Day: May 6, 2024

President Asian Development Bank (ADB) Masatsugu Asakawa in his meeting with the Pakistan delegation led by Ahad Khan Cheema, Federal Minister for Economic Affairs, reaffirmed ADB’s continued support for Pakistan.

The meeting took place on the sidelines of the 57th Annual Meeting of the Board of Governors.

President ADB reposed his trust in Pakistan’s reform agenda and appreciated the required tough stabilization measures taken by the Government to bring about macroeconomic stability in the country. President ADB assured Pakistan of its continued support in the areas of Public Private Partnership, climate and disaster resilience enhancement, Domestic Resource Mobilization, promoting Women Inclusive Finance and Energy Sector reforms.

The ADB Annual Meeting brings together senior leadership from the member countries to discuss the emerging issues of global concern including food security, climate change and dealing with external shocks. The central theme of the 57th meeting is ‘Bridge to the Future’.

While
appreciating ADB’s long-standing and generous support to Pakistan, Minister Ahad Cheema briefed the President on a series of reforms introduced by the Government. The key reforms include enhancing tax revenues, improving the financial sustainability of the energy sector, reducing untargeted subsidies, and scaling up social protection.

Minister Ahad Cheema appreciated ADB’s ongoing institutional and capital reforms, successful completion of the Capital Adequacy Framework review and unlocking of $ 100 billion in additional financing over the next 10 years to support developing member countries. He urged ADB to deploy additional resources towards high-impact interventions including climate actions in the most vulnerable countries.

Minister Ahad Cheema on behalf of the Prime Minister of Pakistan, extended an invitation to President ADB to visit Pakistan which he accepted.

Earlier, speaking during the business session of the ADB’s Board of Governors, Minister Ahad Cheema highlighted the Government of Pakistan’s
firm commitment to a wide-ranging program to unlock Pakistan’s economic growth potential. As a result of the reforms, ‘the economy is now on the consolidation path with improvements in inflation and some recovery of economic growth’, stated the Minister. He underscored the need for ADB’s stronger support in the areas of climate change, domestic resource mobilization, human capital development and food security.

Minister Ahad Cheema also held meetings with the senior leadership of the Asian Infrastructure Investment Bank and European Investment Bank to discuss their ongoing development portfolios in Pakistan and priority areas for future support. He also held meetings with bilateral development partners including the United Kingdom, Germany and the USA to further strengthen bilateral cooperation in key priority areas of the Government of Pakistan including end-to-end digitalization of the taxation system, energy infrastructure, and climate change.

Source: Pro Pakistani

Federal Board of Revenue (FBR) Chairman Malik Amjed Zubair Tiwana has linked the revenue shortfall suffered by FBR to the recent large-scale transfers and postings.

Speaking to media persons in Islamabad on Monday, Tiawana said that FBR is working to meet the revenue target for the current month. He mentioned that during the current fiscal year, FBR has paid higher refunds compared to the previous fiscal year.

He said that no new taxes are under consideration as of now to meet the revenue shortfall.

It is pertinent to mention here that FBR suffered a revenue shortfall of Rs. 53 billion during the month of April 2024. The FBR has provisionally collected Rs. 654 billion in April 2024 against the assigned target of Rs. 707 billion. The FBR has collected Rs. 7,366 billion during July-April (2023-24) against the assigned revenue collection target of Rs. 7,414 billion, reflecting a shortfall of Rs. 48 billion.

Last week, the office bearers of the associations of Pakistan Customs Service (PCS) and interim commi
ttee of the Inland Revenue Service (IRS) met with the FBR chairman to convey the concerns of both services regarding the non-transparent and arbitrary method adopted for recent profiling and placing of the senior most officers of both services on the Admin Pool of FBR.

Source: Pro Pakistani

The prices of sugar available at Utility Stores is likely to increase in the coming weeks as the Utility Stores Corporation (USC) has received costly bids for provision of sugar.

According to sources, the USC had floated a tender for the purchase of 45,000 metric ton sugar, the minimum bid received by the corporation has offered sugar at the rate of Rs. 141.20 per kg. The bid is for provision of 10,000 metric ton sugar.

If other expenses are added, the price will surge to Rs. 156 per kg. This would be Rs. 1 per kg higher than the current price of sugar at the utility stores.

Currently, utility stores are offering sugar at Rs. 155 per kg for the general public while for Benazir Income Support Programme (BISP) beneficiaries, sugar is provided at Rs. 109 per kg.

Source: Pro Pakistani

Synergy Group, the biggest integrated marketing communication conglomerate in the country, claims another victory in a string of wins at the prestigious Effie Awards Pakistan.

The group’s agencies, Synergy Advertising and Synite Digital have bagged multiple accolades, reaffirming their commitment to excellence and creativity in the marketing, communication, and advertising landscape.

Synergy Advertising, renowned for its strategic acumen and creativity, emerged as a dominant force yet again at the Effie Awards Pakistan, securing four wins.

It took home one silver for the campaign Asaan Mobile Account – Apka Account, Apka Ikhtiyar for State Bank of Pakistan in category ‘New Product or Service’ and three bronze for campaigns: Polio Outbreak for Pakistan Polio Eradication Programme in category ‘Non Profit’; Asaan Mobile Account for State Bank of Pakistan in category ‘Finance’; and Asaan Mobile Account – Apka Account, Apka Ikhtiyar for State Bank of Pakistan in category ‘Marketing Innovative Solutions’.

The
agency’s campaigns exemplify a keen understanding of client objectives and consumer insights, driving tangible results and setting new benchmarks for marketing effectiveness.

Meanwhile, Synite Digital, one of the industry leaders in digital marketing and innovation, showcased its prowess with two impressive silver wins for its campaigns: SC – Women In Tech for Standard Chartered Bank in category ‘Sustained Success’ and Who Fried It Best for KFC in category ‘Restaurants’.

Synite Digital is renowned for its imaginative campaigns that resonate well with audiences and drive meaningful engagement. The agency’s ability to leverage digital platforms for social impact and brand-building garnered widespread acclaim and appreciation at the Effie Awards Pakistan.

Commenting on the Effie Awards wins, Ahmed Kapadia, Chairman and CEO of Synergy Group, stated: ‘We are committed to pushing the boundaries of creativity, innovation, and effectiveness in marketing. The success of Synergy Advertising and Synite Digital at the
Effie Awards 2024 is a testament to our dedication to delivering results-driven solutions for our clients. We would like to take this opportunity to reiterate our commitment to driving impactful outcomes and to thank all the partners who put their trust in us, allowing us to create award-winning campaigns.’

Winning Effies this year again are a reflection of Synergy Group’s robust growth culture and the winning mindset which has made it stand out among its competitors. It has also reinforced its position as a thought-leader in the marketing and digital realm, setting new standards of excellence and innovation.

Source: Pro Pakistani

Tax cases worth Rs. 2.7 trillion have remained unresolved for decades, Federal Board of Revenue (FBR) sources informed ProPakistani.

Sources said cases worth over Rs. 2.4 trillion falls under Inland Revenue while more than Rs. 250 billion is linked to Customs.

FBR sources said 90,000 tax cases are currently pending across the spectrum of Inland Revenue and Customs departments.

The Inland Revenue Service (IRS) alone makes up 3,271 cases worth Rs. 95 billion which await ruling by the Supreme Court of Pakistan.

Islamabad High Court has yet to give its decisions on 1,100 cases worth Rs. 180 billion, while Sindh High Court hasn’t ruled across 2,600 cases worth Rs. 200 billion.

The Lahore High Court has 5,700 cases worth Rs. 400 billion to deal with so far, while 400 cases worth Rs. 10 billion remain pending at Peshawar High Court.

At the appellate level, 62,298 cases worth up to Rs. 1.5 trillion remain unresolved, FBR sources added. The Customs Department has 1,432 unresolved cases valued at over Rs. 12 bil
lion with the Supreme Court. Meanwhile, Islamabad High Court hasn’t ruled over 203 such cases worth Rs. 2 billion.

Sindh High Court has so far failed to effectively decide on 550 cases worth Rs. 150 billion at the appellate level. Sources added that 548 cases worth Rs. 6 billion and 676 cases worth Rs. 2 billion remain unresolved at Lahore High Court and Peshawar High Court, respectively.

Customs Appellate Tribunal (CAT) has 4,911 pending tax cases worth Rs. 73 billion, sources added.

Overall, cases have remained unresolved in the Supreme Court, High Courts, and Appellate Tribunals for nearly two decades.

Source: Pro Pakistani

Price of flour at Utility Stores has failed to budge compared to cheaper rates in the general market, according to data from Pakistan Bureau of Statistics (PBS).

A 20 Kg bag of flour at Utility Stores costs Rs. 2,840, approximately 38 percent or Rs. 778 more expensive than the general market where the same bag retails for Rs. 2,062, data showed.

Other stables like sugar, rice and ghee are also pricier as compared to the general market.

Sugar, rice, and ghee are respectively priced Rs. 10.37, Rs. 9.64, and Rs. 31.39 higher at Utility Stores than the general market. Even Basmati rice, a premium item, is available at the state-run outlets at a slightly higher price than in the general market.

The disparities extend to broken Basmati rice as well, with Utility Stores selling it Rs. 2.50 higher than the general market.

Source: Pro Pakistani