JOBS SEEN

ECC approves incentive package for new oil refineries

ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) Friday approved a landmark incentive package for setting up modern new Deep Conversion Oil Refinery Projects, anywhere in the country, including expansion of existing refineries of minimum 100,000 barrels per day capacity.The decision aimed at attracting investment in the country, came at the meeting of the ECC chaired by Prime Minister Shahid Khaqan Abbasi here at the Prime Minister Office.The package would also be applicable to PARCO Coastal Refinery project (PCR) and comes with a 20-year income tax holiday. It would include exemption from all duties, taxes, surcharges and levies on import, by the refinery project, its contractors or any other persons. It would be applicable on all machinery, vehicles, plant and equipment, other materials and spares and consumables for setting up, operation, maintenance and repair of the refinery.The package also includes exemption from withholding tax and all other duties, taxes, surcharges, levies and import relating to foreign contractors, subcontractors and their personnel in connection with engineering, procurement, construction, commissioning, operation, maintenance and repair of the refinery. Sales Tax and Excise Duty on supply of locally manufactured building and construction of material, equipment and service for setting up of the refinery would also be exempted.The meeting decided that the new refinery projects would be given a pricing mechanism which shall be no less favorable than the prevailing mechanism. The new projects would also be facilitated in project infrastructure such as Single Point Mooring (SPM), jetties, sub-sea, land pipelines etc. The package also grants waiver to applicable Development Surcharge on the value of exports under the EPZA Rules 1981 in case the refinery project is set up in the Export Processing Zone.This decision would facilitate establishment of modern new refineries in any part of the country and would ensure sustained supply of petroleum products to various parts of the country at affordable prices, besides reducing the import bill of petroleum products.

from The News International - National https://ift.tt/2KfrpKB

Budget 2018: Finance bill, budget speech and other imp documents

ISLAMABAD: PML-N on Friday presented sixth budget amid strong protests by the opposition parties in the National Assembly with total outlay of Rs 5,103.8 billion.Newly inducted Finance Minister Miftah Ismail presented the budget terming it an historic event.Following are the important documents related to Budget 2018:Finance Ministry documentsFederal Budget Speech 2018-19 (English Version)Federal Budget Speech 2018-19 (Urdu Version)Budget in Brief 2018-19Annual Budget Statement 2018-19Estimates of Foreign Assistance 2018-19Explanatory Memorandum on Federal Receipts 2018-19FBR documents:Finance Bill 2018Notes On ClausesTax: Salient Features

from The News International - National https://ift.tt/2r32DVm

Budget 2018: PM Abbasi rejects opposition?s criticism

ISLAMABAD, Apr 27 (APP):Prime Minister Shahid Khaqan Abbasi Friday rejected the opposition’s point of view about the presentation of federal budget for the whole fiscal year 2018-19 by the present government, and said it was the government’s constitutional duty to present the budget for smooth running of the country’s affairs.“As per the Cabinet’s decision, (Finance Minister) Miftah Ismail will present the budget in assembly today. There is nothing unconstitutional and it is in accordance with the Constitution,” the prime minister told the National Assembly while responding to Opposition Leader Syed Khursheed Ahmad Shah and PTI’s Shah Mehmood Qureshi, who spoke on the points of order.He, however, added that the new government, which would be formed after the next general election, would have the authority to bring changes in the budget.“Insha Allah, we will again be here after four months,” the prime minister said adding, if the opposition parties came to power, they would have the right to change the budget.The prime minister said that Minister of State for Finance Rana Muhammad Afzal was a respected cabinet member,but it was a matter of principle that Miftah Ismail, who led the entire efforts in preparation of the federal budget, had the right to deliver the budget speech in the House.“Be courageous and listen to the budget speech,” Prime Minister Abbasi advised the opposition parties and said the federal budget for FY 2018-19 would provide maximum relief to the people.

from The News International - National https://ift.tt/2r3Vjtg

Miftah, Marriyum, Anusha, Tariq Fazal Chaudhry made federal ministers

President Mamnoon Hussain administering the oath of office to Ms. Marriyum Aurangzeb, Mrs. Anusha Rahman and Tariq Fazal Chudhary as Federal Ministers during the oath taking ceremony at the Aiwan-e-Sadr. -APP ISLAMABAD: President Mamnoon Hussain Friday administered oath of office to five ministers including four federal and one minister of state.The ministers, who were administered oath of office included Marriyum Aurangzeb, Anusha Rehman and Dr Tariq Fazal Chaudhry, a statement from the President House said.The three ministers were earlier serving as ministers of State for Information and Broadcasting, Information Technology, and Capital Administration and Development. President Mamnoon Hussain administering the oath of office to Ms. Leila Khan as Minister of State during the oath taking ceremony at the Aiwan-e-Sadr. APP The president also administered oath to minister of state Laila Khan.Ministers' portfolios would be announced later.The president, earlier in the morning, administered oath of office to Miftah Ismail as a federal minister.The event, held at the President House, was attended by members of the federal cabinet, party workers and senior officials.Miftah Ismail had been serving as the adviser to the Prime Minister on Finance, Revenue and Economic Affairs.He is presenting the PML-N's sixth and last federal budget for the financial year 2018-19 in the parliament this evening.

from The News International - National https://ift.tt/2HvITVr

Budget 2018: Rs2.043 trillion earmarked for PSDP to promote growth

ISLAMABAD: The government on Friday unveiled Rs 2.043 trillion Public Sector Development Programme (PSDP) for the fiscal year 2018-19, aimed at further strengthening physical and social infrastructure, to put the economy on sustainable and high growth trajectory.The PSDP 2018-19, formulated on the basis of development priorities of the government and the Ministry of Planning, Development and Reform, has aligned it with Sustainable Development Goals (SDGs), Long Term Plan of China Pakistan Economic Corridor and Vision 2025 goals.Out of the total PSDP, Rs1030 billion have been set aside for the federal departments whereas a sum of Rs1013 billion has been allocated for the provinces, according to budgetary document.Out of Rs1030 billion federal PSDP, the government allocated an amount of Rs4677.487 million for Aviation Division, Rs125 million for Board of Investment, Rs1116.438 million for Cabinet Division, Rs15236.924 million for Capital Administration and Development Division, Rs802.699 million for Climate Change Division, Rs1500 million for Commerce Division, Rs14480 million for Communication Division (other than NHA) and Rs640.644 million for Defence Division.An amount of Rs2810 million has been set aside for Defence Production Division, Rs70million for Economic Affairs Division, Rs 175.4 million for Establishment Division, Rs4336.5 million for Federal Education and Professional Training Division, Rs18151.4 million for Finance Division and Rs199 million for Foreign Affairs Division.The government also allocated Rs46679 million for Higher Education Commission, Rs5433.1 million for Housing and Works Division, Rs300 million for Human Rights Division, Rs1775.2 million for Industries and Production Division, Rs1644 million for Information and Broadcasting Division, Rs3046.3 million for Information Technology and Telecom Division and Rs3552.5 million for Inter Provincial Coordination Division.An amount of Rs24207.8 million has been allocated for Interior Division, Rs51205.8 million for Kashmir Affairs and Gilgit-Baltistan Affairs Division, Rs1025 million for Law and Justice Division, Rs10118 million for Maritime Affairs Division, Rs251 million for Narcotics Control Division, Rs1808 million for National Food Security and Research Division, Rs25034.4 million for National Health Services Regulation and Coordination Division, Rs550.5 million for National History and Literary Heritage Division, Rs30424.5 million for Pakistan Atomic Energy Commission, Rs300 million for Pakistan Nuclear Regulatory Authority and Rs943 million for Petroleum Division.The government allocated Rs27590 million for Planning Development and Reform Division, Rs370 million for Postal Services Division, Rs40000 million for Railways Division, Rs36 million for Religious Affairs and Interfaith Harmony Division, Rs2558.9 million for Revenue Division, Rs2660 million for Science and Technological Division and Rs28255.5 million for States and Frontiers Regions Division.An amount of Rs200 million has been kept for Statistics Division, Rs4700 million for SUPARCO, Rs280 million for Textile Industry Division and Rs79500 million for Water Resource Division.In addition, the government also allocated Rs237725 million for various corporations including Rs201600 million for National Highways Authority, Rs36125 million for NTDC/PEPCO.An amount of Rs5000 million has been earmarked for Prime Minister's Global SDGs achievement programme, Rs5000 million for Special Provision for Completion of CPEC Projects, Rs10000 million for FATA 10 Years Plan (Federal Contribution), Rs8500 million for ERRA and Rs100000 million for Block Allocation for New Projects by next government.Moreover, Rs45000 million has been allocated for Relief and Rehabilitation of internally displaced persons and Rs45000 for Security Enhancement, Rs10000 million for Prime Minister's Youth Initiative and Rs5000 million for Gas Infrastructure Development Cess.

from The News International - National https://ift.tt/2vSXFjx

Budget 2018: Rs 640.644 million earmarked for Defence Division

ISLAMABAD: The federal government has allocated Rs 640.644 million for five ongoing and two new development schemes of Defence Division under the Public Sector Development Programme (PSDP) for next financial year 2018-19. According to the budgetary document, a total of Rs 562.447 have been earmarked for the ongoing schemes. Out of this, Rs 253.954 million have been reserved for procurement of three latest printing machines for modernization of Survey of Pakistan, Rs 89.781 million have been allocated for establishment of FG Degree College for Boys Kohat Cantt, Rs 85 million for construction of Office Complex including boundary wall of Survey of Pakistan Lahore.Rs 75.515 million and Rs 58.197 million have been earmarked for procurement/construction of Maritime Patrol Vessels (MPVs for PMSA) and Water Distribution Network for RCB/CCB based on Khanpur Dam Water Source (Phase-III) respectively.An amount of Rs 20 million has been set aside for a new unapproved scheme – Development of IT Infrastructure for Implementation of E-Office Application Suit, while Rs 58.197 million have been allocated for another new scheme – Establishment of New Generation Geodatic Datum of Pakistan.

from The News International - National https://ift.tt/2KkHezF

15 Ways To Instantly Spot (And Skip) Horrible YouTube Videos

By CRACKED Readers Published: April 27th, 2018

from Cracked: All Posts https://ift.tt/2HXeI8W

Why Do Sitcoms Think It's Hilarious When Women Eat?

By Lydia Bugg Published: April 27th, 2018

from Cracked: All Posts https://ift.tt/2HyZQu1

7 Backstage Photos That�€™ll Fill Your Heart With Insane Joy

By Chris Bucholz Published: April 27th, 2018

from Cracked: All Posts https://ift.tt/2HXeHSq

Miftah Ismail presents PML-N?s 6th budget

ISLAMABAD: Amid lingering controversy over the legality of federal budget 2018-19, the ruling PML-N government is unveiling its sixth consecutive budget in the National Assembly at the twilight of its constitutional tenure.PM’s Advisor on finance, Miftah Ismail, who was appointed as Federal Finance Minister hours before the budget is presenting the budget proposals eyeing the forthcoming elections. The budget, which is likely to draw strong voices of disapproval from the opposition benches, will be an all-out effort to build a narrative for winning the next general election. All should be done but there is need to ensure that the policy of appeasement must not be executed at the cost of plunging the country into another trap of macroeconomic instability.With expected outlay of budget close to Rs5.5 trillion for coming budget 2018-19, the government envisaged FBR’s target of Rs4.435 trillion and non-tax revenue target close to Rs1 trillion.After transferring share to the provinces under the National Finance Commission (NFC) award in the range of Rs2.6 to Rs2.7 trillion, the center will be left with the option to meet expenditure of debt servicing and to some extent defense with its resource generation.Pakistan’s budget in terms of expenditure revolves around three Ds including debt servicing, defense and development, and the largest ticket item on expenditure side remained related to debt servicing for which the outgoing regime earmarked Rs1.6 trillion in the coming fiscal year.The rising debt burden coupled with recent devaluation has caused hike in debt servicing as public debt in rupee term went up. The second largest ticket item is defense requirement for which the government was going to allocate Rs1.1 trillion with additional Rs100 billion for the Armed Forces Development Program so total defense budget would be hovering around Rs1.2 trillion excluding pension payment of retired personnel as it’s now part of the civilian pension bill.For development, there is still controversy over the size of Public Sector Development Program (PSDP) as the Ministry of Finance indicated budget ceiling of Rs800 billion for development but the Ministry of Planning jacked it up to Rs1,030 billion. Now the Finance Ministry wants to keep Rs230 billion as off-budget item and executed agencies should be assigned to generate resources through self- financing.The pension bill has been proposed at Rs340 billion for coming budget against revised estimates of Rs320 billion for outgoing fiscal year. The subsidies allocation is going to get Rs180 billion.For meeting all expenditures, the government opts the path of obtaining loans from internal and external avenues in the range of Rs2,000 billion to finance its budget deficit. Here the country plunges into debt trap because of its inability to generate the required resources by mobilising tax revenues and controlling yawning expenditures.Over-optimism of budget forecasts has become a problem in Pakistan, as recent years have witnessed a strong tendency for the economic and budgetary forecasts presented in the budget to be over-optimistic. Revenue forecasts are routinely substantially over-optimistic, involving projected annual growth on higher side, when the reality is revenue growth of the order of 15 to 16 per cent. At the same time, the approved budget usually involves substantial under-estimation of important expenditure lines in the budget.The result of over-optimistic budgeting, whether on the revenue side or on the expenditure side, is that the budget as approved cannot actually be implemented in full. Something must give: Either the government will increase the budget deficit over and above the target, leading to increased debt accumulation, or room will have to be found through cuts to the amounts provided in the approved budget.The pattern emerging is that soon after the approval of the budget the Ministry of Finance announces cuts in implicit recognition that actually the budget was over-optimistic. These cuts are concentrated in two main areas: (i) the operations and maintenance budget lines of the recurrent budget, and (ii) the projects provided for in the development budget. These cuts have the effect of removing the possibility of accountability for service delivery by line ministries, departments and agencies. If these bodies do not receive their full budget they have a permanent excuse for failure to deliver planned services in fullOff-budget items: The main areas of under-estimation usually relate to the likely “contingent liabilities” which in all probability will arise during the budget year. These are liabilities which sometimes cannot be forecast accurately in advance, but which are highly likely to need to be met during the year.The most important examples are the “circular debts” arising from operations in the energy and other sectors – e.g. commodity financing. The present practice is not to make provision in the approved budget for such expenditures.The second type of off-budget items are the periodic expenditures required to support loss-making public sector enterprises (PSEs). Finally, renowned independent economist Dr Hafiz A Pasha said that in principle the outgoing government should not present next fiscal year budget.He said the dole-out packages should not be given in an irresponsible manner causing macroeconomic instability for political gains. “The government has doled out Rs90 billion with reduction in income tax rates and if 10 percent pay raise was granted, there will be accumulative effect of Rs250 billion on the budget of center and provinces,” he added.The increased fiscal deficit, he said, would push up burden on current account deficit owing to demands for imports so there were fears that the government was going to take opposite steps which were required at the moment to curtail the twin deficit but he reminded that it would possess recipe for disaster.Dr Ashfaque Hassan Khan, reputed economist, said there was no moral, legal and ethical justification for the outgoing government to present full year budget. The budget, he said, was also presented on the backdrop of last year’s performance but this time the economic indicators were finalized on the basis of six to eight months data so the next budget would be extremely fragile.

from The News International - National https://ift.tt/2FlK6bO

Government has no right to present next year?s budget: Khursheed Shah

ISLAMABAD: Leader of the Opposition in the National Assembly, Syed Khursheed Shah criticized the Federal Government on presenting the budget for the next fiscal year here at the budget session in the Parliament on Friday.He said that the present government can present the budget for only three or four months as it is going to complete its five-year term on May 30 and only the new government emerging from the Elections 2018 can present the budget for the whole year.Khursheed Shah also objected on appointment of Miftah Ismail as federal minister for finance and said that Miftah cannot be made federal minister as he is not an elected member of the National Assembly.

from The News International - National https://ift.tt/2Hwnur7

Justin Trudeau extends support to Afridi, asks Canadians for donations to build hospital in Pakistan

Former Pakistan captain Shahid Afridi has thanked Canadian Prime Minister Justin Trudeau for lending support to a fundraiser held in Vancouver for his charity.The star cricketer thanked the prime minister for his support on his Twitter account and Pakistani and Indian communities of Vancouver for their contribution for a hospital in Kohat.Afridi also shared a collection of photos from the event and a statement from Prime Minister in which Justin Trudeau expressed "warmest welcome and best wishes" ."Tonight, we gather to raise money to build a hospital in Pakistan to assist and provide aid to children. The generosity you have all shown through attendance and donations truly embodies what it means to be Canadian.

from The News International - National https://ift.tt/2HwUgwn