Tag: profit

  • Pakistan faces Rs615 billion annual deficit due to tobacco consumption

    Pakistan faces Rs615 billion annual deficit due to tobacco consumption

    Pakistan has a substantial Rs615 billion annual deficit owing to diseases caused by smoking and overall tobacco usage, with only Rs120 billion earning in tax revenue from the product.

    The government is expected to improve revenue by raising the tax on cigarettes by 30 per cent according to The Nation.

    This was voiced by speakers at a major symposium held in Islamabad on May 18. The Pakistan National Heart Association (PANAH) held a seminar on the theme ‘Harms of Tobacco Products and the Importance of Tax Policy,’ which was presided over by Patron General (R) Ashraf Khan and hosted by General Secretary Sana Ullah Ghumman.

    As per the speakers at the event, tobacco usage is a major cause of serious heart, lung, and cancer diseases in the country. A fact sheet on the health and economic costs of cigarette usage was released by the Social Policy and Development Centre (SPDC).

    According to the survey, tobacco is used by 31 million persons over the age of 15. More than 260,000 people are predicted to start smoking in the country if tobacco taxes are not raised in the budget for 2022-23.

    Engineer Iqbal Zafar Jhagra, the former governor of KP and a senior PML-N leader, was the special guest at the event. Nisar Cheema, a member of the National Assembly, was also present.

    Read more: Tobacco companies in Pakistan may bump cigarette prices

    PANAH Patron General (R) Ashraf Khan congratulated the attendees and informed them of the organization’s goals and objectives.

    Smoking was declared the primary cause of deaths from non-communicable diseases (NCDs) such as heart, cancer, respiratory, and chronic diseases, according to participants, with an estimated 163,360 persons dying in 2017.

  • PUBG earns $307.1 million in Q1 2022 despite going free-to-play

    PUBG earns $307.1 million in Q1 2022 despite going free-to-play

    The South Korean company behind PUBG, Krafton revealed that the PC and console version of the battle royale shooter franchise is making a lot of money despite going free-to-play in January 2022.

    According to Krafton, the game earned $307.1 million in revenue in the first quarter of 2022, up 5 per cent year over year (YoY), after being downloaded more than one billion times as of March 2021.

    Sales on PC were boosted 61 per cent YoY to $82.3 million. The surge in console sales was even higher, up 124 per cent from the previous quarter and 274 per cent on a YoY basis, though Krafton did not disclose a cash amount for the period.

    From Q4 2021 to Q4 2022, PUBG’s average monthly active users nearly tripled.

    When PUBG: Battlegrounds first arrived in early access on Steam in 2017, it was a premium title, but free-to-play battle royale games like Fortnite, Call of Duty: Warzone, and Apex Legends established that the free model can be highly profitable.

    In fact, converting PUBG: Battlegrounds to free-to-play turned out highly beneficial for Krafton. The widely played PUBG: Mobile is already free to download on iOS and Android devices.

    Electronic Arts (EA) also announced that Apex Legends, which has been out for a little over three years, crossed $2 billion in lifetime net bookings in just two weeks, While Epic raised $144 million for Ukraine aid.

  • Pakistan’s textile exports surge by 30 per cent

    Pakistan’s textile exports surge by 30 per cent

    Pakistan Bureau of Statistics (PBS) reported that Pakistan’s textile group exports in July-April 2021-2022 reached a new high of $15.981 billion, up from $12.688 billion in the same period last year, a 25.96 per cent rise.

    Exports of the textile group climbed by 7.01 per cent month over month to $1.739 billion in April 2022, compared to $1.625 billion in March 2022. Textile group exports increased by 30.50 per cent year over year in April 2022, compared to $1.332 billion in April 2021.

    Cotton yarn exports increased by 22.11 per cent from July to April 2021-22 to $1.006 billion, compared to $823.952 million in the same period the previous year, and declined by 4.95 per cent in April 2022 to $97.655 million, compared to $102.736 million in the same month the previous year.

    The country’s overall exports from July to April 2021-22 were $26.247 billion, up from $20.905 billion in the same time last year, a 25.55 per cent rise. Pakistan’s exports in the last month (April 2022) were $2.897 billion, up 4.32 per cent from $2.777 billion in March 2022 and up 30.61 per cent from $2.218 billion in April 2021.

    Major export goods

    Knitwear: Rs90,096 million

    Readymade garments: Rs64,669 million

    Bed wear: Rs51,398 million

    Cotton cloth: Rs38,763 million

    Towels: Rs19,974 million

    Cotton yarn: Rs18,016 million

    Made-up articles: Rs15,277 million (excluding towels and bedwear)

  • Nisab amount of zakat deduction set at Rs88,927 for 2022

    Nisab amount of zakat deduction set at Rs88,927 for 2022

    The nisab amount of zakat for the year 2022 is set at Rs88,927, according to a notification dated March 30, 2022, issued by the Poverty Alleviation & Social Safety Division, Cabinet Secretariat, Government of Pakistan.

    The account holders, maintaining a minimum of Rs88,927 balance on the first day of Ramzan would be liable to pay 2.5 per cent Zakat on the first day of the fasting month of Ramzan.

    If the amount standing to the credit of an account is less than the said amount, no Zakat deduction shall be made. While savings, profit-and-loss sharing, and other similar accounts are subject to nisab deductions. it is worth noting that the zakat deduction has surged by Rs7,994 as compared to last year, due to an increase in gold and silver prices.

    Read more: Banks to remain closed for public dealing on 4 April

    The amount for nisab in 2021 was set at Rs80,933 and Rs46,329 for 2020. In the majority of Islamic countries, It is adjusted at 2.5 per cent of one’s wealth above the nisab.