Lifestyle

The Islamabad High Court has ruled that gains from the sale of immovable property must be taxed as capital gains under Section 37(1A) of the Income Tax Ordinance, 2001, effectively barring tax authorities from reclassifying such profits as business income under Section 18. Setting aside a previous tribunal decision, the IHC emphasized that specific laws governing real estate disposals hold precedence over general business tax provisions, regardless of the taxpayer's level of activity in the sector. This judgment provides significant clarity for individual taxpayers, ensuring their property transactions are protected from the higher tax implications often associated with business income classifications.

ISLAMABAD – Facing an unsustainable subsidy burden and a volatile global energy market, the federal government is evaluating a plan to "unfreeze" petroleum prices to reflect international trends. While petrol and diesel rates have been kept stable for the public in recent weeks, other critical fuels—specifically Jet Fuel (JP-1) and Kerosene—have already undergone massive, unannounced price hikes following the escalating conflict in the Middle East.

The Pakistan Meteorological Department has warned of a prolonged period of unstable weather across Pakistan from March 24 to March 31, driven by intensifying western disturbances. The forecast includes widespread rain, windstorms, and hailstorms across all provinces, with significant snowfall expected in northern hilly areas. Due to the risk of flash floods in Balochistan and Khyber Pakhtunkhwa, as well as potential landslides in Gilgit-Baltistan and Kashmir, authorities have urged citizens, farmers, and travelers to exercise extreme caution and safeguard infrastructure and crops against wind and hail damage.

Prime Minister Shehbaz Sharif has imposed an immediate ban on the use of high-octane fuel for all government vehicles following a sharp increase in the petroleum levy from Rs100 to Rs300 per litre. Under this strict austerity measure, no government department may procure premium fuel at the state’s expense; any exceptional use must be paid for by officials out of their own pockets. This directive, which includes the establishment of a rigorous monitoring mechanism to prevent violations, builds upon existing efforts such as a 50% reduction in official fuel quotas and the grounding of 60% of the state fleet. The primary goal is to rationalize government spending and redirect the resulting savings toward public relief by maintaining the affordability of standard petroleum products for the general population.

Pakistan has successfully auctioned 480 MHz of new spectrum, doubling its capacity and laying the foundation for 5G. With Jazz leading the investment and Ufone grabbing 5G capacity, the country is no longer a regional laggard. The focus now shifts to upgrading fiber infrastructure and making 5G devices affordable for the masses.

The Punjab government has launched a PKR 6 billion project to remodel and restore Murree’s historic Mall Road, blending heritage preservation with modern infrastructure upgrades. The initiative, which has already seen the commencement of land acquisition and structure demolition, includes a robust compensation plan for affected local businesses and property owners. By upgrading public amenities while maintaining traditional aesthetics, the project aims to enhance the tourist experience and provide better facilities for residents, marking the most significant development investment in the hill station’s history.

In response to soaring global oil prices triggered by regional tensions, Prime Minister Shehbaz Sharif has launched a nationwide "war austerity plan." The initiative targets massive fuel and fiscal savings by shifting the country to a four-day work week and a 50% work-from-home model for both public and private sectors (excluding banks and essential services). Additional measures include a 50% cut in government fuel quotas, grounding 60% of the official fleet, and significant salary deductions for cabinet members, lawmakers, and high-ranking officials. To further reduce overhead, the government has banned hotel-based events and foreign travel, while closing schools from March 10 to 31 in favor of online learning. These combined efforts are projected to save the national exchequer over PKR 26 billion.

The Pakistani government has announced a massive Rs55 per litre increase for both petrol and diesel, effective from midnight on Friday. This record hike brings petrol to Rs321.17 and diesel to Rs335.86 per litre, a decision driven by skyrocketing global oil prices following the escalation of conflict between Iran, the US, and Israel. Government officials, including Finance Minister Muhammad Aurangzeb and Deputy PM Ishaq Dar, noted that the regional instability has caused Brent crude to surge above $90 a barrel. In response to the crisis, Prime Minister Shehbaz Sharif has ordered an immediate nationwide crackdown on fuel hoarding and the cancellation of licenses for stations creating artificial shortages.

The UAE’s real estate market is grappling with a sudden instability after Iranian missile strikes challenged its status as a global "safe haven." This geopolitical shift has caused a sharp drop in developer stocks (down 5%), a freeze in the bond market, and serious concerns over the 300,000–400,000 new units expected by 2028. With 65% of Dubai's market tied to off-plan sales and a 90% expatriate population, the sector’s future now rests on whether foreign investors still view the region as a secure place for their capital.