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Govt to Convert Withholding Tax on Cash Withdrawals

The Govt to Convert Withholding Tax on cash withdrawals from the banks by the non-filers.

Sources said that the Federal Board of Revenue (FBR) is considering re-imposing withholding tax on cash withdrawals, banking instruments, and banking transactions by the non-filers in the upcoming budget.

The suggested Govt to Convert Withholding Tax income on non-filers banking transactions is nearly Rs. 45 billion.

On the other hand, the government has decided to abolish withholding taxes having less revenue impact on direct taxes collection in the coming budget (2023-24).
Sources said the low-yield withholding taxes might be abolished in the upcoming federal budget (2023-24).

Underneath the mini-budget in February 2023, the section 236CB was inserted to collect advance tax at 10 per cent (withholding tax) on the total portion of the bill from a person setting or holding a function in a wedding hall, marquee, resort, restaurant, retail lawn, club, etc.

LHC orders LDA to develop ToRs for reviewing Lahore Master Plan 2050

According to news published on May 24, the Lahore High Court LHC orders LDA to work with the Urban Development Unit to develop Terms of Reference (ToRs) to review the Lahore 2050 Master Plan.

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LDA Approves Revised Plan of Akbar Chowk Flyover

The LHC orders LDA to employ a focal point for this task while extending a stop on the implementation Lahore Master Plan 2050. Justice Shahid Karim gave the orders while he presided over a petition Abdul Rehman et al. filed to contest Lahore Master Plan 2050.

According to sources, petitioners believe that agricultural land in Lahore was displaced into urban areas unjustifiably. According to the petitioners, if this plan is implemented, several thousand trees would be destroyed, further damaging the city’s environmental conditions.

Akbar Chowk flyover revised plan approved.

Lahore: Lahore: Lahore Development Authority (LDA) approved the updated Akbar Chowk Flyover plan in an open meeting presided over by Punjab Caretaker Chief Minister Mohsin Naqvi, a media source said on May 25.

Iqbal Garden provide the best Low-cost Housing Society in the best location at Gt Road Kala Shah Kaku Lahore.

The Planning and Development Chairman, Chief Secretary, LDA Director General, and Secretaries Additional of Housing, Finance, Local Government and representatives of NESPAK, Line Departments, and members of the governing body attended the meeting.

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CM inaugurates Shahdara Multi-Level Flyover

Akbar Chowk Flyover plan

At the meeting, in addition to being a part of the Akbar Chowk Flyover plan, diverse decisions on the LDA were ratified, as was considering proposed amendments to zone and building regulations. Ministers stressed the necessity of remuneration for land owners according to the market price for their acquired land.

The meeting authorized the LDA auction committee to hold auctions for Park and Ride Plaza shops in Liberty Market. In addition, the meeting endorsed an extensive study of the 4-lane Ravi Bridge project. The meeting also assessed land allocation to establish petrol stations at transportation terminals.

Investment in Solar Power Renewable Energy Uptick

Investment in Solar Power Will Finally Surpass Oil This Year

Solar power investment worldwide is expected to surpass investment in oil for the first time this year, The International Energy Agency (IEA) announced Thursday.

The IEA estimates solar power will be around $380 billion by 2023. This is contrasted with investments in oil exploration and extraction, around $370 billion.

“This crowns solar as a true energy superpower,” said Dave Jones, head of data analysis at Ember, an energy think tank. Ember.

However, he said, “The irony remains that some of the sunniest places in the world have the lowest levels of solar investment.”

Investment in Solar Power | Renewable Energy Uptick

Clean energy investment generally is projected to exceed $1.7 trillion in 2023about a 25% increase over 2021.
A further $1 trillion was anticipated to be earmarked for fossil fuels. According to the Paris-based energy regulator World Energy Investment, the amount of money spent in this sector has risen by 15% between 2021 and 2021.

“Clean energy is moving fast — faster than many people realize,” said IEA Executive Director Fatih Birol. “For each dollar invested in fossil fuels, approximately $1.7 will clean energy. A few years earlier, the ratio was one-to-one.” Photovoltaic solar panels comprise the majority of green energy investments.

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PAC Recommends Scrapping Fixed Gas Meter Rent

Despite the positives for solar and renewable energy generally, the IEA cautioned that investment in fossil fuels was growing while it should be declining quickly to reach zero emissions by 2050.

For instance, the amount spent on gas and oil upstream will continue to increase by 7% between 2023 and 2023, mainly because a few national oil companies operating in the Middle East are investing more than before the coronavirus outbreak.

The IEA added that advanced economies and China represented more than 90 per cent of the new investments in renewables and posed “a serious risk of new dividing lines in global energy if clean energy transitions don’t pick up elsewhere.”

Researchers agree that nations must drastically decrease greenhouse gas emissions, for instance, by avoiding fossil fuels to stop massive global warming.

FIA Goes After CDA Officers and Property Dealers Involved in Fake Plot Sales

A shocking collusion scheme between officers from the Capital Development Authority (CDA) and property brokers has been exposed and revealed the selling of fake plots and records within the estate department. The symbiosis between CDA officers and dealers has led to a massive financial loss to unsuspecting buyers. In light of the seriousness of the incident, the Chairman of the CDA was quick to act. He contacted the Federal Investigation Agency (FIA) to investigate the incident. Conscient of the necessity of an exhaustive investigation, it was decided that the FIA Anti-Corruption Circle has summoned the concerned CDA officers to submit their accounts.

The selling of fake files was frequent in various industries, such as D13, I14, I12, I13, I11-2, and I11. These fake files were marketed by the active involvement of CDA officers and the dealer mafia, who operated under the pretense of legitimate business transactions.

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Govt Planning to Charge Massive Tax on Buyers and Sellers of Housing Society Files and Property

As a result of the probe in response, the CDA has provided all pertinent records related to the fraudulent allotment of the FIA. The agency will thoroughly review the evidence before deciding whether or not to submit the First Information Report (FIR) in light of its findings.

The seriousness of the matter is evident in the summons notices handed out by FIA for the CDA officers involved in the scandal. The officers must be present before FIA and submit the required documentation to assist the investigation.

The selling of false plots and documents not only swindles innocent buyers but also damages the credibility of the CDA and the actual property market. Authorities must act swiftly and decisively to hold those responsible accountable and restore the public’s faith in the integrity and transparency of the CDA’s activities.

As the investigation develops As the investigation continues, as the investigation progresses, FIA continues to collect evidence, review the documents, and then determine the most appropriate method of proceeding. The results of this case have a wide-ranging impact on fighting corruption as well as the protection of an honest and honest real market for real estate.

Citizens Face Traffic and Health Issues Due to Lahore Bridge Expansion Project Delay

Lahore: Lahore bridge extension project, sometimes referred to as the Qainchi Flyover, also known as the Qainchi flyover construction project, has caused some significant problems for the Citizens, Face Traffic, and Health Issues because of delays in the completion of the project.

The construction project has created extreme traffic congestion and environmental problems in the nearby zones.

According to resident Omar, the delay in finalizing the project has affected the Citizens’ health, leading to chest infections, coughs, and respiratory ailments caused by carbon emissions.

The Lahore Development Authority (LDA) is responsible for this project. It was initially planned to be completed in September last year.

The project was delayed because of numerous issues, such as denying approval issued by Pakistan Railways and non-compliance with power outages by Lesco.

Also, Read

CM Inaugurates Shahdara Multi-Level Flyover

The project gained momentum following Prime Minister Shehbaz Sharif’s construction site inspection, which ordered authorities to finish the construction as soon as possible.

The Lahore bridge is part of the project worth Rs. 1.711 billion Gulab Devi underpass project.
The extension of the bridge (the two-lane section that runs to Gajjumata and Kasur) requires the construction of an additional two-lane flyover along the one already in place with a gap of 1 meter.

The LDA administration has directed the engineering division to finish the project before May 31st.
Lahore Commission Muhammad Ali Randhawa has also advised the police that there is no compromise on May 31st.

PLRA informs officials about the use of electronic registration for property records

Lahore: Punjab Land Record Authority (PLRA) has completed its training in electronically registering property records for officials (including those who write deeds) through a report released on 17 May.

The training aims to ensure the secure transfer and protection of public property while improving efficiency and transparency. According to PLRA Director General Saira Omer, The training sessions on the registration of property records using electronic records were held at Lahore, Gujranwala, Gujrat, Rawalpindi, Sahiwal, Multan, Sargodha, and Bahawalpur. The last training session will be scheduled at Dera Ghazi Khan and Faisalabad divisions over the next week.

Additionally, it was discovered that the electronic registration system is being used in all provinces, and the manual registration of transactions in real estate has been replaced with strict adherence to the procedures.

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Punjab to launch e-registration system for property registry

According to reports, the automated e-registration procedure allows citizens to fill in their registration details with a personal computer or deed-writing equipment. They can submit this information via the internet for the sub-registrar.

Govt Raises Rs. 444 Billion Via T-Bills

During the paper auction on Wednesday, the outcome cut-off on Treasury Bills (T-Bills) went down by five basis points (bps). Based on the information provided by SBP, the State Bank of Pakistan (SBP), the Govt Raises Rs 444 Billion against a budget of Rs. 350 billion. A maturity is Rs. 296 billion during the auction.

The official data show that the cut-off yields for the T-Bills for three months and 12 months remain the same. The cut-off yield of the 6-month T-Bills fell by five basis points to 21.9157 percent, down from 21.9616 percent as of May 3.

The government collected an amount of Rs. 334 billion for the three-month paper through the auction competition. The auction also brought in the sum of Rs. 2 billion and 2 billion and. 7 billion in the 12-month and six-month T-Bills, respectively.

A further breakdown of official data shows that the government also raked in more than Rs. 101 billion from auctions that were not competitive. The total that was raised at auction was Rs. 444 billion.

PAC Recommends Scrapping Fixed Gas Meter Rent of Rs. 500 Per Month

The Public Accounts Committee (PAC) Wednesday suggested scrapping the recently established fixed gas meter rent of Rs. 500 per month collected from natural gas users.

PAC Recommends Scrapping Fixed Costs of Gas Meter

In the chair, Public Accounts Committee Chairman Noor Alam Khan explained that fixed costs of Rs. 500 per calendar month are being imposed on customers whose bill does not exceed the amount of Rs. 1,500 per month. He claimed the poor could not afford the monthly cost and called them ‘illegal.’

Secretary Petroleum informed the committee that the gas price was increased retroactively from January 1, 2023. He further stated that households that use less than one cubic hectometer (as per Ogra, that threshold amounts to 0.9 cubic Hectometers) are not impacted by the increased price.

Furthermore, the committee urged to reissue new gas connections to customers. Khan stated that, in this respect, the chairman would also draft an email to the premier.

The PAC Chairman stated that he’s not worried about the gas industry. However, the general public needs to get gas in a priority manner.

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Cement Firms Resisting Performance of Track and Trace System

SBP Suspends License of Exchange Company

The State Bank of Pakistan (SBP) canceled the authorization/license of Noble Exchange International (Pvt.) Limited on Wednesday on account of a violation of applicable legislation and rules.

SBP

In the statement, SBP said the exchange, as mentioned earlier, company, which includes its headquarters, branches, and franchises, cannot engage in any international exchange-related business.
The customer should stay clear of dealing with financial issues through the exchange, the central bank warned in its announcement.

ALSO, READ Govt to Consider Proposal to Put More Tax Burden on Rich

The regulator of banks has been very strict towards exchange companies that do not adhere to its rules. The watchdog enforces strict standards and guidelines for exchange firms and revoked licenses for over ten exchange businesses within 18 months.

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Govt to Convert Withholding Tax on Cash Withdrawals

Read More About Area Converter, Plots for Sale, and House Building Materials Prices:

LHC orders LDA to develop ToRs for reviewing Lahore Master Plan 2050

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Read More About Business news, Area Converter, Plots for Sale, and House Building Materials Prices:

Akbar Chowk flyover revised plan approved.

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Akbar Chowk Flyover plan

Investment in Solar Power Will Finally Surpass Oil This Year

Investment in Solar Power | Renewable Energy Uptick

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FIA Goes After CDA Officers and Property Dealers Involved in Fake Plot Sales

Also, Read

Citizens Face Traffic and Health Issues Due to Lahore Bridge Expansion Project Delay

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Read More About Business news, Area Converter, Plots for Sale, and House Building Materials Prices:

PLRA informs officials about the use of electronic registration for property records

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Read More About Business news, Area Converter, Plots for Sale, and House Building Materials Prices:

Govt Raises Rs. 444 Billion Via T-Bills

Read More About Business news, Area Converter, Plots for Sale, and House Building Materials Prices:

PAC Recommends Scrapping Fixed Gas Meter Rent of Rs. 500 Per Month

PAC Recommends Scrapping Fixed Costs of Gas Meter

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Read More About Area Converter, Plots for Sale, and House Building Materials Prices:

SBP Suspends License of Exchange Company

SBP

ALSO, READ Govt to Consider Proposal to Put More Tax Burden on Rich

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