Current Final

Author: News Desk

  • Coalition govt shows ‘full confidence’ in PM Shehbaz, as Zardari hosts dinner ahead of budget

    Coalition govt shows ‘full confidence’ in PM Shehbaz, as Zardari hosts dinner ahead of budget

    Former President Asif Ali Zardari hosted a dinner for leaders and members of the coalition government, on June 9 ahead of the fiscal budget 2022-23 announcement in Islamabad.

    The fiscal budget that is to be released on June 10, 2022, (today) was the centre of discussion at the dinner. The meeting also discussed the overall political state of the country and expressed full confidence in Prime Minister (PM) Shehbaz Sharif.

    Zardari was also lauded by the coalition leaders and members for his efforts to unite the parties together. PM Shehbaz also received advice from members and leaders present at the dinner.

    In attendance were Yousaf Raza Gillani, Marriyum Aurangzeb, Maulana Fazl-ur-Rehman, Sherry Rehman, Qamar Zaman Kaira, Raja Pervez Ashraf, and Rana Sanaullah among others.

    Foreign Minister (FM) Bilalwal Bhutto-Zardari was not in attendance at the dinner because he is currently in quarantine.

  • Khan demands probe in ‘Maqsood chaprasi’ death case

    Khan demands probe in ‘Maqsood chaprasi’ death case

    Malik Maqsood Ahmad, more commonly known as Maqsood ‘Chaprasi’ (peon), accused of Rs16 billion money-laundering in the case against Prime Minister (PM) Shehbaz Sharif and his son Punjab Chief Minister (CM) Hamza Shehbaz passed away in Dubai on Thursday, June 9.

    Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan on Thursday demanded a probe into Maqsood’s death.

    Maqsood had reportedly left for the UAE in 2018, just before the PTI came to power. Khan often referred to him in his public speeches alleging that PM Sharif and his sons laundered billions of rupees using Maqsood’s bank account.

    PTI information secretary Farrukh Habib raised several questions on the death of Maqsood and tweeted, “After the Shehbaz Sharif government came to power, the sudden deaths of Dr Rizwan and Maqsood, and change of prosecutor in the money-laundering case (against Shehbaz and others) are evident of how the Sicilian Mafia works.”

    PTI central Punjab president Dr Yasmin Rashid and general secretary Hammad Azhar also demanded Maqsood’s postmortem, maintaining that the nation should be informed who would inherit the Rs3bn apparently lying in his account.

  • ‘Radical Mindset’: No Pakistani female official going to Hajj

    Pakistan’s Hajj mission would have no female Hajj aides for the first time in history to assist women pilgrims performing Hajj in Saudi Arabia, Zahid Gishkori reports for Samaa News.

    This year, approximately 80,000 Pakistani pilgrims, including over 8,000 women, will perform Hajj. Federal Minister of Religious Affairs and Interfaith Harmony Maulana Abdul Shakoor has decided not to send women officials with the pilgrims.

    Women officers who were barred from accompanying pilgrims have written to Federal Ombudsperson for Harassment Kashmala Tariq, calling the minister’s action “misogynistic” and “discriminatory”.

    “The illogical ground of this policy is depriving us from our constitutional right of equality, which resulted in discrimination [and] caused ridicule to all women officers and officials of the ministry,” reads the letter. The letter has signatures of seven officials.

    Officials also criticised the secretary, who serves as the ministry’s administrative head, for his “lack of opposition”.

    They went on to say that the secretary is normally obligated to carry with the minister’s decision under the ministry’s Rule of Business, 1973.


    Read more- 200 officials to reportedly fly for Hajj on govt expenses, PM takes notice

    The women have accused ministry officials of surrendering to the ‘radical mindset’ of the minister.

  • Pakistan’s textile sector witnesses a significant downturn in growth

    Pakistan’s textile sector witnesses a significant downturn in growth

    Pakistan’s Economic Survey 2021-22 reveals that the textile industry expanded by 3.2 per cent during July-March in fiscal year 2021-22, compared to 8 per cent in the same period last year, demonstrating a considerable setback in progress.

    The poundage of the textile sector has declined from 20.9 to 18.16 per cent in QIM 2015-16, but it remains the highest among all LSM sectors, according to Brecorder.

    Woolen segment production grew the most, with a 38.9 per cent increase in blankets, a 27.9 per cent increase in woollen and carpet yarn, and a 19.1 per cent increase in woollen worsted cloth. Yarn and cloth production increased by 0.7 per cent and 0.3 per cent, respectively.

    Congruent production units, invariant capacity and elevated cotton prices owing to demand and supply gap disruptions have moderated the growth momentum of the cotton sector, stated the Economic Survey 2021-22 document, unveiled by Finance Minister Miftah Ismail.

    “Depreciation of PKR restrained the production of jute, as most of the raw material is imported from Bangladesh. However, surge in imports of textile machinery, rising demand for concessionary financing from textile firms and high exports of this sector showing a sizable improvement in the textile sector,” it added.

    With a weight of 6.08 in the LSM, wearing garments has been detached from the textile sector. It grew by 34 per cent compared to 35.6 per cent compression.

    The sector has been growing traction both locally and internationally, with garment production increasing by 34 per cent during the time frame. Garment exports have also increased by 33.9 per cent in aspects of volume.

    Textile is Pakistan’s most valuable manufacturing sector, with the widest production chain and intrinsic value addition ability at each point of the process, from cotton to ginning, spinning, fabric, dyeing and printing, made-ups and garments.

    This sector accounts for well almost one-fourth of industrial value addition and employs approximately 40 per cent of the industrial workforce. Textile products have maintained an average share of about 61.24 per cent in national exports, excluding seasonal volatility.

    In the meantime, knitwear exports decreased by 4.8 per cent in quantity while increasing by 34.1 per cent in value during the period under review. Towel exports totaled $819.6 million, up from $692.1 million, representing an increase of 18.4 per cent in value and 5.1 per cent in quantity.

    The ready-made garment industry has surfaced as a crucial small-scale industry in Pakistan, and it is a good source of providing employment opportunities to many people with a very low capital investment. Exports increased by 33.9 per cent in quantity and 26.2 per cent in value from 27.8 million dozen to 37.3 million dozen worth $2.8 billion, up from $2.27 billion in the same period last year.

    Meanwhile, Pakistan exported synthetic textile fabrics worth $343.59 million in comparison to $269.20 million in the same period last year, representing a 27.6 per cent increase. In terms of volume, synthetic textile exports fell by 33.6 per cent.

    The ceremony was also attended by Ahsan Iqbal, Minister of Planning, Development, and Special Initiatives, Khurram Dastgir, Federal Minister of Power, and Aisha Ghaus Pasha, Minister of State for Finance and Revenue.

    Furthermore, the survey underscored the key features of the government’s policies aimed at restoring macroeconomic stability and putting the economy on a growth path. Addressing the launch event, Miftah Ismail stated that the government has avoided a default due to the difficult decisions made by the current administration. He said that the country is now on the path of stability.

  • ‘Pagal’: Rana Sanaullah reveals PTI’s Qureshi called Imran Khan ‘mad man’

    ‘Pagal’: Rana Sanaullah reveals PTI’s Qureshi called Imran Khan ‘mad man’

    Interior Minister Rana Sanaullah while speaking on Geo News programme ‘Apas ki Baat’ said that the Pakistan Tehreek-e-Insaf (PTI) government itself had made an offer to them regarding the Financial Action Task Force (FATF) and National Accountability Bureau (NAB) amendments and had invited the Opposition for talks when PTI was in power.

    Rana Sanaullah said that the PTI later used their suggestions in the media to attack them.

    Sanaullah further said that the then Foreign Minister Shah Mahmood Qureshi called him and said that he wanted to talk to Rana separately.

    “Give my salam to Mian Saab [Nawaz Sharif]. All the things you said were correct. We agree but that mad man [Imran Khan] doesn’t agree,” said Qureshi.

    “Don’t speak in front of Shahzad Akbar. He is his [Imran Khan]’s agent and tells him everything,” Qureshi said to Sanaullah.

    Anchorperson Muneed Farooq interjected and questioned if Qureshi really called former Prime Minister (PM) Imran Khan ‘pagal’, to which Sanaullah said, “I can say it on oath. Call him in front of me.”

  • ‘First time in history’: Rectal cancer cured for every patient in drug trial

    ‘First time in history’: Rectal cancer cured for every patient in drug trial

    In a very small clinical trial conducted in the US, every patient with rectal cancer went into remission.

    According to a study published in The New England Journal of Medicine, all patients who were given the new drug — Dostarlimab — had no trace of cancer after six months.

    The trial was conducted by doctors at New York’s Memorial Sloan Kettering Cancer Center, which resulted in every single one of their tumors disappearing. NPR reports that some scientists say these kinds of results have never been seen in the history of cancer research. Most people had no severe adverse side effects at all.

    “Every single patient is now in remission,” Andrea Cercek, an oncologist who helped with the study told CNN.

  • Boy kills mother for not allowing PUBG, hides body, calls friends over for party

    Boy kills mother for not allowing PUBG, hides body, calls friends over for party

    A 16-year-old boy in India allegedly shot dead his mother with his father’s pistol because she stopped him from playing PUBG. After murdering his mother, the boy called his friends over for a party. He kept the body of his mother in another room, turned on the AC and sprayed air-freshener to keep the smell out.

    As per the police, the boy killed his mother when she was asleep with her 10-year-old daughter lying next to her. He then allegedly threatened to kill his sister if she told anybody about the murder. They have both been placed in a juvenile detention centre.

    “The incident took place in Yamunapuram Colony under PGI police station area. The deceased used to live with her two children at the house. Her husband, who is a JCO (Junior Commissioned Officer), is currently posted in West Bengal. The 16-year-old boy was addicted to online game PUBG. He told us that his mother used to stop him from playing the game, this is why he killed her. The minor used the registered firearm of his father to kill the mother,” said Additional Deputy Commissioner of Police Qasim Abidi.

    The police said they found the woman’s half decomposed body and submitted it for a post-mortem.

  • Elimination, reduction of withholding taxes in budget 22-23

    On June 10, 2022, Pakistan will present its federal budget for 2022-2023. A number of new taxes measures are expected to be announced in the budget to raise additional income.

    It has been learned that a number of withholding taxes would be removed or lowered in the coming budget.

    The Federal Board of Revenue (FBR) will choose those withholding taxes that have lower revenue implications without jeopardising the goal of documenting as part of the budget planning process.

    According to Brecorder, to document future withholding transactions, a new Directorate-General for Synchronized Withholding Agents System would be developed.

    Withholding taxes cause inconsistencies will be reduced by the FBR, as all withholding taxes will be examined to see whether there are any distortions produced by income tax withholding, and adjustments will be made to correct them.

    This will be accomplished by making modifications to guarantee that all withholding tax received is either claimed or reimbursed in the return filed in response to the tax demand.

    Elimination of Taxes in budget 21-22

    The government had eliminated multiple withholding taxes, including the tax on royalty payments to residents during budget 21-22 such as cash withdrawals, banking tools, money transfers other than cash, tax collection from persons remitting funds abroad via credit, debit, or prepaid cards, tax collection on domestic and international air travel, mineral extraction, tax collection by a stock exchange registered in Pakistan, tax collection on marginal financing by NCCPL, CNG stations, and tax collection on certain petroleum products.

    Income Tax Ordinance

    The Income Tax Ordinance of 2001 contained 38 withholding tax measures. This large number of requirements adds to the complexity and places an excessive strain on different withholding agents to comply. It also has an impact on a country’s ease of doing business rating. In the last budget, 12 withholding taxes were eliminated in an effort to improve company ease and simplify tax rules.

    The Overseas Investors Chamber of Commerce and Industry (OICCI) advocated that the withholding tax (WHT) structure be overhauled and reduced from its current twenty-six rates to just five for filers.

    Only inactive taxpayers should be subject to this tax. Alternatively, the 8% WHT rate on services is a minimum tax that applies regardless of the service provider’s actual taxable revenue. This tax effectively becomes an indirect tax, raising the cost of doing business for service providers; as a result, service tax should be flexible.

    Withholding Tax Regime

    The Withholding Tax Regime (WHT) is a worldwide phenomena, and it is the primary source of federal revenue received at the national level in Pakistan. The collection of withholding taxes, as well as the reliance on them, has increased throughout time. Various Withholding Taxes, which are distinguished by their adjustable and presumptive nature, collected Rs422(b) out of total Direct Taxes collection of Rs740(b) for the financial year 2012, accounting for 57 per cent of total Direct Taxes collection.

    Since the imposition of direct taxes by governments and taxpayers on two counts, the withholding tax regime has been a feature of the tax system in some form or another:

    1. The government receives revenue on a consistent basis throughout the year to fund its expenditures and operations.
    2. Provides taxpayers with the opportunity to pay down their debts in affordable installments.

    Many countries have been obliged to change their economies in recent years as a result of globalisation, in order to unify tax laws and align them with new trade and investment policies represented in free trade agreements. “Hang Together” is more relevant today than it has ever been. Neither countries’ borders nor their economies can be closed. Tax policies are also inextricably linked to foreign economies.

    Due to the requirement for an entity to oversee and manage the Withholding Tax Regime in such a competitive climate, the Directorate General of Withholding Taxes was established by the Finance Act of 2008 under section 230A of the Income Tax Ordinance 2001.

  • LUMS grad Foodpanda employee shot dead in federal capital

    LUMS grad Foodpanda employee shot dead in federal capital

    Qasim Awan, a graduate from LUMS and a Foodpanda employee, succumbed to his injuries on Tuesday. He was shot on Sunday.

    Awan was shot in a mobile snatching incident near F-9 park in the capital city. The robbers opened gunfire after Qasim resisted, reports suggest. Qasim remained in the hospital after the incident took place.

    Twitter users were quick to question the current government and its failure to protect citizens.

    https://twitter.com/cereal_twit/status/1534727163684995074?s=24&t=QhstoMvDn2ccUyOUy91n1Q

    The fact that the incident took place in the federal capital was also alarming, with many pointing out the widespread increase in crimes in allegedly safe cities like Islamabad.

    JusticeforQasimAwan trended as users mourned the loss of life.

    Qasim was the only son and brother of his grieving parents and two sisters.

  • PANAH suggests tobacco taxes be raised even higher

    PANAH suggests tobacco taxes be raised even higher

    Pakistan National Heart Association (PANAH) has proposed that the government increase tariffs on unnecessary and harmful tobacco products. Increased tobacco-related levies will lessen diseases and healthcare expenses while also helping to generate tax revenue.

    Sanaullah Ghumman, PANAH’s General Secretary, announced this at a news conference held by the Pakistan National Heart Association on Wednesday at a local hotel.

    Smoking, according to Sanaullah Ghumman, is not healthy for human health in any aspect, and it is the first step toward addiction. Health experts and civil society groups have also urged the Prime Minister to increase tobacco goods taxes.

    A significant number of health experts and civil society representatives attended the event. Tobacco kills 8 million people worldwide each year, according to a global study, and more than 1.5 million individuals in Pakistan lose their lives each year owing to smoking.

    On World Food Safety Day, PANAH proposed that tariffs on sugary drinks be increased as well, as these beverages are harmful to children and cause a variety of health problems.

    Sanaullah Ghumman spoke at the event, urging a 30 per cent rise in tobacco product taxes to protect minors from tobacco usage.

    “This will be a win-win situation for us,” he continued, “since it will lower the health burden while also dramatically increasing revenue”. PANAH, he claimed, had been educating the public about a variety of dangerous diseases, including heart disease and its causes, for 39 years.