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Govt targets Rs1,281b from petroleum levy | The Express Tribune

Published

3 مہینے ago

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ISLAMABAD:

The federal government has set an ambitious target of Rs1,281 billion on account of Petroleum Levy (PL) on petroleum products for the upcoming fiscal year 2024-25. This projection marks an increase of Rs321 billion over the revised estimate of Rs960 billion for the current fiscal year 2023-24. While the originally budgeted PL for the current year was Rs869 billion, the actual increase represents a 47.4% rise over the target for the next year. The government revised its PL collection target upward for the next financial year 2024-25 under miscellaneous receipts.
The International Monetary Fund’s (IMF) report titled “Second and Final Review under the Stand-By Arrangement (SBA),” released in May 2024, revealed that Pakistan presented a plan to collect Rs1,080 billion through PL in the fiscal year 2024-25. Subsequent federal governments have given high priority to PL revenue since it is not part of the Federal Divisible Pool (FDP) that must be shared with the provinces according to the National Finance Commission (NFC) formula.
Additionally, the government has proposed to maintain the Gas Infrastructure Development Cess (GIDC) collection at Rs2.5 billion for the fiscal year 2024-25, the same revised target set for the current financial year (2023-24). The GIDC was originally budgeted at a much higher amount of Rs40 billion for the current fiscal year. In June 2020, the Supreme Court of Pakistan ruled that various sectors of the economy must clear the outstanding Rs407 billion GIDC within 60 months, but the government has yet to realise this amount due to stay orders obtained by various companies.
The Natural Gas Development Surcharge (GDS), which represents the difference between the prescribed and sale price of gas and is allocated to the provinces, is projected to bring in Rs25.618 billion next year. This is against the actual budgeted Rs40 billion and the revised Rs27.169 billion for the current year. On the directives of the finance ministry, the Auditor General of Pakistan (AGP) is auditing the GDS claims of both gas companies—Sui Northern Gas Pipeline Limited (SNGPL) and Sui Southern Gas Company (SSGC)—to ascertain the real collection.
The government has also planned to collect Rs3.537 billion for the PL on Liquefied Petroleum Gas (LPG) in fiscal year 2024-25. This compares to the revised target of Rs3.516 billion for the current fiscal year. The original budget for the PL on LPG in the current fiscal year was significantly higher at Rs12 billion.
The budget for fiscal year 2024-25 envisages Rs25 billion to be retained as a discount on local crude oil prices, the same amount as the revised estimate for the current fiscal year (2023-24). The original budget for the current year was lower, at Rs20 billion. The budget for next year also proposes a decrease in royalty on crude oil and an increase in royalty on natural gas for the provinces. The budgeted amount for royalty on crude oil is set at Rs58.654 billion for the next financial year, against the revised estimates of Rs57.017 billion for the outgoing year. The government has budgeted Rs103.751 billion in royalty on natural gas for the next financial year, compared to a revised target of Rs93.567 billion and a budgeted Rs75 billion for 2023-24.
Next year’s budget also envisages Rs28 billion on account of windfall levy on crude oil, compared to the budgeted amount of Rs20 billion for the current financial year 2023-24. The windfall levy on gas has been budgeted at Rs400 million, up from Rs220 million in the current fiscal year. Miscellaneous receipts from oil and gas companies are budgeted to generate Rs1,528.46 billion in the next financial year, against a revised target of Rs1,197.8 billion and budgeted estimates of Rs1,141 billion in the outgoing financial year.

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Pakistan

Honda CD70 Dream Latest Price, Installment Plans – Sep 2024 Update – Pakistan Observer

Published

9 گھنٹے ago

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ستمبر 20, 2024

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Honda remains leader in bikes market, with its top-selling units like CD 70, and that’s without making any major changes as the entry-level bikes look almost same for a long time. As the CD-70 remains its most selling model, bikes like the CD-70 Dream and Pridor are considered a niche products.

Despite failing to achieve top sales, CD 70 Dream is still in the market, featuring air-cooled, 4-stroke engine that delivers smooth performance and impressive fuel economy, often averaging around 60-70 km/l, making it ideal for daily commuting.

The bike looks better with stylish and modern design with attractive graphics, as compared to simple CD70. People also like its comfort as built quality remains optimum, comparing to other players.

Its pricing makes it accessible to a wide audience, including students and working professionals, solidifying its status as a favorite among motorcycle enthusiasts in Pakistan.

As bikes prices remain out of hands, people are having hard time to upgrade their ride while companies also face low sales.

Honda CD 70 Dream Price

The price of Honda CD70 Dream is Rs168,900 in September 2024.

Honda CD 70 Dream Installments

Installment Plans Monthly Payments 
3 months Rs56,300
6 months Rs28,300
9 months Rs21,890
12 months Rs17,200
24 months Rs10,170
36 months Rs7,800

 

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Check Property Ownership in Lahore, other Punjab cities Online – Pakistan Observer

Published

10 گھنٹے ago

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ستمبر 20, 2024

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If you live in Lahore or any other city in Punjab; you might have faced difficulties in getting land record in previous years, but now the government made the land verification process smooth with digitization.

To curb the menace of land mafia and to help residents of Punjab, the government rolled out a systematic process and also eased the process of property transfers and real estate transactions.

A new verification system is Live by provincial authorities to check the legitimacy of properties available for purchase or investment across the region of 110 million people.

The relevant authority in this regard is Punjab Land Record Authority which oversees management and maintenance of land records. You can get different services, including ability to search for and view land records, as well as request copies of documents.

Check Property Ownership Online 2024

Here’s Step by Step Guide To Check property ownership

Step 1: Please visit PLRA portal at Punjab-zameen.gov.pk.

Step 2: Find ‘Property Registration,’ on home and click on https://rodportal.punjab-zameen.gov.pk/.

Step 3: It will ask you to select your district and service center.

Step 4: You can search by different options including Bahi number, ID card, registration number, or by person name.

Step 5: After entering details, please advance to ‘Search’ to get the land ownership.

With latest updates, you can check data on number of property transfers in last 36 months.

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Pakistan

Suzuki Bolan discontinued in Pakistan after 36 years; Here’s replacement for ‘Carry Dabba’ – Pakistan Observer

Published

11 گھنٹے ago

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ستمبر 20, 2024

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LAHORE – Finally, it’s time to say goodbye to the iconic Suzuki Bolan as Pak Suzuki pulled plugs to replace the minivan with another model. Over the last 3.5 decades, Suzuki Bolan enjoyed decent sales and was valued for its flexibility, serving a multi-passenger vehicle and for commercial purposes.

Amid shift in auto landscape in Pakistan, Bolan becomes latest drive to be discontinued after Suzuki Mehran, which you can still spot.

Pictures of Suzuki Bolan’s last batch surfaced online, and Pakistanis hit nostalgia as many grew up in this vehicle. The final chassis number marked as 01151691. The country’s oldest automaker and maker of Bolan also confirmed discontinuation of the 800cc Carry Dabba.

The company decided to replace Bolan for its outdated design and lack of safety features. Amid its low sales, consumer demand for a modern replacement like Changan Karvaan increased.

Suzuki Every to Replace Bolan

Suzuki earlier mentioned that Every will replace Bolan, and one of its recent model was unveiled at a recent auto show.

The launch of Every models faced delays due to import challenges and it is expected to launch in mid October.

Suzuki Bolan Price in Pakistan

 

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Pakistan

Gold prices reach historic high in Pakistan – Pakistan Observer

Published

12 گھنٹے ago

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ستمبر 20, 2024

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Your source for latest Pakistan, world news. Stay updated on politics, business, sports, lifestyle, CPEC, and breaking news. Accurate, timely, and comprehensive coverage.

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