The federal government on Wednesday allocated Rs 2.12 trillion for the armed forces in the upcoming fiscal year 2024-2025, a substantial increase of 17.6 percent compared to last year’s budget.
This is the second-largest hike in the defence budget in six years and marks the second consecutive year of increased funding for the armed forces.
Last year, there was a 15 percent increase in defence budget – different from the traditional 11 percent annual increase which took place over the last decade.
Interestingly, according to budget figures presented to the NA by the government, it has been revealed the armed forces exceeded last year’s allocated budget of Rs 1.8 trillion, in reality spending Rs 1.83 trillion.
The significant hike in defence spending highlights Pakistan’s priorities in a region marred by geopolitical tensions.
The finals of the PUBG Mobile Super League (PMSL) Central and South Asia (CSA) are starting today, with a prize pool of USD 200,000 (approximately 55 million PKR).
The PMSL league stage ended on June 9 with twenty teams participating, including four Pakistani teams, AgAsi8, 52 Esports, R3G, and GG Esports. 4MV from Mongolia topped the league stage with 654 points.
The top 16 teams from the league stage have advanced to the finals. From Pakistan, GG Esports could not qualify for the finals. On the basis of three weeks league stage, each team gets bonus points to start their journey in the finals.
The finals will span across three days, starting from June 13 and ending on June 15. Pakistan Pubg Mobile Official channel will live streamed the PMSL final on YouTube.
The Finance Bill 2024 has ushered in a significant overhaul of income tax slabs affecting salaried individuals, resulting in a marked increase in taxation across various income brackets.
The revised slabs, delineated in the amended bill, indicate substantial alterations compared to the previous structure.
Outlined below are the revised income tax slabs juxtaposed with their previous counterparts:
Taxable Income
Tax per cent
Taxable Income (yearly)
≤600,000
0
less than 600,000
600,001-1,200,000
5 per cent of amount exceeding Rs600,000
600,001-1,200,000
1,200,001-2,200,000
Rs30,000 + 15 per cent of amount exceeding Rs1,200,000
1,200,001-2,400,000
2,200,001-3,200,000
Rs180,000 + 25 per cent of amount exceeding Rs2,200,000
2,400,001-3,600,000
3,200,001-4,100,000
Rs430,000 + 30 per cent of amount exceeding Rs3,200,000
3,600,001-6,000,000
>4,100,000
Rs700,000 + 35 per cent of amount exceeding Rs4,100,000
>6,000,000
While the income tax exemption for the initial slab, encompassing annual salaries up to Rs600,000, remains unaltered, adjustments have been made to other income brackets. Notably, the maximum income tax slab has been notably reduced from Rs6 million to Rs4.1 million.
Under the revised regime, individuals earning below Rs600,000 annually (equivalent to Rs50,000 per month) will continue to be exempt from income tax. However, for those falling within the range of Rs600,001 to Rs1,200,000 per year (Rs50,000 to Rs100,000 per month), the tax rate has been increased to 5 per cent from the previous 2.5 per cent on the amount exceeding Rs600,000.
Moreover, individuals earning between Rs1,200,001 to Rs2,200,000 annually (equivalent to Rs100,000 to Rs183,333 per month) will now be subject to a tax of Rs30,000 plus 15 per cent of the amount exceeding Rs1.2 million.
For those earning within the bracket of Rs2,200,001 to Rs3,200,000 per year (Rs183,333 to Rs266,667 per month), the revised tax stands at Rs180,000 plus 25 per cent of the amount exceeding Rs2.2 million.
Likewise, individuals earning between Rs3,200,001 to Rs4,100,000 annually (Rs266,667 to Rs341,667 per month) will face a tax liability of Rs430,000 plus 30 per cent of the amount exceeding Rs3.2 million.
Finally, for individuals with annual earnings surpassing Rs4,100,000 (more than Rs341,667 per month), the revised tax obligation stands at Rs700,000 plus 35 per cent of the amount exceeding Rs4.1 million.
These revisions underscore a significant shift in the taxation landscape, potentially impacting the financial planning and obligations of salaried individuals across the board.
Prepare for a pinch in your pocket as the cost of imported mobile phones is set to rise in Pakistan.
The Finance Bill 2024 has introduced a hefty 25 per cent sales tax on smartphone imports, along with IMEI registration, as part of the 2024-25 budget.
This tax applies to phones valued above PKR 139,312 ($500), which includes most high-end and premium models.
Popular flagships like the Samsung Galaxy S series and upcoming iPhones such as the iPhone 15 and iPhone 14 are among those affected. With their prices already soaring above Rs139,000, this tax increase will hit consumers hard.
But there’s a twist: the 25 per cent tax only applies to fully assembled phones priced above $500. Phones in various stages of assembly, as well as locally manufactured ones, will still be taxed at 18 per cent, regardless of their value.
For phones priced below $500, a flat 18 per cent tax rate will be applied, whether they’re fully assembled, partially assembled, or not assembled at all.
This move is expected to boost government revenue by around Rs33 billion. So, brace yourselves for higher phone bills in the near future.
A man who tried to establish a gay club has been detained in a mental hospital by local authorities.
He had filed an application to set up the club in Abbottabad.
In the application filed to the deputy commissioner (DC) of the city, the man said the club was to be a “great convenience and resource for many homosexual, bisexual and even some heterosexual people residing in Abbottabad in particular, and in other parts of the country in general.”
Homosexuality is illegal in Pakistan and can be punished by two years to life in prison.
The application stated that in “the envisaged gay club, tentatively to be called Lorenzo gay club, there would be no gay (or non-gay) sex (other than kissing).”
“A clearly visible notice on the wall would warn: no sex on premises. This would mean that no legal constraints (even obsolete ones like [anti-sodomy] PPC section 377) would be flouted on the premises”.
Abbottabad’s DC office confirmed to The Telegraph it had received the application for a gay club and was reviewing it like any other proposal.
In a pivotal and politically charged moment, Finance Minister Muhammad Aurangzeb presented his inaugural federal budget for the fiscal year 2024-25 on Wednesday, as Pakistan endeavors to secure a crucial long-term bailout from the International Monetary Fund (IMF).
Addressing the National Assembly, Aurangzeb underscored the government’s economic strides amidst significant financial and political hurdles over the past year. “The government’s progress on the economic front has been notable,” he affirmed in his opening statements.
The government has proposed a raise in the minimum wage from the current Rs32,000 to Rs36,000 in a bid to mitigate the inflationary pressure on citizens. According to the finance minister, the purchasing power of the populace has been impacted by rising inflation, prompting proactive measures to tackle the issue.
A prominent feature of the budget announcement was the federal cabinet’s endorsement of substantial salary increments for government employees. Those in Grades 1 to 16 will witness a 25 per cent salary hike, while employees in Grades 17 to 22 will experience a 20 per cent raise. Moreover, pensions for retired employees will see a 22 per cent increase.
Reflecting on the nation’s recent economic tribulations, Aurangzeb reminisced about a period when Pakistan’s economy was in dire straits. “The State Bank’s reserves were sufficient for less than two weeks of imports, the rupee depreciated by 40 per cent, economic progress was stagnant, and inflation was propelling more people below the poverty line rapidly,” he recalled. “Emerging from this situation seemed nearly insurmountable.”
The finance ministeralso lauded the previous government for securing a short-term standby agreement with the IMF, attributing it to bringing economic stability and averting uncertainty during a critical phase when the preceding IMF programmed was concluding, and negotiations for a new one were uncertain.
As Pakistan confronts these economic challenges, the newly unveiled budget along with the associated salary and pension increments are perceived as indispensable measures to stabilize the economy and fulfill IMF expectations, thereby laying the groundwork for future growth and stability.
Actress Kubra Khan recently appeared as a guest on Fuchsia where she advised Pakistani men to watch Korean dramas. “Mard hazrat, Pakistan ke khuda ka wasta hai, ap Korean dramas dekh aay aur unn mardon sy seekh aay achay waly,” she said. “Pakistani men should learn from Korean dramas how to express emotions to their loved ones, how to love someone, and then how to express that love. They should learn how to show love and care in a beautiful way, like men in Korean dramas do.” Kubra added. Currently acting in the drama ‘Noor Jahan’ on ARY digital, Kubra is also in the movie, ‘Abhi’ along with Gohar Mumtaz. The movie will release on Eid ul Azha.
After losing to America in the T20 World Cup, Pakistan’s former cricketers lashed out at the team and management for losing the match they almost won against India.
In the ARY News sports program, on Monday said, “The quality of Pakistan’s men’s cricket team has gone down so much that now we should play with the women’s teams of Australia and England instead of a men’s team.”
The former batsman is getting slammed by social media users for the misogynistic comments. Here are some reactions:
Indian actress Sonam Bajwa, a very focal fan of Pakistani actor Fawad Khan, has praised another Pakistani star. Bajwa was all praise for Pakistani fast bowler Naseem Shah when the pacer displayed kindness towards a young fan.
A video circulated on social media showing Pakistan captain Babar Azam leaving the premises of what looks like their hotel lobby in a hurry, leaving a young fan in tears. Naseem Shah noticed the crying child and immediately stepped in to help. He gently said, “Rona nahi hai, theek hai?” Mein Babar Azam ka autograph bhi karta hun, theek hai,” the fast bowler gently asked the child. He then signed two autographs, his own and another one from Babar Azam.
The child, still upset, pointed to the autograph and said, “Ye Babar Azam kay sign hai.” Naseem reassured him, “Haan yeh Babar Azam ka hai. Ab happy ok?”
He then posed for pictures with the children, making sure they were happy.
Sonam Bajwa shared the video of the heartwarming moment on her Instagram story with the caption, “This is so wholesome and cute .”
