Islamabad, Sep 24: The Federal Board of Revenue (FBR) has invited the general public to submit suggestions and concerns regarding tax reform initiatives under the World Bank-funded project, Pakistan Raises Revenue. This initiative seeks to expand Pakistan’s tax base and enhance the FBR’s operational capabilities through advanced technology. The Pakistan Raises Revenue Project aims to transform the FBR into a technology-oriented organization within the federal government. This transformation involves improving software applications and upgrading hardware infrastructure, enabling more efficient revenue operations. By soliciting public input, the FBR hopes to align its tax reform efforts with the needs and expectations of…
Author: Mawadat Fatima
Islamabad, Sep 24: In a concerning development for the artificial intelligence community, OpenAI’s official news account on the social media platform X was compromised on Monday evening, falling victim to a cryptocurrency scam. The account, @OpenAINewsroom, which has nearly 54,000 followers and is typically used for company updates, was hijacked to promote a fraudulent cryptocurrency token. The now-deleted post advertised an “$OPENAI” token, falsely claiming it would “bridge the gap between AI and blockchain technology.” It misleadingly stated that all OpenAI users were eligible to claim a portion of the token’s initial supply, suggesting that holding the token would grant…
Islamabad,Sep 24: Pakistan is planning to offer scholarships to Bangladeshi students for enrollment in its top-ranked universities. An official from the Ministry of Education revealed that discussions are underway with leading universities to finalize a proposal for these scholarships. The Pakistani High Commissioner has already met with Bangladeshi government officials in Dhaka to discuss this initiative, which was prompted by a request from the Ministry of Foreign Affairs to encourage Bangladeshi students to pursue higher education in Pakistan. “We are in discussions,” confirmed another official from the Ministry of Education. While the exact number of scholarships to be offered is…
Islamabad, Sep 24: The Planning Commission has disclosed that completing 1,071 development projects across Pakistan will cost over Rs. 13,815 billion, a figure nearly ten times higher than the Public Sector Development Program (PSDP) budget. To finish these projects, an additional Rs. 8,935 billion will be required, with the total completion timeline extending to 2035, contingent on the annual release of Rs. 1,000 billion in development funding. So far, Rs. 375 billion has been spent, and Rs. 1,173 billion is needed for projects co-funded with provincial governments. The breakdown includes Balochistan with 200 projects costing Rs. 1,048 billion, Punjab with…
Islamabad, Sep 24: The Federal Board of Revenue (FBR) has announced that all its field formations will remain operational on Saturday and Sunday, i.e., September 28th and 29th, 2024, to facilitate the collection of duties and taxes. Additionally, the customs department will observe extended working hours, remaining open until 10 PM on September 28-29, and until midnight on September 30, 2024. The FBR has also urged the Chief Collectors to coordinate with the State Bank of Pakistan and authorized branches of the National Bank of Pakistan to ensure smooth tax collection during this period. These measures are part of the…
Islamabad, Sep 24: Pakistan Railways has announced a fare increase for economy class passengers, with prices rising by 10 to 50 percent, despite a recent drop in fuel prices. This decision is expected to impact a large number of travelers, particularly those commuting on busy routes such as Karachi to Hyderabad, Tando Adam, Tando Jam, and Kotri. Additionally, passengers traveling between Lahore and Sialkot, as well as routes like Narowal, Narang Mandi, and Faisalabad to Rawalpindi, will face higher fares. For shorter journeys, especially distances up to 250 kilometers, ticket prices will rise by 10 to 20 percent. This fare…
Islamabad,Sep 24: The Prime Minister has established a policy committee to promote the local manufacturing and early adoption of Electric Vehicles (EVs), including New Energy Vehicles (NEVs), with the aim of creating a sustainable transport system in Pakistan. The committee’s focus will extend to encouraging energy efficiency and the transition to cleaner technologies within the automotive sector. Committee Composition: The committee consists of key figures from various sectors, including: Federal Ministers for Industries and Production, Finance and Revenue, Power, and Petroleum Coordinator to the PM for Climate Change and Environmental Coordination Governor of the State Bank of Pakistan Secretary of…
Islamabad, Sep 24: Chairman of the Federal Board of Revenue (FBR), Rashid Mahmood, has directed the heads of all field formations to take firm action against tax officials who exert pressure to secure preferred postings in field assignments. These instructions were issued on Monday, requiring strict compliance with the guidelines provided by the Secretary of the Revenue Division and Chairman of the FBR. The FBR instructed the heads of the field formations to ensure that all officers and staff (BS-I & above) within their jurisdiction receive and acknowledge these instructions. A certificate signed by Directors General, Chief Commissioners of Inland…
Islamabad, Sep 24: Pakistan’s Power Generation Hits lowest level in seven years, declining by 17.4% year-over-year (YoY) in August 2024. This sharp fall reflects the ongoing economic challenges and decreased energy demand, according to an AHL Research report. Power generation for the month was recorded at 13,179 gigawatt-hours (GWh) or 17,714 megawatts (MW), down from 15,959 GWh (21,450 MW) in August 2023. On a month-over-month (MoM) basis, the sector also saw an 11.4% decline. For the first two months of the fiscal year 2025 (2MFY25), power generation decreased by 8.9% YoY to 28,059 GWh, compared to 30,798 GWh during the…
Islamabad, Sep 24: The International Monetary Fund IMF Ready for Talks with Sri Lanka’s new government, led by President Anura Kumara Dissanayake, regarding the country’s $2.9 billion bailout program. Dissanayake, the first leftist president of Sri Lanka, has indicated a desire to renegotiate the terms of the deal, which has implemented unpopular austerity measures. An IMF spokesperson expressed a willingness to collaborate with the new administration, recognizing the economic recovery Sri Lanka has made since defaulting on its debt in April 2022. The IMF Ready for Talks with Sri Lanka’s new government to discuss the timing of the third review of…
