Latest news with #Rs14
Business Recorder
2 days ago
- Business
- Business Recorder
Panel suggests review of USC sell-off decision
ISLAMABAD: The 9th meeting of the Standing Committee on Privatisation held Friday under the chairmanship of Muhammad Farooq Sattar, here at Parliament House. After confirmation of the minutes of previous meeting, secretary Privatisation Division briefed the committee on the implementation status on the recommendations of the previous meeting and stated that the committee had recommended that the decision to privatise Utility Stores Corporation (USC) should be reviewed. He stated that the Cabinet Committee on Privatisation/Cabinet is the competent forum for inclusion of SOEs in the privatisation programme and the recommendations of the Standing Committee will be brought before CCOP/Cabinet. Hesco, Pesco and Fesco: PD tasked with completing sell-off homework by Q2 The representatives of Peshawar Electric Supply Company (PESCO) and Hyderabad Electric Supply Company (HESCO) briefed the committee on the progress of privatisation process of the DISCOs. The committee showed its serious concern over unannounced and heavy load shedding and directed to ensure to minimise the load shedding duration. The committee also expressed its displeasure on non-cooperation and not attending the phone calls of the public representatives and directed to ensure and prioritise the parliamentarian's telephone calls and to resolve their matters. The representative of the Ministry of Finance briefed the committee on the status of Rs48 billion promissory notes and the interest acquired thereon. He informed the committee that in 2021-22 Rs14 billion provided to Postal Life Insurance Company Limited (PLICL) and government of Pakistan stand committed to pay the remaining amount. On the other hand, the representative of the PLICL informed the committee that Ministry of Finance is not paying sufficient amount to meet the clients claims that is why the number of clients have been dropped up to 50 per cent. After thorough deliberation on the subject, the committee observed that the PLICL stance is justified and recommended that an amount of Rs8 billion must be provided to PLICL latest by September 2025. The committee also recommended that PLICL must ensure to protect the policy holders rights. The committee deferred, 'The Privatisation Commission (AMENDMENT) Bill, 2024' (government bill) till its next meeting. Copyright Business Recorder, 2025
Express Tribune
2 days ago
- Business
- Express Tribune
Postal Life Insurance awaits Rs48b refund
PML-N-led coalition government in the Centre now has 229 members in the NA. PHOTO: APP The National Assembly Standing Committee on Privatization has directed the finance ministry to make a plan of returning Rs48 billion to Postal Life Insurance, as the company is struggling to meet its expenditures. A meeting of the standing committee was held on Friday under the chair of Dr Farooq Sattar. Finance ministry officials told the panel that the government had earmarked Rs14 billion over the last four financial years for the insurance firm. However, it has utilized only half the amount. The company officials told the committee that the organization was established in 2021 on an emergency basis to get Pakistan's name removed from the Financial Action Task Force (FATF)'s grey list. Postal Life Insurance currently possesses Rs48 billion in funds but the amount is lying with the finance ministry, which is neither returning the amount nor paying interest, the company officials told the NA panel. They added that the company failed to pay its clients their insurance claims on time due to paucity of funds.
Express Tribune
3 days ago
- Business
- Express Tribune
Govt mulls 1.5% tax on imports
At high tax rates, profit margins for sellers decrease, leaving them with options to pass on the burden to consumers, compromise on the quality of products, evade taxes or find cheaper illicit goods. photo: file Listen to article In what could become the single largest new revenue source in the budget, the government is considering imposing a 1.5% withholding tax on the value of imports. The tax would be collected by banks at the time of making payments to overseas suppliers. The measure, still under discussion, will be used as an enforcement tool to curb the widespread under-declaration of import values, a senior government functionary told The Express Tribune. He said that the tax would apply to commercial importers only, who would have the right to claim adjustments against their final tax liabilities. Currently, commercial importers pay withholding tax when filing goods declarations with the Customs Department. Under the new plan, however, the tax would be deducted when the payment is made to the foreign supplier through banking channels. Sources said the Federal Board of Revenue (FBR) has briefed the International Monetary Fund (IMF) about its proposal to tax imports at three key points: upon arrival, during shipment, and at the stage of payment to exporters. While it remains unclear whether the IMF has endorsed the proposal, the plan appears to be the government's biggest attempt in the budget at hitting the next fiscal year's tax target of over Rs14 trillion. Finance Secretary Imdad Ullah Bosal on Thursday said there were no plans to delay the budget presentation, reiterating thrice that it would be presented on June 10. Meanwhile, the Annual Plan Coordination Committee will meet on June 3, and the National Economic Council will convene on June 6 to approve macroeconomic and development plans for FY25. The proposed withholding tax would be deducted at the point of sending money abroad through letters of credit, said the sources. Banks would follow a model similar to how they deduct tax on overseas credit card payments. FBR spokesperson Dr Najeeb Memon and Chairman Rashid Langrial did not respond to queries on the matter for the purposes of this story. A recent report by the Policy Research Institute of Market Economy (PRIME), titled 'Combating Illicit Trade in Pakistan', estimates that the country is losing a staggering Rs3.4 trillion annually to black market activities. Of this, nearly 30% stems from misuse of the Afghan Transit Trade facility. These losses amount to 26% of the current fiscal year's total tax target. The report warns that illicit trade is eroding formal businesses, government revenues, and consumer safety. It highlights outdated border controls, minimal customs automation, a lack of risk-based profiling, and poor scanning technologies as key contributors to rampant smuggling. If passed by Parliament, the new withholding tax could offer the FBR a relatively easy way to collect revenue, especially since it would be implemented through banks. The tax authority has historically underperformed in areas where it must rely on its own enforcement rather than external withholding agents such as banks, provincial bodies, or employers. The government has previously relied on indirect taxation, including last year's controversial 20% federal excise duty (FED) on the packaged juice industry. The result was a 45% drop in sales, according to Atikah Mir, a representative of the industry. The Fruit Juice Council is lobbying for the FED to be reduced to 15%, arguing that the move would benefit both the industry and revenues. Meanwhile, another tool used frequently by the FBR is blocking genuine tax refunds to inflate revenues. On Thursday, Special Assistant to the Prime Minister Haroon Akhtar Khan met with a delegation from Utopia Industries to address their pending tax refunds. According to a statement from the Ministry of Industries, Utopia Industries — a leading exporter of mattress covers, pillows, comforters, and plastic products — has been unable to recover more than Rs3 billion (approximately $10 million) despite submitting all required documentation. The company, which began operations in 2020 with a $50 million investment, now ranks among Pakistan's top 12 exporters by revenue and leads in the number of containers shipped abroad. It is also one of the top two sellers on Amazon, with annual revenues of $170 million. All of its products are branded under its own name and carry Pakistani origin labels, distributed widely across households in the United States, Canada, and the UK. According to company officials, Rs600 million in sales tax refunds are pending from the April-January period, despite refund payment orders having been generated. An additional Rs700 million in refunds has been deferred for the same period, and Rs350 million in income tax refunds have been stuck since 2022. Utopia's representatives also met the finance minister in Washington, DC, last October and have filed a complaint with the Federal Tax Ombudsman, but the matter remains unresolved. The company says it has reached out to multiple stakeholders, including the All Pakistan Textile Mills Association, the Pakistan Textile Council, the commerce and planning ministers, and even the Special Investment Facilitation Council and the Pakistani ambassador to the USyet the issue persists.
Time of India
25-05-2025
- Business
- Time of India
PMRDA to spend Rs 3,000cr to build road network linking major highways in Pune city
Pune: The Pune Metropolitan Region Development Authority (PMRDA) has announced a Rs3,000-crore road network project to link key highways and decongest Pune's major traffic corridors. Tired of too many ads? go ad free now Officials said the network would offer direct connectivity between Satara Road, Ahilyanagar Road, Solapur highway, Nashik highway, and the Pune-Mumbai highway, while improving road access to peripheral villages and emerging townships. PMRDA commissioner Yogesh Mhase told TOI that the project aims to have proper roads connecting to all highways in the district. "We have zeroed in on all the roads that connect to the highways. We will undertake the repairs phase-wise," he said. Officials of the development authority said construction or repair works are undertaken at various spots along different segments. "Link roads connecting major highways are being prioritised. We have approved work in 20 to 25 villages," a senior PMRDA official said. Most of the new roads will be constructed using cement concrete to improve durability, the official said. "Each road will be equipped with stormwater drainage lines and underground utility ducts to prevent future digging and ensure smooth movement during the monsoon," the official said. "Widths have been finalised keeping future traffic volumes in mind. Utility shifting and technical surveys are being conducted simultaneously to avoid delays," the official added. The first phase of the project includes strengthening existing roads that are already part of PMRDA's regional development plan. Tired of too many ads? go ad free now The work is being executed through multiple packages, with land acquisition being fast-tracked. Officials said the internal grid of roads would function as alternate routes for traffic that crowd the city's arterial roads and highways. Once completed, the network is expected to cut travel time for daily commuters and heavy vehicles entering and exiting Pune. "The aim is to reduce pressure on primary corridors by creating seamless links between them. This will also help people living in peripheral areas travel more efficiently," the official said. Inner ring road alignment to be examined by experts PMRDA is reviewing a request by MP Supriya Sule to shift the alignment of the proposed inner ring road by around 200m in certain locations to avoid affecting residential areas in villages. "A final decision will be taken after technical experts examine the proposal," a senior PMRDA official said. Sule raised the issue during a meeting with the PMRDA commissioner earlier this month stating that it would affect the villagers in the area. She said while she was not against the project, a slight re-alignment would help save the houses of the villagers in Haveli taluka. The Rs14,200-crore inner ring road project spans 83.1km and is designed to provide circular connectivity between major hubs, including Lohegaon airport, Hinjewadi IT Park and Chakan MIDC. The authority already submitted a request to the Pune district collector's office last week to speed up land acquisition for the inner ring road. The ring road is expected to divert heavy traffic away from the city's core areas and support future infrastructure needs.
Hindustan Times
23-05-2025
- Entertainment
- Hindustan Times
Building a case for online premiere of films on YouTube
Eight weeks after its release in theatres in June, Aamir Khan Productions' new feature film Sitaare Zameen Par will be available for pay-per-view on YouTube, according to The Hollywood Reporter. The film will skip its debut on traditional OTT streaming services (Netflix, JioHotstar or Prime Video) after its release in cinemas -- a route Bollywood has been taking so far. Aamir Khan has often red-flagged Bollywood's broken business model and the shrinking window between theatrical and streaming debut of new films that keeps audiences away from theatres. Besides, OTT platforms are no longer paying dearly for buying new films on account of cost cuts and fiscal discipline. They are also shy of sharing viewership data which makes an even greater case for Bollywood to give YouTube a shot, said media and content strategists. India has the largest number of YouTube users in the world at 491 million, according to Statista, an online portal providing statistics and business intelligence data across industries. 'It enjoys unparalleled reach among all video streaming platforms. On any other OTT service, a film would reach 20 to 50 million users. On YouTube that number could be 400 million,' said Siddharth Jhawar, country manager at global adtech company Moloco. A March 2025 Ficci-EY report on media and entertainment said that in 2024 YouTube dominated the landscape, capturing 92% of all online video consumption, while premium platforms—comprising ad-based video-on-demand (AVOD), freemium, and subscription video-on-demand (SVOD) services—accounted for the remaining 8%. However, 89% of time spent on YouTube was on mobile devices, while 9% was on connected TV (CTV). But that may change as CTV penetration increases. YouTube consumption on CTVs grew 132% between August 2022 and August 2024, the report added. YouTube's strength lies in its simplicity, discoverability, and omnipresence, said Vikram Malhotra, founder & CEO, Abundantia Entertainment. 'Media reports suggest, in FY 2024-25, it accounted for approximately Rs14,300 crore in revenue, capturing 37.7% of the total digital media revenue in the country,' Malhotra said. Jhawar added that YouTube's monetization models are far superior to other streaming services. It is evolving from a user-generated content hub to a platform for premium storytelling with strong stickiness and engagement, Malhotra said, highlighting its unmatched reach, data-backed insights and monetization models. So, will others use YouTube for film releases too? 'If it can offer reach, relevance and revenue for a particular title, we'd definitely evaluate it,' Abundantia's Malhotra said. However, he added that the OTT ecosystem remains relevant both for serialized, binge-worthy content and as a destination for movies. But the pay-per-view model allows for more flexibility and instant audience-led validation, he said. Jhawar said OTT platforms must add the TVOD (transaction video-on-demand) or pay-per-view layer to their AVOD and SVOD models which is currently being offered only by Amazon Prime Video and YouTube. Harikrishnan Pillai, CEO and co-founder of digital agency TheSmallBigIdea, spelled out the advantages of YouTube debut of films. First is the control a producer has over his film as it is reintroduced to the audiences after its run in the theatres. 'OTT services buy films but do not always prioritize them. On YouTube, you are in-charge of the release,' he said. Secondly, you can price it in a manner that is viable to you, Pillai said. However, he cautioned that premium subscriptions on YouTube is a thin sliver as Indians consume free content. The percentage of paying subscribers for OTT, too, is less than 15% of the total audience base. Malhotra said any new distribution model comes with its own set of challenges—foremost among them being consumer behaviour. In India, audiences are still transitioning from free and subscription-based viewing to paying for individual titles. 'The key will be in how the value is communicated—what makes a film worth that single transaction—and how seamless the user experience is,' he said. The Ficci-EY report said the TVOD opportunity has expanded with Amazon Prime Video enabling TVOD for its huge library and catalogue. Prime Video claimed that 60% of its 8,500 titles got rented each month. 'Smaller ticket sizes for pay-per-view content may be a model waiting to explode,' Pillai said. As for Aamir Khan's experiment on YouTube, 'the risk-reward pattern will emerge in due course but for now it is a disruptive but viable medium to try,' Malhotra said.
