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The National Electric Power Regulatory Authority (NEPRA) has decided to increase the basic electricity tariff by Rs. 5.7...
15/06/2024

The National Electric Power Regulatory Authority (NEPRA) has decided to increase the basic electricity tariff by Rs. 5.72 per unit starting July 1, 2024. This adjustment will increase the tariff from Rs. 29.78 to Rs. 35.50 per unit.

The federal government will determine whether this increase will be applied immediately or in phases over time. In the current financial year, the basic electricity tariff was raised by Rs. 7.50 per unit, following a Rs. 7.91 per unit increase in the previous fiscal year.

Earlier on Friday, the government announced a reduction in petrol and high-speed diesel (HSD) prices for the next fortnight, slashing them by Rs. 10.2 per liter and Rs. 2.33 per liter, respectively.

Police on Saturday arrested a Karachi trader for allegedly selling sacrificial goats with plastic teeth in the Gulberg C...
15/06/2024

Police on Saturday arrested a Karachi trader for allegedly selling sacrificial goats with plastic teeth in the Gulberg Chowrangi area of the metropolis, Care Today reported.

A video, making rounds on social media, showed a customer removing what appeared to be plastic teeth from a goat.

The viral video led to the arrest of trader while police also seized seven other goats as evidence.

Police clarified that they received information about the sale of goats with artificial teeth through the viral video, prompting their intervention.

Upon interrogation, the detained trader told that he belonged to Hyderabad and came to Karachi to sell his animals for Eidul Adha.

Police have launched further investigation into the case.

The price of 10 grams of 24 karat gold also decreased by Rs.171 to Rs.206,876 from Rs.207,047 whereas the prices of 10 g...
15/06/2024

The price of 10 grams of 24 karat gold also decreased by Rs.171 to Rs.206,876 from Rs.207,047 whereas the prices of 10 gram 22 karat gold went down to Rs.189,636 from Rs.1689,793 the All Sindh Sarafa Jewellers Association reported.

The price of per tola silver and 10 grams silver remained unchanged at Rs 2750 and Rs2357.68.

The price of gold in the international market increased by $9 to $2,332 from $2,323 the Association reported.

On Thursday, the price of per tola of 24 karat gold witnessed a drop by Rs1,200 and was sold at Rs240,700 against its sale at Rs241,900 on last trading day.

The price of 10 grams of 24 karat gold also decreased by Rs1,029 to Rs206,361 from Rs207,390 whereas that of 10 gram 22 karat gold went down to Rs189,165 from Rs190,108, the All Sindh Sarafa Jewellers Association reported.

The Lahore High Court (LHC) has officially announced a three-day holiday period for Eid-ul-Adha, applicable to courts ac...
14/06/2024

The Lahore High Court (LHC) has officially announced a three-day holiday period for Eid-ul-Adha, applicable to courts across the province. A notification confirmed that the LHC and civil, district, and session courts will observe holidays from June 17 to June 19.

The announcement was made following the approval of Chief Justice Malik Shahzad Ahmad Khan. This decision aligns with the federal government’s earlier notification, which declared Eid-ul-Adha holidays from June 17 to June 19, as approved by Prime Minister Shehbaz Sharif.

In practice, the holidays will commence on June 15 (tomorrow), as most government offices and educational institutions are closed on Saturdays and Sundays. This results in five consecutive holidays for many workers and students.

Chief Minister Maryam Nawaz has agreed to fund the ‘Apni Chhat Apna Ghar’ program, which aims to provide financial assis...
14/06/2024

Chief Minister Maryam Nawaz has agreed to fund the ‘Apni Chhat Apna Ghar’ program, which aims to provide financial assistance to individuals owning up to 5-marla plots to build houses. This initiative is designed to support low-income families in achieving home ownership.

Additionally, the Punjab government aims to make the entire province a ‘safe city’ by installing CCTV cameras in all urban areas. The Chief Minister underscored the importance of security and modern infrastructure in fostering a safe and conducive environment for economic activities.


The cabinet also approved measures to reduce financial liabilities and boost economic efficiency. These include retiring wheat debt of Rs375 billion, saving over Rs54 billion in interest payments, and setting a revenue target of Rs960 billion for the current fiscal year, a significant increase from the previous year’s target of Rs625 billion. The province achieved a record tax revenue increase of Rs110 billion in FY2023-24, 36% above the Federal Board of Revenue (FBR) target.

The Punjab government has unveiled a comprehensive budget of Rs42.5 billion for the school education department for the ...
14/06/2024

The Punjab government has unveiled a comprehensive budget of Rs42.5 billion for the school education department for the fiscal year 2024-25. This significant allocation is aimed at improving the quality of education through a variety of development programs and initiatives.

A key focus of the budget is on the completion of ongoing development projects, with Rs 6.87 billion dedicated to ensuring their timely conclusion. An additional Rs 2.6 million has been allocated for the upgradation of schools across Punjab.


To address student nutrition, the Chief Minister has set aside Rs 500 million for a school food program. This initiative aims to improve the nutritional standards for students across the province.

Moreover, Rs 13.76 billion has been earmarked for new development initiatives designed to strengthen the educational framework. This includes substantial funding for various projects intended to enhance the overall educational infrastructure.

Supporting alternative educational models, Rs 5.5 billion has been designated for outsourcing schools, and Rs 2.62 billion will support schools operating under public-private partnerships.

Federal Minister for Finance Muhammad Aurangzeb chaired a meeting of the Economic Coordination Committee (ECC) of the Ca...
14/06/2024

Federal Minister for Finance Muhammad Aurangzeb chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet at the Finance Division on Thursday.

The proposal of Ministry of Industries & Production for the export of 0.15 million metric tons (MMT) of surplus sugar was approved by ECC with the condition that in the event of a rise in retail price of sugar, the permission to export would be revoked. It was also directed that it may be ensured that export proceeds be utilized by the mills for clearing the overdue payments to farmers.

Funds for clearing claims of OMCs
The ECC approved a proposal of Petroleum Division for release of Rs. 9 billion for clearing the outstanding claims of OMCs including PSO on account of price differential claims.

HEC gets exemption
Furthermore, the proposal of the Ministry of Federal Education & Professional Training to exempt HEC from Relending Policy of Foreign Loans/Credits to autonomous bodies was approved.

Funds approved for financing facility extended to PHL
The Cabinet Committee also approved the summary of Power Division for the repayment of Rs. 82 billion finance facility extended to PHL by OGDCL. It was decided that OGDCL would also clear its liabilities towards GoP from the funds received through this arrangement.

The meeting was attended by the Minister for Industries & Production Rana Tanveer Hussain, Minister for Petroleum Musadik Masood Malik, Minister for Power Sardar Awais Ahmad Khan Leghari, Minister of State for Finance & Revenue Ali Pervez Malik, Federal Secretaries, and other senior officials of the relevant ministries.

The federal government has proposed to impose an 18 percent sales tax on milk and fat-filled milk (presently zero-rated)...
14/06/2024

The federal government has proposed to impose an 18 percent sales tax on milk and fat-filled milk (presently zero-rated) in the new federal budget 2024-25.

According to the details, the government has proposed to tax infant milk items not exceeding Rs. 600 per 200g at the rate of 18 percent.

If these taxes are approved, the total revenue impact would be around Rs. 95 billion (Rs. 75 billion standard milk + Rs. 20 billion infant milk).

Following his budget presentation a day earlier, Finance Minister Muhammad Aurangzeb at the post-budget briefing on Thursday said the middle class shouldn’t find it difficult to pay an 18 percent sales tax on milk products.

The revenue impact of Rs. 75 billion from the 18 percent tax on standard milk is the same as the budget allocated for parliamentarian schemes for the new fiscal year.

The price of milk is currently Rs. 290 per liter, but it is expected to rise to Rs. 342 per liter following the 18 percent sales tax.

In a groundbreaking move aimed at providing significant relief to electricity consumers, the Sindh government has initia...
14/06/2024

In a groundbreaking move aimed at providing significant relief to electricity consumers, the Sindh government has initiated an ambitious ‘Floating Solar Power’ project at Keenjhar Lake, approximately 36 kilometers from Thatta city.

This innovative project, spearheaded by Sindh’s Department of Energy, marks a significant step towards sustainable energy solutions in the region.

An agreement has been signed with Go Energy Pvt Ltd to kickstart the Floating Solar Power project, which is expected to be completed within two years. Upon completion, the project will generate 500 Mega Watts of electricity, which will be supplied to K-Electric through the Sindh Transmission and Dispatch Company (STDC)’s network.

This initiative is set to revolutionize the energy sector in Sindh, providing a substantial boost to the province’s power supply.

At the signing ceremony, Sindh Energy Minister Nasir Hussain Shah highlighted the project’s potential benefits for power consumers in the province. He emphasized the Sindh government’s commitment to addressing energy shortages and improving the overall power infrastructure.

Shah also called on the federal government to ensure an adequate supply of gas to mitigate the ongoing energy shortages in metropolitan areas.

The budget for the National Assembly has been increased by Rs. 4 billion for the next fiscal year.The proposed budget al...
14/06/2024

The budget for the National Assembly has been increased by Rs. 4 billion for the next fiscal year.

The proposed budget allocation for the National Assembly is Rs. 12.7 billion.

In the current financial year, the budget for the National Assembly was over Rs. 8.3 billion. The new proposal includes Rs. 7.71 billion for employee-related expenses and Rs. 4.14 billion for operating expenses.

Also, funds in the region of Rs. 75 billion have been allocated for parliamentarians’ schemes.

Elsewhere, the federal government has proposed to increase the pensions of government employees by 15 percent.

The government is also considering a substantial increase in salaries of federal government employees. The salaries of grade 1 to 16 employees will see a 25 percent increase while those of grade 17 to 22 employees will go up by 20 percent.

MS petrol and High-Speed Diesel (HSD) prices are expected to fall tomorrow due to international oil prices declining in ...
14/06/2024

MS petrol and High-Speed Diesel (HSD) prices are expected to fall tomorrow due to international oil prices declining in the current fortnight.

The federal government is expected to decrease the price of petrol and diesel by Rs. 9 per liter and Rs. 5 per liter each on 15 June 2024.

Globally, MS and HSD have devalued by $3.75 and $2.7 per barrel in the current fortnight. Moreover, the import premium on petrol has fallen to $9.5. And despite all the ruckus seen in the previous two fortnights, the Pakistani rupee remained stable at 278.

Considering the above, it is expected that the price of HSD is poised to decrease to Rs. 265.22 per liter in Pakistan. Meanwhile, MS rates are expected to fall to Rs. 259.36 per liter.

At the last fortnightly review of petroleum prices on June 1, the government decreased the price of petrol by Rs. 4.74 per liter. The price of high-speed diesel was decreased by Rs. 3.86 per liter.

It bears mentioning that the federal government has proposed a 5 percent sales tax on petroleum products in the federal budget 2024-25. It has further recommended an increase in the maximum petroleum levy on petrol and high-speed diesel to Rs. 80 per liter, an increase of Rs. 20 per liter over the previous rate.

If approved, the levy on Light Diesel Oil (LDO), High octane blending component (HOBC), and E-10 gasoline will also increase by Rs. 25 per liter to Rs. 75 per liter.

The federal government has proposed an increase in maximum petroleum levy on petrol and high-speed diesel to Rs. 80 per ...
12/06/2024

The federal government has proposed an increase in maximum petroleum levy on petrol and high-speed diesel to Rs. 80 per liter.

According to the Finance Bill 2024, the maximum petroleum levy rate will now be Rs. 80 per liter, an increase of Rs. 20 per liter over the previous rate of Rs. 60 on both petrol and high speed diesel.

The levy on Light diesel Oil (LDO), High octane blending component (HOBC), and E-10 gasoline will also increase by Rs. 25 per liter to Rs. 75 per liter.

It is pertinent to mention here that currently the government is charging Rs. 60 per liter petroleum levy on petrol and high-speed diesel.

The Government of Pakistan has announced a freeze on new hirings for Basic Pay Scale (BPS) 1 to 16 positions.This decisi...
12/06/2024

The Government of Pakistan has announced a freeze on new hirings for Basic Pay Scale (BPS) 1 to 16 positions.

This decision, unveiled by Finance Minister Muhammad Aurangzeb during his budget speech for the fiscal year 2024-25, is expected to save the government approximately Rs. 45 billion annually.

Finance Minister Aurangzeb explained that this hiring freeze is part of a broader initiative to streamline government spending and enhance fiscal efficiency.

“By freezing new hirings in the BPS 1 to 16 categories, we anticipate significant savings that will help reduce our overall expenditure,” he stated. “This is a critical step towards achieving a more balanced budget without compromising essential public services.”

The freeze on these lower to mid-tier government positions is seen as a direct measure to control the growing public sector wage bill. This freeze will impact a wide range of roles across various departments and is intended to limit the expansion of the government workforce, which has been identified as a significant driver of government expenses.

In addition to the hiring freeze, the government is also embarking on a comprehensive ‘rightsizing’ initiative.
This process involves a detailed review and potential restructuring of the entire government workforce to ensure optimal efficiency and eliminate redundancies.

The government has decided to impose 18 percent sales tax on agriculture related items including tractors, pesticides an...
12/06/2024

The government has decided to impose 18 percent sales tax on agriculture related items including tractors, pesticides and fertilizers in budget (2024-25).

According to the details, the government has given go ahead to the Federal Board of Revenue (FBR) to incorporate amendments in the Finance Bill 2024.

The government had to meet challenging target of Rs. 12,900 billion for 2024-25 for which we have to take tough revenue measures, sources added.

It is pertinent to mention here that the agriculture sector in Pakistan witnessed robust growth in FY2024, with an overall increase of 6.25 percent.

The federal government has decided to impose sales withholding tax on copper, coal, paper and plastic scrap.Finance Mini...
12/06/2024

The federal government has decided to impose sales withholding tax on copper, coal, paper and plastic scrap.

Finance Minister Muhammad Aurangzeb said in his budget speech that copper, coal, paper and plastic scrap sectors are informal.

He said that these sectors contribute nothing to the national exchequer.

In order to bring these sectors to the tax net the government has proposed to introduce a sales tax withholding regime.

Pakistan International Airlines (PIA) has officially announced its holiday schedule for Eid-ul-Azha 2024. All PIA office...
12/06/2024

Pakistan International Airlines (PIA) has officially announced its holiday schedule for Eid-ul-Azha 2024. All PIA offices across the country will remain closed from June 17 to June 19 in observance of the holiday.

According to a circular issued by the airline, all PIA offices across the country will remain closed from June 17 to June 19 in observance of the Eid-ul-Azha festivities.

The circular specifies that while administrative offices will be closed, employees working in shifts and those in the operations department will continue to serve according to their pre-determined rosters. This arrangement ensures that essential services and operations remain uninterrupted during the holiday period.

This announcement comes in line with the federal government’s decision to grant three official holidays for Eid-ul-Azha. Prime Minister Shehbaz Sharif has approved the summary for these holidays, which were initially proposed by the Cabinet Division.

The government has removed tax exemptions on imported hybrid cars, according to the official budget 2024-25 announcement...
12/06/2024

The government has removed tax exemptions on imported hybrid cars, according to the official budget 2024-25 announcement.

These cars will now be taxed at the standard rate, the same as regular cars, depending on their engine capacity and selling price. This will undoubtedly increase prices for hybrid cars in Pakistan significantly, making them a tougher sell.

According to the official budget documents released by the government, this was done due to the local production of hybrid cars. As hybrid cars are now being locally produced and the price difference between regular cars and hybrid cars has diminished, there is no need to grant imported hybrid cars a tax exemption, according to the official documents.

Keep in mind that withholding tax on regular cars has also increased across the board, which will further increase the price of imported hybrid cars. This withholding tax change applies to cars of all engine sizes, from below 800 cc to above 2000 cc.

In addition, tax exemption on electric vehicles (EVs) has also been removed. However, this only applies to EVs that cost more than $50,000.

In the latest budget announcement for the fiscal year 2024-25, the Government of Pakistan has decided to increase the Ge...
12/06/2024

In the latest budget announcement for the fiscal year 2024-25, the Government of Pakistan has decided to increase the General Sales Tax (GST) on textile and leather products sold by Tier-1 retailers from 15% to 18%.

This change, presented by Finance Minister Muhammad Aurangzeb in his budget speech today, is primarily aimed at luxury goods in these sectors.

During his address, Finance Minister Aurangzeb explained that this tax increase specifically targets high-end textile and leather items. He assured that the increased GST will primarily affect luxury products, ensuring that the impact on the average consumer remains minimal.

“This measure is designed to adjust the prices of luxury textile and leather goods. It will not
burden the common man but rather ensure that those who can afford high-end products contribute more,” Aurangzeb stated.

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