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

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4 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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Revolution in Pakistan’s Livestock Industry: Fongrow Farms’ IVF Training Is Led by Brazilian Experts

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With the help of SIFC, Fongrow is implementing a new project at its Livestock Farms in Khanewal that is significantly boosting Pakistan’s economy and food security.

The business has started an advanced training course on reproductive technology, with an emphasis on IVF, embryo transfer, and ovum pickup. Brazilian professionals are among the international experts leading this three-week training.

Through the introduction of innovative procedures that will improve livestock reproduction, raise the production of milk and meat, and ultimately improve the nation’s food security, the program is anticipated to transform the livestock sector.

More calves can be raised with the use of IVF and ovum pickup techniques, increasing livestock yield overall.

To give Pakistani veterinary experts and embryologists the most up-to-date information on animal breeding, the training program offers them contemporary learning possibilities.

With SIFC’s help, Fongrow is spearheading agricultural innovation, advancing Pakistan’s food security and sustainable farming practices.

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The price of petrol in Pakistan may experience an increase starting February 1, 2025.

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The government led by Prime Minister Shehbaz Sharif is anticipated to increase fuel and diesel prices starting February 1, 2025, further impacting inflation-affected citizens.

The increase in crude oil prices has raised apprehensions over more escalations in the prices of petroleum products domestically.

Sources indicate that petrol prices may increase by Rs3 per litre, while high-speed diesel (HSD) is anticipated to rise by Rs6 per litre in the forthcoming fortnightly review.

The Oil and Gas Regulatory Authority (Ogra) will submit a summary to the relevant ministry, recommending adjustments based on international oil price trends and exchange rate fluctuations.

A conclusive decision will be rendered following discussions between Finance Minister Muhammad Aurangzeb and Prime Minister Shehbaz Sharif, with an official statement anticipated on January 31.

In the previous review, the government had increased petrol prices by Rs3.47 per litre, bringing the new rate to Rs256.13 per litre. The price of HSD increased by Rs2.61 per litre, establishing the new rate at Rs260.95 per litre.

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Pakistan’s gold price has skyrocketed.

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On Wednesday, Pakistan’s gold price skyrocketed, mirroring worldwide market movements.

The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) released data showing that the price of 24-karat gold per tola increased by Rs2,300 in the local market, reaching its highest level ever at Rs288,700.

The price of 10 grams of 24-karat gold also went up by Rs1,972, to Rs247,513.

On Wednesday, the price of gold increased by $22 on the global market as well, reaching $2,763 per ounce with a $20 premium.

Silver prices in the local market increased by Rs28 to Rs3,391 per tola.

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