanis are, there is good news: the Supreme Court has issued an order that there will be no hurdles and no one will be arrested. This is why I want all Pakistanis to come out of their homes today evening; people in Islamabad and Rawalpindi should try their best to reach D-Chowk because I will reach there within one-and-a-half-hour.”

    Justice Afridi said that there is sufficient material before the court to proceed against Khan “for the alleged disobedience of the court order which warrants the issuance of notice by this court to Mr Imran Khan to explain why contempt proceedings should not be initiated against him.”

  • ‘Why would I harm my family business’?: PM Shehbaz, CM Hamza get pre-arrest bails

    A special court in Lahore granted pre-arrest bails to Prime Minister (PM) Shehbaz Sharif and his son Punjab Chief Minister (CM) Hamza Shehbaz in a Rs16 billion money laundering case registered against them by the Federal Investigation Agency (FIA).

    The court asked both PM Shehbaz and CM Hamza to pay Rs1 million in surety bonds, each within seven days.

    Both the PM and his son CM Hamza appeared before the court on Saturday.

    During the hearing, the court asked Shehbaz if he has no ownership of Ashiana Housing Scheme and Ramzan Sugar Mills, to which the PM replied, “I have no stake in either.”

    PM Shehbaz asked: “Why would I engage in corruption and money laundering and harm the family business?”

    He said the Federal Investigative Agency (FIA) was provided with all the facts verbally. “I faced countless hearings and trials. The FIA was admonished for not presenting a challan. I believe the FIA was preparing for an arrest, hence the challan was delayed,” he added.

    “The entire case is built on lies and will be buried,” PM Shehbaz further said during the hearing.

    PM Shehbaz’s attorney Amjad Pervez stated that the fact that both of them [Shehbaz and Hamza] had previously been interrogated in jail by the FIA was sufficient proof for their bail.

    He said, “The case has been ongoing for more than a year and now we discover that the suspects were not made part of the inquiry.”

    Last year, the FIA submitted a challan against Shehbaz and Hamza to the special court for their alleged involvement in a money laundering case.

    The report said that the amount was kept in “hidden accounts” and “given to Shehbaz in a personal capacity”.

  • #BelievingIsMagic: FIFA World Cup™ Trophy Tour by Coca-Cola Touches Down in Lahore on June 7

    #BelievingIsMagic: FIFA World Cup™ Trophy Tour by Coca-Cola Touches Down in Lahore on June 7

    As part of the FIFA World Cup Trophy Tour™ by Coca-Cola, the official FIFA World Cup™ trophy touched down in Lahore accompanied by a delegation that included notable FIFA personnel as well as former FIFA World Cup™ winner and legendary footballer, Christian Karembeu. The initiative under the hashtag #BelievingIsMagic is aimed at promoting inclusivity and visibility of all FIFA partner nations ahead of the final games in Qatar.

    Hajra Khan, Captain of Pakistan Women’s National Football Team, awaited alongside a panel of senior Coca-Cola leadership for the FIFA delegation to touch down at the airfield. After receiving a warm welcome to the country, the delegation was escorted to the trophy’s arrival event in Lahore, hosted by Hajra Khan and attended by several of Pakistan’s leading sportspersons, celebrities, dignitaries, ministers of state, and digital media opinion leaders in attendance.

    The people of Pakistan have always enjoyed a rich sports culture, as well as a storied athletic history. The country is responsible for producing over 40 million footballs a year, and the manufacturing of sporting goods contributes significantly to Pakistan’s economy. A documentary highlighting football in Pakistan was screened during the event to shine a light on the country’s contributions to football.

    Ahmad Hanif Orakzai, Vice President, Pakistan Sports Board, was the chief guest for the trophy arrival event. He spoke about the government’s ongoing and upcoming efforts to bring football to the mainstream. The Vice President went on to speak about transforming Pakistan into a country that celebrates and facilitates sports at all levels. He extended his heartfelt thanks to the FIFA delegation and presented them with a locally made football as a token of the country’s appreciation.

    “The reason for our strong focus on sports infrastructure is because we know the best formula for our future is to empower the youth of Pakistan. Thanks to Coca-Cola, we now have a strong partner in turning this dream into a reality,” he said.

    During the course of the event, Pakistan’s leading youth athletes were brought to attention and appreciated for their contributions to the country.

    Former FIFA World Cup™ winner and legendary footballer, Christian Karembeu, was the star of the show in more ways than one. He stood next to the trophy, providing Pakistani fans an opportunity to see a legend of the game next to football’s most coveted prize. He expressed his gratitude at being given this amazing opportunity to be part of an initiative that aimed to inspire Pakistan’s youth.

    “I am honestly amazed to see the enthusiasm of Pakistani football fans. It has been amazing to hear these stories from young footballers from all these diverse communities, and I love the fact that they all have positive outlooks on their respective journeys. The future of Pakistani sports is definitely bright,” said the legendary footballer.

    “Sports brings communities and nations together and at Coca-Cola, we are delighted to champion this spirit of unity,” said Fahad Ashraf, Vice President, Coca-Cola Pakistan and Afghanistan Region, in his address to those gathered.

    As the sun set on the day’s proceedings, attendees enjoyed musical performances in an event hosted by the renowned Anoushey Ashraf and Dino Ali. The concert was headlined by big-name performers like Talal Qureshi, Shae Gill, Hasan Raheem, and Abdullah Siddiqui.

    Christian Karembeu was once again in the limelight at the grand finale as he unveiled the FIFA World Cup™ Trophy in spectacular fashion. And that’s how the night ended; the crowd cheering wildly for the trophy and the legendary footballer holding it, against a backdrop of colourful confetti and flashes of cold fire.

    Pakistan is one of the 51 countries where this year’s tour is taking place, bringing Coca-Cola and FIFA one step closer to visiting all 211 Football Nations by 2030. #BelievingInMagic

    This is a sponsored article.

  • VIDEO: Justin Bieber reveals he is suffering from facial paralysis

    VIDEO: Justin Bieber reveals he is suffering from facial paralysis

    Canadian popstar Justin Bieber revealed that he is suffering from facial paralysis after cancelling a series of shows on his latest tour. He was on his Justice tour in North America but cancelled performances in New York, Washington DC and Toronto.

    In a video posted on his Instagram page, the 28-year-old singing sensation said he had been diagnosed with Ramsay Hunt syndrome after a virus had damaged the nerves in his ear.

    Justin Bieber revealed: “As you can see, this eye is not blinking. I can’t smile on this side of my face. This nostril will not move, so there’s full paralysis on this side of my face.”

    According to the BBC, the Ramsay Hunt syndrome is when a shingles outbreak affects the facial nerve near someone’s ears.

    Bieber asked his fans to understand as he will be using this time rest and relax.

    “I hope you guys understand, and I’ll be using this time to just rest and relax and get back to 100 per cent so I can do what I was born to do. But in the meantime, this ain’t it.”

    READ MORE: By 20 I made every bad decision you could have thought of: Justin Bieber

    Bieber’s last album, Justice, released in March 2021, has been certified platinum in the US, and got to second in the UK album charts. Bieber’s Justice World Tour began in February.

  • Getting a new car? Check out the new advance tax imposed on your favourite vehicle

    Getting a new car? Check out the new advance tax imposed on your favourite vehicle

    The government has released the fiscal budget for 2022-23, which includes several changes, including a 200 per cent advance tax on the purchase of cars with engine displacements greater than 1600cc for non-filers.

    This decision is likely to possess a considerable effect on the sales of several cars in Pakistan, which have already witnessed multiple price hikes in previous months. The tax amount for non-filers has now been doubled, which will have an influence on new car sales, particularly those with larger engines.

    The advance tax will now be applicable to several famous vehicles that have dominated the auto industry for years now from well-known manufacturers, including old players like Honda and Toyota, as well as new players like Hyundai, Kia, DFSK and BAIC.

    Taxes for filer and non-filer

    Toyota Corolla Altis Grande, 1800cc, ranges from Rs4,499,000-4,859,000, Tax for filer: Rs150,000, Tax for non-filer: Rs300,000

    Hyundai Elantra GLS, 2000cc, priced at Rs4,949,000, Tax for filer: Rs200,000, Tax for non-filer: Rs400,000

    Hyundai Tucson, 2000cc, ranges from Rs5,799,000-6,299,000, Tax for filer: Rs200,000, Tax for non-filer: Rs400,000

    Hyundai Sonata 2.0, 2000cc, priced at Rs6,999,000, Tax for filer: Rs200,000, Tax for non-filer: Rs400,000

    DFSK Glory 1.8 CVT, 1800cc, priced at Rs5,159,000, Tax for filer: Rs150,000, Tax for non-filer: Rs300,000

    Kia Sportage, 2000cc, priced at Rs5,300,000-6,300,000, Tax for filer: Rs200,000, Tax for non-filer: Rs400,000

    BAIC BJ40, 2000cc, priced at Rs8,199,000, Tax for filer: Rs200,000, Tax for non-filer: Rs400,000

    Hyundai Sonata 2.5, 2500cc, priced at Rs7,849,000, Tax for filer: Rs300,000, Tax for non-filer: Rs600,000

    Kia Sorento, 2400cc, ranges from Rs6,836,000-7,499,000, Tax for filer: Rs300,000, Tax for non-filer: Rs600,000

    Toyota Fortuner, 2700-2800cc, ranges from Rs9,959,000-12,679,000, Tax for filer: Rs400,000, Tax for non-filer: Rs800,000

    Toyota Hilux, 2800cc, ranges from Rs7,359,000-9,729,000, Tax for filer: Rs400,000, Tax for non-filer: Rs800,000

    Isuzu D-Max V-Cross, 3000cc, ranges from Rs6,600,000-6,960,000, Tax for filer: Rs400,000, Tax for non-filer: Rs800,000

    Kia Sorento V6, 3500cc, ranges from Rs7,499,000, Tax for filer: Rs450,000, Tax for non-filer: Rs900,000

    Local vehicle assemblers are dissatisfied with the new budget, claiming that the government unilaterally raised advance tax on motor vehicles larger than 1,600cc because the industry did not propose it. They claim that the decision is also discriminatory and will reduce auto sales.

    Read more: Energy sector to get a massive portion of the Rs699 billion subsidy

    Advance tax on motor vehicles larger than 1600cc has been doubled, while electric vehicles costing Rs5 million or more will be subject to a 3 per cent tax.

  • Ms. Marvel slammed in reviews for being ‘Pakistani, Muslim’

    Ms. Marvel slammed in reviews for being ‘Pakistani, Muslim’

    Ms. Marvel is the highest-rated MCU series on Rotten Tomatoes but the lowest-rated MCU series on IMDB. The difference in rating hints towards something else, reports Forbes. The reason why there is a huge disparity in Ms. Marvel’s reviews on different platforms is that it is being ‘review-bombed’, as per Forbes.

    What is review-bombing?

    A review-bomb is an Internet phenomenon in which large groups of people leave negative user reviews online in an attempt to harm the sales and/or popularity of a product. Ms. Marvel is being review-bombed as users are spamming the series with a lot of 1-star reviews as compared to more than any other MCU series.

    As per the news outlet, apparently the show is getting negative reviews because it stars a Pakistani Muslim Girl. However, the other reasons could be that it is aimed at younger audience or the show has changed Ms Marvel’s powers from the comics.

    “Ms. Marvel is undisputably being review-bombed, namely because of the core identity of the character including her race and religion. It’s not surprising, but it still sucks.,” Paul Tasii writes.

    Ms. Marvel is currently streaming on Disney+ on. Marvel’s first Pakistani Muslim woman superhero is being played by Iman Vellani.

  • Energy sector to get a massive portion of the Rs699 billion subsidy

    Energy sector to get a massive portion of the Rs699 billion subsidy

    The government has proposed allocating Rs699 billion to multiple sectors in order to provide relief to the masses during the new fiscal year 2022-23.

    According to budget estimates, the government plans to boost subsidies by Rs17 billion to Rs699 billion for the next fiscal year, up from Rs682 billion in the previous fiscal year.

    The government has reduced power sector subsidies by Rs26 billion to Rs570 billion for the next fiscal year, down from Rs596 billion in the previous fiscal year and proposed increasing the total subsidy for the power sector for PEPCO by Rs18 billion to Rs275 billion. The budget 2022-23 proposed reducing the subsidy amount for K-Electric by Rs5 billion to Rs80 billion.

    Moreover, subsidies for Independent Power Producers (IPPs) are slashed by Rs39 billion to Rs215 billion for the coming fiscal year.

    The amount of petroleum subsidy has been upped from Rs51 billion to Rs71 billion. During the next fiscal year, the Utility Stores Corporation (USC) will receive a Rs17 billion subsidy. PASSCO will also receive Rs7 billion subsidy.

    During the next fiscal year, Rs8 billion has been set aside for wheat subsidies to Gilgit-Baltistan. For the coming fiscal year, the subsidy for the metro bus service has been increased to Rs4 billion. Similarly, the fertiliser plant subsidy has been increased to Rs15 billion.

    Read more: Govt unveils Rs9.5 trillion budget 22-23, focused on sustainable growth

    The new government has reduced the Naya Pakistan Housing and Development Authority (NAPHDA) subsidy amount to Rs500 million for the next fiscal year, down from Rs30 billion in the previous fiscal year. NAPHDA’s markup subsidy has also been reduced, from Rs.3 billion to Rs.500 million for the coming fiscal year.