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  • World Bank proposes tax reforms with 3% GDP growth projection for Pakistan

    World Bank proposes tax reforms with 3% GDP growth projection for Pakistan

    The World Bank has advised Pakistan to implement taxes on the agricultural and real estate sectors and merge the income thresholds for salaried and non-salaried individuals to create a progressive Personal Income Tax (PIT) system.

    If agriculture income and property taxes are effectively enforced, they could contribute 3 per cent of the GDP annually, totaling over Rs3 trillion. The World Bank is awaiting approval for a $350 million allocation for Pakistan under RISE-II, with the meeting date yet to be confirmed.

    Currently, the annual income threshold for salaried individuals is Rs600,000, and for non-salaried income, it stands at Rs400,000, both exempt from taxes.

    The World Bank emphasises the urgency of Pakistan’s fiscal situation and the need to generate revenue and reduce expenditures, recommending taxing the wealthy while protecting the poor.

    The World Bank proposes simplifying the income tax structure by aligning it for both salaried and non-salaried individuals, ensuring progressivity without suggesting a reduction in the current nominal threshold.

    They acknowledge the importance of considering inflation and labour market changes in recent data when reforming the income tax structure.

    The focus of the recommended tax reforms should fall on higher income brackets and include a comprehensive tax package and expenditure reforms to address unsustainable fiscal deficits.

    These reforms involve cutting down on subsidy expenditures, eliminating regressive tax exemptions, and increasing the taxation of high-income earners, particularly in agriculture, property, and retail sectors, to enhance the progressivity of the tax system.

    Regarding a question about lowering the current exemption threshold for salaried workers earning below Rs50,000 monthly, the World Bank’s lead economist clarified that the bank does not recommend a reduction in the current nominal threshold.

    Instead, the emphasis is on streamlining the income tax structure for both salaried and non-salaried individuals to ensure progressivity while protecting the poor during the reform process.

  • Major changes in Punjab’s National and Provincial Assembly seats

    Major changes in Punjab’s National and Provincial Assembly seats

    Five newly created districts in Punjab are set to receive a total of 13 national and provincial assembly seats as part of the preliminary delimitation, marking a notable shift in the political landscape.

    The districts in question are Kot Addu, Taunsa, Wazirabad, Talagang, and Murree. Among these, Kot Addu district in southern Punjab stands out, securing two National Assembly seats, NA-179 and NA-180, along with three provincial assembly constituencies: PP-276, PP-277, and PP-278.

    Wazirabad and Taunsa districts are also set to gain representation, with Wazirabad obtaining NA-66, PP-35, and PP-36, while Taunsa secures NA-183, PP-284, and PP-285.

    Talagang, which was carved out of Chakwal, will now share a National Assembly seat, NA-59, with Chakwal itself. This arrangement leads to Chakwal having one independent NA seat, and Talagang securing one provincial assembly seat, PP-23. PP-22 will be referred to as Chakwal-cum-Talagang.

    Similarly, Murree will not have an independent NA seat but will be included in NA-51, referred to as Rawalpindi-cum-Murree. Nonetheless, Murree will have representation in the provincial assembly with PP-06.

    These changes also entail a reduction in the number of national and provincial assembly seats for some districts. Dera Ghazi Khan, for instance, will see a decrease from four to three NA seats and a reduction from eight to six provincial assembly seats. Muzaffargarh, too, will experience a decrease, with two fewer NA seats, resulting in a drop from six to four NA seats, and a reduction in provincial assembly seats from 12 to eight.

    Gujranwala and Hafizabad, despite Gujranwala’s sizable population of 5.95 million, will collectively have only five seats, despite the potential for an additional independent seat. Dera Ghazi Khan is also set to lose one NA seat and two provincial assembly seats.

    These changes in seat allocations underscore the evolving political landscape in Punjab, reflecting efforts to ensure fair and equitable representation for all regions within the province.

  • Gold price drops by Rs15,500 to Rs199,500 per tola

    Gold price drops by Rs15,500 to Rs199,500 per tola

    The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) resumed its bullion rate updates after an approximate month-long hiatus, revealing a substantial decline in the value of precious metals.

    According to APSGJA’s data, the price of 24-carat gold plummeted by Rs15,500 per tola and Rs13,546 per 10 grammes, reaching new levels of Rs199,500 and Rs171,039, respectively.

    The last bullion rate report was issued on September 12, when the per-tola price of gold stood at Rs215,000.

    However, escalating uncertainties in the economic landscape led to increased speculation. Consequently, the government intervened with a crackdown on speculators, resulting in the temporary suspension of bullion rate updates.

    During this 28-day period of rate suspension, gold traders resorted to arbitrary pricing as no standardised rates were available. Simultaneously, in the international market, the price of gold experienced a notable decline, dropping by $55 to reach $1,891 per ounce.

    Furthermore, APSGJA’s data also revealed a decrease in silver prices, with a Rs50 per tola and Rs42.87 per 10 grammes reduction, bringing silver’s rates to Rs2,500 and Rs2,143.34, respectively.

  • Pakistan creates history; chases down highest total in World Cup

    Pakistan creates history; chases down highest total in World Cup

    Records were left stranded in the dust as Pakistan created history on Tuesday night, chasing down the highest total in World Cup history against Sri Lanka.

    Magnificent centuries by Abdullah Shafiq and Mohammad Rizwan paved the way towards victory as mercurial Pakistan stomped home comfortably.

    Batting first, Sri Lanka scored 344 runs for the loss of 9 wickets in the given 50 overs, with Kaushal Mendes scoring 122 runs and Samara Wickrama scored 108 runs.

    Pakistan achieved the target of 345 runs with just four wickets down in the 49th over, with Abdullah Shafiq scorinh 113 runs and Mohammad Rizwan remaining not out with 131 runs.

    Read More: India receives e-mail threat of bomb blast to blowup PM Modi, Narinder Modi Stadium

    The target of 345 runs is the highest achieved by any team in World Cup history. In the 2011 World Cup, Ireland successfully achieved a target of 329 runs against England.

  • Malala issues statement on the Israel-Palestine war

    Malala issues statement on the Israel-Palestine war

    Nobel Prize winner and education activist Malala Yousafzai has issued a statement on Israel’s war on Palestine.

    In her letter, she called for both sides to hold a ceasefire and prevent innocent lives from being lost, writing that it is cruel how Palestine and Israel children have been caught in the middle.

    The Nobel Prize winner reflected on her own upbringing during a wave of terrorism in Khyber Pakhtunkha, writing “We woke up to the sounds of mortar shells, saw our schools and mosques destroyed by bombs. Peace became something we could only dream about.”

    “War never spares children,” Malala further wrote. “Not those kidnapped from their homes in Israel, not those hiding from airstrikes or without food and water in Gaza.”

  • Not going to take part in  upcoming elections, says Shahid Khaqan Abbasi

    Not going to take part in  upcoming elections, says Shahid Khaqan Abbasi

    Former Prime Minister, Shahid Khaqan Abbasi has revealed in an interview with Nadeem Malik on Samma TV that he is not going to take part in the upcoming elections in the current political environment.

    The senior politician said that he is unable to give a final word on elections as he has not consulted the people of his constituency on this matter.

    Abbasi emphasized that he asked Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif to find a solution for the bad economic situation in the country.

    “I have told Nawaz Sharif that all political leaders can sit together and solve the country’s problems,” he added.

    The former prime minister stated that PML-N president Shehbaz Sharif and Vice President Maryam Nawaz are not his leaders. “Nawaz Sharif is my leader,” Abbasi firmly stated.

  • Hamas calls for Muslims to stand with Palestine on Friday: what we know about Day Four

    Hamas calls for Muslims to stand with Palestine on Friday: what we know about Day Four

    In the latest update, Hamas has called on people all over to come out in solidarity with the Palestinian cause coming Friday.

    Flee to Egypt

    The Israeli military has suggested the Palestinians flee to Egypt to escape air attacks in the Gaza Strip.

    Lieutenant-Colonel Richard Hecht, chief military spokesperson of Israel addressed foreign media, stating, “I am aware that the Rafah crossing (on the Gaza-Egypt border) is still open. Anyone who can get out, I would advise them to get out,”

    Soon after this, news came in that the Rafah border was closed.

    1,500 bodies of Hamas fighters with Israel

    The Israeli army has claimed to have about 1,500 bodies of Hamas fighters that they found in Israel and Gaza Strip.
    According to Hecht, control over the border has “more or less” been restored along the besieged Gaza Strip.

    200 areas in Gaza bombed

    The Israeli military has bombed more than 200 targets in Gaza Strip including an alleged weapons storage site inside a mosque as well as an apartment used by Hamas’s antitank guided missile forces.

    Situation in Gaza ‘extremely worrying’: UNRWA

    The United Nations Relief and Works Agency for Palestinian refugees has revealed in an interview with Al-Jazeera that thousands of people in Gaza who left their homes to escape the Israeli attacks have been “unable to access basic services”.

    “It is extremely damaging for people. For us, it is extremely worrying that they cannot access any of these basic services,” al-Rifai said.

    14 of UNRWA distribution centres have been bombarded while on the other hand, at least 137,000 people have been displaced and seeking shelter since Saturday.

    Israeli forces ‘taking revenge’ by killing civilians

    The Euro-Med Human Rights Monitor posted on social media that Israeli forces are committing “mass killing crimes against civilians” in Gaza.

    “The Israeli forces are taking revenge on Palestinian armed factions by committing mass killing crimes against civilians,” the group said of Israel’s relentless bombardment of densely populated areas, as it posted a photo on social media of a levelled neighbourhood.

    “Even in cases of military necessity, Israel must adhere to provisions of international humanitarian law in its attack on Gaza.”

    “We will purify the area and attack terrorists wherever they are,”

    The Israel Defense Forces’ spokesperson, Rear Adm. Daniel Hagari, held a press conference, in which he stated that Hamas terrorists are in Israel, and that Israeli troops are on a hunt and killing them.

    “We will purify the area and attack terrorists wherever they are,” he says.

    Spain and France oppose blockade of aid to Palestine

    On Monday, EU Commissioner Oliver Varhelyi’s announced that payments from the development programme for Palestinians would be “immediately suspended”.

    This, however, was followed by rejection of the suspension from Spain, Ireland and Luxembourg.

    The EU then reconsidered its approach.

    “This cooperation must continue; we cannot confuse Hamas, which is in the list of EU’s terrorist groups, with the Palestinian population, or the Palestinian Authority or the United Nations’ organisations on the ground,” said Spain’s acting Foreign Minister Jose Manuel Albares.

    Similarly, the Foreign Ministry in Paris said, “We are not in favour of suspending aid that directly benefits the Palestinian people, and we made this clear to the European Commission yesterday,”

    Courtesy: Al-Jazeera News

  • Fact-check: Is Nobel Laureate Amartya Sen dead or alive?

    Fact-check: Is Nobel Laureate Amartya Sen dead or alive?

    News about veteran Indian economist and Nobel Laureate Amartya Sen’s death started circulating on social media today.

    A social media post about Sen’s death that the Indian media was quoting was from Claudia Goldin’s X (formerly Twitter) account, which turned out to be a fake account.

    Claudia Goldin is an American economic historian and has been announced as the winner of the Nobel Prize Economics for this year.

    Sen’s daughter took to X and tweeted:

    “Friends, thanks for your concern but it’s fake news: Baba is totally fine. We just spent a wonderful week together w/ family in Cambridge—his hug as strong as always last night when we said bye! He is teaching 2 courses a week at Harvard, working on his gender book—busy as ever!”

    Seema Chishti, Editor The Wire, corrected the misinformation, clarifying that Sen is very much alive.

    Other accounts also corrected the misinformation being spread about Sen’s death.

  • Nawaz Sharif to come back via special flight

    Nawaz Sharif to come back via special flight

    Sources have confirmed that Pakistan Muslim League-Nawaz (PML-N) leader Nawaz Sharif is all set to head back to the country via special flight named ‘Umeed Pakistan’. There is enough space for 150 individuals in this flight.

    Sharif will leave for Saudi Arabia tomorrow from London and perform Umrah there. The stay will last for a week and will include meetings with significant Saudi leadership.

    He is expected to reach Dubai on either 17 or 18 of October. Several meetings are scheduled there as well and this stay will last for three days.

    This journey will hit the crescendo when the PML-N leader will reach Islamabad from Dubai on October 21, accompanied by party members and journalists. With a layover of half an hour in Islamabad, the whole entourage will take off for Lahore where Nawaz Sharif will address the procession in Minar-e-Pakistan.

  • No chance of Nawaz Sharif’s arrest, says Ishaq Dar

    No chance of Nawaz Sharif’s arrest, says Ishaq Dar

    Senior leader of the Pakistan Muslim League-Nawaz (PML-N) and former finance minister Ishaq Dar has said that there is no chance of the party supremo Nawaz Sharif getting arrested on his return to Pakistan.

    In an interview with Asma Sherazi, Ishaq Dar said that Nawaz Sharif will arrive in Saudi Arabia and perform Umrah. After performing Umrah, the PML-N chief will reach Pakistan on October 21.

    He continued, “There is no chance of arresting Nawaz Sharif on his return as he will take protected custody and transit bail on return”.

    The former finance minister also mentioned that it’s a standard judicial practice to face the courts.

    Dar also stated that PML-N will clearly get a clear majority in the next election, and PML-N’s agenda is the recovery of the economy.

    The former finance minister said that the truth commission on the characters of Project Imran is included in our agenda, “however we do not want to take any action that smells of revenge,” he added.