Pakistan has issued official petroleum prices that will remained applicable till December 31, 2022. The official prices of petroleum products from December 16, 2022 to December 31, 2022 are:
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Pakistan sharply cuts petroleum prices effective from Dec 16, 2022
ISLAMABAD: Pakistan on Thursday sharply reduced the prices of petroleum products for next fortnight effective from December 16, 2022.
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FBR imposes $5,000 cash carrying limit for foreign travel
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday imposed cash carrying limit of $5,000 for travelling abroad.
The FBR issued SRO 2201(I)/ 2022 dated December 12, 2022 to make part of law the amendment made to Baggage Rules, 2006. Previously, draft amendments to the rules were introduced through SRO 2043(I)/2022 on November 15, 2022.
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According to the latest notification, any person travelling abroad (except to Afghanistan) is allowed to take out Pakistan US Dollars or equivalent thereof in other foreign currencies as per the limits give below:
For individuals 18 years and above, the maximum limit per person per visit in US$ (or equivalent in other foreign currencies) is $5,000 and annual limit per person in US$ (or equivalent in other foreign currencies) is $30,000.
For individuals below 18 years, the maximum limit per person per visit in US$ (or equivalent in other foreign currencies) is $2,500 and annual limit per person in US$ (or equivalent in other foreign currencies) is $15,000.
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In case of passengers travelling to Afghanistan, the maximum limit per person per visit (US$ or equivalent in other foreign currencies) is $1,000 and annual limit per person (US$ or equivalent in other foreign currencies) is $6,000.
The FBR said that the annual limits for outbound passengers for the respective countries mentioned above for a calendar year starting from the year 2023. However, for calendar year 2022, the existing annual limits in vogue before the issuance of this notification will continue to be effective till December 31, 2022.
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The FBR further stated that any person taking foreign currency or any other prohibited or restricted item out of Pakistan shall file a declaration before or at the time of departure, electronically in the WeBOC or pass track or manual at the airport.
According to the amendments to Baggage Rules, 2006, the incoming passenger when in possession of foreign currency exceeding $10,000 or equivalent, or any other prohibited restricted items, shall also file a declaration.
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State Bank unveils revision in PM’s youth loan program
KARACHI: State Bank of Pakistan (SBP) Monday issued revision in loan program under Prime Minister (PM) Kamyab Jawan Youth Entrepreneur Scheme (PMKJ-YES).
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Pakistan may cut petroleum prices on Dec 15, 2022
Pakistan may reduce petroleum prices on December 15 to be effective for last fortnight of the year 2022. Experts believe that the government may reduce the prices of petroleum products in the wake of sharp decline in oil prices in global markets.
Benchmark Brent crude is ended at $76 per barrel in the international trade. The Brent crude has hit above $120 per barrel during mid-June this year and now fell to the present level leaving ample room to the present government to revise downward the prices to provide relief the domestic consumers.
READ MORE: New petroleum prices in Pakistan effective from December 01, 2022
An energy expert told PkRevenue that the country may revise the petroleum prices for the next fortnight amid sharp fall in international oil prices.
However, on the other hand the depreciation in rupee value and imminent imposition of sales tax on petroleum products the benefit of decline in international oil prices may not pass on to domestic consumers.
READ MORE: Pakistan may impose petroleum tax to avert revenue shortfall
The expert believed that the imposition of sales tax on petroleum products would increase the retail prices as well as result in high inflation.
However, experts believed that rise in petroleum prices were imminent in the next review as the government was under immense pressure from the IMF to impose sales tax on petroleum products.
At present the government adopted a policy to keep zero sales tax on petroleum products instead flat rate of 17 per cent. Furthermore, the government also committed to apply petroleum levy to generate more revenue for curtailing budget deficit.
READ MORE: Petroleum prices in Pakistan for next fortnight effective from November 16, 2022
The government on December 01, 2022 revised the latest petroleum prices. According to a notification, the prices of petroleum products with effect from December 01, 2022 till December 15, 2022 are be as follows:
Petrol price will be remained unchanged at Rs224.80 per liter.
The rate of high speed diesel (HSD) will also be remained unchanged at Rs235.30 per liter.
The price of kerosene has been reduced by Rs10 per liter to Rs181.83 from Rs191.30.
READ MORE: Petroleum prices in Pakistan effective from November 01, 2022
Likewise, the price of light diesel oil has been reduced by Rs7.50 per liter to Rs179.00 from Rs186.50.
The exchange rate is again showing a deterioration in rupee value against the dollar. The US dollar continued to make gain against the Pakistani Rupee (PKR) on December 09, 2022 and reached PKR 224.40 in the interbank foreign exchange market.
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ACCA backs green budgeting for public sector
KARACHI: ACCA (the Association of Chartered Certified Accountants) backs green budgeting for the public sector everywhere to implement climate commitments and achieve their environmental goals, according to a statement received here on Thursday.
In Green budgeting: a toolkit for public sector finance professionals published today, ACCA sets out the reasons for considering green budgeting and the methods that can be adopted. It highlights the crucial role that finance professionals must play in making action on climate change a reality.
John Lelliott, OBE, FCCA, chair of ACCA’s Global Forum for Sustainability and former finance director at the UK Crown Estate, wrote a foreword to the toolkit. He says: ‘Action to address the climate crisis requires change across the entire public sector. Climate considerations must be central to public sector organisations’ decision-making processes. The budget cycle is at the heart of the way organisations implement their objectives.’
Green budgeting supports progress towards national and international climate commitments and goals; promotes environmentally responsive policy making; fosters transparency and helps investors as they look to fund sustainable activities through financial instruments such as green bonds.
The toolkit identifies three important conditions to support successful implementation: political will; building on existing processes; and adopting green budgeting across the whole public sector – half of all public spending on climate and the environment is at sub-national level.
The report also sets out five key steps to adopting green budgeting: develop a baseline; prioritise spending with the most impact; categorise and monitor spending; ensure external review and then learn and improve.
The toolkit highlights how finance professionals are at the heart of green budgeting and can enable public sector organisations to turn goals and ambitions into costed plans.
Assad Hameed Khan, head of ACCA Pakistan, says: ‘Climate change, as experienced through the recent floods, is already having a profound impact on Pakistan. Government is at the forefront of the response to climate change including the need to integrate and mainstream climate action in every public sector organisation.
Accountancy and finance professionals in the public sector will be essential to this task. It’s a great opportunity for public sector accountants to step forward and make a real difference’.
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Non-filers will not be included in ATL 2022
KARACHI: Non-filers of income tax return will not be included in the Active Taxpayers List (ATL) 2022, officials in the Federal Board of Revenue (FBR) said.
The last date for filing income tax returns for tax year 2022 is December 2022. The date has already been extended twice. The actual last date for filing income tax return for tax year 2022 was September 30, 2022. But it was extended up to October 31, 2022 and then up to November 30, 2022.
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The FBR officials said that according to tax laws persons failing to file annual returns would not be included in the ATL.
The ATL for tax year 2022 will be issued on March 01, 2023.
Section 182A of the Income Tax Ordinance, 2001 explained repercussions of return not filed within due date.
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The text of the section is as follow:
182A. Return not filed within due date.—(1) Notwithstanding anything contained in this Ordinance, where a person fails to file a return of income under section 114 by the due date as specified in section 118 or by the date as extended by the Board under section 214A or extended by the Commissioner under section 119, as the case may be, such person shall—
(a) not be included in the active taxpayers’ list for the year for which return was not filed within the due date:
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Provided that without prejudice to any other liability under this Ordinance, the person shall be included in the active taxpayer ‘ list on filing return after the due date, if the person pays surcharge at Rupees-
(i) twenty thousand in case of a company;
(ii) ten thousand in case of an association of persons;
(iii) one thousand in case of an individual.
“Explanation.—For the removal of doubt it is clarified that the provisions of this section shall apply from tax year 2018 and onwards for which the first Active Taxpayers List is to be issued on first day of March, 2019 under Income Tax Rules, 2002; and
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(b) not be allowed, for that tax year, to carry forward any loss under Part VIII of Chapter IV;
(c) not be issued refund during the period the person is not included in the active taxpayers’ list; and
(d) not be entitled to additional payment for delayed refund under section 171 and the period the person is not included in the active taxpayers’ list, shall not be counted for computation of additional payment for delayed refund.
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Google releases top trending searches of 2022 in Pakistan
KARACHI: Google has released top trending search in Pakistan, recapping the top trends of 2022 in the country.
The searches revealed that over the year, Pakistanis had a diverse range of interests that pivot on politics, famous personalities, government initiatives, current events, entertainment, technology, and food.
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This year, cricket continued to be the major search trend, with the T20 World Cup, Asia Cup 2022, and PSL 7 filling the top three spots in the overall list of top searches. Nationwide financial insecurity, floods, and inflation led people to search for government campaigns and financial aid schemes like the Ehsaas Program.
Meanwhile, celebrities like Queen Elizabeth, Aamir Liaquat, and Arshad Shareef also took their spots on the list. Here is the complete list of all the top trending searches;
Top Trending Searches:
T20 World Cup 2022
Asia Cup 2022
PSL 7
Melbourne weather
Climate change
Ehsaas program
Arshad Shareef
Aamir Liaquat
Queen Elizabeth
Naseem Shah
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In 2022, Pakistani movies were all over the news. The Legend of Maula Jatt stayed at the top of the Movies & TV section, followed by London Nahi Jaunga and Quadi-e-Azam Zindabad.
The love for Hollywood movies can also be seen in the fact that movies like Ms. Marvel, Black Adam, and Doctor Strange remained in the top five search results. The complete list is below or you can check out Fuchsia Magazine talking in depth about it on their channel too.
Top Movies & TV Shows
Maula Jatt
Ms. Marvel
Black Adam
Thor Love and Thunder
Doctor Strange
London Nahi Jaunga
The Batman
Quaid-e-Azam Zindabad
Sinf e Aahan
House of the Dragon
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People in Pakistan mainly searched for politicians and athletes in the last year. Due to Naseem Shah’s brilliant performances in the Asia Cup and T20 World Cup, he remained at the top of this category. People also looked for the Prime Minister of Pakistan, Shehbaz Sharif, due to the political situation in the country.
Also, famous Pakistani cricketers such as Iftikhar Ahmed, Shadab Khan, and Muhammad Rizwan took their spots, respectively. Here is the complete list;
Top Searched Personalities
Naseem Shah
Pervez Musharraf
Salman Rushdie
Iftikhar Ahmed
Mohammad Rizwan
Shahbaz Sharif
Shadab Khan
Amber Heard
Azhar Ali
Imran Riaz Khan
In 2022, Pakistanis actively searched for smartphone brands, which include Infinix, iPhone, Samsung, and OPPO. Whereas, Vivo grabbed the majority of the attention because of the launch of its new Android mobile phones and got featured multiple times in the list.
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The complete list is mentioned below. Also, take a look at the analysis of VideoWaliSarkar on the top tech searches in Pakistan
Trending Tech Searches
Vivo V23
iPhone 14 Pro Max
OPPO F21 Pro
Vivo Y21
Vivo V23e
Realme c35
Infinix Note 12
Infinix Hot 12
Samsung A32
OPPO A16
With such ease under COVID-19 restrictions, people in Pakistan celebrated all major festive occasions in 2022 and turned to Google for finding modern recipes and a variety of food items.
The search categories reflected Pakistan’s love for food, with desi cuisine having the upper hand in the results. Check out the full list or visit Food Fusion, where they discussed the top food searches in Pakistan over the last year.
Trending Food and Cuisine
Chicken Recipe
Pulao recipe
Shami kabab recipe
Chicken soup recipe
Nuggets recipe
Chicken pakora recipe
White chicken recipe
Imli ki chutney recipe
Brownies recipe
Hot and sour soup recipe
Pakistanis also browsed Google for updates on local and international news, with the tragic death of Amir Liaquat Hussain topping the trending news list. News related to the Murree incident and Imran Khan also garnered a lot of interest in 2022.
People were also interested in events worldwide related to the Russia-Ukraine conflict. Below is the full list;
Trending News
Aamir Liaquat News
Ukraine News
Imran Khan Latest News
Murree News
Fatima Tahir News
Arshad Sharif News
Pervez Musharraf News
Salman Rushdie Latest News
Iqrar ul Hassan News
Sri Lanka News
To see more information about Google’s Year in Search 2022, please visit yearinsearch.google
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Commercial banks urged to withdraw appeals in Riba case
ISLAMABAD: A leading scholar of the country on Sunday urged commercial banks to withdraw their appeals against the order of Federal Shariat Court (FSC).
The FSC judgment declared that Riba (usury) is Haram and prevailing banking system with interest system should be abolished forthwith.
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State Bank of Pakistan (SBP) and National Bank of Pakistan with other six commercial banks filed a review before the Supreme Court against the judgment of the FSC.
Recently, the SBP and NBP reportedly withdrew the appeals. However, private banks are still in litigation to contest the judgment of FSC.
“The private banks should withdraw their appeals to annul the judgment of the Federal Shariat Court (FSC) against the Riba (usury),” said Hafiz Muhammad Tahir Mehmood Ashrafi, Prime Minister’s Special Representative for Interfaith Harmony and the Middle East Hafiz Muhammad Tahir Mehmood Ashrafi, while talking to the state media.
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He said the government had taken practical steps by withdrawing appeals of national and state banks from the apex court in a bid to get rid of the interest-based economic system.
Ashrafi, who is also the chairman of Pakistan Ulema Council, assured the government all-out support of Ulema and Mashaykh in the implementation of FSC’s decision in letter and spirit.
He proposed all the financial institutions devise a combined strategy to make the country’s economic system free of interest which was totally against the divine commands.
He also urged the government to take stern action against the people who were allegedly involved in an interest-based system at the local level.
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He said Pakistan, currently, was facing a critical financial crisis and its solution was lying in political stability and improved law and order situation in the country.
He urged all the religious and political parties to unite on one platform and help cope with burgeoning polarization, extremism, and the new wave of terrorism with collective efforts.
He also appealed the Pakistan Tehreek-e-Insaf Chief Imran Khan to come to the table-talk to evolve consensus on the ‘Charter of Pakistan’ as it was the need of the hour and it would help control increasing violence in the society and improve the ailing economy of the country.
He proposed that the way ‘Message of Pakistan’ was designed to promote religious harmony in all sections of the society, there should be long-term policies on the country’s social, economic, and foreign affairs issues in the shape of ‘Charter of Pakistan’ and it should be implemented by all the governments to come and national institutions in the larger national interest.
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Ashrafi emphasized that Pakistan had to go out of the box in the matter of its foreign policy as there was a paradigm shift in the external affairs of the Islamic and Arab world.
He also thanked the Saudi leadership for extending the term of deposit in the State Bank of Pakistan (SBP) from the Saudi Fund for Development.
Expressing gratitude to Custodian of the Two Holy Mosques King Salman bin Abdulaziz and his Crown Prince Muhammad bin Salman, he said the relationship between Pakistan and Saudi Arabia was like two brothers.
He said Prime Minister Muhammad Shehbaz Sharif’s meetings with Saudi Crown Prince Mohammed bin Salman would yield further cooperation in the shape of Saudi investment in the days to come ahead in the country.
“Similarly, other Islamic countries are also increasing trade and economic cooperation with Pakistan,” he said expressing the hope that there would be good news from the United Arab Emirates, Qatar, Turkey and Saudi Arabia in the near future.
Ashrafi hinted that there was a big hand of the external forces and anti-state elements behind an organized smear campaign against the national security institutions and armed forces.
“We must counter the concocted propaganda of our arch enemy against our national defense institutions and Pakistan Army with a pragmatic approach instead of becoming part of it,” he maintained.
