OGRA recommends Rs 5.90 increase in petrol price

Oil and Gas Regulatory Authority (OGRA) has recommended Rs 5.90 per litre increase in the price of petrol. The authority forwarded a summary to the Petroleum Division in which it suggested increasing the price of petrol by Rs5 per litre from October 16.

It also recommended an increase of Rs10 per litre in the price of high-speed diesel.

The final decision in this regard will be taken by the Ministry of Finance after it consultation with Prime Minister Imran Khan.

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OGRA recommends Rs 5.90 increase in petrol price

Oil and Gas Regulatory Authority (OGRA) has recommended Rs 5.90 per litre increase in the price of petrol. The authority forwarded a summary to the Petroleum Division in which it suggested increasing the price of petrol by Rs5 per litre from October 16.

It also recommended an increase of Rs10 per litre in the price of high-speed diesel.

The final decision in this regard will be taken by the Ministry of Finance after it consultation with Prime Minister Imran Khan.

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Corona Update: 1,086 coronavirus cases, 27 deaths in 24 hours

Pakistan has reported 27 deaths in the last 24 hours by novel coronavirus as the number of positive cases has surged to 1,262,771. The nationwide tally of fatalities has jumped to 28,228 on Friday.

According to the latest figures issued by the National Command and Operation Center (NCOC), 1,086 persons tested positive for COVID-19 in the past 24 hours.

Punjab remains the worst-hit province in terms of deaths followed by Sindh and Khyber Pakhtunkhwa.

464,746 coronavirus cases have been confirmed in Sindh, 437,316 in Punjab, 176,501 in Khyber Pakhtunkhwa, 106,357 in Islamabad, 34,380 in Azad Kashmir, 33,108 in Balochistan and 10,363 in Gilgit-Baltistan.

So far, 64,947,702 people have received their first dose of coronavirus vaccine including 483,770 in last 24 hours. 34,809,848 citizens have been fully vaccinated while 510,705 received their second dose in last 24 hours.

The number of total administered doses has reached to 93,551,193 with 954,000 in the last 24 hours.

 

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FBR pondering about Withdrawal of Rs.345 Billions GST exemptions

The Federal Board of Revenue (FBR) is pondering about various options to withdraw Rs334bn in General Sales Tax (GST) exemptions in phases.

The withdrawal of exemptions on imports having an estimated cost of Rs178 billion and on local supplies that cost Rs156 billion are in order to strike a staff-level agreement with the International Monetary Fund (IMF).

These are two major heads where the government could identify areas where the GST exemptions could be withdrawn. However, GST exemptions on basic food items and medicines would be protected.

A proposal is also under consideration to bring down Personal Income Tax (PIT) slabs to 6 or 7 from 11. Under the new plan, the minimum taxable ceiling of Rs0.6 million might be adjusted upward while the rate of higher-income brackets might be increased. The hike in power tariff to the tune of Rs1.40 per unit might be notified after the agreement with the IMF.

Federal Minister for Finance Shaukat Tarin is expected to hold a meeting with the IMF’s Managing Director (MD) Kristalina Georgieva.

The finance minister along with other senior government officials is in Washington as part of the sixth and seventh reviews of IMF’s $6 billion loan programme under the Extended Fund Facility (EFF).

However, things are still unclear whether Pakistan and the IMF will be able to strike a staff-level agreement or not.

The review talks may be extended if both sides remained unable to strike any staff-level agreement on the completion of reviews.

Pakistan paid back $1 billion this week on the maturity of international bonds, so Islamabad required dollar inflows for meeting net international reserves (NIR) targets.

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Corona Update: 1,086 coronavirus cases, 27 deaths in 24 hours

Pakistan has reported 27 deaths in the last 24 hours by novel coronavirus as the number of positive cases has surged to 1,262,771. The nationwide tally of fatalities has jumped to 28,228 on Friday.

According to the latest figures issued by the National Command and Operation Center (NCOC), 1,086 persons tested positive for COVID-19 in the past 24 hours.

Punjab remains the worst-hit province in terms of deaths followed by Sindh and Khyber Pakhtunkhwa.

464,746 coronavirus cases have been confirmed in Sindh, 437,316 in Punjab, 176,501 in Khyber Pakhtunkhwa, 106,357 in Islamabad, 34,380 in Azad Kashmir, 33,108 in Balochistan and 10,363 in Gilgit-Baltistan.

So far, 64,947,702 people have received their first dose of coronavirus vaccine including 483,770 in last 24 hours. 34,809,848 citizens have been fully vaccinated while 510,705 received their second dose in last 24 hours.

The number of total administered doses has reached to 93,551,193 with 954,000 in the last 24 hours.

 

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FBR pondering about Withdrawal of Rs.345 Billions GST exemptions

The Federal Board of Revenue (FBR) is pondering about various options to withdraw Rs334bn in General Sales Tax (GST) exemptions in phases.

The withdrawal of exemptions on imports having an estimated cost of Rs178 billion and on local supplies that cost Rs156 billion are in order to strike a staff-level agreement with the International Monetary Fund (IMF).

These are two major heads where the government could identify areas where the GST exemptions could be withdrawn. However, GST exemptions on basic food items and medicines would be protected.

A proposal is also under consideration to bring down Personal Income Tax (PIT) slabs to 6 or 7 from 11. Under the new plan, the minimum taxable ceiling of Rs0.6 million might be adjusted upward while the rate of higher-income brackets might be increased. The hike in power tariff to the tune of Rs1.40 per unit might be notified after the agreement with the IMF.

Federal Minister for Finance Shaukat Tarin is expected to hold a meeting with the IMF’s Managing Director (MD) Kristalina Georgieva.

The finance minister along with other senior government officials is in Washington as part of the sixth and seventh reviews of IMF’s $6 billion loan programme under the Extended Fund Facility (EFF).

However, things are still unclear whether Pakistan and the IMF will be able to strike a staff-level agreement or not.

The review talks may be extended if both sides remained unable to strike any staff-level agreement on the completion of reviews.

Pakistan paid back $1 billion this week on the maturity of international bonds, so Islamabad required dollar inflows for meeting net international reserves (NIR) targets.

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250,000 jobs created under Naya Pakistan Housing Authority: PM Imran Khan

At least 250,000 job opportunities have been created in the country under the Naya Pakistan Housing and Development Authority (NAPHDA) programme, said Prime Minister Imran Khan on Thursday.

The prime minister made these remarks while chairing a meeting of the National Coordination Committee (NCC) on Housing, Construction and Development to review the progress made on existing and new projects.

During the meeting, PM Imran Khan emphasised that cadastral mapping is important to eliminate encroachments and enhance land revenues and contended that the provinces should expedite legislation to stop land-use changes and protect green spaces.

While taking a briefing from Surveyor General of Pakistan Maj-Gen Shahid Pervez, the premier remarked that cadastral mapping will help in the development of an authentic land record database and in clearly identifying the demarcation of land that would eliminate illegal encroachments.

Moreover, he pointed out that an authentic database would also contribute towards enhancing revenues received from lands. The PM said: “Land-use changes need to be checked where green vegetation areas are being converted into construction projects”.

He called on all provincial and AJK governments to expedite legislation to put a stop to land-use changes, saying protection of green spaces and agricultural lands is essential for environmental considerations and to safeguard food security.

However, construction projects will be allowed under regulations, he noted.

The NCC meeting was briefed that under phase-I of the mapping exercise, 90% digitalisation of state lands had been completed in Punjab, 96% in Khyber-Pakhtunkhwa and 50% in Balochistan.

The Capital Development Authority chairman said that with the help of cadastral maps, the CDA had started imposing fines on encroachers and the amount collected was being used for compensation of the masses defrauded by illegal housing societies.

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