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Senate body recommends 25pc tax on high income class

ISLAMABAD: The Senate Standing Committee on Finance has finalized its recommendations for budget including a suggestion to raise the tax rates for the higher slab from proposed 15 to 25 percent. The proposals were finalized on Tuesday by the committee will be presented in the Senate for endorsement, which will be then referred to the National Assembly for approval. In terms of revenue, the only proposal with a considerable implication was to up the taxes for high income class. The committee has recommended to revise…

Pakistan considers to impose tax on Google, Facebook

ISLAMABAD: Pakistan is considering to impose tax on offshore digital companies, including tech giants such as Amazon, Facebook and Google in order to acquire share from earnings of these foreign entities.   As part of the 2018-19 federal budget, these taxes on foreign digital companies - making earnings through Pakistan - have been proposed before the parliament. But at the same time, all such tax proposals have been rejected by the Senate Standing Committee of Finance, terming it anti-business and anti-investments. The…

Dos, don’ts and geo-fencing: Europe proposes rules for small drones

Europe's aviation safety authorities have proposed rules for operating small drones that include requirements for geo-fencing technology to prevent them from straying into banned areas and a "dos and don'ts" leaflet to be inserted in retail packaging. With demand booming, both for hobby and commercial use, European regulators have been looking for ways to ensure drones can be safely operated, while allowing the industry to grow. Fears have been raised over the use of drones near airports in particular, with a number of…

Trump proposes $54bln increase in defense spending: official

WASHINGTON: President Donald Trump's first budget proposal includes a substantial $54 billion dollar increase in defense spending, with corresponding cuts in foreign assistance and other non-military spending. Highlighting what Trump has described as a "public safety and national security budget," the plan raises national defense spending -- already the highest in the world -- by almost 10 percent, an official said on condition of anonymity. The proposal, which will be picked over by Congress, will have "a…

PUC proposes ‘reconciliation council’ for peace restoration

LAHORE: Pakistan Ulema Council (PUC) has proposed to form ‘reconciliation council’ for restoration of peace in the country, ARY News reported Sunday. General Secretary PUC Sahibzada Zahid Mehmood Qasmi said all political and religious forces must now unite against terrorism. While proposing the formation of reconciliation council, Qasmi said government must convert the code of conduct agreed upon in Islamabad’s all parties’ conference into legislation.  “Killings in the name of religion are never justified,” he added. He…