Latest news with #ShehbazSharif
Business Recorder
3 hours ago
- Business
- Business Recorder
PM Shehbaz lauds FBR reforms as tax filers jump to 7.2mn
The number of income tax return filers in Pakistan has crossed 7.2 million by June 30, 2025, up from 4.5 million in the previous year — a significant increase of 60% attributed to the Federal Board of Revenue's (FBR) ongoing reforms and digitisation efforts. The development came to light during a review meeting on ongoing FBR reforms held under the chairmanship of Prime Minister Shehbaz Sharif on Wednesday, read a statement released by the Prime Minister's Office (PMO). During the meeting, it was shared that enforcement actions and other reforms by FBR have resulted in a historic 1.5% increase in the tax-to-GDP ratio in 2025 compared to 2024. It was reported that due to the faceless customs clearance system, the clearance time will be reduced from 52 hours to 12 hours within the next three months. PM calls for third-party validation of FBR reforms In the retail sector, tax collection on income increased by Rs455 billion by June 30, 2025, compared to 2024. This rise was attributed to the implementation of Point-of-Sale (POS) integration, alignment of retailer systems with FBR, and enforcement efforts. It was told that a specialised system has been introduced to allow for appeals within the faceless system, ensuring timely case resolutions through video links. Due to these measures, the weighted average tariff on imports has decreased by 2.16%, reducing raw material costs for industries and supporting the manufacturing sector, read the statement. It was learnt that international experts' recommendations will also be incorporated into tax reforms and the digitisation of various economic sectors. The meeting was also presented with additional proposals for FBR reforms. PM Shehbaz appreciated the efforts of FBR officials and staff involved in the reform process and directed that actionable targets with timelines be finalised and presented next week. The prime minister stated that while achieving targets is a positive sign, further effort is needed. He emphasised that FBR's digitisation has supported goal achievement, and steps must now be taken to make it a sustainable, permanent system. PM Shehbaz orders crackdown on tax evasion, under-invoicing PM Shehbaz instructed that additional enforcement measures be introduced to curb the informal economy. He also directed that a comprehensive roadmap be developed for the restructuring of FBR's Digital Wing, with a timeline established for achieving set objectives. The prime minister stressed that all stakeholders must be consulted and their input incorporated into the reform process. He also directed that the facilitation of businesses, traders, and taxpayers should be prioritised in implementing FBR reforms.
Arab News
5 hours ago
- Business
- Arab News
Pakistan says stepping up security for Chinese nationals amid CPEC expansion
ISLAMABAD: Pakistan is ramping up security measures for Chinese nationals across the country, Prime Minister Shehbaz Sharif said on Tuesday, as Islamabad hopes for expanded bilateral activity and more investment projects under the second phase of the China-Pakistan Economic Corridor (CPEC). Launched in 2015, CPEC is an over $60 billion flagship component of China's global Belt and Road Initiative, linking western China to Pakistan's Arabian Sea port of Gwadar through a network of roads, railways, and energy infrastructure. The project is widely seen as a potential economic lifeline for Pakistan but it has also brought Chinese nationals in the crosshairs of separatist militants who believe Beijing is helping Pakistan exploit minerals in the underdeveloped southwestern province of Balochistan, where China has a strategic port and mining interests. Chinese have also faced attacks in the northwestern Khyber Pakhtunkhwa province and Pakistan's commercial hub of Karachi. In recent months, Beijing has been pushing Pakistan to allow its own security staff to provide protection to thousands of Chinese citizens working there, frustrated by the string of attacks on its citizens, particularly a bombing at the Karachi airport last October that killed two Chinese engineers who were returning to work at a power plant. 'Multiple steps are being taken to strengthen the security of Chinese citizens across the country, including Islamabad,' PM Sharif said during a high-level review meeting to review security. 'The Safe City projects are a prime example of this growing capacity. 'In light of CPEC's expansion, the security of Chinese nationals in Pakistan has gained even greater importance … We are building a safe and business-friendly environment for the Chinese community in Pakistan.' During the meeting, Interior Minister Mohsin Naqvi briefed the prime minister on current security arrangements. Officials said 'special security measures are in place' due to terrorism risks and confirmed that all provinces and the federal government were working 'in close coordination.' The briefing noted that Chinese nationals were being provided security escorts while traveling and all new housing developments would include Safe City-grade surveillance infrastructure. Sharif also directed relevant ministries to prioritize Chinese passenger facilitation at airports. After building a string of energy and infrastructure projects since CPEC was first launched in 2015, CPEC Phase II focuses on industrial cooperation and socio-economic development, aiming to enhance industrial capacity, agricultural development and social well-being in Pakistan. This phase also emphasizes job creation, technology transfer and increased export capacity by boosting connectivity. It is expected to be completed in stages, with the development of manufacturing and processing industries envisioned by 2025, and further expansion by 2030.
Business Recorder
7 hours ago
- Climate
- Business Recorder
PM places NDMA on red alert
ISLAMABAD: As severe monsoon flooding continues to wreak havoc across the country, submerging some of the most upscale private housing societies, Prime Minister Shehbaz Sharif on Tuesday placed disaster management authorities on red alert. In an official statement, the PM ordered the National Disaster Management Authority (NDMA) to immediately intensify rescue efforts, emphasising the need for close and continuous coordination with provincial governments to effectively tackle the escalating crisis. Copyright Business Recorder, 2025
Business Recorder
7 hours ago
- Business
- Business Recorder
Chinese nationals: PM announces series of security steps
ISLAMABAD: In a move underscoring the deepening ties between Pakistan and China, Prime Minister Shehbaz Sharif announced on Tuesday a series of intensified security measures to protect Chinese nationals across the country. This development coincides with the second phase of the China-Pakistan Economic Corridor (CPEC), a flagship infrastructure and economic partnership project pivotal to both countries' strategic and economic agendas. The prime minister, while chairing a high-level review meeting on the security arrangements for Chinese nationals in Pakistan, reaffirmed Pakistan's commitment to safeguarding the welfare of Chinese citizens residing and working in the country. Pakistan, China in talks about security for Chinese nationals 'China is a friendly nation with which Pakistan shares historic and brotherly relations,' the prime minister said, emphasising that the security of Chinese nationals is a top priority for his government. The meeting came amid increasing attention on ensuring safe environments for foreign investors and workers as CPEC transitions to a business-to-business model, expanding opportunities for private sector collaboration. 'With the launch of the second phase, our responsibility to build a secure and business-friendly environment for the Chinese community in Pakistan has become even more critical.' Highlighting the government's strides in public security infrastructure, the prime minister pointed to the nationwide rollout of Safe City projects – an initiative aimed at enhancing urban surveillance and law enforcement capabilities through cutting-edge technology. These projects, according to Sharif, reflect Pakistan's growing capacity to meet international security standards. The prime minister also instructed authorities to prioritise the smooth and secure movement of Chinese nationals through airports, aiming to streamline their transit amid heightened security concerns. Interior Minister Mohsin Naqvi gave a detailed briefing to the prime minister on the special security arrangements already in place for Chinese nationals working in the country including the federal capital. These include increased protection protocols for Chinese nationals, security escorts during travel, and enhanced surveillance at residential developments housing foreign workers. 'We have implemented full coordination between federal and provincial authorities to address terrorism threats and ensure the safety of Chinese citizens,' said Naqvi. Copyright Business Recorder, 2025
Business Times
9 hours ago
- Automotive
- Business Times
BYD's Pakistan JV sees government support as critical for EVs
[KARACHI] BYD's joint venture (JV) in Pakistan sees government support for electric vehicles (EVs) as key to the success of its plan to start local production next year, according to a company executive. China's leading carmaker agreed last year to manufacture and distribute vehicles in Pakistan as part of a partnership with Mega Motor Company, a subsidiary of Hub Power, Pakistan's largest independent electricity producer. 'I'm coming as an investor looking at the next 20 years,' Danish Khaliq, vice-president for strategy and sales for the joint venture, told Bloomberg on the sidelines of a briefing in Karachi. 'So there should be a policy that supports me,' he said, adding that Pakistan's effort to spur development of the auto industry 'needs to be consistent and it needs to be sustainable'. Those policies include a target by Prime Minister Shehbaz Sharif's government to boost EVs to 30 per cent of total sales, imports and production in five years, and a pledge to reduce electricity prices at EV charging stations. Khaliq said BYD has seen strong demand for its imported models as the JV prepares to roll out locally assembled plug-in hybrid and electric cars from its factory, the first in the region. He spoke on Tuesday at a briefing ahead of the launch of BYD's plug-in hybrid Shark 6 pickup in Pakistan. The plant will be set up near Karachi's Port Qasim area and begin output in the first half of 2026, Bloomberg has reported. It's located near vehicle assembly facilities of other automobile companies, including local units of Toyota Motor, Suzuki Motor and Kia. More than half a dozen auto companies, led by Chinese brands, have launched EV models in Pakistan since last year. BYD is looking to the country to help it continue to grow even as its monthly sales have stagnated recently in China. BLOOMBERG
