#481

Which state-owned entity's privatization process faced significant bidding challenges in late 2024?

(a) Pakistan Railways

(b) Pakistan International Airlines (PIA)

(c) PSO

(d) NHA

Explanation: The privatization of PIA hit a snag when the final bidding process attracted lower-than-expected offers, leading to a review of the privatization strategy.

#482

Under the 2024 Finance Act, the government imposed higher tax rates on 'Non-Filers', including blocking their:

(a) Bank accounts

(b) Mobile SIM cards

(c) Passports

(d) All of the above

Explanation: To enforce tax compliance, the government empowered the FBR to block mobile SIMs and utility connections, and restrict foreign travel for non-filers.

#483

The 'Benazir Income Support Programme' (BISP) introduced a new banking model in 2024 to:

(a) Reduce stipend amounts

(b) Directly transfer funds via biometric verification at more bank branches

(c) Give cash through post offices only

(d) Issue cryptocurrency

Explanation: BISP revamped its payment model, hiring multiple banks to expand the number of cash-out points and reduce fraud/deductions by agents.

#484

The 'Practice and Procedure Act Amendment Ordinance 2024' gave the power of constituting SC benches to:

(a) The CJP alone

(b) A committee of the CJP, the next senior judge, and a CJP-nominated judge

(c) The Full Court

(d) The President

Explanation: The amendment changed the committee structure: instead of the three senior-most judges, it now includes the CJP, the next senior judge, and a third judge nominated by the CJP.

#485

Under the new 'Visa Policy' introduced to promote tourism and investment, Pakistan abolished visa fees for citizens of how many countries in 2024?

(a) 50

(b) 126

(c) 10

(d) All countries

Explanation: To boost tourism and investment, Pakistan abolished visa fees for citizens of 126 countries and simplified the online visa process.

#486

The 'Sovereign Wealth Fund' act was amended in 2024 to:

(a) Close the fund

(b) Remove tax exemptions to meet IMF conditions

(c) Invest only in crypto

(d) Sell all assets

Explanation: The government amended the Sovereign Wealth Fund Act to remove certain tax and legal privileges, ensuring it operates on a level playing field as per IMF requirements.

#487

Which sector was declared an 'Industry' by the Punjab government in 2024 to facilitate loans and insurance?

(a) Tourism

(b) Livestock / Agriculture

(c) Education

(d) Media

Explanation: The Punjab government declared livestock and corporate agriculture as an 'industry' to grant them access to industrial loans, insurance, and electricity rates.

#488

The 'School Meal Program' was reintroduced in 2024 in Islamabad and Punjab to:

(a) Sell food to students

(b) Combat stunting and increase enrollment

(c) Train chefs

(d) Reduce teacher salaries

Explanation: The program provides free meals to primary school students to improve nutritional health (stunting) and encourage school attendance.

#489

The 'National Minimum Wage' was raised in the 2024-25 budget to:

(a) Rs. 25,000

(b) Rs. 37,000

(c) Rs. 50,000

(d) Rs. 30,000

Explanation: The federal government increased the minimum wage for unskilled laborers to Rs. 37,000 per month.

#490

What is the total value of the Extended Fund Facility (EFF) approved by the IMF for Pakistan in September 2024?

(a) $3 Billion

(b) $5 Billion

(c) $7 Billion

(d) $9 Billion

Explanation: In September 2024, the IMF Executive Board approved a 37-month Extended Fund Facility (EFF) arrangement for Pakistan worth approximately $7 billion (SDR 5,320 million).

#491

In the Federal Budget 2024-25, the government increased the tax rate on capital gains from securities for non-filers to a maximum of:

(a) 20%

(b) 35%

(c) 45%

(d) 50%

Explanation: The 2024-25 budget significantly tightened the tax net for non-filers, setting the capital gains tax (CGT) on securities for non-filers at normal rates with a maximum slab of 45%.

#492

The Federal Board of Revenue (FBR) set a tax collection target of approximately what amount for the fiscal year 2024-25?

(a) Rs 9.4 Trillion

(b) Rs 11.5 Trillion

(c) Rs 12.97 Trillion

(d) Rs 15.2 Trillion

Explanation: The government set an ambitious tax revenue target of Rs 12.97 trillion for FY 2024-25, aiming for a roughly 40% increase over the previous year's collection.

#493

Which tax was imposed on milk sold by corporate farms or brands in the 2024-25 Budget?

(a) 10% Excise Duty

(b) 18% General Sales Tax (GST)

(c) 5% Withholding Tax

(d) Zero-rated

Explanation: The 2024-25 budget removed the zero-rating status for packaged milk sold by corporate farms and brands, subjecting it to an 18% General Sales Tax.

#494

The 'Tajir Dost Scheme' launched in 2024 aims to bring which group into the tax net?

(a) Freelancers

(b) Retailers and Wholesalers

(c) Real Estate Agents

(d) Software Developers

Explanation: The Tajir Dost Scheme is a specific initiative by the FBR aimed at registering retailers and wholesalers to broaden the tax base and formalize the retail sector.

#495

In the 2024-25 budget, the tax rate on dividend income for mutual funds earning more than 50% from debt was increased to:

(a) 15%

(b) 20%

(c) 25%

(d) 35%

Explanation: To discourage arbitrage, the tax rate on dividends from mutual funds that derive 50% or more of their income from profit-on-debt was raised from 15% to 25%.

#496

Which sector was identified for 'Right-Sizing' and privatization to reduce fiscal losses in 2024-25?

(a) Power Distribution Companies (DISCOs)

(b) Public Universities

(c) Motorway Police

(d) NADRA

Explanation: The government initiated a policy to 'provincialize' or privatize Power Distribution Companies (DISCOs) to curb massive circular debt and operational losses.

#497

The Petroleum Development Levy (PDL) target for FY 2024-25 was set at:

(a) Rs 800 Billion

(b) Rs 1.0 Trillion

(c) Rs 1.3 Trillion

(d) Rs 2.0 Trillion

Explanation: The government targeted Rs 1.3 trillion in collection from the Petroleum Development Levy (PDL), utilizing the increased levy rates on petrol and diesel.

#498

The 'Sovereign Wealth Fund' Act was amended in 2024 to primarily:

(a) Allow investment in cryptocurrency

(b) Remove tax exemptions and special privileges

(c) Privatize all state assets

(d) Block foreign investment

Explanation: To meet IMF governance conditions, the Sovereign Wealth Fund Act was amended to remove tax exemptions and privileges, ensuring state-owned enterprises in the fund compete on a level playing field.

#499

In the 2024-25 Budget, the Capital Gains Tax (CGT) on real estate for filers is set at:

(a) 5%

(b) 10%

(c) 15%

(d) 25%

Explanation: For properties acquired on or after July 1, 2024, a flat Capital Gains Tax rate of 15% applies to filers, regardless of the holding period.

#500

To curb 'flying invoices', the 2024-25 Budget removed sales tax on which item?

(a) Iron and Steel Scrap

(b) Cotton Yarn

(c) Plastic Granules

(d) Sugar

Explanation: Sales tax on iron and steel scrap was removed to eliminate the rampant issue of fake or 'flying' invoices that were being used to claim fraudulent input tax adjustments.

June 2024 Current Affairs MCQs & Solutions