The University of Karachi has entered into four Memoranda of Understanding (MoUs) with CDC Laboratories, Muhammadi Welfare Foundation, One Health, and Tabba Kidney Institute. These MoUs pave the way for students enrolled in the evening program of the physiology department to gain valuable internship opportunities in private companies. For those of you who do not know an MoU is a starting point of negotiations between multiple parties to signal the intent of doing business or coming to an agreement. It simplifies a legal contract by establishing the key objectives and goals.

MoU Ceremony 

The MoU signing ceremony took place at the VC Secretariat, with the participation of distinguished individuals including Prof Dr. Khalid Mahmood Iraqi (KU Vice Chancellor), Musa Khan (Director CDC Lab), Mehdi Rizvi (Chief Operating Officer of Muhammadi Welfare Foundation), Dr Ismail Vohra (Director of One Health), and Dr Bilal Jamil (Managing Director of Tabba Kidney Institute).

During the meeting, Dr. Taseer Ahmed Khan (Chairperson of the Department of Physiology) briefed the attendees on the details of the MoUs. According to the agreements, students pursuing BS Medical Laboratory Technology in the evening program will have the opportunity to undertake internships. Currently, there are approximately 120 students studying BS MLT in the physiology department, and they will be able to gain practical experience by working at various clinical diagnostic labs during their internships. Dr. Taseer Khan emphasized that internships would be offered to third and fourth-year students as part of their degree program requirements.

Expressing his views on the initiative, KU VC Prof Dr. Khalid Mahmood Iraqi highlighted the significant benefits that such initiatives would bring to students. He expressed his optimism that practical training and internships would greatly contribute to enhancing the skills and knowledge of the students. Dr. Iraqi emphasized the importance of market exposure and gaining insights into performing various tasks in a professional environment through hands-on experiences.

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The Association of Chartered Certified Accountants (ACCA) has announced its budget suggestions for the fiscal year 2023–2024 in Lahore. The ideas emphasize the need for significant changes in Pakistan’s economic policy to address urgent concerns. The recommendations are intended to address problems like population expansion, climate change, agricultural disincentives, and worries about food security.

The ACCA underlines the need for the government, political parties, and business associations to sign a “charter of the economy” for the next 10-15 years in order to maintain consistency in policies and their implementation. This long-term dedication will promote stability and sustainably increase the economy.

The budget plans offer a multifaceted strategy for enhancing the balance of payments, lowering imports, raising exports, and boosting domestic spending. Consistent economic policies, utilizing local talent and resources, and adopting a new economic model are all stressed by ACCA.

To achieve these goals, the ACCA advises finding import alternatives and reducing non-essential imports in a sustained manner. Reduced reliance on imported oil and gas can be achieved by promoting eco-friendly energy sources, implementing daylight savings time, and shortening business hours and working days.

The ACCA underlines the need to concentrate on services that make use of Pakistan’s plentiful raw materials and skilled young in order to increase exports. To ensure equitable tax policy, it is suggested that higher-income individuals shoulder more of the tax burden while middle- and lower-income groups receive subsidies for living expenses.

To increase the taxation base, ACCA demands making considerable improvements in the recordkeeping of the economy. The international organization suggests identifying people who are living beyond their reported means and firms that are making false tax filings by leveraging technology like artificial intelligence and data analytics to bring them into the tax net.

Reduced tax rates and streamlined compliance procedures are just two examples of structural reforms that can diminish the allure of tax evasion and boost the effectiveness of the taxation system. The ACCA suggests low tax rates for major agricultural landowners, with the money raised going towards supporting small farmers’ basic farming requirements.

To support economic recovery, the ACCA advises promoting regional manufacturing, mining, and industry while scrutinizing pricy energy sector deals. Investing in renewable energy initiatives, promoting the consumption of locally produced goods, and supporting entrepreneurship through the banking sector are all cited as crucial strategies. According to ACCA, supportive laws, tax advantages, and investments in high-skill training are necessary if Pakistan’s IT/ITeS industry is to reach its full potential. The ACCA also advises expanding the tax base by including professionals in the legal and tax systems, such as doctors, accountants, engineers, lawyers, and architects.

In addition, ACCA suggests that a venture capital fund be established to aid Pakistani start-ups, that solar panel subsidies be provided, and that the livestock industry be given priority in the future budget.

The Global Tenets of Taxing from the ACCA provide as a framework for building public confidence and an efficient taxing system. The accounting body stresses the value of openness, transparency, clarity, and simplicity in tax laws and procedures. By following these budget ideas, Pakistan can, in the opinion of ACCA, lay the road for long-term economic growth, address issues with unemployment, and establish itself as a regional powerhouse.

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