The Federal Board of Revenue (FBR) has issued a notification, SRO 1579(I)/2021, announcing revisions in the sales tax rates on various petroleum products, excluding petrol.
(more…)Category: Top stories
Top stories featuring the most important and trending news updates from politics, business, world affairs, and breaking events across various sectors.
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Rupee slide continues; dollar hits new high at Rs176.79
KARACHI: The free fall in rupee value continued on Tuesday as the dollar hit new high at Rs176.79 in the interbank foreign exchange market.
The Pak Rupee (PKR) lost 31 paisas against the dollar to end at Rs176.79 from the previous day’s closing of Rs176.48 in the interbank foreign exchange market.
The rupee previously fell to the record low at Rs176.77 on December 3, 2021.
Currency experts said that dollar demand remained high and offset the impact of Saudi fund support.
The Saudi Development Fund (SDF) placed an amount of $3 billion with the State Bank of Pakistan (SBP) on December 04, 2021. The market was expecting some gain in rupee value following the fund transfers. However, large import bill remained big challenge for the rupee stability.
According to the official data of the Pakistan Bureau of Statistics (PBS) released a day earlier, showed the import bill of the country surged by 69.17 per cent to $33 billion during first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.
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Pakistan, Saudi Arabia sign agreement for employment
ISLAMABAD: A deal has been signed on Sunday by Pakistan and Saudi Arabia for certification and employment of Pakistani skilled workforce through Takamol and NAVTTC.
The agreement was signed by Minister for Federal Education and Professional Training, Shafqat Mahmood from the Pakistan side, and Dr. Ahmad Jabbar Al Yamni, from Saudia Arabia Takamol side.
The Agreement signing ceremony took place at the Ministry of Human Resources and Social Development, Saudi Arabia and it was witnessed by senior officials of both countries.
READ MORE: Saudi Arabia allows direct entry from Pakistan
This important cooperation between both countries has a far-reaching impact for enhancing the employment opportunities for the skilled Pakistani workforce by joint certification and testing by Takamol Saudi Arabi and NAVTTC National Vocational and Technical Training Commission Pakistan.
This will also safeguard the existing Pakistani workforce in Saudi Arabia. In order to facilitate the Pakistani expatriate workforce, NAVTTC under the leadership of Shafqat Mahmood, Minister for Federal Education and Professional Training, Chairman NAVTTC Syed Javed Hassan and Executive Director NAVTTC Sajid Baloch worked hard to achieve this hallmark far-reaching Agreement between NAVTTC and Takamol.
It is expected that millions of Pakistani skilled workers will get gainful employment opportunities with higher earning as a result of the efforts of the Government of Pakistan.
READ MORE: Saudi Arabia places $3bn with Pakistan’s central bank
Under this partnership, NAVTTC, National Vocational and Technical Training Commission Pakistan and Takamol, a subsidiary of the Government of Saudi Arabia are establishing the testing regime under the Skills Verification Program, by exchanging the NOS (National Occupational Standards) and facilitating skill verification of candidates through competency-based assessment (Theory & Practical) at exam Centers in Pakistan for candidates desirous of working in the Kingdom of Saudi Arabia.
This will enable the Pakistani skill workforce to have authentic and internationally recognized joint certification by both Takamol Saudi Arabia and NAVTTC Pakistan, through the Recognition of Prior Learning (RPL) assessment.
READ MORE: Pakistan, Saudi Arabia agree to strengthen economic ties
The Ministry of Human Resource and Social Development of the Kingdom of Saudi Arabia (KSA) has introduced Skill Verification Program (SVP) implemented from July 2021 in order to regulate its labor market. After the implementation of SVP in KSA, skill verification has become necessary for the Pakistani skilled workers, who intend to have employment in Saudi Arabia.
It is important to note that the largest number of Pakistani expatriate workforce is based in Saudi Arabia, who contribute substantially to Pakistan’s economy through foreign remittances.
Most of the present Pakistani workforce in KSA fall in the category of un-skilled or semi-skilled labor, which means reduced remunerations and it also impacts remittances negatively.
Moreover, in the changing scenario of labour laws and dynamics of the labor market overseas, a large number of Pakistani skill workforce require skills certification as presently they face non-recognition of their qualifications, skills and certification.
This cooperation will help a large number of these workers, also leading to national productivity and development.
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Dollar makes new high of Rs176.77 at interbank closing
KARACHI: The US dollar recorded a new high at Rs176.77 against the Pak Rupee (PKR) at the closing of the Interbank foreign exchange market on Friday.
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FBR notifies promotion of senior IRS officers to BS-21
The Federal Board of Revenue (FBR) has issued a notification (No. 2863-IR-I/2021) on Friday, officially announcing the promotion of several senior officers from the Inland Revenue Service (IRS) to BS-21 from their previous BS-20 positions.
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Pakistan’s trade deficit widens by 112% to $20.59 billion
ISLAMABAD: Pakistan’s trade deficit ballooned by 112 per cent to $20.59 billion during the first five months (July – November) of the current fiscal year 2021/2022, according to official data released on Thursday.
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Pakistan stock exchange crashes; ends down 4.71%
KARACHI: The Pakistan Stock Exchange (PSX) faced a severe downturn on Thursday, with the benchmark KSE-100 index plummeting by 2,135 points in response to unfavorable reports on the fiscal front.
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Dollar makes new record high of Rs176.42 to Pak Rupee
KARACHI: The US dollar on Thursday recorded a record high of Rs176.42 against Pak Rupee (PKR) at the closing of the Interbank Foreign Exchange Market.
The rupee lost 94 paisas against the dollar from the previous day’s closing of Rs175.48 in the interbank foreign exchange market.
Previously, the rupee recorded an all-time low of Rs176.20 on November 29, 2021.
Currency experts said that higher imports and widening of trade deficit were the major reasons behind rupee deterioration.
During the first five months of the current fiscal year, exports and imports reached $12.4 billion and $33.1 billion, respectively. The trade deficit jumped up by 117 per cent YoY during the first five months of the current fiscal year to $20.8 billion.
The market was anticipating a recovery in the local unit after tightening of monetary policy stance by the State Bank of Pakistan (SBP) and signing for a Saudi support package for Pakistan. However, all these positive outcomes have failed to support the local currency.
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Timelines for CPEC projects should be adhered to: PM
ISLAMABAD: Prime Minister Imran Khan on Wednesday emphasized that timelines specified for completion of China-Pakistan Economic Corridor (CPEC) should be adhered to.
Prime Minister Imran Khan chaired a high level meeting to review progress on CPEC projects.
The Prime Minister emphasized that timelines specified for completion of CPEC projects should be adhered to. He said that Government of Pakistan is fully committed to provisions of CPEC agreements.
The Prime Minister stated that China has been a time-tested friend of Pakistan and that the Government accords high priority to implementation and operationalization of CPEC projects.
The Prime Minister highlighted that continuity of policies is essential for long-term projects in order to achieve maximum benefits for the country.
Earlier, SAPM on CPEC Affairs Khalid Mansoor briefed the meeting about updated status of CPEC projects.
The meeting was attended by Federal Ministers Muhammad Hammad Azhar, Ali Haider Zaidi, Asad Umar, Advisor Finance Shaukat Fayaz Tarin, Advisor Commerce Abdul Razaq Dawood and senior officers.
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President gives assent to bills passed by Parliament
ISLAMABAD: The President of Pakistan, Dr. Arif Alvi has accorded assent to the bills that were passed by the National Assembly – Parliament on November 17, 2021, a statement said on Wednesday.
On the summaries initiated by National Assembly Secretariat and on the advice of the Prime Minister, the President of Pakistan has accorded his assent to the following Bills, in terms of Article 75 of the Constitution of the Islamic Republic of Pakistan, 1973:-
(i) The Privatization Commission (Amendment) Bill, 2021
(ii) The Port Qasim Authority (Amendment) Bill, 2021
(iii) The Islamabad Capital Territory Prohibition of Corporal Punishment Bill, 2021
(iv) The International Court of Justice (Review and Re-Consideration) Bill, 2021
(v) The SBP Banking Services Corporation (Amendment) Bill, 2021
(vi) The Corporate Restructuring Companies (Amendment) Bill, 2021
(vii) COVID-19 (Prevention of Hoarding) Bill, 2021
(viii) The Anti-Rape (Investigation and Trial) Bill, 2021
(ix) The Islamabad Capital Territory Charities Registration, Regulation and Facilitation Bill, 2021
(x) The Islamabad Rent Restriction (Amendment) Bill, 2021
(xi) The Prevention of Corruption (Amendment) Bill, 2021
(xii) The Federal Public Service Commission (Validation of Rules), Bill, 2021
(xiii) The Loans for Agricultural, Commercial and Industrial Purposes Amendment) Bill, 2021
(xiv) The National Vocational and Technical Training Commission (Amendment) Bill, 2021
(xv) The Islamabad Capital Territory Food Safety Bill, 2021
(xvi) The Emigration (Amendment) Bill, 2021
(xvii) The Pakistan Academy of Letters (Amendment) Bill, 2021
(xviii) The Gwadar Port Authority (Amendment) Bill, 2021
(xix) The Companies (Amendment) Bill, 2021
(xx) The Maritime Security Agency (Amendment) Bill, 2021
(xxi) The Pakistan National Shipping Corporation (Amendment) Bill, 2021
(xxii) The Financial Institutions (Secured Transactions) (Amendment) Bill, 2021
(xxiii) The University of Islamabad Bill, 2021
(xxiv) The Al-Karam International Institute Bill, 2021
(xxv) The National College of Arts Institute Bill, 2021
(xxvi) The Hyderabad Institute for Technology and Management Sciences Bill, 2021
(xxvii) Regulation of Generation, Transmission and Distribution of Electric Power (Amendment) Bill, 2021
(xxviii) The Provincial Motor Vehicles (Amendment) Bill, 2021
(xxix) The Unani, Ayurvedic and Homeopathic Practitioners (Amendment) Bill, 2021
(xxx) The Muslim Family Laws (Amendment) Bill, 2021
(xxxi) The Muslim Family Laws (Second Amendment) Bill, 2021
The above Bills have been passed by the Majlis-e-Shoora (Parliament) under clause (3) of Article 70 of the Constitution in joint sitting held on November 17, 2021.