Read: FBR to enact tax law amendments to increase revenue

The FBR Tax Laws Amendments Ordinance, 2023, which will be presented before the federal cabinet for final approval will include tax measures including a 1% increase in the standard rate of sales tax from 17% to 18% and changes in the withholding tax regime to stopgap the shortfall. The new tax ordinance, if approved, is estimated to generate a total revenue of approximately PKR 355 billion. Some of the proposals include increasing the standard rate of sales tax on petroleum products, raising the rates of withholding taxes, imposing a tax on sugary drinks, and imposing a tax on banks’ foreign exchange income. Other proposals include a tax on banking transactions of non-filers, a flood levy, increased capital value tax rates on imported and locally-assembled vehicles, and an increase in the rate of advance tax on the purchase/sale of immovable property.

It is important to mention that the government has set a tax target of PKR 7.4 trillion for the current fiscal year. However, the FBR fell short of the total revenue collection predictions in the second quarter of the current fiscal year.

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Read: Seven companies submit EOI for Lahore Master Plan 2050

Commissioner Chatha said that the operation will be launched against all those unlawful housing schemes that are functioning without a No-Objection Certificate (NOC) or legal documents from the city administration. He added that the authority would soon start the implementation of the master plan for Rawalpindi, which would identify greenbelts and forbid development there. He iterated that the master plan was being created with special reference to the mushrooming of unlawful housing societies. Additionally, the commissioner pledged to personally oversee cleanliness campaigns in the city. He also urged the district administration to work on finding solutions to the public’s problems with encroachment, traffic, sanitation, and revenue.

Read: Rawalpindi Master Plan: Completion of traffic survey ordered

It is pertinent to note that the Punjab government has initiated the master planning of the major cities. The government intends to introduce a master plan up until 2050 in an attempt to improve cities’ livability and lessen pollution and anthropogenically-induced environmental degradation

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Read: Steel producers for release of PSDP funds to revive industry

Mr Zafar said that the total budgetary allocation for the PSDP is PKR 727 billion, out of which over 50% of funds worth PKR 371 billion have been approved. In a meeting with journalists, Zafar stated that PKR 311 billion of the approved projects were for local components and PKR 60 billion was for foreign aid. He added that 22% of the budget allocation has been utilized, with PKR 207 billion spent, including PKR 147 billion for local components and PKR 60 billion for foreign aid.

The secretary said that of the total USD 10 billion in aid pledged by countries at the Geneva conference, 13 early harvest development projects worth USD 3 billion for flood-affected areas have been approved and funds will be transferred soon. He emphasized that if a project is related to a province, it will be required to share 50% of its resources, and the same would apply to federal government-related projects.

Read: Committee approves PSDP proposals of Housing Ministry

It is important to note that the recent floods in the country have devastated infrastructure in all four provinces, with Sindh suffering a loss of USD 8 billion, Balochistan losing USD 2.5 billion, and other provinces losing USD 750 million. The government has asked the international community to pledge reconstruction funds under their climate resilience and justice initiatives to help with rehabilitation.

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Read: LDA to use plastic road tech for Ferozepur Road’s rehabilitation

As per the details, the commissioner visited the project site to review the ongoing construction work. During the visit, the commissioner requested the Lahore Development Authority (LDA)’s Engineering Wing to complete the under-construction Lahore Flyover at Ferozepur Road by mid-April.

Read: UAE to start work on Pak’s first skyscraper on Ferozepur Road, LHR

The news source mentioned that after the Gulab Devi Hospital underpass, the commuters have to face traffic congestion. Once the flyover is completed, it will provide relief to the citizens as the flow of traffic will be smooth. He directed the Railway authorities to provide a No Objection Certificate (NOC) for the project and asked Lahore Electric Supply Company (LESCO) to shut down the big poles as per the schedule of the flyover contractor. He further added that the work on the said project must be carried out 24 hours a day to ensure timely completion.

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As per the All-Pakistan Cement Manufacturers Association (APCMA)’s report, local cement dispatches also increased by 5.24% in January 2023 on a year-on-year basis with 3.587 million tonnes of cement sold against 3.409 million tonnes sold last year.

Read: APCMA records dip in local cement sales; shares statistics
However, the exports have undergone a decrease of 24.13% as the volume dropped to 418,067 tonnes in January 2023 from 551,006 tonnes last year. During the first seven months of the current fiscal year, the domestic and export cement sales stood at 25.769 million tonnes, which is 17.97% lower than the 31.416 million tonnes sold last year.

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Read: FBR to enact tax law amendments to increase revenue

With preliminary FBR tax January figures showing a collection of PKR 537 billion, the FBR has shown an increase of 23% from the same month last year. According to a statement from the FBR, direct tax collection rose by 48% in the first seven months of the current fiscal year. Comparatively, FBR has collected PKR 3,965 billion overall in the first seven months (July-January) of the current financial year, up from PKR 3,367 billion in the same period last year, representing an 18% YoY growth. Additionally, domestic taxes saw a 40% increase in growth over the same time period, increasing their contribution from 50% to 59%.

The authority claimed that in order to increase tax collection, the FBR addressed the liquidity issues of exporters by issuing refunds totaling PKR 208 billion during the first seven months of the current financial year, a 14% increase over the same period last year.

Read: FBR launches currency declaration app for intl’ travellers

It is important to note that the FBR is still short of PKR 214 billion, or 5.12%, of the tax target for the first seven months. The FBR is expected to issue new tax measures on February 9 following the 9th International Monetary Fund (IMF) review. FBR is expected to collect PKR 7.4 trillion during the current fiscal year 2022-23.

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A meeting was held in which CDWP members met Federal Minister for Planning and Special Initiatives Ahsan Iqbal. The meeting approved 10 uplift projects related to the Ministry of Housing and Works, the Ministry of Communication, the Ministry of National Health Services Regulations and Coordination, the Higher Education Commission (HEC), and the Ministry of Science and Technology.

The following are the details of the projects approved by CDWP:

Reconstruction of Turbat-Mand Road, from Ratodero-Gwadar Motorway (M-8) to Radeeq (Iranian border), at the total cost of PKR 20,992.875 million
Construction of Pun Panjgur-Gichak-Awaran Road, District Awaran, at the cost of PKR 29,638.353 million
Completion of Niheng Bridge at Rodbun, District Kech, at the cost of 673.688 million
Strengthening Institution for Refugee’s Administration (SIRA), at the cost of PKR 2,043 million
Establishment of a Cancer Hospital in Islamabad Capital Territory (ICT), at a total cost of PKR 3,406.169 million
Reconstruction of Mangopir, at the cost of PKR 3190.432 million
Read: CDWP approves USD 9.1 bn railway ML-1 project

Construction of 26-megawatt Shagharthang Hydropower Project, at the cost of PKR 17,972.902 million
Gwadar Safe City Project (Phase-1), at the cost of PKR 4,966.905 million
Development of Ziarat Town at the cost of PKR 5,558.545 million
Establishment of the National Forensic Science Laboratory at the cost of PKR 1978.422 million
In the meeting, the forum forwarded the reconstruction of the Turbat-Mand Road, the construction of the Pun Panjgur-Gichak-Awaran Road, and the Shagharthang Hydropower project to the Executive Committee of the National Economic Council (ECNEC).

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Read: RDA directs consultants to expedite work on Rawalpindi Master Plan

The consultant has requested the traffic police’s help in conducting the study before finalising the traffic engineering plan under the Rawalpindi Master Plan project. It was mentioned that the consultant requires the police’s help to count the number of vehicles plying on the roads and conduct sample interviews of the motorists and commuters.

In the meeting, the roads and squares have been identified after a detailed discussion. The consultant will finalise the areas for the study soon. The spokesperson (whose name was disclosed) mentioned that the entry and exit points of the city will be inspected to gather data on public transport and vehicles. He went on to say that the work on the master plan has been started and in the first phase, data collection for traffic and roads will be completed.

Read: Directives issued to prepare Rawalpindi Master Plan at earliest

The garrison city has four major problems that lead to increased traffic; the lack of parking space or plaza, encroachments, poor traffic management, and unplanned public transport. He highlighted that traffic management and transportation studies are crucial components of the master plan. He went on to say that the surveys are required to assess the traffic patterns and loads. Moreover, the spokesperson stated that after the master plan, the city will be divided into zones for residential, commercial, green areas, and industry.

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The measure has been adopted under the ‘Energy Conservation Plan’ formulated by the federal government. However, residential areas with considerable population density will be exempted from the new policy. As per the sources, the CDA has adopted the power conservation policy following the federal government directives to solarise government buildings.

Read: PM Shehbaz pushes for rapid solarisation of govt buildings. It is important to note that the federal government has asked all ministries and departments to convert their buildings to solar power and move away from fossil fuel-dependent energy sources.

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Read: CPEC projects: Trial operations for Karot Hydropower Project begin Heroboss Technology Group Chairperson Wang Chunping stated that the Pakistan-China small hydropower cooperation is injecting energy into Pakistan’s green economic development. He went on to say that the development of small-scale hydropower will address the problem of electricity consumption of locals and will also help in developing small local industries, increasing local taxes after being incorporated into the national power grid, and regulating the local ecological climate.

The chairperson revealed that Heroboss Technology is, currently, cooperating with the Pakistani Ministry of Science and Technology and local energy institutes in the field of science and technology. It is responsible for setting up the scientific and technological cooperation platform between the two countries, connecting the joint discussions of Chinese state-owned enterprises in Pakistan, China-Pakistan small hydropower joint research centre, and promoting integrated scientific and technological development.

Read: CPEC projects: China, Pakistan jointly complete 27 projects of USD 19 bn

The news source mentioned that the China-Pakistan small-scale Hydropower Technology Joint Research Centre is one the first batch of joint laboratories under the ‘Belt and Road Initiative’. Dasu Hydropower Project Manager and consultant of the research centre Tan Bixuan emphasised that the centre is willing to carry out all technology transfers within the scope of national permits for development. It was mentioned that small hydropower development is more beneficial to the economic development of poor mountainous areas than large-scale hydropower projects.

Moreover, the project manager opined that science and technology will be able to support Pakistan’s post-disaster reconstruction and fight climate change. He went on to say that for post-disaster reconstruction, studies are being conducted on mobile solar powerhouses, mobile communications, and mobile energy storage systems

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