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A cybersecurity breach at FBR results in billion-dollar tax evasion.

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2 months ago

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According to the Federal Trade Commission (FTO), the Federal Board of Revenue’s (FBR) cybersecurity systems failed, allowing taxpayers’ data to be compromised in a cyberattack and resulting in a tax fraud of Rs 14.66 billion.

The organization also revealed that hackers made use of holes in FBR’s security to carry out fictitious transactions totaling Rs 81.43 billion.

Rs 14.66 billion in taxes were lost as a result of these illegal transactions.

It was revealed last month that only 43% of the monthly objective had been met by the FBR in the first eighteen days of the month, indicating that the organization is having difficulty meeting its goals.

Details reveal that the Chief Commissioner of the Corporate Regional Tax Office received a letter from the FBR headquarters expressing worries about the poor rate of revenue collection.

In the letter, it was stated that increased efforts were required to meet goals, especially during the first quarter of the fiscal year.

The Corporate Regional Tax Office has also been instructed by the FBR to concentrate on collecting unpaid taxes and making sure that monthly sales tax reports are filed on time.

In order to stop tax evasion, the FBR has also emphasized how crucial it is to keep an eye on withholding agents. In order to reach the revenue targets and overcome the difficulties in tax collection, the FBR is generally advising its offices to step up their efforts.

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Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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3 days ago

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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3 days ago

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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