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FAST-PACED WORK IN PROGRESS ON SECOND PHASE OF CPEC: PM Monday, 5 August, 2024 I 29 Muharram, 1446
Urges stakeholders to rise above politics to work on national development projects g Says he monitoring progress on MOUs, and agreements after his recent visit to China
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LAHORE
Staff RepoRt
RIME Minister Shehbaz Sharif on Sunday said that work was progressing fast on the second phase of the China-Pakistan Economic Corridor (CPEC) and there was positive momentum on further promotion of cooperation with China in different fields during the visit of Chinese experts to Pakistan. The prime minister was speaking during a meeting here with a sevenmember delegation of journalists who
returned from an official visit to China on the invitation of the government institution China-Public Diplomacy Association. He said that China was a sincere friend which helped Pakistan on every difficult occasion. He urged that all stakeholders should rise above politics to work together on national development projects like China Pakistan Economic Corridor (CPEC). The PM said whenever Allah Almighty allowed him to serve the country, he pledged to himself to focus all his energies on the country’s progress.
FBR exposes Rs11b tax fraud involving bogus firms and duty-free coal sales Fraud involves two bogus firms, Junaid Impex and Trade Zone ISLAMABAD
MonitoRing DeSk
The Federal Board of Revenue (FBR) has uncovered a substantial tax fraud amounting to Rs11 billion, linked to fictitious companies exploiting tax loopholes. The fraud involves two bogus firms, Junaid Impex and Trade Zone, which are accused of fraudulently selling duty-free coal to cement plants. These companies have also opened accounts with local banks.
The scheme used fake sales tax invoices to supply local coal to cement factories. Coal, a crucial resource for both the cement and electricity sectors, is essential for Pakistan’s cement industry, which demands an average of 13,000 tonnes of coal. This demand is met through both imports and domestic production, with Pakistan’s coal reserves estimated at 185 billion tonnes.
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Rs 20.00 | Vol XV No 36 I 8 Pages I Islamabad Edition
– directs economic team to
speed up FBR transformation LAHORE
Staff RepoRt
Prime Minister Shehbaz Sharif Sunday set a target for his economic team to speed up the process of transformation of the Federal Board of Revenue (FBR). Chairing a review meeting on Track and Trace System of FBR, the PM said that total digitization and restructuring of FBR according to modern standards was part of the transformation plan. He delegated responsibility to the Minister of State for Finance to oversee the transformation project of FBR. The prime minister was presented a
detailed report regarding the track and trace system and on progress of digitization of FBR. He directed immediate action against the persons responsible for deficiency and irregularities regarding the track and trace system. He directed immediate implementation of steps for taking action against the officials negligent in upgrading the system. The prime minister said that reforms in FBR were necessary to improve the tax system of Pakistan, adding, “We will work day and night to save every penny of the poor people of Pakistan.”
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He said he was thankful to the Chinese leadership and people for the exemplary hospitality shown during his recent visit to China. He informed that he himself was monitoring the progress on the
memorandums of understanding and agreements after the visit to China. The prime minister assured that Pakistan was ensuring all steps for the security of Chinese nationals in Pakistan.
LAHORE
cent. The monthly inflation rate in June 2024 was 12.6 percent, highlighting a notable monthly fluctuation. Inflation varied between urban and rural areas, with urban inflation at 13.2 percent compared to 8.1 percent in rural regions. Significant price hikes were observed in food items: tomatoes surged by 75.82 percent, vegetables by 29.71 percent, dry milk by 17.34 percent, and chicken by 10 percent. Additionally, the cost of wheat flour increased by 8.23 percent, and prices for potatoes, white gram, milk, wheat, fruits, and honey also rose.
Inflation hits 8-month high as July sees 2.1% monthly increase Staff RepoRt
Inflation rates have surged to their highest level in eight months, with a 2.1 percent increase recorded in July 2024. This marks the steepest monthly rise since November 2023. Despite the sharp monthly increase, the annual inflation rate has dropped to 11.1 percent, down from 28.3 percent in July 2023. The Pakistan Bureau of Statistics (PBS) reported that while the overall inflation rate rose by 2.1 percent last month, the annual rate has significantly decreased from 28 percent to 11.1 per-
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Imran says would be ‘foolish’ not to have good ties with army ISLAMABAD
MonitoRing RepoRt
The incarcerated Pakistan Tehreek-e-Insaf (PTI) founder, Imran Khan, who blames the military for his ouster and 12-month-old imprisonment on what he calls trumped-up charges, has said it would be “foolish” not to have “excellent” relations with the army. Ahead of Monday’s anniversary of his jailing on dozens of charges ranging from corruption to leaking state secrets, Khan also stated in a written responses to Reuters questions that he held no grudges against the United States, whom he has also blamed for his 2022 ouster from office. “Given Pakistan’s geographical position and the military’s significant role in the private sector, it would be foolish not to foster such a relationship,” Khan wrote in replies relayed by his media and legal team. “We are proud of our soldiers and armed forces,” he said. Khan said his criticisms since his ouster had been directed at individuals, not the military as an institution. “The miscalculations of the military leadership shouldn’t be held against the institution as a whole.” On Wednesday, Khan offered to hold “conditional negotiations” with the military — if “clean and transparent” elections were held and the “bogus” cases against his supporters were dropped. Army and government did not immediately respond to requests for comment on Khan’s remarks to Reuters. They have both repeatedly denied his assertions. The United States denies any role in his ouster. In his replies, the 71-year-old former cricket star did not specify what he wanted to discuss with the military. ‘OPEN TO ANY DIALOGUE’ WITH ARMY: Khan, who lost power in a parliamentary vote of no confidence, accuses the army of backing what he calls the politically motivated cases against him, which the military has denied.
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