ISLAMABAD: The government is expected to pass on the impact of lower international prices to consumers with a cut in the rates of petrol and high-speed diesel (HSD). In the upcoming fortnightly review of prices on June 15, petrol is expected to go down by about Rs9 and HSD by Rs5 per litre. According to sources, the prices of petrol and HSD had declined in the international market by about $3.75 and $2.7 per barrel, respectively, in the last two weeks. This was on top of about $12 and $8 per barrel drop in the price of petrol and HSD, respectively,…
Author: Hasnain Abid Khanzada
KARACHI: The Pakistan Tax Bar Association (PTBA) has criticised the increase in taxes on salaried individuals and sales tax as oppressive. It also believes that giving the FBR officials more powers will lead to greater harassment of taxpayers. PTBA President Anwar Kashif Mumtaz, at a press conference held at Karachi Press Club on Thursday, labelled the budget FY25 as counterproductive to economic activities and obstructive to business. He said that increasing taxes on the salaried class has added to the burden of those already paying taxes. Additionally, the rise in the sales tax would negatively affect the business community. He…
ISLAMABAD: The government has raised the sales tax rate to 18 per cent from 1pc on raw materials used in producing pharmaceutical active components and goods, which is expected to spike drug prices. The Finance Bill 2024 proposed that the standard sales tax rate will be applied to all items classified under Chapter 30 of the First Schedule with exceptions to the Customs Act 1969. The bill suggested several adjustments to the Sales Tax Act and the Customs Act to remove certain exemptions for pharmaceutical products. The sales tax, at a standard rate of 18pc, is also imposed on medical…
KARACHI: Hybrid car assemblers are now in a quandary as the government increased the general sales tax (GST) to 25 per cent from 8.5pcin the new budget. As a direct consequence, the price of locally made hybrid vehicles is projected to surge, with some models potentially increasing by up to Rs1.4 million to over Rs2.2mn after the GST hike. Sources said that the assemblers of these vehicles were surprised to receive this GST shock on locally produced vehicles in the budget. However, the government favoured them by abolishing customs duty on the import of hybrid cars and luxury electric vehicles…
BORGO EGNAZIA: US President Joe Biden and Ukraine President Volodymyr Zelensky signed a 10-year bilateral security agreement on Thursday aimed at bolstering Ukraine’s defence against Russia. The deal, signed on the sidelines of the G7 summit in Italy, aims to commit future US administrations to support Ukraine, even if former president Donald Trump wins the November election, officials said. It will be a framework for a long-term effort by the United States to help develop Ukraine’s outdated armed forces and serve as a step towards the country’s eventual Nato membership, according to the text. “Our goal is to strengthen Ukraine’s…
GILGIT: Two Japanese climbers, who went missing while attempting to summit the 7,027-metre Spantik Peak, were located by Pakistan Army helicopters on Thursday. A ground rescue team will attempt to reach Ryuseki Hiraoka and Atsushi Taguchi early on Friday and bring them back to the base camp. Shigar Deputy Commissioner Waliullah Falahi told Dawn that the Japanese climbers went missing at Camp 2, situated at an altitude of 5,300 metres, on Tuesday while attempting to summit the Spantik Peak, also known as Golden Peak, situated between Shigar and Nagar districts of Gilgit-Baltistan. According to sources at the base camp, two separate Japanese expedition teams,…
ATHENS: Greece shut more ancient tourist sites in Athens on Thursday and elderly people took refuge at designated air-conditioned spots as the first heatwave of the summer persisted for a third day. The famous Acropolis, set on a rocky hill overlooking the capital, and other nearby tourist attractions were closed on Thursday afternoon as winds from North Africa pushed temperatures towards 43 degrees Celsius (109 degrees Fahrenheit). Many primary schools and nurseries across the country were closed to protect students from the heat, which was expected to recede on Saturday. In Athens, tourists stopped at drinking fountains to cool their…
BARI (Italy): G7 leaders on Thursday called on Hamas to accept a roadmap towards a ceasefire in Gaza announced by US President Joe Biden in May. The UN Security Council had supported the plan and “now it is important that everyone implements it,” German Chancellor Olaf Scholz said at the Group of Seven summit in Italy. “We therefore call on Hamas in particular to give the necessary consent so that this can now work,” he said. Biden launched a new US effort late last month to secure a truce and hostage release. However the deal remains uncertain as Hamas officials…
ISLAMABAD: The head of Pakistan-based liaison office for the UN Assistance Mission in Afghanistan (UNAMA), Malick Ceesay, has said easing restrictions on women’s access to education and employment and an inclusive system of governance by Taliban rulers of Afghanistan will pave the way for their recognition by the international community. Speaking at the fourth round of Pak-Afghan religious scholars dialogue, organised by the Centre for Research and Security Studies (CRSS) in the federal capital on Thursday, the UN mission head said though Taliban have allowed Afghan women to work in some public offices related to passport, immigration, healthcare and agriculture,…
SAN FRANCISCO: Former Twitter platform X on Thursday said “likes” on the platform will now be private in an effort to protect users and drive up engagement. With the change, which includes the removal of the “Likes” tab on a profile page, users will no longer be able to track the likes of other users to figure out their interests or political leanings. The change comes as the platform has become a home for right-wing content since the takeover by Elon Musk in late 2022, with more left-leaning users fleeing the site or dropping engagement. “We are making Likes private…
