Pakistan

Key proposals of the ‘mini-budget’

Published

1 month ago

Farwa

As the government seeks to fulfil the prerequisites for unlocking the $1.1 billion International Monetary Fund (IMF) loan tranche, Minister for Finance and Revenue Senator Ishaq Dar has introduced the Finance (Supplementary) Bill 2023 or the “mini-budget” in the National Assembly and Senate on Wednesday.

The government last night ratified the increase in the general sales tax (GST) rate from 17% to 18% and increased the Federal Excise Duty (FED) on cigarettes in order to fetch an additional Rs115 billion out of Rs170 billion agreed to by Pakistan in line with the IMF conditions.

Through the “mini-budget”, the Pakistan Democratic Movement (PDM)-led government aims to reduce the budget deficit and broaden its tax collection net — in order to meet the conditions laid forth by the Washington-based lender.

Talking to reporters after the session on Wednesday, FinMin Dar said that he expects the bill to be passed in both houses by Monday or Tuesday as Senate Chairman Sadiq Sanjrani has “given us till Friday”.

Key proposals

1. Increase in GST on luxury items from 17% to 25%

2. Federal Excise Duty (FED) on business and first-class air tickets be increased to Rs20,000 or 50% — whichever is higher

3. 10% withholding adjustable advance income tax to be imposed on marriage halls

4. Increase in FED on cigarettes, soft and sugary drinks

5. FED on cement to be raised from Rs1.5 kg to Rs2 kg

6. Increase in GST from standard 17% to 18%

7. GST to not be imposed on essential goods — wheat, rice, milk, pulses, vegetables, fruits, fish, eggs, meat

8. BISP stipend to be increased; govt to allocate Rs400 billion for programme

Pakistan

Ramadan 2023: Sindh revises school, college timings

Published

17 hours ago

Farwa

The Sindh School Education and Literacy Department on Monday announced the revised timings for all the educational institutions in the province during the holy month of Ramadan.

All the government and private schools in Sindh will now start at 7:30am and continue till 12pm (noon) from Monday to Thursday and on Saturday.

Meanwhile, the school timings on Friday will be from 7:30am to 11am.

Office timings

On Monday, the federal government also notified timings for public offices during the holy month.

In a notification, the Establishment Division said the public offices coming under the ambit of the federal government would operate from 7:30am to 1:30pm from Monday to Thursday.

Moreover, the public offices coming under the ambit of the federal government would operate from 7:30am to 12:00pm on Fridays.

First Ramadan expected on March 23

Meanwhile, The Pakistan Meteorological Department (PMD) forecast that there is a strong possibility that the crescent for Ramadan 2023 will be sighted on the evening of March 22 (Wednesday).

The update was shared by the Met department’s Climate Data Processing Centre. This means the first of Ramadan is likely to fall on Thursday, March 23 in Pakistan.

Pakistan

Cleric shot dead in Karachi’s Gulistan-e-Jauhar

Published

17 hours ago

Farwa

A cleric was shot dead in Karachi’s Gulistan-e-Jauhar on Tuesday after morning prayers.

According to police, Maulana Abdul Qayyum Sufi, was going back home after Fajr prayers in Gulistan-e-Jauhar Block-9 when assailants riding a motorcycle opened fire at him.

The police said that Maulana Abdul Qayyum Sufi was a member of the Pakistan Ulema Association and a prayer leader at Mohammadia Noorani Islamic Centre.

There were no further details available about the incident.

Pakistan

Ramadan 2023: Minimum Nisab set at Rs103,159 for Zakat deduction

Published

17 hours ago

Farwa

The Ministry of Poverty Alleviation and Social Safety has fixed the Nisab for Zakat deduction for the ongoing year.

According to a notification issued by the ministry, Zakat will be deducted from saving accounts, profit and loss sharing accounts and other similar accounts having a minimum balance of Rs103,159 or above, on the first of Ramadan.

The Nisab was fixed at Rs88,927 in the previous year.

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Under the Zakat and Ushr Ordinance 1980, no Zakat would be deducted in case a bank account has a lesser amount than the value announced by the ministry, added the statement.

“All the Zakat Collection Controlling Agencies (ZCCAs) are requested to deduct the Zakat accordingly,” it said.

The first of Ramadan will likely fall on March 23, this year, subject to the appearance of the moon.

To be liable for Zakat — which is one of the five pillars of Islam — one’s wealth must amount to more than a threshold figure, termed the “Nisab”.

Those who do not want Zakat deduction from their accounts can submit a “Zakat exemption” form to their respective banks.