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Author: Mrs. Anjum Shahnawaz

  • MIPD organizes teaching, learning excellence awards ceremony

    MIPD organizes teaching, learning excellence awards ceremony

    ISLAMABAD: Millennium Institute of Professional Development (MIPD) has organized Teaching and Learning Excellence Awards Ceremony 2022, a statement said on Saturday.

    The MIPC in collaboration Department of International Qualifications, Curriculum and Assessments at The Millennium Education group organized the ceremony to honour, award, and appreciate teachers for their excellent teaching performance and significant contribution towards enhancing the quality of teaching and learning nationwide.

    The Millennium Education Group places great emphasis on reflective teaching, improving learning experiences, and cultivating effective practices. It is all about providing world class learning opportunities to the teachers. It aims to provide the teachers with a platform to express themselves not only as educators, but also to discover the hidden potential in each one of them that leads to the discovery of their ultimate identity.

    Teaching & Learning Excellence Awards 2022 were presented for securing distinctions in Foundation courses, MIP, and for being star teachers in Pearson Edexcel iPrimary and Cambridge Check Point Examinations. Awards were also distributed among Programme leaders for Cambridge International Certificate in Teaching and Learning CICTL, and Cambridge International Certificate for teaching with Digital Technology CICTDT.

    The ceremony was concluded with the distribution of TMUC Service Excellence Awards. The ceremony was graced by Prof. Quintin McKellar CBE, Vice Chancellor & Chief Executive University of Hertfordshire, United Kingdom.

    Chief Guest, Prof. Quintin McKellar CBE, heightened the multifarious responsibility of teachers in an era of interconnected dimensions and emphasized that flexibility, opportunity, and community are the basic components for excellence in education. He appreciated the dedication and commitment of The Millennium Education Group, their leadership, management, as well as the professionalism of teachers who are nurturing the future of Pakistan. He concluded his address and quoted, “The future of Pakistan is indeed in safe hands.”

    While addressing the occasion, Dr. Faisal Mushtaq TI, Founder & CEO The Millennium Education Group, congratulated the awardees and celebrated their endeavours for achieving outstanding results within their disciplines which reflects their commitment to an ongoing, clearly articulated, shared process of continued enhancement.

    The highlight of the ceremony was signing of a Memorandum of Understanding (MOU) between the University of Hertfordshire, United Kingdom, and The Millennium Education Group, Pakistan. This partnership will serve as a gateway to higher education and will open new vistas to excellence in teaching and learning.

  • Pakistan trade deficit narrows by 17% in 2MFY23

    Pakistan trade deficit narrows by 17% in 2MFY23

    ISLAMABAD: Trade deficit fell by 17.13 per cent during first two months (July – August) 2022/2023 2MFY23, owing to fall in import bill, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

    The statistics revealed that the trade deficit for the period July – August 2022/2023 was at $6.27 billion as compared with the deficit of $7.56 billion in the same period of the last fiscal year.

    READ MORE: Pakistan’s trade deficit narrows by 18% in July 2022

    Pakistan’s exports increased by 3.75 per cent to $4.76 billion during July – August 2022/2023 as compared with $4.58 billion in the corresponding period of the last fiscal year.

    On the other hand, import bill of the country fell to $11.03 billion during the first two months of the current fiscal year as compared with $12.15 billion in the same period of the last fiscal year, showing a decline of nine per cent.

    READ MORE: Pakistan’s import bill records over $80 bn in 2021/2022

    However, trade deficit surged by 29 per cent to $3.53 billion in August 2022 when compared with the deficit of $2.74 billion in the month of July 2022.

    The exports recorded 11 per cent increased to $2.50 billion in August 2022 when compared with $2.25 billion in July 2022.

    READ MORE: Pakistan’s trade deficit balloons $43.33 bn in 11 months

    Meanwhile, the import bill also climbed up by 21 per cent to $6.03 billion in August 2022 when compared with $4.99 billion in the month of July 2022.

    READ MORE: Pakistan’s imports hit record high at $65.47 bn in 10 months

  • Pakistan estimates flood devastation to cost $10 billion

    Pakistan estimates flood devastation to cost $10 billion

    ISLAMABAD: The torrential rains and flash floods across Pakistan have inflicted an estimated loss of $10 billion to the national economy.

    Federal Minister for Finance and Revenue Miftah Ismail on Thursday said the current devastation of flood in Pakistan is estimated to cost $10 billion.

    READ MORE: Pakistan allows tax exemption on tomato, onion imports

    During flood, railway lines, roads, bridges, grid stations, power lines and houses etc. were badly damaged, which has to be rehabilitated, the minister added.

    The minister said that the United Nation has made a commitment of $160 million and USAID has announced the provision of 30 million dollars.

    Miftah added that in addition to this, friendly countries including the United Kingdom, European countries, Australia and Arab countries has provided financial support and also delivered aid materials.

    READ MORE: FBR announces tax exemptions for flood relief operation

    He said that rehabilitation is a long process which Pakistan will try to complete with the help of its own resources and friendly countries.

    The Minister said that the devastating magnitude of the flood was very high and it is a big challenge for us which “we will try our best to tackle.”

    In response to a question, he said that the federal and provincial governments are helping the flood victims and adding that the central government is disbursing money, for which a woman in every house is being given an amount of up to Rs 2500.

    He said that this amount will be disbursed to 4.2 million women across the country.

    READ MORE: Complaints against banks for refusing flood donations

    Miftah said that the federal and provincial governments and National Disaster Management Authority are currently busy helping the flood victims and the government is delivering food packets, mosquito nets, tents and medicines to the flood affected areas.

    He said that there is no shortage of food, but there is a shortage of onions and tomatoes.

    He said that “we are importing tomatoes and onions by reducing the import duty.”

    The Minister said that apart from this, several million tons of wheat are being imported and the duties on it are being reduced and are being ordered at subsidy rates.

    He said that the goods which will have shortages will be imported so that there is no shortage of essential goods.

    READ MORE: US provides Rs6.65 billion for Pakistan flood relief

    He said that this is a very challenging situation, crops have been damaged due to flood in Sindh province.

    Miftah said that cotton crops have been damaged up to 30% in Sindh province and sugarcane crop has been damaged up to 20 per cent.

    He said that wheat will be sown in the next two months and water draining out is a big challenge but it will be resolved so that the farmers can sow their crops.

    In response to a question, he said that the government is considering giving incentives to farmers and banks will relax the loans of farmers so that they can cover their losses.

  • FBR invites proposals for new retailers tax scheme

    FBR invites proposals for new retailers tax scheme

    ISLAMABAD: The Federal Board of Revenue (FBR) is formulating new tax scheme for retailers and in this regard the authority has invited proposals from stakeholders.

    The Chairman FBR invited proposals regarding the features of the proposed tax scheme that would serve the purpose of facilitating filing of income tax returns as well as ensuring revenue for the country.

    READ MORE: Pakistan amends laws to tax retailers

    The government has withdrawn the fixed tax on retailers through the recently promulgated Ordinance. Any new scheme of tax on retailers will be planned and implemented in consultation with the traders.

    The Chairman FBR held a detailed meeting with the representatives of traders from all across the country at the FBR House Islamabad on Thursday afternoon. About 21 representatives of Markazi Tanzeem e Tajiraan Pakistan attended the meeting and some participants joined through video link.

    READ MORE: FBR allows tax refund deducted through electricity bills

    The traders appreciated the initiative of active consultative approach taken by the FBR and put forth various suggestions on the issue.

    Earlier on August 25, a meeting with the representatives from all across Pakistan under All Pakistan Anjuman e Tajiraan was also held by the Chairman FBR in Islamabad.

    READ MORE: Pakistan decides to roll back fixed tax scheme

    While addressing the participants of the two meetings, the Chairman FBR resolved to keep follow-up meetings at the FBR headquarters and also at the regional level so that, through consultation and consensus, a feasible and workable scheme of taxation for retailers & traders is evolved.

    The traders were requested to make in-house deliberations amongst themselves and firm up their suggestions for the future tax scheme to be rolled out next month.

    The next round of meetings will be held with the traders’ bodies next week.

    READ MORE: FTO investigates tax collection through electricity bills

  • Pakistan’s headline inflation hits 47-year high in August 2022

    Pakistan’s headline inflation hits 47-year high in August 2022

    ISLAMABAD: The headline inflation in Pakistan has recorded 47-year at 27.3 per cent in August 2022. This is a 47-Year high after 1975 and has crossed peak levels of global financial crisis 2008 of 25.3 per cent, according to Fahad Rauf, analyst at Ismail Iqbal Securities.

    Pakistan Bureau of Statistics (PBS) on Thursday issued the data of Consumer Price Index (CPI) stating that it increased by 27.3 per cent on year-on-year basis in August 2022 as compared to an increase of 24.9 per cent in the previous month and 8.4 per cent in Aug 2021.

    READ MORE: Pakistan’s sensitive price inflation surges by 45%

    On month-on-month basis, it increased by 2.4 per cent in August 2022 as compared to an increase of 4.3 per cent in the previous month and an increase of 0.6 per cent in August 2021.

    CPI inflation Urban, increased by 26.2 per cent on year-on-year basis in August 2022 as compared to an increase of 23.6 per cent in the previous month and 8.3 per cent in August 2021.

    On month-on-month basis, it increased by 2.6 per cent in August 2022 as compared to an increase of 4.5 per cent in the previous month and an increase of 0.5 per cent in August 2021.

    READ MORE: Pakistan’s sensitive price inflation surges by 37.67%

    CPI inflation Rural, increased by 28.8 per cent on year-on-year basis in August 2022 as compared to an increase of 26.9 per cent in the previous month and 8.4 per cent in August 2021.

    On month-on-month basis, it increased by 2.2 per cent in August 2022 as compared to an increase of 4.2 per cent in the previous month and an increase of 0.7 per cent in August 2021.

    Sensitive Price Indicator (SPI) based inflation on YoY increased by 34.0 per cent in August 2022 as compared to an increase of 28.2 per cent a month earlier and an increase of 15.9 per cent in August 2021.

    READ MORE: Pakistan’s headline inflation may up 24% in July 2022

    On MoM basis, it increased by 5.2 per cent in August 2022 as compared to increase of 7.3 per cent a month earlier and an increase of 0.7 per cent in August 2021.

    Wholesale Price Index (WPI) based inflation on YoY basis increased by 41.2 per cent in August 2022 as compared to an increase of 38.5 per cent a month earlier and an increase of 17.1 per cent in August 2021.

    WPI inflation on MoM basis increased by 3.1 per cent in August 2022 as compared to an increase of 2.0 per cent a month earlier and an increase of 1.2 per cent in corresponding month i.e. August 2021.

    READ MORE: Pakistan inflation crosses 33% on high petroleum prices

  • Pakistan allows tax exemption on tomato, onion imports

    Pakistan allows tax exemption on tomato, onion imports

    ISLAMABAD: Pakistan on Wednesday granted exemption of income tax and sales tax on imports of tomato and onion during next four months.

    In this regard, the Federal Board issued notifications in this regard. The FBR issue SRO 1639(I)/2022 to allow withholding income tax exemption on import of tomato and onion imported till December 31, 2022.

    READ MORE: FBR collects Rs948 billion as tax revenue during 2MFY23

    Similarly, another SRO 1640(I)/2022 was issued to allow sales tax exemption on import of tomato and onion during September – December 2022.

    Previously, on August 30, 2022, in a meeting at the Ministry of National Food Security and Research (MNFSR), it was decided that the Ministry will issue import permits of onion and tomatoes within 24 hours.

    The Ministry has also proposed to FBR to waive-off taxes and levies on import of onion and tomatoes.

    It is expected that this will be made effective on immediate basis. These steps are taken to ensure a supply of the essential commodity in the market and to stabilize the prices.

    READ MORE: FBR announces tax exemptions for flood relief operation

    According to the details, the importers will be allowed to import onion and tomatoes.

    Ministry of National Food and Security has directed the Department of Plant Protection (DPP) to facilitate the import and ensure that there are no hindrances for importers.

    MNFSR has taken on-board all the stakeholders with an aim to ensure a supply of the essential commodities to the consumers.

    Furthermore, a contact group to facilitate imports is created, where importers will be able to share their problems. While a team at Ministry of National Food Security will monitor the situation and will take necessary action for redressal.

    READ MORE: KTBA demands suspending further tax due to practical issues

    Ministry of National Food Security and Research has taken the above decisions to ensure that onion and tomatoes are available in the market at reasonable rates to the consumers.

    Pakistan Embassies in Iran, Afghanistan, UAE and other countries have been requested to assist imports. Ministry of National Food Security and Research, with stakeholders, will continue to take necessary steps to ensure food security in the country in the times when crops have been heavily damaged because of recent floods and rains.

    READ MORE: FBR gets 3.38 million active taxpayers by August 28, 2022

  • New petroleum prices in Pakistan from September 01, 2022

    New petroleum prices in Pakistan from September 01, 2022

    ISLAMABAD: Pakistan on Wednesday announced increase in prices of all petroleum products. These prices are implemented with effect from September 01, 2022.

    The finance division notified the new prices of petroleum products with effect from September 01, 2022.

    The price of petrol has been increased by Rs2.07 per liter to Rs235.98 from Rs233.91.

    The price of high speed diesel has been increased by Rs2.99 per liter to Rs247.43 from Rs244.44.

    READ MORE: Pakistan to increase petroleum prices from September 01, 2022

    The rate of kerosene oil has been raised by Rs10.92 per liter to Rs210.32 from Rs199.40.

    The price of light diesel oil has been increased by Rs9.79 per liter to Rs201.54 from Rs191.75.

    It is important to note that the government revised the prices in the wake of falling international oil prices and massive recovery in rupee value.

    The sources said that the government was striving to get loans under the Extended Fund Facility (EFF) from the International Monetary Fund (IMF). The government met all the conditions and received $1.16 billion from the IMF after it’s executive board accorded approval on August 29, 2022.

    READ MORE: New petroleum prices in Pakistan from August 16, 2022

    Pakistan is a net importer of petroleum products so huge foreign exchange is required for paying against foreign purchases and meeting local demand.

    The country has spent a staggering amount of $23.32 billion for the import of petroleum group during fiscal year 2021/2022 as compared with $11.36 billion in preceding year, showing a growth of 105 per cent. The import of finished products recorded an increase of 134 per cent to $12.07 billion during the fiscal year 2021/2022 as compared with $5.16 billion in the preceding fiscal year.

    The benchmark Brent crude is about $100 dollars. Brent crude futures were at $97.40 per barrel in New York trade on August 10, 2022.

    The present government had started increasing the petroleum prices on May 26, 2022 when the benchmark Brent Oil was at $112 per barrel.

    Considering the price slump of international oil, the government had reduced the prices of petroleum products from July 15 to July 31. However experts believed it was a political decision as the government had to increase petroleum levy and apply sales tax.

    READ MORE: New petroleum prices in Pakistan from August 1, 2022

    The previous government of PTI had kept both the petroleum levy and sales tax at zero in order to provide relief to the masses. The PTI government also provided a huge subsidy on prices of petroleum products in order to lower the rates and provide relief to the masses.

    However, former Prime Minister Imran Khan was removed through a vote of no-confidence motion on April 10, 2022. Since then the new coalition government led by PML-N increased the prices of petroleum products sharply on three different occasions.

    The present government in the budget estimated to collect Rs855 billion as petroleum levy during the fiscal year 2022/2023. As this fiscal year is starting from July 01, 2022, it is likely that the government will opt to impose the levy from this date.

    READ MORE: New petroleum prices in Pakistan from July 15, 2022

  • Pakistan receives $1.16 billion from IMF

    Pakistan receives $1.16 billion from IMF

    KARACHI: The State Bank of Pakistan (SBP) on Wednesday received $1.16 billion from International Monetary Fund (IMF) under Extended Fund Facility.

    SBP in a Tweet said that it had received proceeds of $1.16 billion (equivalent of SDR 894 million) after the IMF Executive Board completed the combined seventh and Eight review under the EFF for Pakistan.

    READ MORE: IMF board allows $1.1 billion disbursement for Pakistan

    “This will help improve SBP’s foreign exchange reserves and will also facilitate realization of other planned inflows from multilateral and bilateral sources,” according to the Tweet.

    Earlier, on August 29, 2022 the executive board of the IMF completed the combined seventh and eighth reviews of the Extended Arrangement under the EFF for Pakistan.

    READ MORE: Pakistan may face food security due to flash floods

    The Board’s decision allows for an immediate disbursement of SDR 894 million (about $1.1 billion), bringing total purchases for budget support under the arrangement to about $3.9 billion.

    The EFF was approved by the Executive Board on July 3, 2019 for SDR 4,268 million (about $6 billion at the time of approval, or 210 percent of quota).

    READ MORE: SBP issues IBAN list for donations to PM flood relief fund

    In order to support program implementation and meet the higher financing needs in FY23, as well as catalyze additional financing, the IMF Board approved an extension of the EFF until end-June 2023, rephasing and augmentation of access by SDR 720 million that will bring the total access under the EFF to about $6.5 billion.

    READ MORE: Flash floods affect internet services in Pakistan

  • FBR collects Rs948 billion as tax revenue during 2MFY23

    FBR collects Rs948 billion as tax revenue during 2MFY23

    ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs948 billion as tax revenue during first two months (July – August) of fiscal year 2022/2023, according to provisional data released on Wednesday.

    The FBR surpassed the revenue collection target of Rs926 billion set for the period.

    READ MORE: FBR announces tax exemptions for flood relief operation

    According to the provisional data for the month of August 2022, the FBR has collected net revenue of Rs. 489 billion, which has exceeded the target of Rs. 483 billion against Rs. 448 billion collected during the same period, last year.

    These figures would further improve after the book adjustments have been taken into account. These collections are the highest ever in the month of August.

    This outstanding revenue performance is a reflection of FBR’s resolve to build on its growth trajectory despite floods, zero rating on POL products, and import compression, the FBR said.

    READ MORE: KTBA demands suspending further tax due to practical issues

    On the other hand, the gross collection increased from Rs. 462 billion during August last year to Rs. 526 billion, showing an increase of 14 per cent.

     Likewise, the amount of refunds disbursed during August was Rs. 37 billion compared to Rs. 14.3 billion paid last year, showing an increase of 161 per cent. This is reflective of FBR’s strong commitment to fast-track refunds and thereby prevent liquidity shortages in the industry.

    The significant revenue increase in August is largely the outcome of various policy and revenue measures introduced by the government in Finance Act 2022. Unlike in the past, there is a visible focus on taxing the rich and affluent.

    READ MORE: FBR gets 3.38 million active taxpayers by August 28, 2022

    Owing to this paradigm shift, the growth in domestic Income Tax is almost 38 per cent which is a remarkable shift towards direct taxation. Likewise, there is a significant upsurge in Advance Tax collected during August, which is 72 per cent increase from the corresponding period of the previous year.

    Provisional collection of Income Tax, Sales Tax, Federal Excise and Customs Duty were respectively Rs.165 billion, Rs. 218 billion, Rs.24 billion and Rs. 82 billion as against Rs.124 billion, Rs. 223 billion, Rs. 23 billion and Rs.77 billion during the corresponding period of the previous year.

    READ MORE: Tax rates on mobile phone, internet users during 2022-2023

  • OGRA cuts LPG rates for September 2022

    OGRA cuts LPG rates for September 2022

    ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) on Wednesday reduced the prices of Liquefied Petroleum Gas (LPG) for the month of September 2022.

    The regulatory body notified a price-revision of LPG for September, decreasing the commodity price by Rs75.11 per 11.8-kilogram cylinder.

    According to the notification, the authority reduced the locally produced LPG price by Rs6.36 per kilogram.

    After the revised price, the LPG cylinder would be sold in the open market at Rs2496.30 in September, which was available at Rs2,571.41 in August.

    Whereas, the per Metric Ton (MT) LPG rate has been fixed at Rs211,551.06 for September. The commodity sale price per MT was Rs217,916.22 in August.