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Govt to Pay Rs. 300 Billion to CPEC Power Companies Next Month

Govt to Pay the outstanding debt of Rs. 300 billion owed to Chinese independent electricity producers (IPPs) in July with the Chinese Foreign Minister relocating to Pakistan.
The matter was discussed by China’s Charge d’Affaires recently along with SAPM Coordination Syed Tariq Fatemi, who later wrote to the division of power inquiring about the status of the payments. The Chinese power companies have claimed that the outstanding costs have amounted to $1.5 billion.

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PCBDDA has introduced the “Blue Road” concept in Lahore

Chinese companies are apprehensive about the current situation at their power plants in Hub, Sahiwal, and Port Qasim. They also complain about currency exchange restrictions, which cause problems in exporting coal. Businesses claim that the inability to pay could cause the power plants to fail, which could lead to the suspension of operations. Pakistan, however, came up with a different solution to address issues of capacity payment in the long term.

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Govt to Consider Proposal to Put More Tax Burden on Rich

Pakistan has offered to sell 1200 MW of electricity to China to supply electricity to Afghanistan. The government has also asked to renew the contract per other IPPs that can be expected to save $14.26 billion over the life of these plants, which amounts to $0.48 billion annually for an average that is 30 years.
Although Pakistan is expected to be in a surplus of 3970 MW by 2030, based on the current power balance and renewal of the agreement can impact the validity of contracts signed under CPEC, particularly when the Chinese recognize that the demands will originate via Western Financial Institutions.

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CDWP Clears Six Development Projects Worth Rs. 227 Billion

CDWP Clears Six Development Projects Worth Rs. 227 Billion

ISLAMABAD The Central Development Working Party (CDWP) on Friday voted to approve the approval of six projects worth 227 billion rupees, mainly in Punjab, Khyber Pakhtunkhwa, and Azad Kashmir. Three of them are more significant projects sent by the Executive Committee of the National Economic Council (Ecnec) to seek official approval.

An assembly of the CDWP led by the Minister of Planning Ahsan Iqbal approved three projects with an estimated amount of around Rs21bn. The meeting also approved two other projects worth around Rs207bn to be approved by Ecnec.

The CDWP is authorized to accept projects that cost less than Rs10bn in the present financial regulations. In contrast, the projects with more significant estimates are obtained by Ecnec according to its suggestions after approval for technical reasons.

The meeting endorsed the largest of the projects on the agenda -the Khyber Pakhtunkhwa Rural Investment & Institutional Support Project -valued at Rs110.7bn in principle to the Ecnec for approval on the condition that its costs be streamlined.

The project is partly financed by the World Bank with a $200 million (about 56 billion rupees) loan to be utilized as a multi-phased program for nine years, with a greater focus on the mainstreaming and development of the previously tribal region that covers 14 districts. This includes eight communities that have been combined districts in KP, eight new merged in KP, along with six frontier zones.

The project focuses on urgent reconstruction in the initial phase, relating to the damage caused by the devastating 2022 floods in districts merged and filling in the development gaps. The intervention will concentrate on building relationships between citizens and states by strengthening the lowest level of government and expanding the state’s systems and presence to ease and facilitate service delivery issues in eight districts that have recently merged, as well as six regions in the frontier, where the gaps in development are most severe.

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PCBDDA has introduced the “Blue Road” concept in Lahore

The CDWP meeting voted against a cost increase of more than 20 billion in the Mangla Dam Raising project up to more than Rs116bn. This would include additional work as well as services. The meeting also directed the project that was already completed to be shut down at the estimated cost of Rs96 billion. This will now be officially accepted by the Ecnec to close the project, with instructions that any additional work related to legal and penal services and nullah development should be carried out by Azad and Kashmir Wapda, as well as other agencies by their respective responsibilities since they have nothing to do with the Public Sector Development Programme.

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Govt to Consider Proposal to Put More Tax Burden on Rich

The meeting also approved National Oilseed Enchantment Program at the cost of Rs10.96bn and also added to the Sindh Component of the project that the Ecnec accepted. This is because the National Food Security and Research Division is the project’s sponsoring agency for the program. The project’s primary goals are to increase the yields of three possible crops, such as sunflower, canola, and sesame, to increase its export capabilities of sesame seeds, and encourage oil seed growers through subsidies on seeds machines, inputs, and inputs appreciation awards. The aim is to stimulate the solvents sector to buy farmers’ products at a reasonable price and set up a procurement center in significant growth areas.
The CDWP approved three Sewage Treatment Plants and related Sewage Systems to treat Waster Water falling into Korang River and Rawal Lake for Rs6.076bn.
The creation of the Danish School in Jia Kham Sohbatpur worth Rs1.61bn was accepted by the CDWP. It is the Government of Balochistan is the patronizing agency of the project.
In January of this year, Prime Minister Shehbaz Sharif, during the Jia Khan Model School opening ceremony in Jia Khan, directed the establishment Danish schools in the Jia Khan Sohbatpur district and 12 other communities in Balochistan.

Cement Firms Resisting Performance of Track and Trace System

Cement Firms Resisting Performance of Track and Trace System of the Federal Board of Revenue (FBR) by giving illogical reasoning and explanations for postponing the system’s performance at their factories.

According to reports, cement producers nationwide are refusing the introduction of the Federal Board of Revenue’s (FBR) track and trace system at their plants by citing unsubstantiated reasons for the delay. The manufacturers have told the FBR that implementing the system could be impeded by the humid, hot, and dusty climate.

In the most recently held FBR gathering with the cement industry association, the tax authorities advised the cement industry to implement this system within one factory production line. After testing the system, it will be implemented across the entire factory.

The system of track and trace is operational thanks to the fertilizer units. However, its importance is limited since the government provides an exemption from sales tax on fertilizers. But cement manufacturing facilities must install applicators to allow the system to be fully functional. Once these applicators are in place, we can fully benefit from this track-and-trace system.

Sources say the close of March 2023 will mark the completion of track and trace at cement mills. They had also set the timeframe for July 1st, 2022, to implement this system within the cement industry.
As per the rules in The Federal Board of Revenue (FBR), licensees are responsible for paying for any assets, whether tangible or intangible, such as applicators and the services required to apply unique identification markings or stamps, as well as the installation and operation, and maintenance. The licensee bears the costs of these services and assets for the duration of their license. Any assets the licensee uses to support this system remain the ownership and responsibility of the licensee.

FBR Rules require the use of distinctive markers for identification.

The markings should use non-removable, anti-tampering material for the primary material. The substrate should show evidence of any attempted tampering. Furthermore, the stamp’s dimensions should be suitable for use by most label makers in the marketplace.

Through the implementation of this system, massive production and manufacturing in various sectors will undergo digital surveillance. This will stop revenue leaks. And reduce human intervention. This will create an efficient taxpayer compliance process. This will result in a reliable tax compliance system across the country.

Resistance from Cement Companies

CBD Punjab introduces the ‘Blue Road’ concept

LAHORE: Punjab Central Business District Development Authority (PCBDDA) has introduced the “Blue Road” concept in Lahore to modernize the city’s infrastructure and improve its residents’ quality of life.

PCBDDA has brought the ‘Blue Road concept to Lahore, one of the cities in Pakistan and Asia, to implement this new technology.

Blue Roads are designed to provide a sustainable alternative to asphalt roads. They include energy conservation and heat observation features to reduce pollution and encourage greener living.

The roads are made of an exclusive coating that reflects sunlight, which reduces how much heat that is absorbed by the road’s surface. Additionally, the reflective coating enhances drivers’ visibility in dark conditions and improves the safety of drivers on the road.

Under the guidance of Imran Amin, CEO of CBD Punjab, the construction work is personally overseen to ensure that the deadline set by the Chief Minister in the interim of Punjab, Mohsin Raza Naqvi, on his last visit to Punjab is adhered to.

In expressing his opinions as CEO of CBD Punjab, Imran Amin enunciated, “We are excited to present Blue Road as a Blue Road concept in Pakistan that has been successful in various European and Middle Eastern countries like Netherlands, France, and Qatar.

This project won’t just provide environmental benefits, like heat observation, energy conservation, and less pollution. Still, it will also help us achieve our goal of a modern, sustainable, and tolerant society of Punjab.”

Govt to Consider Proposal to Put More Tax Burden on Rich

Finance Minister Ishaq Dar chaired an essential gathering of the Reforms and Resource Mobilization Commission (RRMC) in the Finance Division on Saturday to discuss tax reforms to help economic growth and improve the tax system in the economy country. Govt to Consider Proposal to Put More Tax Burden on Rich

The RRMC Presents Interim Review with Recommendations for Tax

During the meeting, RRMC Chairperson Ashfaq Tola presented an interim report with recommendations of the Commission to the Minister. The report, as per sources mentioned by Dawn, recommended various tax reforms to include in the forthcoming budget for 2023.

(2/2)…in the revenue policies for resource mobilization, ease of doing business, and tax payer facilitation to achieve sustainable economic growth.
— Ministry of Finance (@FinMinistryPak) April 29, 2023

Emphasis on Direct Taxes and Taxing the Rich:

The recommendations in the report heavily emphasized bringing hidden income under the tax net and raising the percentage of direct taxes in federal taxation. Additionally, the report suggested taxing the wealthy while offering relief to less fortunate people to establish an equitable tax system.

Finance Minister Commends RRMC’s Efforts for Reforms:

A handout released following the meeting showed that Finance Minister Ishaq Dar was pleased with his team’s efforts by the RRMC in recognizing the issues and pitfalls in the current tax system. He also praised the beneficial suggestions for reforming revenue policies that promote resource mobilization, ease of business, and taxpayer facilitation to sustain economic growth.

The meeting participants comprised SAPM of Finance Tariq Bajwa, SAPM for Revenue Tariq Pasha, secretary of Finance, FBR Chairman, and senior officials in FBR, the Finance Division, FBR, and RRMC and RRMC, discussed the recommendations made by the Commission. Participants agreed to design business-friendly tax reforms after interacting with all involved.

The most profitable investment to protect your money in the era of inflation

Profitable investment to protect your money in the era of inflation. Lahore (Monitoring Desk) In this time of high inflation, prices of services and goods increase continuously, and the value of money held in the bank accounts is declining. Many investments were historically thought of as hedges or protections against inflation. This includes commodities and certain kinds of bonds and stocks. Items include raw materials as well as agricultural products such as oil, cotton, copper soybeans, orange juice

Investing instead of saving them could be the best choice in this situation. According to the news website “ProPakistani,” buying real estate can be a secure option in the age of inflation.
In the case of real property, the inflation rate can affect properties’ value in various ways, like the cost of development and the cost of renting properties rising. But investing in real estate is the most profitable investment during rising inflation.
A study by The Iqbal Institute for Policy Studies, in conjunction with the real estate company, has proven that investing in real estate is the safest investment since the prices of real estate increase along with inflation and the cost increases.
Experts advise against placing money into an account in a bank and investing it in real estate, as when the rupee is declining, the property market is soaring. According to experts, the opposite is true for livestock or prize bonds. Investments in such things. It can be to be counterproductive.

Govt to Pay Rs. 300 Billion to CPEC Power Companies Next Month

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CDWP Clears Six Development Projects Worth Rs. 227 Billion

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Read More About Area Converter, Plots for Sale, and House Building Materials Prices:

Cement Firms Resisting Performance of Track and Trace System

FBR Rules require the use of distinctive markers for identification.

Read More About Area Converter, Plots for Sale, and House Building Materials Prices:

CBD Punjab introduces the ‘Blue Road’ concept

Read More About Area Converter, Plots for Sale, and House Building Materials Prices:

Govt to Consider Proposal to Put More Tax Burden on Rich

The RRMC Presents Interim Review with Recommendations for Tax

Emphasis on Direct Taxes and Taxing the Rich:

Finance Minister Commends RRMC’s Efforts for Reforms:

Read More About Area Converter, Plots for Sale, and House Building Materials Prices:

The most profitable investment to protect your money in the era of inflation

Read More About Area Converter, Plots for Sale, and House Building Materials Prices:

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