Day: June 8, 2023

The federal government might allow people in the upcoming fiscal year to bring in up to $100,000 from abroad without declaring their source of income.

To enable this, the government is deliberating on amending Section 111 (4) of the Income Tax Ordinance, which deals with unidentified sources of income. While some see it as a perpetual tax amnesty scheme, others see it as a backup for arranging foreign currency and avoiding default, reported Express Tribune.

Presently, authorities cannot ask for a source of income if the remitted amount does not exceed Rs. 5 million per tax year. Through the new budget, there is a proposal to amend Section 111 (4) of the Income Tax Ordinance that would essentially replace Rs. 5 million with $100,000 or ~Rs. 29 million, which is a huge leap.

If approved, ex-pats/citizens would be allowed to bring in up to five times the previously approved amount without declaring their sources of income. The Ministry of Finance has reportedly taken the central bank into confidence, but no final decision has been taken yet.

Pertinently, Pakistan has assured the International Monetary Fund (IMF) that it won’t grant tax amnesties anymore. In this context, any action to change the Rs. 5 million limit without identifying the source of income will be considered a form of amnesty.

Whatever the case, the government is aiming to obtain billions of dollars as a result, which would provide relief until a new IMF program is signed. Pakistan is yet to restore the IMF agreement, and the lender has reportedly shared reservations about the budget estimates given by the federal government. The Fund has also questioned the sustainability of revenue projections for the coming fiscal year.

With the program frozen since 2022, the IMF’s external financing requirements and exchange-rate policy have largely impeded talks for an immediate bailout despite other and more austere measures to bring the economy back on track.

More cash and the IMF loan are critical in overcoming the crisis, alleviating supply shortages, and pulling the economy out of default risk before elections later this year.

Source: Pro Pakistani

The federal government has decided to allocate Rs. 59.7 billion in funding to the Higher Education Commission (HEC) for countrywide projects under the Public Sector Development Program (PSDP) 2023-24.

According to official documents available with ProPakistani, HEC will conduct various projects, totaling over Rs. 406 billion in approved costs. Looking ahead to the upcoming fiscal year, the government is expected to allocate Rs. 59.7 billion to HEC.

Currently, HEC is overseeing a total of 165 projects, comprising 26 new schemes and 139 ongoing ones. Among the new schemes are the development of the National Centre for Quantum Computing, the National Center for Manufacturing, the National Center for Brand Development, the Institute of Sports, the National Growth Center, the National Center for Nanotechnology, and several other projects.

In addition, plans are underway to establish a new Lahore College for Women University campus at Kala Shah Kaku in Lahore, with an approved cost of Rs. 1.77 billion. It is anticipated that Rs. 100 million will be allocated in the upcoming PSDP 2023-24.

Furthermore, the construction of the Institute of Science and Technology in Bahawalpur, at an approved cost of Rs. 2.2 billion, is in progress, with an expected allocation of Rs. 300 million in the upcoming fiscal year.

Moreover, HEC will receive Rs. 600 million for the establishment of the National Cyber Security Academy, with Rs. 150 million granted in the PSDP 2023-24. The federal government is also set to allocate Rs. 500 million to improve academic facilities at NED University Karachi.

A scholarship program for students from Gilgit-Baltistan, with an approved cost of Rs. 648.676 million, will also be launched, and Rs. 120.8 million will be granted in the next fiscal year.

Aside from these projects, HEC is working on several other projects, involving the upgradation of infrastructure in existing educational institutes and the launching of scholarship programs for overlooked regions.

Source: Pro Pakistani

Prime Minister Shehbaz Sharif Thursday approved revolutionary programs aimed at helping youth, women, and farmers in the upcoming 2023-24 budget.

Funds have been allotted in the next budget for initiatives linked to the welfare of youth, women, and agricultural tube wells. According to a press release by Prime Minister’s Office, the new fiscal year will see interest-free loans for youngsters as well as the creation of an endowment fund for education and sports.

The premier authorized the establishment of a Pakistan Endowment Fund for Education, similar to the basic framework of the Punjab Endowment Fund.

In this purview, scholarships will be given to poor students across the country. Furthermore, a large amount has been set aside for the Prime Minister’s Youth Program, which will provide small loans to young aspirants.

Additionally, the budget contains funds for youth skill training, particularly in the sector of information technology.

The new budget will include the distribution of 100,000 computers to youth, as well as financial assistance for IT startups. Separately, the government has made budgetary provisions to promote sports and encourage the youth to participate in the field.

Funds have been earmarked for a dedicated program aimed at economic empowerment of women.

Agri Sector

The prime minister also approved a program for solarizing farm tube wells, which will be implemented via PM’s Kissan Package in its second phase.

The PM said significant investments in agriculture would be made in the coming fiscal year. Small farmers will be provided with high-quality seeds as well as automated machinery to bolster productivity.

Lastly, the premier said formers with the highest production per acre score will be handsomely rewarded by the government.

Source: Pro Pakistani

Pakistan Navy celebrated ‘World Oceans’ Day on Thursday to focus on the maintenance and development of the oceans and coastal areas.

According to the Pakistan Navy news release, a number of events including harbour and beach cleaning at Karachi and Gwadar were held to highlight the spirit of the day and demonstrate seriousness about the sustainable use of oceans.

Concurrently, the National Institute of Maritime Affairs (NIMA) also arranged a number of activities including seminars and panel discussions focusing on Ocean Resources and the Blue Economy.

Chief of the Naval Staff Admiral Muhammad Amjad Khan Niazi in his message on the day, re-affirmed PN’s resolve and commitment to save our oceans from further degradation and reverse the damage done so far.

He highlighted that there is a dire need to review and conform to ways that would help protect and preserve oceans which are the ultimate source of supporting life on our planet.

Source: Radio Pakistan

The United Arab Emirates (UAE) Embassy in Canada has issued an emergency call for citizens in the country, asking them to move to safety due to apocalyptic wildfires.

Taking to social media, UAE Embassy asked nationals to avoid outdoor activities because of the wildfires, which have worsened the country’s air quality.

The embassy has shared an emergency contact number, 613 565 8822, which people can use during any unfortunate event.

Thousands of people in Canada have been forced to leave their homes as firefighters continue to control the wildfires that have affected nearly 9.4 million acres of land.

Several images have been shared on social media showing Montreal, Ottawa, and Toronto covered in thick orange smoke, making it look like an apocalyptic scene from a movie.

The smoke has even engulfed New York City and Washington DC, which are hundreds of kilometers far from the US-Canada border, where wildfires broke out.

According to the Mayor of New York City, Eric Adams, “From the gloom over Yankee Stadium to the smoky haze obscuring our skyline, we can see it, we can smell it and we felt it. And it was alarming and concerning.”

Meanwhile, an Associate Professor at the School of Population and Global Health at McGill University, remarked that the pollution rate has increased by three to four times than the normal levels due to wildfires.

On Wednesday, the Canadian government confirmed that over 400 wildfires were burning throughout the country, including 239, which were declared “uncontrollable.”

Source: Pro Pakistani

Winterland, Pakistan’s first indoor snow park, has officially opened in Lahore. The grand opening event was a huge success, with celebrities from the entertainment industry and other fields in attendance.

It offers a unique and exhilarating experience for visitors, providing a winter wonderland right in the heart of the city.

Winterland features a variety of snow-based activities, including ice slides, snow tubing, and bumper cars. There is also a snow-covered forest where guests can build snowmen and have snowball fights. The park also has a number of cozy cafes where guests can warm up with hot drinks and snacks.

Winterland is a great place to escape the summer heat and experience winter. It is also a great place for families to hang out. The park is open from 10:00 am to 10:00 pm, seven days a week. Admission is Rs. 1,499 for adults and Rs. 1,299 for children.

Source: Pro Pakistani