Latest news with #Rs14.13
Business Recorder
2 days ago
- Business
- Business Recorder
Govt unveils ambitious digital overhaul for FBR in Budget 2025–26
The Federal Board of Revenue (FBR) is set to undergo a sweeping digital transformation as part of the government's strategy to modernise Pakistan's tax administration and improve revenue collection, according to the federal budget speech presented by Finance Minister Muhammad Aurangzeb for FY2025–26 on Tuesday. Aurangzeb presented the federal budget for the second time as the coalition government sought to revive the economy, meet the International Monetary Fund (IMF) benchmarks and provide some relief to the tax-weary masses. FBR Tax Target The Federal Board of Revenue (FBR) is assigned to collect Rs14.13 trillion in FY26, up 19% as compared to Rs11.9 trillion revised estimates for FY25. The tax collection for FY26 includes Rs6.9 trillion in direct taxes and Rs7.2 trillion in indirect taxes. Key components of the transformation The reform plan includes a nationwide rollout of Digital Production Tracking, aimed at monitoring manufacturing output and linking it with digital invoicing systems. This move is expected to reduce underreporting of production and ensure greater documentation of business activity. To further strengthen documentation, the FBR is expanding business-to-business (B2B) e-Invoicing, making it mandatory across multiple sectors. The plan also includes deeper integration of the Point of Sale (POS) system for retailers and the deployment of an E-way Billing framework to digitally track the movement of goods. In a significant shift away from traditional audit practices, the FBR will fully implement Faceless Audit and Faceless Customs Audit systems. These aim to eliminate human discretion in audit processes, reduce corruption, and improve taxpayer confidence. Technology-led enforcement Artificial Intelligence (AI) will be used for risk-based audit selection, while fraud analytics tools will support customs enforcement and refund scrutiny. A Central Control Unit is being established to provide real-time visibility and centralised oversight across all enforcement and compliance operations. Workflow digitisation is also being prioritised, with automated alerts and a digital case management system intended to expedite processing and enforcement without bureaucratic delays. Institutional support and capacity building The transformation will be supported by the PRAL Board, which will oversee IT governance and system upgrades. Additionally, the government plans to introduce 'Audit Mentors' within the FBR to guide staff through the transition and promote digital literacy. According to budget documents, these reforms are not only targeted at boosting the tax-to-GDP ratio – currently one of the lowest in the region – but also at aligning Pakistan's tax administration with global best practices. What this means for taxpayers For taxpayers and businesses, the FBR's digital push signals a future of increased compliance obligations but potentially fewer bureaucratic hurdles. E-invoicing, production tracking, and centralised audits will make non-compliance harder and speed up legitimate processing. The government's digital transformation agenda is expected to gain traction over the fiscal year, with multiple milestones scheduled for rollout through FY2026.
Business Recorder
2 days ago
- Business
- Business Recorder
Budget 2025-26: Pakistan targets 4.2% growth as Aurangzeb presents proposals
Finance Minister Muhammad Aurangzeb announced Pakistan's federal budget 2025-26 on Tuesday, targeting a modest 4.2% growth for the coming fiscal year, compared to 2.7% expected in the outgoing FY25. The budget was announced, amid ruckus from the opposition lawmakers of Pakistan Tehreek-e-Insaf (PTI), with a total outlay of Rs17.6 trillion, down 7% or Rs1.3 trillion as compared to the Rs18.9 trillion budgeted outlay of FY25. 'We are focused on economic stability and prosperity. We want an economy which is equitable and sustainable,' said Aurangzeb in his address. Talking about the outgoing fiscal, the minister said that the country achieved a surplus of around 2.4% of the GDP in FY25, whereas the CPI rate declined to 4.7%. 'We expect a current account surplus of around $1.5 billion this fiscal,' he said, adding that remittance inflows are expected to hit $37-38 billion in FY25. On taxation measures, Aurangzeb said that from July onwards, the tax filing process will be simplified. Aurangzeb, presents the federal budget for the second time as the coalition government seeks to revive the economy, meet the International Monetary Fund (IMF) benchmarks and provide some relief to the tax-weary masses. FBR Tax Target The Federal Board of Revenue (FBR) is assigned to collect Rs14.13 trillion in FY26, up 19% as compared to Rs11.9 trillion revised estimates for FY25. The tax collection for FY26 includes Rs6.9 trillion in direct taxes and Rs7.2 trillion in indirect taxes. . Talking about debt management, the finance minister reiterated that the preparation for the issuance of the first Panda Bonds is completed to penetrate the Chinese capital market. He added that the privatisation process of PIA and Roosevelt Hotel will be completed in the incoming fiscal year. Finance Minister Aurangzeb, who is delivering his second budget speech in the National Assembly, will also lay the Finance Bill 2024 in the Senate on the same day, as required under Article 73 of the Constitution. Ahead of the budget address, the federal cabinet approved the budget proposals for the next fiscal year (2025-26). Some areas of interest: GDP growth target External financing estimates Taxation on the salaried group PSDP size and focus Broadening the tax base Defence budget The budget comes a day after the government missed its GDP growth target of 3.6% in the outgoing fiscal year, posting a figure of 2.7%, as revealed in the Economic Survey 2024-25. However, Aurangzeb, during his press briefing while unveiling the Pakistan Economic Survey 2023-24, highlighted a strong 4.8% rebound in industrial activity, pushing the economy's size to $411 billion for the first time and raising per capita income to $1,824.
Time of India
29-04-2025
- Politics
- Time of India
Encroachments, official apathy delay Lendi lake rejuvenation
Nagpur: Despite receiving administrative approval nearly two years ago under, Centre's Amrut 2.0 mission , the rejuvenation of Lendi Lake in Nagpur remains a distant dream. Sanctioned on November 2, 2022, with a project cost of Rs14.13 crore, the ambitious plan aimed to desilt the lake, construct an edge wall, lay a pedestrian walkway, and install sewage and stormwater lines. However, today, Lendi lake stands as a grim symbol of official lethargy, citizens' apathy, and unbridled encroachment. Encroachments surrounding the 2.6-hectare lake have completely stalled any progress. Although contractor Aditya Infra Ltd was awarded the project for Rs11.58 crore and issued a work order on February 17, 2023, ground realities crippled the operation. Officials admit that attempts to desilt the lake using heavy-duty pumps were thwarted as 187 nearby unauthorized houses risk collapse if the work proceeds. The NMC's lake and rejuvenation department revealed the startling information in a report submitted to the Union minister and city MP Nitin Gadkari. Repeated site inspections by senior officials, including NMC additional commissioner and the district collector, have yielded little beyond notices to the encroachers. The lake, which falls under the jurisdiction of Nazul department, has seen no significant action to clear the illegal structures. With wastewater from at least 48 unauthorized inlet points continuously draining into Lendi Lake, the ecosystem is under relentless assault. Officials say the encroachments, dense habitation, and strong local resistance make lake rejuvenation nearly impossible. Frustrated, NMC has informed the state govt that progressing with the project is "practically unfeasible" under current circumstances. The project's 12-month timeline expired in February 2024 without tangible outcome, further exposing the administration's helplessness and planning flaws. In March 2025, a fresh Rs27.04 crore plan was drawn up, considering an increased lake area of 3 hectares after district guardian minister Chandrashekhar Bawankule held a meeting on this. Yet without first addressing the illegal settlements, experts warn that no amount of planning or funding will save the lake from death by neglect. Lendi lake's tragic story mirrors the slow death many urban lakes across Nagpur and Maharashtra face — caught between administrative red tape, political reluctance, and citizens who treat water bodies as dumping grounds. If urgent, decisive action isn't taken, another piece of the city's natural heritage will soon disappear under concrete and sewage, with only memories left behind. Timeline 2022 October 11: Maharashtra Jeevan Pradhikaran (MJP) grants technical sanction to the Rs14.13 crore Detailed Project Report (DPR) under AMRUT 2.0. November 2: Maharashtra govt issues administrative approval to the project under AMRUT 2.0. Funding Breakdown Central govt: Rs3.53 crore (25%) State govt: Rs3.53 crore (25%) Nagpur Municipal Corporation (NMC): Rs7.06 crore (50%) 2023 February 17: Work order issued to contractor M/s Aditya Infra Ltd for Rs11.58 crore (including GST) at 16.70% below estimate. Project Duration: 12 months from the work order date. Throughout 2023: Efforts made to begin work including temporary access creation and lake water pumping using 35 HP, 10 HP, and 7.5 HP pumps. Project delayed due to encroachments and public opposition. 2024 Early 2024: Based on consultant's report, 187 houses could be impacted by sludge removal; notices issued accordingly. Due to risk to nearby houses and public resistance, desilting could not be carried out. January 3: Joint site inspection by additional municipal commissioner; various departments instructed to initiate encroachment removal. February 15: District Collector conducts inspection, directs that notices be served to households at risk due to sludge removal. Comparative maps be prepared for slum households surveyed in 2011 and 2023. February 17: Original contract period ends with negligible physical progress due to unresolved encroachments. March 19: At a review meeting chaired by Guardian Minister, NMC is directed to revise the project. 2025 Post-March 2025: NMC prepares a revised project report for Rs27.04 crore based on updated lake area of 3.0 hectares. Phase 1 (Rs15.46 crore): Focuses on lake emptying, desilting, and edge wall construction. Phase 2 (Rs11.59 crore): Includes footpath development, STP setup, protective walls, and greenery-related works.
