ISLAMABAD: Govt increases rates of petrol, HSD to Rs98.89 and Rs117.43 for April

“The government on Sunday increased prices of all petroleum products by up to 6.45 per cent for the month of April as the international crude price inched up by less than 2pc over the last month”.

Petrol and diesel prices were increased by Rs6 per litre while kerosene and light diesel oil (LDO) were jacked up by Rs3 per litre with immediate effect, according to an official announcement.


With the decision, the ex-depot price of high-speed diesel (HSD) was set at Rs117.43 per litre — the highest since July 2018 — instead of existing rate of Rs111.43 per litre, up by 5.36pc.


Likewise, the ex-depot price of motor spirit (petrol) was fixed at Rs98.89 per litre — also a nine-month high — instead of current rate of Rs92.89, showing an increase of 6.45pc.


The government had already increased general sales tax (GST) on all petroleum products to standard rate of 17pc across the board to generate additional revenues. Until January 2019, the government had been charging 0.5pc GST on LDO, 2pc on kerosene, 8pc on petrol and 13pc on HSD.


Over the last two months, the government started increasing petroleum levy rates to partially recoup a major revenue shortfall faced by the Federal Board of Revenue (FBR). The petroleum levy remains in the federal kitty unlike GST that goes to the divisible pool taxes and thus about 57pc share is taken by the provinces.


Petrol and HSD are two major products that generate most of the revenue for government because of their massive and yet growing consumption in the country. Total HSD sales are touching 900,000 tons per month against monthly consumption of around 700,000 tons of petrol. The sales of kerosene oil and LDO are generally less than 10,000 tons per month.


The petroleum prices have been on the rise since early 2017, barring only a couple of times when they were reduced.


For the past two weeks, the international benchmark Brent prices have been inching up and the government has also been mopping up tax rates in run up to finalization of an IMF.


The government has already announced that it will gradually increase electricity and gas rates over the next few months.

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Top 5 best countries to invest in real estae

SINGAPORE

 Asia has been on the forefront of global economic growth for at least the past 20 years. Singapore has benefited from this development in that it represents the gateway to the Asian continent.

A former British colony, Singapore has inherited much of the highly successful British system of law, economics, trade, and finances. For this reason, the country is rapidly becoming the banker nation to much in the Asian market.

Singapore has the fourth highest per capita gross domestic product in the world, and is rapidly becoming one of the leading financial centers in the world, on a par with New York, London, and Tokyo.

Wealthy Asians, and Asian companies, are managing their finances through Singapore banks and brokerage firms. At the same time, non-Asian firms are increasingly doing business in Singapore as the best way to get a foothold in the Asian market.

PUERTO RICO

Puerto Rico is part of the US, but it’s a territory and not the state. That gives it special status to operate under its own system, while still enjoying many of the benefits of being part of the US.
As an independent territory, there are pronounced differences. One of the biggest is on the income tax front. While the maximum tax rate in the US is 39.6% for federal purposes (plus individual state income taxes), Puerto Rico has an income tax of just 4% on earned income.
Median property value on the island is $119,600, which makes it more affordable than many states on the US mainland.

PANAMA CITY

Panama has become a haven for expatriates from all over the world, but particularly from the US. Like Puerto Rico, it’s located in the tropics, it has beaches on both the Caribbean Sea and the Pacific Ocean.

The fact that it has coasts on the two major oceans, and is home to the Panama Canal, making it some of the most strategically located real estate in the world.
Panama is the richest country in Latin America based on per capita income, a situation that is practically guaranteed by its strategic location and by the canal.
On the real estate front, it’s also worth noting that Panama was largely unaffected by the global real estate meltdown that began 2007. It’s real estate market is at least somewhat insolated by its safe haven status.

COSTA RICA

 Costa Rica is a safe, stable country with a growing economy and a government that is encouraging foreign investment. It enjoys many of the same advantages of Panama, except that it is not as wealthy, and therefore the cost of living there is lower.
You do not have to be a citizen of Costa Rica to own property there, and you will be entitled to the same constitutional protections as a local citizen. It is also not necessary to purchase property through a trust or any other type of legal or corporate shell.

URUGUAY

Uruguay has much the same relationship with South America as Panama and Costa Rica do with North America. It is a small but stable country, attracting an increasing number of foreigners and foreign money. In fact, the country is rapidly becoming the international banking center of South America.
Uruguay welcomes foreign investment money, and treats foreigners in much the same way that it does its own citizens. There are no restrictions on foreign ownership of land, nor are the any exchange controls or currency restrictions.