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  • New petroleum prices in Pakistan effective from September 21, 2022

    New petroleum prices in Pakistan effective from September 21, 2022

    Pakistan on Wednesday revised the prices of petroleum products that are effective from September 21, 2022.

    According to a statement issued by the Finance Division, the government decided to increase prices of petrol by Rs1.45 per liter to Rs237.43 from previous rate of Rs235.98.

    READ MORE: New petroleum prices in Pakistan from September 01, 2022

    However, the government kept the price of high speed diesel (HSD) unchanged at Rs247.43 per liter.

    The price of kerosene oil has been reduced by Rs8.30 per liter to Rs202.02 from Rs210.32.

    Similarly, the rate of light diesel oil has been reduced by Rs4.26 per liter to Rs198.28 from previous rate of Rs201.54.

    The finance division said that in the wake of fluctuating global oil prices and exchange rate variation, the government had decided to revise the prices of petroleum products.

    The government review the prices of petroleum products every fortnight. The latest rate revision was scheduled for September 15, 2022 for the period starting from September 16, 2022.

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

    However, the government delayed the review which raises concerns amongst the stakeholders as many believed the government deliberately kept the price at higher side despite significant decline in global oil prices.

    A day earlier, Korangi Association of Trade and Industry (KATI) expressed concern over delay in revision of petroleum prices by the government.

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

    KATI President Salman Aslam expressed concern over the government’s delay in changing the prices of petroleum products.

    He said that there is a trend of continuous decline in oil prices in the global market, and the government should immediately announce a reduction in the price of petrol so that inflation and production costs can be reduced.

    READ MORE: New prices of petroleum products in Pakistan from July 01, 2022

  • Overseas Pakistanis Foundation provides toolkits to returning expatriates

    Overseas Pakistanis Foundation provides toolkits to returning expatriates

    ISLAMABAD: Overseas Pakistanis Foundation (OPF) has distributed toolkits to returning expatriates in various trades as an in-kind support to help them start sustained self-employment.

    The toolkits were presented at a ceremony held here on Tuesday to as many as 80 returning migrants in trades including electrician, plumber, carpenter, and mason, who have also completed comprehensive business development training at the Pakistani-German Facilitation & Reintegration Centre (PGFRC), Lahore.

    OPF Managing Director Dr. Amer Sheikh, GIZ officials, members of Senate and National Assembly Standing Committees on Overseas Pakistanis and HRD, Members, OPF Board of Governors, representatives of international organizations and civil society also attended the ceremony.

    The activity is part of the OPF efforts to support returning migrants to make a new start in Pakistan and achieve a sustainable employment. OPF is implementing a program on economic reintegration of returnees in collaboration with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) in Pakistan.

    It is commissioned by the Federal Ministry for Economic Cooperation & Development Germany, (BMZ) and is part of BMZ support for voluntary return and sustainable reintegration.

    In his remarks, Dr. Amer Sheikh shared that an MoU between German and Pakistan governments has been formalized which is the start of a new dawn in the area of support to the returning migrants.

    This arrangement will support in counselling and introduction to employment or entrepreneurship measures.

    Addressing the audience, Dr. Mansoor Zaib Khan, Head of PGFRC, informed that the Centre is open to all Pakistanis and all our services are free of charge.

    PGFRC is providing advice on training and skills development, technical and vocational training, advice on job market trends and opportunities, advice on finding a job in Pakistan, entrepreneurship and start-up support, psychosocial support, and information on the health system in Pakistan, information on living conditions and advice on getting microfinance and loans, he explained.

    He informed that more than 800 returning migrants in the trades of electrician, plumber, carpenter, and mason will benefit from this capacity building leading to in-kind support intervention.

    Country Director GIZ, Mr. Tobias Becker, said on the occasion that the PGFRC is playing a critical role in fostering self-employment and entrepreneurship. These efforts are resulting in enhancing the capacity of workforce and reducing unemployment rates in Pakistan, he added.

    Moreover, he said, it not only helps to contribute to the better life and wellness of returning migrants but also achieve the Agenda 2030 as well as Sustainable Development Goals. 

    He explained several Pakistanis migrate abroad to work, but at some point, in their lives, they return to the country and struggle to re-establish themselves and make a respectable living.

    Furthermore, the COVID-19 pandemic impacted Pakistanis living in other countries, resulting in huge layoffs and the return and repatriation of tens of thousands of migrants from their intended destinations.

    When they return, they are very concerned about their job prospects. In these times of trial, the PGFRC is the platform for these returnees to seek guidance and support, he maintained.

  • Today’s petroleum prices in Pakistan

    Today’s petroleum prices in Pakistan

    ISLAMABAD: Petroleum prices in Pakistan are remained same at the level announced earlier this month as the government has not revised the prices as scheduled.

    Today’s prices as on September 20, 2022 is the same as announced and effective on September 01, 2022 as the government had not revised the prices which were scheduled on September 15, 2022 and effective on September 16, 2022.

    READ MORE: New petroleum prices in Pakistan from September 01, 2022

    Therefore, today’s prices of petroleum products in Pakistan are:

    The price of petrol is Rs235.98 per liter.

    The price of high speed diesel is Rs247.43 per liter.

    The rate of kerosene oil is Rs210.32 per liter.

    The price of light diesel oil is Rs201.54 per liter.

    The country reviews domestic oil prices after every 15 days to adjust rise and fall of prices in the international market and changes occurred in the exchange rates.

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

    Experts believe that Pakistan may increase the petroleum prices for the fortnight because of massive decline in rupee value during past 15 days besides the expected imposition of sales tax and further increase in petroleum levy.

    The government on August 31, 2022 decided to increase the prices of petroleum products effective from September 01, 2022. The decision was strongly criticized by the stakeholders because the international markets had seen fall in oil prices.

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

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

    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 below $100 dollars. Brent crude futures were at $92.84 per barrel in New York trade on September 09, 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.

    The exchange rate has seen massive decline in rupee value during past week despite inflows received from the International Monetary Fund (IMF).

    Pakistani Rupee (PKR) has plunged by PKR 20 against the US dollar since the country received tranche from the International Monetary Fund (IMF). The country received a tranche of $1.16 billion from the IMF under Extended Fund (EFF) loan program on August 31, 2022.

    The government was hopeful of improvement in economic indicators once the money is received from the IMF. However, in contrast the PKR fell sharply since the IMF funds transferred to the State Bank of Pakistan (SBP).

    The exchange rate was Rs218.75 to the dollar on August 31, 2022, the day when the money was received by Pakistan. However, since then the rupee fell by PKR 20 to Rs239 to the dollar on September 20, 2022 in midday interbank foreign exchange market.

  • School children to promote income tax return filing

    School children to promote income tax return filing

    The school children have started motivating their parents to file income tax returns for Tax Year 2022. In this regard Saint Patrick’s High School, Karachi asked a question in the assembly session on September 19, 2022 about the last date of filing income tax return.

    (more…)
  • Pakistan tax agency invites job applications for audit department

    Pakistan tax agency invites job applications for audit department

    Pakistan tax agency has invited job applications to fill around 57 vacant posts at its internal audit department.

    Federal Board of Revenue (FBR), the premier tax agency of Pakistan, said that the vacant posts would be filled in BS-1 to BS-16. It said that the job applications must be submitted by October 02, 2022. Further details can be obtained HERE.

    The FBR said that the eligible candidates are advised to apply online through National Job Portal Link https://njp.gov.pk. No manual or hard copy of application will be accepted by any office. Candidates applying for more than one post should apply online for each post separately.

    READ MORE: Up to 70% income tax imposed on dividends for year 2022-2023

    Vacancies for BS-01 to 05 shall ordinarily be filled on local basis in terms of Rule 16 of Civil Servants (Appointment, Promotion & Transfer) Rules, 1973, whereas vacancies for BS-06 to 15 shall be filled by appointment of persons domiciled in the respective province or region of each office strictly under Rule 15 of the aforesaid rules and instructions issued by the Establishment Division from time to time.

    Candidates will be required to bring original documents (Educational, domicile and Experience Certificate etc) alongwith one set of all attested copies of documents at the time of test/interview.

    Screening tests and skills tests (where required) will be conducted as per recruitment policy of the Federal Government.

    READ MORE: FBR updates salary tax card for year 2022-2023

    The contract employees (BS-01 to 15), who were appointed under the Family Assistance Package for the families of Government employees, who died while in service, may also apply online for any of the above post, if they desire so, subject to their eligibility.

    10% quota for women, 5% quota for minorities (non-Muslims) and 2% quota for disabled persons shall also be strictly observed as per Government instructions. Disabled persons will have to submit a Certificate as proof of disability, duly issued by recognized Social Welfare Board/office or other authorized Government organization, at the time of test/interview.

    The Directorate General, Internal Audit (IR) reserves the right not to fill any vacancy or to reduce/increase the number of vacancies, if the circumstances so warrant at the time of final selection.

    The candidates working in Public Sector Departments/Organizations shall have to submit Departmental Permission Certificates from the respective employers at the time of test/interview, failing which they will not be allowed to participate in test/interview process.

    In addition to 05 years general upper age relaxation by the Government, further upper age relaxation shall be restricted upto the following categories

    READ MORE: FBR issues withholding tax rates on imports for tax year 2022-2023

    Minimum and Maximum age shall be calculated on the closing date of receipt of applications.

    Information provided in the online Application Form will be verified. In case of any false or forged information, the Directorate General, Internal Audit (IR) reserves the right to cancel candidature of any candidate at any stage (even after employment, if so revealed later) and to initiate legal action against the applicant.

    Only short-listed candidates will be called for test/interview. All the candidates will be allowed to appear in the test/interview on provisional basis, subject to detailed scrutiny of their eligibility as per relevant criteria.

    No TA/ DA will be admissible for the Test/ Interview.

    The candidates may apply online on or before 02-10-2022. Applications received after 02-10-2022 will not be entertained.

  • President Alvi bars retrospective effect to profit rates on saving certificates

    President Alvi bars retrospective effect to profit rates on saving certificates

    ISLAMABAD: The President of Pakistan Dr. Arif Alvi, while rejecting the retrospective effect of government decision, has directed the authorities to pay profit rate on saving certificates on prevailing rates.

    While accepting a representation of an aggrieved citizen against a decision of the Wafaqi Mohtasib, President Dr Arif Alvi has directed the Central Directorate of National Savings (CDNS) to pay profit on the Special Saving Certificates (SSCs) as per the profit rate prevailing at the time of purchasing the certificates.

    READ MORE: President Alvi directs State Life Insurance to pay compensation

    He said that CDNS had committed maladministration by revising the profit rates retrospectively and in contrary to the existing law, thus causing the citizen a loss of Rs 5.3 million.

    The President issued these directions while deciding on a representation preferred by Ms Yasmeen Merchant, who had purchased six SSCs from CDNS on 01.11.2019 at a profit rate of 12.7 per cent for five certificates and 13.9 per cent profit rate for the sixth certificate.

    READ MORE: President Alvi rejects Habib Bank plea, orders to pay victims

    Four days later on 05.11.2019, however, Finance Division issued a notification reducing the profit rates from 12.7 per cent to 11 per cent and 13.9 per cent to 11.8 per cent with retrospective effect from 01.11.2019, causing her a loss of Rs 5.3 million.

    The President accepted her representation and held that the complainant was entitled to the profit rate prevailing on the date of issuance of certificates and that the change made through the notification did not apply to her investment in retrospective and, therefore, it could not affect her duly earned right of profit nor it can nullify it to her disadvantage.

    READ MORE: HBL ordered to compensate bank fraud victim

    He said that the notification issued was in the nature of subordinate or delegated legislation and took effect from the date of its publication in the official Gazette and not from any prior date.

    The President added that the rationale behind it was that only the Parliament/legislative bodies could enact a law from a date prior to its enactment i.e., retrospectively and the Government by itself, unless authorized by the statute, had no such authority or power to issue a notification operative from a date different from the date of its publication in the official Gazette.

    READ MORE: FBR directed to bring entire sugar supply chain into tax net

    The President further highlighted that a person may feel allured by the incentives floated by the Government and act upon it, and it did not behove the Government to recant on its commitment as it may erode the confidence of the general public in the government bodies and may also negatively affect the credibility of the Government.

    He further stated that such law was based on settled legal principles and Quranic injunctions as per the 1st verse of Surah Al-Maida “O ye who believe! Fulfil your undertakings”.

    The President held that it was not only logical, fair and just to fulfil promises, undertakings and agreements but was also a universally accepted norm. He further declared that both sides were bound by the commitments made at the time of issuance of certificates and directed CDNS to pay the profit as per the promised profit rates of 12.7 per cent and 13.9 per cent on the purchased certificates.

    As per details, the citizen’s grievance was that she had purchased the SSCs because of the prevailing profit rate whereas the notification gave retrospective effect to the profit rates and was issued after investment to her disadvantage.

    She approached CDNS and later the Wafaqi Mohtasib for redressal of her grievance but to no avail. She then filed a representation with the President, which he accepted.

  • PTA warns internet users of death punishment for blasphemy

    PTA warns internet users of death punishment for blasphemy

    The Pakistan Telecommunication Authority (PTA) issued a stern warning on Sunday, cautioning internet users of severe penalties, including death, for blasphemy.

    (more…)
  • Experts stress rehabilitating education infrastructure in floods hit areas

    Experts stress rehabilitating education infrastructure in floods hit areas

    ISLAMABAD: The educationists and experts had conversation on September 16, 2022 to stress on rehabilitating and rebuilding the education infrastructure destroyed in the floods.

    The conversation was organized virtually by the Ministry of Federal Education and Professional Training’s STEAM Policy Unit.

    The senior education expert and author of “Teachers, Bureaucracy, and Politicians,” Javed Ahmed Malik said: “From our conversations with the Punjab Education Department, we know that it takes around Rs12 million to rebuild one school. This means we need a whopping Rs216 billion to rebuild 18,000 schools destroyed in the recent floods.”

    READ MORE: Sindh exempts tax on services provided for flood relief

    Strong public-private partnership models, development and implementation of a comprehensive remedial and accelerated learning program, and international commitment to rebuild the destroyed educational infrastructure on war footing were some of the solutions put forward by the experts to ensure nimble access to education for the displaced children.

    Focusing on the infrastructural damages and the looming specter of learning losses, international Education Activist, Moiz Hussain shared, “From the initial reports, over 3.5 million children have been affected by the floods. The biggest challenge we faced during the Covid-19 pandemic was the learning losses due to prolonged school closures. We are once again facing the same challenge since most school buildings are in no condition to accommodate students anytime soon.”

    Drawing from past precedents of rehabilitating and rebuilding the education infrastructure after a natural calamity, Head of the STEAM Policy Unit, Salman Naveed Khan pointed out that the process was often considerably slow and even staggered. He said that, “The reconstruction of the last lot of schools destroyed in the 2005 earthquake was completed only last year in 2021. If we take this as a benchmark, it will take us 16 to 17 years to rebuild the 18,000 schools which were destroyed in the recent floods.”

    READ MORE: SBP allows flood relief donations through home remittance channel

    Multi-media journalist Amber Shamsi lamented the system’s inability to learn from the past. “It seems we haven’t learned anything at all from the earthquake in 2005 and the floods in 2010-11. We are once again racking our brains to reinvent the wheel when so many solutions can be extracted from the calamities that we went through less than two decades ago.”

    The need to include climate education in the curriculum also came under discussion as an important long-term strategy. “If we do not teach our children about climate change, problem-solving and decision-making skills from an early age then we will never be able to protect ourselves from the catastrophic impacts of climate change,” commented television anchorperson Zarrar Khuhro.

    Fozia Parveen, Assistant Professor at The Agha Khan University, however, stressed that climate education should not merely be taken as information about natural disasters, and pollution, but should come hand-in-hand with practical skills which can effectively help a community protect itself during a crisis caused by climate change.

    READ MORE: FBR directs speedy clearance of flood relief goods

    Adding to this, Arooj Khalid, Senior Project Officer at Science Fuse shared, “During our science activities in schools in Balochistan, female students eagerly told us about the impact of climate change on their lives. If provided the right information and skills at the school level, these students can help their communities rise above the challenge.”

    The recent floods that have left almost 70 per cent of Pakistan’s landmass submerged under water, displaced close to 33 million people, and taken thousands of precious lives have also left the country’s fragile education system in tatters.

    STEAM Pakistan is an initiative of the Ministry of Federal Education and Professional Training, which aims to enhance secondary-school-aged students’, especially girls’ access to science, technology, engineering, arts, and maths education across the country.

  • Latest petroleum prices in Pakistan

    Latest petroleum prices in Pakistan

    ISLAMABAD: Pakistan was scheduled to review the petroleum prices on September 15, 2022. The revision in prices requires approval from the prime minister, who is attending two-day conference of Shanghai Cooperation Organization (SCO).

    There is no official announcement in this regard or delay in updating the prices of petroleum products.

    READ MORE: New petroleum prices in Pakistan from September 01, 2022

    The latest prices of petroleum products in Pakistan, which was implemented on September 01, 2022 were:

    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.

    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.

    The country reviews domestic oil prices after every 15 days to adjust rise and fall of prices in the international market and changes occurred in the exchange rates.

    Experts believe that Pakistan may increase the petroleum prices for the fortnight because of massive decline in rupee value during past 15 days besides the expected imposition of sales tax and further increase in petroleum levy.

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

    The government on August 31, 2022 decided to increase the prices of petroleum products effective from September 01, 2022. The decision was strongly criticized by the stakeholders because the international markets had seen fall in oil prices.

    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 below $100 dollars. Brent crude futures were at $92.84 per barrel in New York trade on September 09, 2022.

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

    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.

    The exchange rate has seen massive decline in rupee value during past week despite inflows received from the International Monetary Fund (IMF).

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

    Pakistani Rupee (PKR) has plunged by Rs9.43 against the US dollar since the country received tranche from the International Monetary Fund (IMF). The country received a tranche of $1.16 billion from the IMF under Extended Fund (EFF) loan program on August 31, 2022.

    The government was hopeful of improvement in economic indicators once the money is received from the IMF. However, in contrast the PKR fell sharply since the IMF funds transferred to the State Bank of Pakistan (SBP).

    The exchange rate was Rs218.75 to the dollar on August 31, 2022, the day when the money was received by Pakistan. However, since then the rupee fell by Rs9.43 or 4.31 per cent to Rs228.18 to the dollar on September 09, 2022 in interbank foreign exchange market.

  • GSK confirms raid related to Panadol shortage

    GSK confirms raid related to Panadol shortage

    KARACHI: GlaxoSmithKline (GSK) on Friday confirmed that government authorities raided one of its warehouses related to shortage of Panadol.

    According to information received by Pakistan Stock Exchange (PSX), the company confirmed the raid to one of its warehouses. “We firmly reject the claims related to the hoarding of Panadol intentionally to create shortage,” said Farhan Muhammad Haroon, Chief Executive Officer of GSK.

    GSK said that the stocks at the warehouse were intended to be released and distributed in the country in the normal course of business. As GlaxoSmithKline Consumer Healthcare Pakistan Limited (member of the Haleon Group), we are led by our purpose of delivering everyday health with humanity, the company added.

    It further said that this has been shown through our commitment to the people of Pakistan throughout challenging times. “We continue to supply Panadol products in the country and have adjusted our production capacity to ensure some product availability, despite market obstacles,” it added.