Business Observer

The National Disaster Management Authority (NDMA) has issued an advisory for public during rain spell predicted in most parts of the country from today till Monday. According to the advisory, some regions in Balochistan, Khyber Pakhtunkhwa, Gilgit Baltistan, and Kashmir are expected to receive heavy to moderate rains, windstorm, and hailstorm, with snowfall over high mountains. Landslides and mudslides may lead to potential road blockages in Upper Khyber Pakhtunkhwa, Galiyat, Murree, Gilgit Baltistan and Azad Jammu and Kashmir. Residents near riverbanks and nullahs have been advised to be aware of rising water levels and evacuate if necessary. Farmers are advised to remain extra cautious and plan agricultural activity accordingly during the spell. Source: Radio Pakistan

Finance Minister Muhammad Aurangzeb chaired the meeting of the Steering Committee on the Digitalization of the Federal Board of Revenue (FBR) on Friday. The meeting was attended by key stakeholders including Chairman FBR, CEO Karandaaz Waqas ul Hasan, Bill and Melinda Gates Foundation Country Lead Syed Ali Mahmood, and representatives from FBR. The committee reviewed the progress made so far in the digitalization of FBR's operations and explored the avenues to further enhance efficiency and transparency of tax administration across the country. The finance minister reaffirmed the government's commitment to collaborate with the private sector and all relevant stakeholders in propelling Pakistan towards a modernized taxation framework. He underscored that digitalization of FBR is not only crucial for improving tax collection and administration, but also for promoting sustained economic growth. During the meeting, the committee approved the proposal from McKinsey and Company, a globally renowned consulting firm, for the digitalization project. Director DFS Karandaaz Sharjeel Murtaza briefed the committee on the procurement process, which involved comprehensive technical evaluation by an approved committee comprising senior officials from FBR and technical experts from Karandaaz Pakistan. McKinsey and Company emerged as the top bidder after thorough evaluation of technical and financial aspects. The negotiated full and final proposal from McKinsey and Company was presented to the committee, leading to the approval for contracting and onboarding McKinsey and Company and commencing the project. The minister commended the procurement committee for ensuring the selection of high-quality consulting services for this important national project, and stressed upon the need for a result-oriented approach, leveraging existing knowledge on digitalization, and prioritizing early successes. The meeting concluded with the agreement on the next steps for commencement of the process of digitalization of FBR's operations thr ough collaboration between FBR and the private sector for a digitally empowered tax ecosystem in the country. Source: Pro Pakistani

Punjab Chief Minister Maryam Nawaz Sharif has announced the inauguration of a groundbreaking initiative - free WiFi services at 50 key locations across Lahore. This ambitious pilot project aims to revolutionize internet access for citizens, marking a pivotal step towards a more connected society. Expressing her unwavering commitment to delivering on her promises, CM Maryam Nawaz expressed her delight at the rollout of free WiFi services, stating, Free WiFi started at the following (50 spots) in Lahore. Rest of Lahore is being done too. Alhamdolillah! We promise, we deliver. The decision to introduce the free WiFi pilot project was forged during a high-level meeting between the Chief Minister and officials from the Punjab Information Technology Board (PITB) last month. As part of this initiative, PITB has been tasked with modernizing existing infrastructure, including hotspots, to ensure seamless internet provision. Under the visionary leadership of CM Maryam Nawaz, PITB has been directed to prioritize th e deployment of free WiFi services in vital hubs such as educational institutions, airports, railway stations, and bus stands. It is estimated that a total of 516 locations across Lahore will benefit from this transformative initiative, substantially enhancing internet accessibility for residents. This initiative signifies a remarkable revival of the complimentary WiFi services initially introduced by the Pakistan Muslim League-Nawaz (PML-N) government in 2013. While the services were discontinued during the tenure of the Pakistan Tehreek-e-Insaf (PTI) government due to outstanding bills, CM Maryam Nawaz's administration has reinstated and amplified this essential service, empowering communities with connectivity. With the oversight of WiFi services now entrusted to the Punjab Information Technology Board (PITB), efficient management and operation are ensured, heralding a new era of digital connectivity in Lahore. Source: Pro Pakistani

An Assessment Team of the Organization of Economic Cooperation and Development (OECD) Global Forum on Transparency and Exchange of Information for Tax Purposes visited Pakistan from 23rd to 25th April for onsite assessment of Automatic Exchange of Information (AEOI) Confidentiality and Data Safeguards. The delegation comprised Gudrun Jenny Jonsdottir, Tax Policy Advisor, OECD, Jasmina Trajkovski Ruso, Technical Advisor Information Security Management, OECD, Toh Ginn Shyong, Senior Architect, Inland Revenue Authority of Singapore and Ashwin Luckoo, Section Head, Information Systems Department, Mauritius Revenue Authority. Detailed meetings were held with the assessment team presided over by Aisha Farooq, Director General (International Taxes), which was also attended by officials of PRAL and IT Wing of FBR. In her opening remarks, the Director General (International Taxes) welcomed the delegation and reaffirmed Pakistan's commitment to exchange of information for mutual benefit as well as ensuring confiden tiality and safeguard of exchanged data. Three-day vigorous sessions were attended by the concerned officers for input and discussion of policies and Information Security Framework in place by FBR for maintaining data confidentiality. The delegation also visited the Data Center, Security Operations Centre and AEOI Centre at FBR (HQs) as well as AEOI Zone, Islamabad. A joint session was also held with Member (IT) and DG (International Taxes). In these sessions, the assessment team appreciated the efforts of FBR in upholding international commitments made for protection of exchanged data. Source: Pro Pakistani

The Khyber Pakhtunkhwa Information Technology Board (KPITB) and the Special Technology Zones Authority (STZA) signed an agreement in a ceremony devoted to the 'Zone Development Agreement of Pakistan Digital City Haripur (PDC).' The event, which officially declared PDC Haripur as a Special Technology Zone, is a significant step towards fostering innovation and technology-driven growth in Pakistan. Under this agreement, PDC Haripur will enjoy tax incentives, making it a tax-free zone for enterprises operating within its premises. IT businesses affiliated with PDC Haripur will benefit from a 10-year tax exemption, incentivizing investment and fostering a conducive environment for technological advancements. Distinguished guests attending the ceremony include Mr. Khalid Latif Khan, Special Assistant to the Chief Minister for Science and Technology and Information Technology; Mr. Syed Muhammad Ali Shah, Secretary ST andIT; and representatives from STZA and KPITB. During his address at the ceremony, Mr. Khali d Latif Khan highlighted the Khyber Pakhtunkhwa Government's commitment to digital transformation under Chief Minister Mr. Ali Amin Gandapur's guidance. The investment of 1642 million rupees in Pakistan Digital City, overseen by NESPAK and National Logistics Cell, signifies KP's vision to establish itself as Pakistan's digital hub. The Pakistan Digital City project, evidence of this vision, aims to stimulate economic growth by attracting national and international IT businesses, thereby creating job opportunities for the youth-an essential priority for the Khyber Pakhtunkhwa Government. Mr. Khalid also shared that nearly 30 percent of the project work has already been completed, marking significant progress towards this transformative initiative. This agreement signing marks a pivotal moment in Pakistan's technology landscape, showcasing a collaborative effort to create an ecosystem that encourages innovation, growth, and economic prosperity in the digital age. The establishment of PDC Haripur as a Special T echnology Zone underscores the commitment of KPITB and STZA towards accelerating digital transformation and positioning Pakistan as a hub for technology-driven ventures. Source: Pro Pakistani

The Pakistan Stock Exchange's (PSX) benchmark KSE-100 Index recorded its highest ever closing at 72,743 on Friday, up by 771.35 points or 1.06 percent. After hitting an intra-day low of 71,764.18, a strong buying spree in the final hours helped the index hit another record high. In a post on X, Topline Securities CEO Mohammed Sohail highlighted that the KSE-100 Index has posted an incredible gain of almost 80 percent in US Dollar terms over the past year. Experts linked the buying spree to expectation of a rate cut among investors in the upcoming Monetary Policy Committee (MPC) meeting of the State Bank of Pakistan (SBP) scheduled on Monday. According to a survey conducted by Topline Securities, participants are split on whether SBP will cut rates or maintain the status quo in the upcoming MPC meeting. Survey showed 51 percent of participants expect the policy rate to remain unchanged at 22 percent, while the remaining 49 percent anticipate a policy rate cut. No participants expect an increase in intere st rates. Source: Pro Pakistani