PM approves creation of digital ecosystem at FBR
During a meeting to review progress on the ongoing reforms in the FBR, the prime minister observed that the economy was moving in a positive direction due to the recent reforms in FBR.
Ministers Muhammad Aurangzeb, Ahsad Khan Cheema, Minister of State Bilal Azhar Kayani, FBR Chairman, Chief Coordinator Musharraf Zaidi, economic experts and other senior officials attended the meeting, PM Office Media Wing said in a press release.
The meeting was briefed on the progress regarding the formation of a modern digital ecosystem aimed at centralizing FBR's data and enabling real-time monitoring of the entire value chain.
The prime minister, while chairing the meeting, emphasized that not only digitization, but a comprehensive digital ecosystem should be established to strengthen the new system and directed that all the relevant data, from raw material production and import, to manufacturing of goods and the final consumers' purchase, should be integrated into a single system.
The prime minister said the system should be made so effective that the entire value chain could be monitored digitally in real time. He further opined that the centralized data collected under this system should be utilized for the economic strategic decision-making.
The prime minister stressed that the goal of reducing taxes for the common man could only be achieved by increasing the tax base and ending the informal economy.
Incentive scheme
Prime Minister Shehbaz Sharif has decided to continue the incentive scheme for the remittances of overseas Pakistanis to Pakistan. He directed the Ministry of Finance to immediately release funds for the Workers' Remittances Incentive Scheme on priority basis. He said, "Overseas Pakistanis are our strength and a valuable asset of Pakistan."
"The hard-earned remittances of overseas Pakistanis play an important role in the development of Pakistan, which the entire nation, including me, values," he added.
In the fiscal year 2025, he said overseas Pakistanis played a key role in achieving the target of current account surplus for the first time in 14 years by sending a record high of $38.3 billion in remittances.
These remittances not only helped pay the rising import bill but also helped increase foreign exchange reserves, he noted.
He said "Overseas workers and businessmen play a crucial role in the country's development and progress by sending remittances to their homeland."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
2 hours ago
- Business Recorder
FBR quietly rolls back 0.25% penalty on declared value
LAHORE: The Federal Board of Revenue (FBR) has rolled back penalty of 0.25 percent on the declared value without any official notification under Section 82 of the Customs Act, 1969, said sources. They said the penalty had been rolled back, pending the issuance of a formal notification. It may be noted that the FBR has taken the decision to save customs clearing agents from undue inconvenience despite the absence of any official notification in this regard. The FBR was set to amend the relevant section to reduce port congestion and dwell time by proposing penalties. The proposed amendments had suggested that the owner of the goods shall be liable to such penalties as may be notified by the federal government in the cases where goods declaration is not filed for home-consumption or warehousing or trans-shipment within 10 days of the arrival of goods at a customs station. For the goods declaration filed prior to berthing of the vessel, the goods are not removed from the customs station after payment of leviable duty and taxes, within three days of completion of assessment and berthing of the vessel. In addition, amendments were also proposed in Section 83(1) to explain the clearance through custom computerized systems. For the goods declaration filed after berthing of vessel, the goods are not removed from the customs station for home-consumption or warehousing or trans-shipment within three days of the clearance of the goods declaration. The Association of Customs Agents had proactively raised this issue with the concerned authorities at FBR and Pakistan Customs. Copyright Business Recorder, 2025
Business Recorder
4 hours ago
- Business Recorder
Business community leader assails ‘unpredictable' tax policies'
KARACHI: The Chairman of the National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of the All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, Mian Zahid Hussain has said that the business community is currently upset by unpredictable and inconsistent tax policies, which are discouraging both domestic and foreign investment. If the government truly wants meaningful economic recovery, it must urgently take steps to expand the economic base and tax net, reduce production costs, and ensure that the tax burden is shared fairly among all citizens. Otherwise, the ongoing crisis will only get worse. He stated that the pace of tax reforms is still disappointing. He explained that resistance to the digital economy is adding to the growing tax burden on the poor, making their lives harder. He pointed out that current economic policies are worsening unemployment and poverty nationwide. Mian Zahid Hussain said that strict fiscal and monetary policies have heavily impacted industrial activity, job opportunities, and consumers' purchasing power. According to the World Bank, Pakistan's poverty rate has hit 40.5 percent, with unemployment at around 22 percent, revealing the real challenges behind ongoing reforms. He highlighted that 75 to 80 percent of the Federal Board of Revenue's (FBR) revenue comes from withholding taxes, which are technically indirect taxes. These taxes place a disproportionate burden on salaried and middle-income groups already struggling with inflation, high electricity costs, and rising interest rates. He added that the business and industrial communities harbour strong concerns over the powers granted to FBR officers under the Finance Bill 2025. Mian Zahid Hussain warned that, in pursuit of the Rs 14,300 billion tax target, the government must not jeopardize the country's Rs 123,000 billion economy. Instead, efforts should focus on expanding the overall economic base, which would naturally increase tax revenues. He stressed that genuine tax reform is not about further burdening current taxpayers but about expanding the tax base. Without including the country's large informal economy in the tax system, achieving the 13% tax-to-GDP ratio sustainably is unlikely. For long-term progress, Mian Zahid Hussain stressed the crucial need for transparency, fairness, and accountability to be incorporated into the tax system. Copyright Business Recorder, 2025
Express Tribune
4 hours ago
- Express Tribune
PM vows to root out scourge of terrorism
Listen to article Prime Minister Shehbaz Sharif, while chairing a review meeting of the Steering Committee on Counter-Terrorism and Establishment of the State Writ (Harden the State), on Thursday expressed resolve to eradicate the scourge of terrorism from the country. Speaking during the meeting here, he said, "The state of Pakistan is determined to root out the scourge of terrorism and the world recognizes our successful operations against terrorists" "The state of Pakistan has adopted a multi-pronged strategy in the war against terrorism," he said adding, "Pakistan has made full and effective use of important elements such as ground operations, relevant legislation, meaningful public communication and discouragement of extremist thinking." The committee directed effective coordination between the federal and provincial governments against terrorism and strict implementation of its recommendations in this regard. "The role of the brave sons of the armed forces in this war against terrorism is commendable and laudable," he remarked. He said, "The entire nation, including me, is proud of the officers and officials who laid down their lives for the country and their families who were imbued with the spirit of sacrifice." "The entire Pakistani nation, the brave forces, law enforcement agencies, and intelligence agencies are united and focused in the war against terrorism," he added. The prime minister said, "Pakistan's brave forces fought the terrorists vigorously in Operation Radd-ul-Fasaad and Zarb-e-Azb, and the world recognized Pakistan's victory in the recent historic Marka-e-Haq." He acknowledged that the provincial governments, the Intelligence Bureau, the Ministry of Interior, the Counter-Terrorism Department, especially the Punjab Counter-Terrorism Department, had taken very effective steps in this war against terrorism. "Pakistan is working on a comprehensive, effective and workable strategy to completely eliminate Fitna-al-Hindustan and Fitna-al-Khawarij and other such anti-social elements," he stressed. He said, "With the joint strategy and cooperation of all the relevant institutions, effective operations were undertaken against smuggling, which made it possible to prevent the menace." "Prevention of smuggling has had a positive impact on the economy," he noted.
