Our focus at FBR is on closing loopholes, eliminating corruption, and preventing theft through comprehensive digitalization,” he asserted “Just as we handle banking and bill payments via apps, we aim to streamline FBR processes to minimize human intervention and corruption He emphasized plans to simplify tax collection and refund procedures, drawing from international examples and consulting with industry bodies like the FPCCI
complicate matters, he cautioned Aurangzeb reiterated three key principles underpinning this year ’s budget: increasing the tax-to-GDP ratio reforming the energy sector and privatizing state-owned enterprises He aimed to raise the tax-to-GDP ratio to 13 percent within three years, targeting 10 5 percent by the end of the current fiscal year
Discussing exemptions, Aurangzeb clarified that while existing exemptions were extended no new ones were introduced in line with IMF requirements Looking ahead, Aurangzeb stressed the need to integrate retailers into the tax net and tackle challenges such as the categorization of non-filers “We’re determined to eradicate these issues ” he affirmed Regarding the ongoing negotiations with the IMF Aurangzeb expressed optimism about achieving a staff-level agreement soon, emphasizing the government s commitment to meeting structural benchmarks Responding to concerns about the budget’s impact on the public Aurangzeb acknowledged anxieties over increased taxes promising efforts to address these concerns and prioritize relief for salaried classes once fiscal space allows He concluded by outlining efforts to align with provinces on fiscal matters, underscoring the importance of a collaborative approach for national sustainability
Jamiat Ulema-e-Islam Fazl (JUI-F) leader Maulana Fazlur Rehman has called for fresh elections in the country and rejected the February 8 polls as ‘unacceptable’, demanding assurances that the military establishment will not interfere in the electoral process
Underscoring the importance of upholding the integrity of the
the people’s right to vote be safe-
ment and intelligence agencies to
elections
The JUI-F chief was addressing a press briefing in Islamabad following a meeting of the party’s Central Majlis Shura on Sunday
Rejecting the February 8 elections as rigged and unacceptable Maulana fazl emphasised his party s ongoing opposition to what they perceive as interference by the establishment in electoral matters
During the meeting, discussions included assessing various political affiliations with other parties aligned with JUI-F viewing these alliances as part of a broader political strategy
Despite the Pakistan Tehreeke-Insaf ’s (PTI) internal divisions
and its failure to appoint a negotiation team, Maulana Fazl extended an olive branch to PTI expressing readiness for dialogue while criticising the government s perceived inflexibility in addressing JUI-F s concerns Touching on national security issues, he highlighted the consequences of Operation Azm-e-Is-
tehkam, noting increased national anxiety and a surge in terrorism since 2001
He criticiced government statements on potential actions inside Afghanistan likening them to Pakistan s decision to allow US bases post-9/11
Asserting the constitutional roles of all institutions, Rehman reiterated support for the military in matters of national defence but criticised a recent resolution by the US House of Representatives labeling it a diplomatic setback for Pakistan and advising the US to refrain from meddling in Pakistan’s internal affairs
Regarding international issues he condemned the global silence on Gaza and criticised current Muslim leadership, questioning their legacy for future generations
He further reaffirmed JUI-F’s support for Pakistan-China relations while acknowledging the need to rebuild Chinese confidence in investing in Pakistan
c
K I S TA N D E F E R S $ 6 . 7 B M L - I P R O J E C T
Private banks are less ‘efficient’
Government projects aim at longterm gains such as infrastructure development which contrasts sharply with the short-term profit orientation of private banks, Mr Naveed explained during a phone interview from Beijing, where he pursues his PhD The research drew insights from a comprehensive dataset covering 29 commercial banks from 2006 to 2020 spanning significant economic events including the 2008 financial crisis, the initiation of the China-Pakistan Economic Corridor, and the COVID-19 pandemic
impactful projects
Naveed s study aimed to provide empirical evidence on how digitalization has bolstered the efficiency of Pakistani banks, leveling the playing field for less efficient banks over time He noted that while banking sector studies traditionally focus on risk factors and competition the impact of digital technologies remains underexplored Our study utilized real-world data on internet-based, ATM, and point-ofsale transactions to assess their influence on banking efficiency ” Mr Naveed elaborated The findings indicated that Pakistani banks achieved an overall technical efficiency of 74% and a scale efficiency of 96%, with room for improvement noted in optimizing resource utilization across banking branches Furthermore the research underscored the transformative impact of digital transactions affirming that ATM internet-based and point-of-sale transactions significantly enhance banking efficiency by reducing operational costs and improving service delivery Looking forward the study highlighted Pakistan’s evolving financial landscape noting the increasing role of electronic money institutions and the imperative for banks to fortify digital infrastructures in compliance with regulatory guidelines As digital payments continue to gain prominence the banking industry in Pakistan appears poised for enhanced efficiency through extensive digitalization efforts, signaling a pivotal shift in the sector s operational dynamics
Family pleads for help as kidnappers kill one child, demand ransom for other
THULL N e w s D e s k
In a tragic incident in the Kacha area of Sindh dacoits killed one child and are now demanding a Rs10 million ransom for the release of a second child they hold captive The victims, Nader Ali Banglani and Qadeer Banglani, were abducted on the day of Eid and have been missing since The bandits made contact with the children’s family via a telephonic call to communicate their demands They informed the family that one of the children was dead and that they would release the surviving child upon receipt of the ransom The devastated family unable to meet the hefty ransom demand, has publicly appealed to the government for assistance in securing the release of the remaining child The situation has caused great distress within the community and urgent calls for action are being made
CIty Notes
ISLAMABAD I N P
Amidst a venue dispute and ongoing legal proceedings Pakistan Tehreek-e-Insaf (PTI) Chairman Barrister Gohar Khan has announced the formation of a 19member central committee to oversee the party s upcoming rally in Islamabad on July 6 The committee, which includes PTI heavyweights such as Umar Ayub, Shibli Faraz, Rauf Hassan, and Asad Qaiser is led by Barrister Gohar Khan and Islamabad President Amir Mughal
The rally s venue at Tarnool Chowk is currently under judicial review due to the absence of a No Objection Certificate (NOC) Legal representatives
Shoaib Shaheen Ali Bukhari and Niazullah Niazi have been tasked to argue the case in the High Court to obtain the required permissions The choice of Tarnool Chowk was made after thorough discussions between PTI leaders and the district administration with final approval coming after consultations with DC Islamabad Irfan Nawaz Memon PTI Islamabad President Amir Mughal has called on party workers from Rawalpindi and Islamabad to prepare for a large gathering, reflecting the significant support anticipated for the event This rally, featuring speeches from PTI’s central leadership is part of the party’s ongoing efforts to mobilize public support and ensure logistical readiness amid the preparations
POLICE L AUNCH WIDE-SCALE MANHUNT AS OVER 20
INMATES ESCAPE RAWAL AKOT JAIL
Sowing seeds of division
CM’s opening of a South KP secretariat is divisive
IT may be that the fatigue of governing KP are proving too much for CM Ali Amin Gandapur of the PTI or it may be that he has some dark plan which he is implementing, but his creation of a separate secretariat for three southern divisions of the province are almost as if he is converting to those who believe national unity will be enhanced if existing divisions are made provinces This is a sort of version of the old West Pakistan plan, which came into being primarily to provide a counterweight to the single province of East Pakistan That plan broke down even before East Pakistan seceded to form Bangladesh
It is perhaps symptomatic that Mr Gandapur has lumped Dera Ismail Khan, Bannu and Kohat divisions together There seems to be some linguistic basis for separating them out, but it is increasingly thinner as one moves out of Dera Ismail Khan It is not clear if the Seraiki of Dera Ismail Khan is supposed to prevail or if the Kohati and Banuchi dialects of Hindko are to prevail That is opening a can of worms, for what about the Hindko-speaking Abbottabad Division and what about Peshawar itself which is a Hiindko-majority city? In all of these areas, Pashto is also the first language for many, and the second of the rest And is Kindko a separate language or merely a dialect of Punjabi? Or of Seraiki (whose own status as a language is disputed)?
The PML(N)
There is nothing sacred about provincial boundaries After all all three of the divisions were formerly districts until the 1980s when the bifurcation or even trifurcation of old districts began However, all three divisions include at least one of the former tribal agencies Instead of integrating those areas into the province the attempt to create the old separate Tribal Areas Secretariat should not be allowed to let rank inflation take place It is no use Mr Gandapur arguing administrative convenience He is now at a level where all steps including those of this type must be thought through for consequences beyond one s lifetime Mr Gandapur may be creating a subnational movement where none exists and all for administrative convenience
Dedicated to the legac y of late Hameed Nizami Arif Nizami (Late) Founding Editor
M A Niazi Editor Pakistan Today Babar Nizami Editor Profit
RICH, advanced countries, which have a strong say in the way multilateral institutions approach policy prescription for lending countries, where they ask them to adopt a procyclical policy– increase taxes even when economic growth is stagnating and is at a low level– to create fiscal space for servicing debt and making development and welfare expenditure Instead, G-7, or even G-20, countries should throw their weight behind creating greater lending space with multilateral institutions– especially the International Monetary Fund (IMF) through increasing the size of its special drawing rights (SDRs) envelope not to mention shifting its allocation criterion away from quota basis, to largely countries balance of payments, and budgetary support needs– by rationalizing taxation for the superrich, the billionaires This will support developing countries adopt counter-cyclical policies– decrease taxes during economic downturn to boost consumption- and investment expenditure to boost growth and lay a more sustainable-, and deeper basis for domestic resource mobilization Moreover, a number of these developing coun-
when it comes to facing the climate change crisis Having said that, the share of these countries is in
while many of the rich, advanced countries, including fast developing countries like China have had
than the advanced countries though– and climate justice requires that they in
‘As Joe Biden has pointed out, US billionaires make their money in ways that are often taxed at lower rates than the ordinary wage income of American workers. Overwhelmingly, their wealth comes from the rising value of their assets, and they use tax loopholes and legal accounting moves to minimise the tax they pay Wealthy Americans pay an average tax rate on their incomes of just 8% Biden thinks they should be paying a minimum of 25% The Brazilian government has an even more ambitious proposal– for an annual global tax levied at 2% on the wealth of the world’s billionaires ’
u s e D i v i d e d A g a i n s t I t s e l f
The Struggles of CA Trainees in Pakistan
The ownership of land plays a major part in defining the social status of families and clans Cousins often compete for the land of their grandfather Consequently, cousin rivalries are not only common but a distinctive feature of Afghan society Families often stand divided due to intra-familial politics over land; uniting only when family honour is threatened by an external enemy At the same time it is not too uncommon for the Afghans to leverage outside support against rival cousins Tribal conflicts in this part of the world are a routine feature These familial and tribal fissures have also helped imperial powers assert their control over the Afghans by cleverly pur-
suing a policy of divide and rule Ironically as much as inter-tribal disunity helps imperial powers permeate their authority over the tribes, the tribal instincts of Afghans have also remained the major obstacle against any attempt to centralize power Tribal culture, by its very nature is averse to the centralisation of authority The Pashtun opposition to central authority can be even more fierce when the centralizing authority is a non-Pashtun Sooner or later, one or more groups of Pashtuns will mount resistance against those who they regard as unlawful usurpers The First Anglo-Afghan War and the Jihad against the Soviet Union manifest Afghan hostility towards the outsiders trying to rule them The Taliban insurgency also bears testament to this reality Not being able to withstand rule by Tajiks and Uzbeks or Pashtuns sponsored by the USA, the Taliban movement embodies the resentment felt by one for being subordinated to the “other” The Tajiks on their part have resented rule by Pashtuns to the extent that some would even despise being called Afghan as the word is generally considered synonymous with being a Pashtun and was forced upon the non-Pashtuns Historically, relations between Pashtuns and non-Pashtuns in Afghanistan have
remained tense at best and bloody at worst reflected in a fierce rivalry that dates back centuries The Taliban movement also represents another important facet of Afghan society- religion Islam is generally seen as a galvanizing force behind the Taliban’s rise and resistance after 9/11 when their regime was toppled by the USA However the role of religion in Afghan society cannot be described in simplistic terms Rather, religion weaves a complex web of interlinkages and rivalries within the Afghan polity The Taliban or the Pashtuns in general are predominantly Sunni Muslims An inherent antagonism exists between the Sunnis and the Shia Hazaras who by the way are non-Pashtuns In other words sectarianism also reinforces the ethnic rivalries Nonetheless, appeal to religious sentiments is common among Afghans rallying for support against external threats or a particular political cause Indeed Mullah Omar publicly wrapping himself in the cloak of the Holy Prophet (PBUH) in 1996 needs to be viewed in this context The gesture was meant to confer upon his leadership and the Taliban movement a religious sanctity Yet, in traditional Afghan society and ordinary settings, the position of the Malik or the tribal chieftain is separate from that of the Mullah
By now you may have caught a glimpse of the immense complexity of Afghan society its distinctive as well as contradictory features and many other intricacies that are generally ignored Any policy overlooking these realities is bound to fail Viewing Afghanistan only from the lens of great-power politics can be problematic at best and gravely flawed at worst A deep understanding of Afghan society is not only imperative but indispensable for securing a better and prosperous future for the country
The writer works at Forum for Women Development & Research – White Ribbon Alliance Pakistan Chapter She can be reached at javnisar@yahoo com
Javaria Nisar
Dr Omer JaveD
Japan to unveil new banknotes with advanced holographic features
G
S Japan on Wednesday will start issuing new banknotes with the first-ever use of cutting-edge holographic technology Holographic portraits of historical figures appear to rotate in 3D on the bills serving as an anticounterfeit measure Tokyo-based Kyodo News reported on Sunday In the first design change in 20 years, the 10,000-yen, 5,000-yen, and 1,000-yen
which built and operates the launch site the exercises performed using the launch pads included water spraying and deluge system cooling, as well as a rocket lifting arm erection test Following assessments, HICAL confirmed that the site is operational for launch missions HICAL President Yang Tianliang called on the company to work with satellite and rocket developers, and to prepare for the site’s first launch mission
Established in June 2022 HICAL was founded by the Hainan provincial government the China Aerospace Science and Technology Corporation, the China Aerospace Science and Industry Corporation, and the China Satellite Network Group Co , Ltd
The launch site has an approximate investment of 4 billion yuan
(about 560 million U S dollars) and is located off the coast of Wenchang City It includes a launch area a TT&C (telemetry tracking and command) building multiple rocket assembly buildings spacecraft testing and integration facilities, fuel storage facilities, and other structures
It is positioned at a latitude of 20 degrees north benefitting from the advantages of a low latitude which increases rocket payload capacities and reduces launch costs
Compared to inland launch sites, coastal launch sites are more convenient and safer as large rockets can transported to site by ship which is very important for commercial launch services A new purpose-built port is being planned by the Hainan provincial government
The coastal location also gives HICAL an advantage in its recovery of reusable rockets after launch The company is working with commercial rocket developers to carry out experiments related to vertical landings and the recovery of rockets from the sea
It said the launch site is designed with two launch pads for liquid propellant rockets and another two for solid propellant rockets with its No 1 and No 2 launch
pads completed in December 2023 and June 2024, respectively
The No 1 pad is designed for the Long March-8 China s new generation medium-lift carrier rocket The No 2 pad is capable of launching multiple types of rockets with various diameters from commercial rocket companies Each pad has an annual capacity of 16 launches
The propellant and gas supply system at the launch site is capable of refueling and supplying liquid oxygen, liquid hydrogen, kerosene and methane HICAL will also support commercial rocket companies in providing international commercial launch services Xiang Dalin vice director of HICAL s technical department said the company will issue a universal interface file of commercial rocket designs both domestically and internationally
The commercial space industry was included in the Chinese government work report for the first time this year It was listed as one of the emerging industries and future-oriented industries that the government plans to cultivate
According to the 2023 China aerospace science and technology blue book the country completed 26 commercial launches in 2023
CORPORATE CORNER
The Pakistan Industrial and Traders Associations Front (PIAF) has called for solid economic plan from all the stakeholders terming the economic conditions as the uncertain one in view of deteriorating energy crises following the tough conditionalities of the International Monetary Fund (IMF), making this year more complicated and unstable for the economy
The PIAF chairman Faheemur Rehman Saigol said all political parties should provide their economic stability plans to avert further losses and delays, warning that
numerous global issues are impacting world economies He said the government should prioritize resolving the energy crisis by providing sufficient and affordable electricity and gas to industries He called for a fully-fledged and sound plan with a highly competent team to handle local challenges forthwith, but unfortunately, they have no solid plans or directions He foresees the new fiscal year full of challenges for businesses and industries in Pakistan due to political uncertainty on global and local fronts The incumbent government should come up with drastic measures to give confidence to local industrialists-cum-
entrepreneurs and foreign investors through industry-friendly and investment-friendly policies In this regard, the interest rate should be gradually reduced to boost economic activity and industrialization within the country
The import bill should be reduced by imposing bans on luxury products He highlighted controlling inflation to ensure affordable living costs for the masses and containing the cost of production for businesses at a local level He pleaded for formulating economic plans aimed at reviving growth in large-scale manufacturing small and medium-sized segments, the service sector, and exports
S tate Minister for IT leaves for C hina to represent Pakistan at GDEC 2024
by 12th September 2024 PR
CDA retrieves over 3 k anal land in S angjani
ISLAMABAD: The Capital Development Authority (CDA) on Sunday has retrieved over 3 kanal precious land from the land grabbers in the area of Sangjani
Following the instructions of Chairman CDA Muhammad Ali Randhawa the Authority has launched operation in the area and successfully removed illegal structures
Indiscriminate actions are being taken against illegal encroachments and constructions The antiencroachment operation in Sangjani resulted in the demolition of several rooms constructed on government land
The operation was conducted with the participation of CDA s Enforcement Directorate, Revenue staff, and other departments PR
Pakistan Ready-made Garments
Manufacturers & Exporters Association (PRGMEA) has urged the policymakers of ensure easy of doing business in country for which it said they should adopt a more comprehensive approach to address high economic growth agenda instead of focusing solely on raising wages, as it would be additional burden on the industry In joint media statement on Sunday Central Chairman PRGMEA
Mubashar Naseer Butt and Regional
Chairman Ahmad Hanif said the government should work on skills development and infrastructure, investing more in education as well as creating an enabling environment for business growth and job creation to enhance the living standard of the working class
Mubashar Naseer Butt argued that the year-to-year rate of inflation, as measured by Consumer Price Index, had come down to only 11 8 per cent in May 2024, and was the lowest since November 2021 therefore the industries should be pro-
vided more facilities He stressed the need to analyse the factors which have contributed to sharp decline of inflation, asserting that year-to-year rate of inflation has been falling steadily since December 2023, when it was 29 7 per cent The rate of decline has averaged over 3 5 percentage points monthly However the decline was exceptionally large at 5 5 percentage points in May 2024, as compared to April 2024 Regional Chairman PRGMEA Ahmad Hanif said that budget makers should have taken into consideration the whole textile and garment industry
R T The Federation of Pakistan Chambers of Commerce and Industry’s Businessmen Panel (BMP) has rejected the unprecedented increase of up to 355 percent in fixed charges of electricity for industrial consumers, beside showing dismay over imposition of high capacity charges on consumers stating that high cost will make Pakistani products completely out of competition in the international market Businessmen Panel (BMP) Chairman and FPCCI former president Mian Anjum Nisar held an emergent meeting of stakeholders on higher electricity tariffs stating that NEPRA s latest forecast for power purchase prices for the current fiscal year reveals a substantial financial burden, with consumers to bear 300% of costs for fixed capac-
ity payments He was of the view that substantial fuel costs, particularly petroleum imports, potentially pose extreme volatility and strain on foreign exchange reserves Businessmen leader said the unprecedented increase in fixed charges was tantamount to destruction of industries and burying people alive The traders warned of the government for launching an agitation campaign They also made it clear that if in case the decision couldn t be withdrawn immediately, aggressive and harsh steps would be taken against unfair and unjust hike in fixed charges, and government and relevant authorities will be responsible for any unfortunate incident he added Mian Anjum Nisar said the government should prioritize resolving the energy crisis by providing sufficient and affordable electricity and gas to industries The
import bill should be reduced by imposing bans on luxury products He highlighted controlling inflation to ensure affordable living costs for the masses and containing the cost of production for businesses at a local level He stressed the need for a revisit of the economic policies, as the economic indicators throughout the 2024 remained very depressed amidst high inflation low exports depleting foreign reserves and continued uncertain position of the local currency
He said the government and NEPRA had made a whopping increase in fixed charges up to 355 percent for industrial consumers, which was completely unjust unfair and pushed industry to further destruction and was tantamount to putting the last nail in the coffin of this important sector Attempts are initiated to add the ordeals of the business community, which is highly condemnable, he said
KARACHI: Additional IG Police Imran Yaqoob Minhas
memento to Murad Ali Soni PR
UNLIKELY PTI FOUNDER GETTING OUT OF JAIL UNDER CURRENT LEADERSHIP: FAWAD CH
Mar wat ‘responsible for sc uffle’ with O mar Ayub, claims PTI repor t
A recent report from Pakistan Tehreeke-Insaf (PTI) has pinpointed party leader Sher Afzal Marwat for the altercation involving Leader of the Opposition Omar Ayub and other members The incident unfolded outside an Islamabad judicial complex last Thursday, following the dismissal of PTI founder Imran Khan and his spouse s plea for sentence suspension in an iddat case Sources reveal that the forthcoming report slated for presentation to Imran Khan on July 2 holds Marwat responsible for instigating the confrontation with Omar Marwat s attempt to lead a protest rally in support of Khan allegedly escalated tensions, compelling Omar to depart abruptly deeply dismayed by
the situation Marwat has been a focal point in recent months due to his outspoken demeanor and conflicts with party colleagues resulting in his removal from the PTI core and political committees alongside a issued showcause notice While Marwat responded to the notice from his base in Khyber Pakhtunkhwa neither committee has indicated further action against him His recent demands for Senator Shibli Faraz s resignation following Omar s resignation as PTI Secretary General have intensified internal party strife The report cites Marwat’s critical statements against party leaders on various occasions potentially exacerbating the ongoing internal power struggle within PTI despite the party s denial of any division
President Zardari gives assent to Finance Bill 2024
beginning on July 01, 2024
The proposed amendments in the Finance Bill 2024 are related to the non-filers wealth statements foreign assets and withholding tax-related provisions
The government on the recommendation of the Senate Finance Committee decided to give a chance to non-filers to file tax returns before going abroad Earlier the FBR had proposed in the bill that non-filers shall not be allowed to go abroad
The proposed amendment to the Finance Bill has added an explanation, “For the removal of doubt it is clarified that reference against order of the Commissioner
(Appeals), received after the date of commencement of the Tax Laws(Amendment) Act 2024 where the value of the assessment or as the case may be refund of the tax exceeds twenty million rupees shall lie before the High Court notwithstanding the proceedings pending prior to the date of commencement of the said Act ” Pakistan’s parliament on Friday passed the government s taxheavy finance bill for the coming fiscal year ahead of more talks on a new bailout with the International Monetary Fund (IMF) as it seeks to avert a debt default for an economy growing at the slowest pace in South Asia
The government presented the tax-loaded budget two weeks ago, drawing sharp criticism from the opposition parties and other business entities that expressed concern over rising government expenditures and little fiscal room for economic growth
Finance Minister Muhammad Aurangzeb moved the finance bill in parliament, which was endorsed by the ruling alliance led by Prime Minster Shehbaz Sharif Pakistan Muslim League-Nawaz (PML-N) the party in command at the centre saw its main coalition partner the
Pakistan Peoples Party, disagree with some of the budgetary measures before announcing its
order based on equality and justice He made these remarks at the International Conference convened in Beijing by the Chinese Ministry of Foreign Affairs to mark 70 years of the Five Principles of Peaceful Coexistence which was attended by over 200 political leaders scholars intellectuals economists and journalists from over 50 countries Senator Mushahid Hussain, who is Chairman of PakistanChina Institute & Co-Chairman, International Conference of Asian Political Parties (ICAPP the largest organisation of political parties of Asia also thanked President Xi Jinping for bestowing on him the prestigious 5 Principles of Peaceful Coexistence Award, as he is the first and only Pakistani politician and parliamentarian to be given this honour by China
He was given this Award by President Xi Jinping at a special ceremony during the Chinese President’s State Visit to Pakistan in April 2015 Mushahid Hussain termed President Xi Jinping s speech at the function as truly significant, having far-reaching historical significance, as China has taken political ownership of the 5 Principles of Peaceful Coexistence, which today are the foundation of the new emerging global order as well as a Code of Conduct for the
Global South, that is now being led from the front by China Senator Mushahid
