EpaperISB_21-11-24

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Wednesday, 24 November, 2021 I 18 Rabi-us-Sani, 1443 I Rs 15.00 I Vol XII No 146 I 12 Pages I Islamabad Edition

PM inaugurates FBr’s track & trace systeM For sugar sector g

FBR to suBmit pRoposal FoR expanding scope oF suRveillance system to otheR key sectoRs including BeveRages, petRoleum, phaRmaceuticals and steel

ISLAMABAD Staff RepoRt

P

Rime minister imran khan on tuesday unveiled the Federal Board of Revenue’s (FBR) track & trace system for the sugar sector. addressing the gathering on the occasion, the prime minister called the rollout of the track & trace system (tts) a watershed event in the development of pakistan’s economy and hoped that it would lead to much-needed economic prosperity in times to come. “it is an integrated, technology-based solution that shall ensure accurate reporting of production volumes through realtime monitoring of manufacturing by the affixation of tax stamps, improving quality control and thus, ensure increased rev-

enue collection,” he added. the pm said that at the time of assuming office, the government had inherited a dismal economic situation, and was confronted with multiple challenges. “our revenue collection system was one of the weakest in the world, with a chronically low tax-to-gdp ratio. We were unable to effectively mobilise our own resources for the well-being of the people,” he recalled. however, he said that the present government was committed to bringing about change and putting pakistan on the path of self-sufficiency wherein the role of FBR could not be stressed enough. “one of our immediate priorities was to figure out how to improve monitoring mechanisms and increase revenue collection,” he added. the pm said that the present govern-

coronavirus in

Pakistan

CONFIRMED CASES:

1,282,510

LAST UPDATED AT 9:38 AM ON NOVEMBER 23, 2021

DAY'S DEATH TOLL:

NEW CASES:

5

315

RECOVERED:

DEATHS:

1,238,980 28,668 SINDH:

PUNJAB:

474,407

442,556

KPK:

BALOCHISTAN:

179,644 AJK/GB:

33,453 ISLAMABAD:

34,536/10,408

107,506

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pti govt BReaks nexus oF tax evadeRs, vested inteRests and maFias, says khan

ment was the first one to break the nexus of tax evaders, vested interests and mafias. “We have not been afraid of taking difficult decisions nor shied away from plugging loopholes by enacting legislation that restricts corrupt practices and ensures transparency and fairness,” he continued. he lamented that corrupt elements resisted the government’s efforts to improve regulatory oversight of the economy despite knowing that without sound economic practices and enhanced revenue collection, the government would not be able to allocate funds for human development, infrastructural improvement, health, and the education sector. he said that one of the central tenets of the present government’s economic policy had been to bring about increased digitisation and automation of the entire tax apparatus as a way to reduce opportunities for graft, coercion and theft. “the track and trace system will serve as a central pillar of this policy and shall revolutionise tax collection across pakistan,” he added. concluding his speech, he appreciated the FBR chairman and the tax watchdog’s team for continuously achieving the assigned budgetary targets and expressed optimism that FBR will be able to collect Rs6 trillion by the end of the current financial year (Fy22). speaking on the occasion, advisor to the pm on Finance & Revenue shaukat tarin commended the pakistan sugar mills association (psma) for extending wholehearted cooperation for making the intervention possible. “all 78 sugar mills have signed tri-partite agreements with FBR at karachi, lahore and islamabad,” he informed.

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Questions have been raised on judiciary after allegations from within: Fazl ISLAMABAD Staff RepoRt

pakistan democratic movement (pdm) president maulana Fazlur Rehman said tuesday that the judiciary’s integrity had come into question after recent allegations “from within”. the Jui-F chief, speaking to the media, was referring to the recent affidavit submitted by former gilgitBaltistan chief justice Rana shamim and an audio clip that allegedly features the voice of ex-chief justice of pakistan saqib nisar. Fazl was speaking to the media after a pdm meeting, saying that the “conspiracies” that took place against former prime minister nawaz sharif, his party and leaders of other political parties, were in reality conspiracies against the country and its democracy. “We respect the courts but are also hurt,” he said, referring to the Rana shamim affidavit and the alleged Justice (retd) saqib nisar audio clip. the Jui-F leader said that the recent controversies had raised questions on the freedom and independence of the judiciary. “With a heavy heart, we think that they [judiciary] will have to regain their status through their character,” he added. the pdm leader said that these conspiracies were the main reason

Bloodbath in PSX continues as 796 more points shed KARACHI tLtp

the pakistan stock exchange (psx) witnessed a bloodbath for the second consecutive day on tuesday, with the benchmark kse-100 index shedding another 796.48 points (-1.74 percent) to close at 44,948.52 points. overall, the market shed around 1,540 points during the last two sessions, mainly due to lack of triggers and rollover week. the market opened on a positive note and gained around 170 points during the first 10 minutes of the session; however, later a massive profit taking activity gripped the market that continued for the rest of the session. the kse-100 index moved in a range of 1,034.46 points, showing an intraday high of 45,915.61 points and a low of 44,881.15 points. among other indices, the kse all share index shed 496.97 points (-1.59 percent) to close at 30,812.18 points, while all share islamic index shed 431.61 points (-1.94 percent) to close at 21,870.04 points. a total of 366 companies traded shares in the stock exchange, out of them shares of 53 closed up, shares of 300

why pakistan was facing an economic crisis today. Fazl said that the pdm will hold its next meeting on december 6 where the opposition alliance will take “final and important decisions.” the Jui-F chief said the entire nation was demanding an independent election commission. “it is totally unacceptable to clip the ecp’s wings,” he said, adding that the constitution already lays down the powers of the commission. Fazl lashed out at the “fake government”, saying that it had promised the government one 10 million jobs but had “stolen” over 5 million so far from the people. he said that the joint opposition will play a role in guaranteeing that overseas pakistanis “have representation in the parliament”, warning them not to get caught up in the government’s “lies”. speaking about the electronic voting machines (evms), he said the government wanted to hold elections when the world had rejected the same process. “We reject this pre-poll rigging,” he said, referring to the government’s move to pass laws relating to the voting machines. taking aim at the government’s economic policies, Fazl said it had made the state Bank a “branch of the imF”.

more inside

CCP to resume inquiry in cooking oil, ghee sector STORY ON BACK PAGE

pm urges world to support afghanistan to avoid humanitarian crisis STORY ON PAGE 02 closed down while shares of 13 companies remained unchanged. out of 91 traded companies in the kse-100 index, 10 closed up, 80 closed down and one remained unchanged. the overall market volumes increased by 2.71 million to 264.61 million. total volumes traded for the kse-100 index decreased by 9.87 million to 110.56 million shares. the number of total trades increased by 9,432 to 118,711, while the value traded decreased by Rs1.21 billion to Rs9.73 billion. overall market capitalisation decreased by Rs124.43 billion. among scrips, tRg topped

the volumes with 19.63 million shares, followed by Wtl (17.17 million) and Byco (13.76 million). stocks that contributed significantly to the volumes include tRg, Wtl, Byco, gtech, and hascol, which formed around 29 percent of total volumes. the sectors taking the index toward south were technology & communication with 178 points, cement with 145 points, commercial banks with 94 points, oil & gas exploration companies with 64 points and oil & gas marketing companies with 44 points.

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Rupee continues to gain ground against US dollar STORY ON BACK PAGE

khan orders strategy to protect cities from air pollution STORY ON PAGE 03


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