ISLAMABAD-The Directorate of Intelligence & Investigation (Inland Revenue) Lahore has detected sales tax evasion worth billions of rupees by a reputed company. The company had issued illegal credit notes of huge amounts in Annexure-C of the sales tax returns without corresponding debit notes from the buyers. In this way, the company suppressed output tax to reduce its sales tax liability for the tax periods in which illegal credit notes were issued and thus deprived the national exchequer from due tax revenue. Thus, timely intervention by the Directorate has led to recovery of sales tax amounting to Rs.1358 million and default surcharge of Rs.26 million on 20th June, 2023. Accordingly, to place a system check on such fake credit notes, the sales tax return has been amended to disallow suppliers of goods to issue/claim credit notes in the returns without first issuance of debit notes by the corresponding buyers.

KARACHI: There were at least 209 Pakistani “victims” on an overloaded boat that capsized and sank in open seas off Greece last week, according to data shared by Federal Investigation Agency (FIA) with Reuters on Thursday. The official death toll from the accident still stands at 82 and the number of survivors at 104, of whom 12 were Pakistanis. Pakistan is yet to officially confirm how many of its citizens were on the boat, but kick-started a DNA sampling effort to help Greece identify those who died. The data shared by the FIA showed that 181 people were from Pakistan and 28 from Pakistan-administered Kashmir. The FIA said 29 suspected human smugglers had been arrested in Pakistan so far over the case.

ISLAMABAD - Pakistan has once again sought the United States' help to unlock the stalled Internation­al Monetary Fund (IMF) loan programme. Donald Blome, Am­bassador of the United States of America to Pa­kistan, called on Feder­al Minister for Finance and Revenue Senator Mohammad Ishaq Dar. The finance minister shared the economic policies and priorities of the government to address the challeng­ing economic situation and set the economy on the path to stability and growth. He extended his support to further promote bilateral economic, invest­ment and trade relations be­tween both the countries. “Though the Budget FY 24 was never a part of the 9th Review, however, in line with PM’s commitment to the MD IMF, we shared the Budget num­bers with the IMF Mission.

Engaging in pointless debates, particularly on social media platforms, devours a significant amount of the youth’s time, leaving little room for personal growth and societal contribution. Within this time, a substantial portion is dedicated to political debates, often revolving around the political rivalry between Imran Khan and Nawaz Sharif. Unfortunately, the youth’s fixation on political debates leads to missed opportunities in various domains. By failing to actively participate in productive endeavors, they miss out on the opportunity to gather valuable experiences, skills, and connections that contribute to personal growth and a sense of social responsibility. To address this issue effectively, it is crucial to understand the root causes behind the youth’s preoccupation with political debates.

ISLAMABAD: In response to an offer of mediation by Afghanistan’s Taliban government, Pakistan has firmly reiterated its rejection of holding peace talks with Afghanistan-based Tehreek-i-Taliban Pakistan (TTP) militant group. At a press briefing, the FO spokesperson referred to a previous statement made by Foreign Minister Bilawal Bhutto Zardari, emphasising the clarity of the minister’s position on this matter. “The rejection aligns with the earlier stance expressed by Foreign Minister Bilawal Bhutto-Zardari”, she added. Ms Baloch said talks could not be held with the outlawed TTP, which has been involved in the killing of Pakistani civilians and law enforcement officials. FM Bilawal visit to Japan from July 2Foreign Minister Bilawal Bhutto Zardari is scheduled to undertake an official visit to Japan on July 2-3 upon the invitation of Japanese Foreign Minister Yoshimasa Hayashi.

By Crystal McGough, EditorMOODY – Tabitha Patterson, an upcoming second-grader at Margaret Elementary School, was crowned “Little Miss Alabama” through Universal Global in February 2023, and will be representing the state of Alabama in the Little Miss Universal Global pageant at the end of July. In addition to being Little Miss Alabama, Tabitha is also the reigning Little Miss St. Clair County (America’s Best Pageants), a title she has held since 2022, and was also crowned Community Service Queen at the Little Miss St. Clair County pageant. Last month, Tabitha was the honorary trophy presenter at the Pinson Parking Lot Pandemonium Car Show, representing Little Miss Alabama, Universal Global. The Miss Universal Global Pageant Little Miss division will take place July 26-30, in Orlando, Fla.“If she wins that, then she represents not only the U.S., but also other countries around us,” Amber Patterson said. She would strictly be ‘Little Miss Universal Global,’ and they do all sorts of things helping in communities.”You can follow Tabitha’s progress as Little Miss Alabama Universal Global on Facebook.

State Minister for Finance Col (retd) Waqar Ahmad Noor says the total estimated non-development expenditure for the next financial year is Rs190.047 billion. PHOTO: FILEThe government on Wednesday presented a historic tax-free budget worth over Rs232.047 billion for the financial year 2023-2024 in the budget session of Azad Jammu and Kashmir (AJK) Legislative Assembly. An amount of Rs42 billion has been allocated in the budget for development projects. Additionally, a revised budget of Rs156.0947 billion for the fiscal year 2022-23 was also presented for approval. Further, the budget estimates included Rs4 billion for capital expenditure.

During a meeting with Finance Minister Ishaq Dar held in the Q Block, Donald Blome, the United States Ambassador, raised the question, according to finance ministry officials. However, this plan is still in its infancy stage, although these countries have shown interest in joint ventures many months ago. Dar informed the US ambassador about the fiscal consolidation that he introduced in the budget, showing a primary budget surplus of Rs379 billion. Mitchell advised the finance minister to bridge the trust deficit with the IMF. The US ambassador expressed confidence in the policies and programmes of the government for economic sustainability and socio-economic upliftment of the masses, said the finance ministry.

Jana Sena chief Pawan Kalyan addresses the public meeting in Mummidivaram of Konaseema district on Wednesday. -BY ARRANGEMENTVIJAYAWADA: Jana Sena chief Pawan Kalyan has urged the people of different castes to support his party in the 2024 elections to enable him win power and develop Andhra Pradesh in a big way. Even if I am not a legislator and not having power in my hands, I am able to influence the government. They are making huge money illegally and I challenge them to prove me wrong. In a strong retort to Kakinada City MLA Dwarampudi Chandrasekhar Reddy, Jana Sena chief said, "If we fight against ourselves, somebody is getting benefitted.

After being deposed as Prime Minister for the third time, Nawaz Sharif started a campaign for ‘Vote ki Izzat‘ (Respect for the vote). A new party had to be raised called Pakistan Muslim League (PML). Qureshi Sb also decided to step down when he realised that in the new party ‘Vote ki Izzat‘ had been seriously compromised. The PML has lived up to its design of Vote Ki Beizzati (Dishonouring the vote) by repeatedly siding with the establishment. A new name has been suggested this time for another ‘ Vote Ki Be-Izaati ‘ party.

The recent announcement of the Developing Countries Trading Scheme (DCTS) by the UK has opened up new avenues for trade between the UK and Pakistan. This scheme, aimed at reducing tariffs and simplifying trade terms, presents a remarkable opportunity for Pakistan to unleash its export potential in various sectors. One cannot overlook the significance of simplified trade, as it allows nations like Pakistan to fully capitalise on their strengths. Currently, bilateral trade between the UK and Pakistan stands at an annual volume of 5.63 billion dollars. Stricter implementation measures must be enforced to prevent custom officers from withholding shipments for personal gains, ensuring a fair and efficient trade environment.

US dollar supplies have dropped to $10-15m per day to counters in open market compared to around $50m earlier. PHOTO: filePakistan has successfully narrowed the rupee-dollar exchange rate gap between inter-bank and open markets to the targeted level of Rs5, meeting a major condition of the International Monetary Fund (IMF). Similarly, it ticked up 0.01%, or Rs0.04, to Rs287.22/$ in the inter-bank market. The exchange rate spread had widened to Rs27 some two weeks ago after the currency dropped to the record low of Rs312/$ in the open market. The exchange rate gap between the legal and illegal markets may impact the flow of remittances from overseas Pakistanis through official channels.

The decrease in disbursements can be attributed to major international creditors pulling back due to delays in reaching a deal with the IMF. As against the annual estimate of $1.2 billion, the Islamic Development Bank released only $161 million for oil facilities. Against an annual estimate of $7.5 billion, Pakistan has only received $900 million in foreign commercial loans in the current fiscal year. Due to credit rating-related issues, the government had to include $1.3 billion of Chinese commercial bank debt on its domestic debt balance sheet. The government also expected to receive $3 billion from the IMF, later increased to $3.5 billion, but has only received $1.2 billion so far.

Very hot and humid weather is expected in most parts of the country during the next twelve hours. However, dust storm is expected in Northeast Balochistan. Temperature of some major cities recorded this morning:Islamabad and Peshawar twenty-nine degree centigrade, Lahore thirty-one, Karachi thirty, Quetta twenty-five, Gilgit and Murree sixteen and Muzaffarabad twenty-four degree centigrade. According to weather forecast of Met Office for Indian Illegally Occupied Jammu and Kashmir, partly cloudy and dry weather is likely in Srinagar, Pulwama, Anantnag, and Shopian, dry in Leh and Baramulla dry, while hot and dry in Jammu. Temperature recorded this morning:Srinagar, Pulwama and Baramulla twenty degree centigrade, Jammu twenty-nine, Leh eight, Shopian and Anantnag nineteen degree centigrade.

Prime Minister Shehbaz Sharif on Tuesday called upon the nation and all political parties to work together for bringing the country out of crisis and taking it to new heights of development. He said the prime minister had also launched a historic Rs 20 billion package for rural areas of the federal capital. Later, Prime Minister Shehbaz Sharif also laid the foundation stone of upgradation and rehabilitation project of Sikander e Azam Road. The prime minister handed over the keys of the vans worth Rs62 million to Chairperson PSH Zamurrad Khan. Talking to students of PSH Cadet College, the prime minister urged them to work hard and focus on learning contemporary knowledge.