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ISLAMABAD (UNA): The Federal Board of Revenue (FBR) has announced a new notification regarding official property rates in 56 cities across Pakistan, fulfilling another commitment made to the International Monetary Fund (IMF).

Effective November 1, the property rates in forty-five of these cities will increase by up to five percent, aligning them to approximately eighty percent of the current market rates.

However, the old property rates will remain unchanged in eleven major cities, including Karachi, Lahore, Rawalpindi, Islamabad, and Multan. Notable cities such as Quetta, Gwadar, Bahawalpur, Lasbela, Rahim Yar Khan, and Sargodha will also maintain their existing rates.

The new rates will apply to other cities, including Peshawar, Abbottabad, Faisalabad, and Gujarat. Additionally, revised rates have been issued for Attock, Haripur, Hyderabad, Wazirabad, Sahiwal, and Gujranwala. Changes have also been made in Bahawalnagar, Bannu, Bhakkar, Chakwal, Chiniot, Dera Ismail Khan, and Dera Ghazi Khan.

Further notifications have been released for property rates in Murree, Ghoda Gali, Jhang, Ghotki, Jhelum, Kasur, Kohat, Khushab, Hafizabad, Kotli Sattian, Larkana, and Lodhran. Rates have also changed in Wazirabad, Sheikhupura, Sialkot, Sukkur, Talagang, and Toba Tek Singh. New notifications have been issued for Whari, Mandi Bahauddin, Mansehra, Mardan, Mianwali, and Mirpur Khas, as well as for Nankana Sahib, Narwal, and Nowshera.

The FBR’s revision of property rates is expected to bolster tax revenue while complying with international financial obligations.

ISLAMABAD (APP): Prime Minister Muhammad Shehbaz Sharif on Tuesday, welcoming the Chinese investment in Pakistan, said that during his recent visit to China, a number of significant bilateral business-to-business agreements between companies of two countries, was a good sign in this regard.

The prime minister was talking to a delegation of Hengeng Trading Company led by Chairman Zhang Bin. The meeting was attended by Minister for Economic Affairs Ahad Khan Cheema, Minister for National Food Security and Research Rana Tanvir Hussain, Minister of State for Finance Ali Pervaiz Malik and other relevant senior officials, PM Office Media Wing said in a press release.

The prime minister said that Pakistan wanted to seek benefits from the Chinese experience in agriculture sector and directed Gwadar Port Authority for provision of all possible facilities to the Chinese companies.

He also asked for ensuring uninterrupted supply of utilities at Gwadar Free Zone.

The prime minister was briefed that Hengeng Trading Company was investing in agriculture, livestock, medicines and other sectors of Pakistan.

The company was also constructing a slaughter house with all the latest facilities at Gwadar, at a cost of $50 million. Its completion could generate $30 million annual exports from Pakistan’s livestock sector while it would provide 1,000 new jobs opportunities to local populace.

The company was also exporting pharmaceutical products to China after processing them at Gwadar Free Zone, it was further added.

ISLAMABAD (Online): Former Caretaker Commerce Minister Dr Gohar Ijaz has said that FPCCI has decided to approach the Supreme Court against the contracts of IPPs.

In his tweet on Twitter X, he has said that the Chambers of Commerce has decided to go to the Supreme Court against the IPPs. CI will formally petition the Hon’ble Supreme Court to intervene in this intolerable situation which affects the right to life of every Pakistani.

Gohar Ejaz said that under the IPP agreements, Pakistan pays billions of rupees to companies that do not generate electricity. Expensive electricity has become unaffordable for all Pakistanis.

He said that in 2020, former Interim Energy Minister Muhammad Ali had written a detailed report in which it was stated that hundreds of billions are being lost due to government incompetence and IPP misrepresentations. Not fully implemented, why? Why didn’t the government order the forensic audit called for in the report?

He said that the government has to decide whether the survival of 240 million Pakistanis is more important or the guaranteed profit for 40 families. Our country is rich in all resources, he added.

ISLAMABAD (PPI): Finance Minister Muhammad Aurangzeb on Monday reiterated government’s commitment to improve the tax-to-GDP ratio as part of ongoing fiscal consolidation measures.

He was speaking at a zoom meeting with the representatives from Fitch Ratings led by Senior Director Thomas Rookmaker, Directors Asia Pacific Sovereign Mr. Krisjanis Krustins and Mr. Jeremy Zook today.

The discussions encompassed ongoing reforms in the energy sector and State-Owned Enterprises, including privatization and rightsizing of federal government entities to streamline operations and improve governance.

The Minister informed the rating agency about multilateral institutions’ confidence in financing Pakistan’s projects and briefed them about Pakistan’s Staff-Level Agreement finalized this month with the IMF for a new medium-term program aimed at bolstering Pakistan’s homegrown economic reform agenda.

He apprised the Fitch representatives of salient features of the new programme which includes setting a target of increasing our revenues by 1.5 percent of GDP in Fiscal Year 2025 and by three percent over the next three years. A primary surplus of one percent of GDP will also be achieved for Fiscal Year 2025.

Muhammad Aurangzeb also provided an extensive update on Pakistan’s current economic landscape starting with the successful completion of Pakistan’s 9-month Stand By Arrangement with the International Monetary Fund, emphasizing its positive impact on the country’s macroeconomic indicators.

He highlighted Pakistan’s foreign exchange reserves reaching 9.4 billion dollars, robust stock exchange performance, and CPI inflation at 12.6 percent last month. He noted a 7.7 percent rise in foreign remittances.

Regarding fiscal reforms, the Minister emphasized government’s efforts to broaden the tax base, citing a substantial 30 percent increase in tax collection during the current fiscal year compared to the last year.

Furthermore, over 150,000 retailers have registered as first time tax payers. The IT exports crossed the figure of three billion dollars.

The representatives from Fitch Ratings appreciated the ambitious targets and fiscal measures adopted by the Government of Pakistan and acknowledged the improvement in economic indicators.

KARACHI (Online): The State Bank of Pakistan (SBP) is exploring the introduction of a digital currency to facilitate instant and cost-effective money transfers for millions of Pakistanis living abroad.

SBP Deputy Governor Salimullah was addressing the media in Karachi.

Salimullah emphasized that the SBP is currently assessing the need for a digital currency in Pakistan and is at the evaluation stage.

“The potential introduction of a digital currency is part of a broader government effort to enhance remittances and streamline financial transactions,” he told media persons.

He said the initiative aim to increase remittances, which are crucial for Pakistan’s economy and introduction of digital currency is expected to significantly contribute to this effort.

With the new digital currency system, approximately 60 million Pakistanis living abroad will have the facility to transfer money instantly.

The proposed system will enable Pakistanis to transfer money at minimal costs, making remittances more efficient and affordable.

KARACHI (ANN): The federal government abolished a 5.5 percent advance income tax after successful talks with the flour mills owners.

The development came after the government formed a committee to negotiate with the flour mills association as they announced and held a strike against the advance income tax imposed in the budget 2024-25.

The negotiations successfully concluded, resulting in the abolition of the tax by the government and consequently the withdrawal of the strike by the mills owners.

It is pertinent to mention here that the flour mills owners held a three-day strike that led to the shortage of flour, particularly in Karachi.

The flour mill owners announced and held a strike on July 11 against the imposition of the tax in the budget 2024-25

The flour mill owners said that due to increasing electricity bills, they are already facing difficulties in running their business. “The additional 2.5 percent withholding tax will further ruin our business,” they added.

While demanding the government withdraw its decision to impose the tax, the flour mill owners announced to go on strike from July 11. They later, postponed the strike amid Ashura.

The Atta Chakki Association also supported the strike call by the flour mill owners, resulting in a shortage of flour supply to Karachi and Hyderabad.

Due to the strike, tonnes of flour could not be supplied to restaurants in both cities. The flour mill owners are protesting against the withholding tax imposed by the government.

ISLAMABAD (APP): The Cabinet Committee on State-Owned Enterprises (CCoSOEs) on Monday after detailed discussion decided that National Insurance Company Limited (NICL), State Life Insurance Company Limited (SLICL) and Pakistan Re-Insurance Company Limited (PRCL) did not meet the criteria of strategic or essential state owned enterprises and would not be categorized as essential for the public sector.

The CCoSOEs met here with Minister for Finance and Revenue Senator Muhammad Aurangzeb in the chair considered the summaries presented by different ministries and divisions for the categorization of their relevant SOEs  as strategic or  essential or otherwise, said a press release.

The Ministry of Commerce was further directed to explore Public Private Partnership model for the Pak Expo Company, whereas the the committee also considered the summary presented by the Ministry of Science and Technology and approved to rename and restructure STEDEC into Indigenous Research and Development Agency (Pvt) Limited (IRADA).

It was further directed to constitute its board and operationalize the entity by December 2024. The CCoSOEs also approved the proposals of Aviation Division and Ministry of Communications for the appointment of candidates as Independent Directors on the Boards of PIA Holding Company Board, Pakistan Postal Services Management Board (PPSMB) and Postal Life Insurance Company Limited (PLICL).

The committee directed Ministry of Communications to present proposals for categorization of these entities at the earliest.

The meeting was attended by Minister for Housing and Works Mian Riaz Hussain Pirzada, Minister for Maritime Affairs  Qaiser Ahmed Sheikh, Minister for Commerce Jam Kamal Khan, Minister for Law and Justice Azam Nazeer Tarar and Minister for Economic Afairs  Ahad Khan Cheema.

Deputy Chairman Planning Commission, Governor State Bank of Pakistan, Chairman Securities and Exchange Commission of Pakistan, federal secretaries and other senior officers of the relevant ministries also attended the meeting.

ISLAMABAD (TLTP): The National Assembly’s (NA) Standing Committee on Privatization was told on Monday that the financial adviser had suggested the sale of 51 per cent to 100 per cent shares in the Pakistan International Airlines (PIA), whose privatization had started on June 7, 2024.

In a briefing given to the committee, which met in Islamabad with Dr. Farooq Sattar in the chair, on the PIA’s privatization, it was informed that it was the federal cabinet, which had to decide how many shares of the airline would be sold.

The Committee expressed concern over the delay in the process of privatization of Pakistan International Airline Company (PIAC) resulted in an increase in its losses/liabilities from Rs. 200 billion in 2015 to Rs. 800 billion in 2024 and recommended to expedite the process in a transparent manner.

The Committee also urged to protect the right of the employees during the process which was assured by the Minister for Privatization.

The Secretary, M/o Privatization gave briefing on the overall working and performance of the Ministry. The Committee directed the Secretary to provide a detail working paper on the entities privatized during the last 10 years.

It was also told that on July 1 meetings were held with six parties for bidding and that after the privatization, parties would spend an amount ranging between $400 million and $500 million on the national flag carrier since the government did not have that much amount.

It was told that the cabinet had so far approved the privatization of 24 state-owned entities, including that of power producing and distribution companies.

The NA body was briefed that since courts took a long time to decide on the privatization of different departments, therefore from now onwards, tribunals would be set up for the purpose.

The Committee considered the “the Privatization Commission (Amendment Bill, 2023” and unanimously recommended to approved the said Bill.

MNAs, Mr. Anwar-ul-Haq Chaudhary, Ch. Mahmood Bashir Virk, Mr. Abdul Qadir Khan, Ms. Asia Naz Tanoli, Mr. Nazir Ahmed Bhugio, Mr. Zulfiqar Ali, Ms. Sehar Kamran, Khawaja Sheraz Mehmood, Moulana Abdul Ghafoor Haideri, and Minister for Privatization, officers/officials from the Ministry of Privatization and PIAC attended the meeting.

ISLAMABAD (APP): Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb here on Thursday reaffirmed the government’s commitment to foster export-led growth and providing a conducive environment to local manufacturers.

The minister was talking to the delegation of Pakistan Mobile Phone Manufacturers Association (PMPMA) that called on him here, said a press release issued by the finance ministry.

He emphasized the importance of maintaining policy continuity and increasing the focus on the policy framework for exports.

The minister acknowledged the valuable feedback and underscored the government’s commitment for expanding the entire digital ecosystem in the country.

Earlier, the PMPMA delegation thanked the minister and highlighted the necessity for a stable and supportive policy environment that encourages local manufacturers.

They advocated for measures to ensure that international brands support the domestic industry and consequently, the national economy. The delegation also presented proposals aimed at promoting the growth of the local industry and increasing the exports of the mobile phone manufacturing industry.

According to the statement, the meeting concluded with a mutual agreement on the need for a strategic and supportive policy framework aimed at fostering local manufacturing and enhancing export potential, thereby contributing to the broader goals of national economic growth and digital transformation.

QUETTA (APP): Federal Board of Revenue Regional Tax Office Quetta on Thursday said no official practices tax-related activity outside the office premises.

As per statement issued by the Federal Board of Revenue Regional Tax Office, no official from the tax office prepares any tax challan or practices any tax-related activity outside the office premises.

It has come to notice that some elements are posing as representatives of the tax office and creating property challans, which have no connection to the FBR.

Due to a lack of proper knowledge, they create incorrect tax challans, which taxpayers have to bear the consequences.

A letter regarding this matter has been sent to the Tehsil Office, Sub-Registrar, and Joint Sub-Registrar, it further added.