KARACHI: The price of one tola of gold reached a new all-time high of Rs263,700 on Saturday, marking an increase of Rs1,700 per tola from the previous day. The surge comes despite a drop in global gold prices and raises questions about the transparency and regulation of daily gold rate fixes. According to the All Sindh Saraf and Jewellers Association (ASSJA), the price for 10 grams of gold also rose by Rs1,457 to Rs226,080, following a $20 per ounce increase in the global gold rate to $2,512. Despite this, the ASSJA raised the one tola rate by Rs1,000 since Thursday…
Author: Hasnain Abid Khanzada
ISLAMABAD: The United Nations has put forward a groundbreaking proposal for a universal tax convention, marking a historic step towards transforming the global financial landscape. The UN’s proposed tax convention aims to significantly alter international taxation, potentially reshaping global financial systems and influencing how tax revenues are allocated for public welfare. Unveiled during a recent meeting at the UN headquarters in New York, the draft of the UN Framework Convention on International Tax Cooperation highlights the need for a comprehensive and inclusive approach to global tax issues. The draft will be further developed by an intergovernmental negotiating committee, established by…
KARACHI: Pakistan’s complex property taxation system could make it less appealing for real estate investment compared to its regional neighbors, despite some specific advantages in individual tax categories. According to the latest report, *Pakistan’s Real Estate Taxes & Trends*, issued by the House Building Finance Company (HBFC), the government’s FY25 budget introduces notable reforms aimed at boosting revenue, reducing speculation, and improving transparency in real estate taxation. However, the report indicates that these new taxes have increased the overall tax burden, potentially reducing Pakistan’s competitiveness in the regional real estate market. A comparative analysis with seven other countries — India,…
ISLAMABAD: The US mission in Islamabad has reaffirmed its commitment to working with Pakistan to tackle the ongoing malnutrition crisis, particularly among children. Jonathan Lalley, a spokesperson for the US mission, highlighted the severe risk faced by millions of Pakistani children due to malnutrition, exacerbated by the devastating 2022 floods that severely impacted women and children. “Every Pakistani child deserves the opportunity to grow up healthy, strong, and to reach their full potential,” Lalley emphasized. He noted that out of the $215 million provided by the US for flood relief and recovery, nearly $100 million has been allocated specifically to…
NAWABSHAH / RAHIM YAR KHAN: In the wake of a brutal attack that claimed the lives of 12 policemen in the Machka area, the Sindh and Punjab governments have vowed to take decisive action against the outlaws in the challenging Katcha region. On Saturday, Sindh Home Minister Ziaul Hassan Lanjar announced that a “massive clean-up operation” would be launched in the Katcha area as soon as floodwaters recede. Meanwhile, Punjab Chief Minister Maryam Nawaz Sharif, during her visit to the families of the martyred policemen in Rahim Yar Khan, promised to find a “permanent solution” to the persistent law and…
LAHORE: As employees of the Utility Stores Corporation (USC) staged protests across the country, Minister for Industries and Production Rana Tanveer Hussain on Saturday clarified that the government has no plans to shut down the utility stores but intends to “restructure” the organization. “The impression that utility stores are being shut down is incorrect. The USC is being restructured to ensure that only deserving people receive relief and price discounts on essential food items and groceries,” the minister stated during a media briefing after inaugurating the 9th Colour and Chem Expo at the Lahore International Expo Centre. The minister emphasized…
ISLAMABAD: The government is reportedly planning to amend Article 200 of the Constitution, which currently requires a judge’s consent before transferring them from one high court to another. The proposed amendment, part of a broader ‘Constitutional Package,’ seeks to remove the consent requirement, allowing transfers to occur with only the consultation of the Chief Justice of Pakistan (CJP) and the chief justices of the involved courts. Under the existing law, the President can transfer a judge between high courts, but only with the judge’s consent after consulting with the CJP and the respective chief justices. The proposed change would omit…
ISLAMABAD: Indian Prime Minister Narendra Modi’s aircraft unexpectedly flew through Pakistani airspace for 46 minutes while returning from a significant visit to Poland, as reported by media sources. Typically, when flying over Pakistan, it is customary to convey a goodwill message; however, this tradition was bypassed, leading to discussions about the tense relations between the two neighboring countries. A source in the aviation industry, speaking to Dawn, clarified that while sending a goodwill message is a tradition, it is not mandatory. The source also suggested that sending such a message might have invited criticism for Modi upon his return to…
LAKKI MARWAT: Three employees of Sui Northern Gas Pipelines Limited (SNGPL) were abducted from the Bakkakhel area of Bannu, police reported on Saturday. According to a police official, unidentified armed men intercepted the SNGPL workers’ vehicle as they were traveling to the Syedgai area. The assailants then took the workers and their vehicle to an unknown location. In response to the kidnapping, a large police contingent was immediately deployed to the area to initiate an operation aimed at securing the safe return of the abducted workers. The police official stated that all available resources and human intelligence are being utilized…
ISLAMABAD: On Saturday, President Asif Ali Zardari visited the residence of Jamiat Ulema-i-Islam (JUI-F) chief Maulana Fazlur Rehman, fueling speculation about the coalition government’s plans to introduce key legislation in the upcoming sessions of parliament. Zardari, known for his strategic political moves, met with the JUI-F leader shortly after reports emerged that Maulana Fazl had reached an agreement with the opposition PTI to jointly challenge the government in parliament. The meeting, also attended by Interior Minister Mohsin Naqvi and close aides of Maulana Fazlur Rehman, focused on the “overall current political situation,” according to a brief statement from the President…
