Day: March 29, 2024

Finance Minister Muhammad Aurangzeb has stressed for reforming tax system to improve country’s economy.

Addressing Gong ceremony at Pakistan Stock Exchange in Karachi this morning, he said we are working with law ministry and FBR to remove leakage in tax revenue and broaden the tax net.

Muhammad Aurangzeb said government is working on a two-prong strategy, short and medium term, for carrying out structural reforms.

He said reforms in FBR are carried out by introducing a track and trace system and digitizing its operations to ensure transparency and enhancing tax collections.

Highlighting the role of private sector in economic development, he said the importance of capital market in promoting economic development is fundamental.

He said in coordination with the relevant departments, the government will work on creating a conducive regulatory environment for economic growth.

The government will focus more on capital market to enhance market efficiency, transparency and investor protection.

Alluding to i
mportance of Chinese investment and partnership, the Finance Minister called for increasing cooperation between Pakistan Stock Exchange and Chinese stock exchanges.

Later, talking to media, he said a twelve billion rupees Ramadan package has already been given by government to provide relief to the people.

He said current account of the country is improving and it was in surplus last month.

Source: Radio Pakistan

Minister of State for IT and Telecommunication, Shaza Fatima, has expressed Pakistan’s desire to establish substantial relations with Azerbaijan in the field of IT and Telecom.

She was talking to Ambassador of Azerbaijan to Pakistan, Khazar Farhadov, in Islamabad today.

Shaza Fatima also suggested initiating a youth exchange program with Azerbaijan.

She also highlighted Pakistan’s conducive atmosphere for foreign direct investment, particularly in the IT and Telecom sector.

Source: Radio Pakistan

In Khyber Pakhtunkhwa, eight people of a same family died when a Van fell into a deep ravine in Chagharzai area of Buner last evening.

According to Police, the incident took place due to break failure.

Source: Radio Pakistan

Chief Minister Balochistan Mir Sarfaraz Bugti has said both the federal and Balochistan provincial governments are on the same page to address issues of the province.

Addressing a news conference alongside leaders of allied political parties in Islamabad today, he said the state of Pakistan is using the relevant tools to prevent threats and causes of insurgency in Balochistan.

Sarfaraz Bugti said there are many causes of insurgency in Balochistan but government is trying to shift the paradigm towards good governance to defuse it.

He lauded the security forces that foiled terrorist attacks in Gwadar and Turbat.

Source: Radio Pakistan

Prime Minister Muhammad Shehbaz Sharif has directed all stakeholders to vigorously pursue initiatives against spectrum of illegal activities and criminal mafias to ensure their accomplishment within stipulated timeframe.

He was chairing a meeting held in Islamabad today, on the agenda ‘Measures against Spectrum of illegal activities and Criminal Mafias’.

The meeting accorded approval to agreements among federal and provincial governments on Anti-Power Theft policy, restructuring of Power Distribution Companies on modern lines, installation of Smart meters for full eradication of Power Theft and strict action against corrupt officers.

The meeting showed firm resolve to provide immediate relief to common man and take action against smugglers, hoarders and market manipulators, who have impacted the economic trajectory.

The meeting was briefed in detail on steps taken against the criminal mafias, smuggling, hoarding, money laundering, power theft and repatriation of illegal foreigners.

The participants ackn
owledged the importance of these actions and their positive impact on the economy and wellbeing of the people.

Addressing the forum, the Prime Minister Shehbaz Sharif called for joint efforts to check smuggling, power theft, revenue evasion and other leakages to put the country on path of economic stability.

He said federal and provincial governments as well as all the institutions, including the armed forces, should join hands in preventing massive leakages in revenue, electricity, and gas sectors. He said smuggling and illegal trade has adversely affected country’s economy.

The Prime Minister mentioned that 58 billion rupees were recovered in the power sector, while smuggling was also reduced during the interim government. He said it shows that any sort of challenges can be overcome if there is a will.

Shehbaz Sharif said besides transmission losses, we are facing electricity theft of five hundred billion rupees annually. He said pilferage of gas is also bleeding the economy.

Talking about the loophole
s in the taxation system, the Prime Minister said revenue of billions of rupees remains away from the tax net. He said tax cases to the tune of 2,700 billion rupees are pending before various tribunals. He said Pakistan’s reliance on foreign loans can be reduced if we retrieve even half of this amount, which will also be sufficient to construct more cancer hospitals, improve education sector and infrastructure in the country.

Shehbaz Sharif said the government has decided to revamp the system and to check all kinds of leakages and no political or bureaucratic influence will be accepted in this regard. He said the Federal Board of Revenue will be hundred percent digitalized. He added that heads of tribunals will be appointed on merit to take the country towards a positive direction.

Regarding the law and order situation in the country, the Prime Minister said he has directed the Interior Minister to be fully vigilant and establish a good coordination with the provinces to protect lives and properties of the
people.

The Prime Minister thanked the provincial chief ministers, the chief of army staff, chief secretaries and inspectors general of police for their coordinated efforts to meet the diverse kind of challenges and to put the country on path of economic stability.

Members of the Federal Cabinet, Chief of the Army Staff General Syed Asim Munir, Provincial Chief Ministers and senior government officials attended the meeting.

General Syed Asim Munir, on the occasion, assured unwavering resolve of Pakistan Army to support government’s initiatives aimed at economic recovery of the country.

Source: Radio Pakistan

A police personnel embraced martyrdom when unknown terrorists opened fire on him in Badha area of Tank today.

Chief Minister Khyber Pakhtunkhwa Ali Amin Gandapur has strongly condemned the incident..

He expressed sympathy with the bereaved family and prayed for the martyred.

Source: Radio Pakistan