Entertainment
Govt considers slashing FBR tax target, proposal of floods levy on cards
- Govt mulls reducing FBR’s tax target to Rs13.7tr from Rs14.13 tr.
- Reduction of tax target by Rs300-500bn for FY26 possible.
- Flood levy to be imposed on high-net-worth sectors, individuals.
ISLAMABAD: After missing the deadline to privatise the Pakistan International Airlines (PIA), the government is preparing different scenarios to revise downward the Federal Bureau of Revenue’s (FBR) tax collection target in the range of Rs300 billion to Rs500 billion for the current fiscal year, The News reported on Thursday.
On the one hand, there is a possibility of reducing the FBR’s annual tax collection target from Rs14.13 trillion to Rs13.7 trillion or Rs13.9 trillion, taking into account the potential revision in the macroeconomic framework.
There is another proposal on the cards on account of slapping a flood levy in order to generate the resources for the utilisation of funds on rehabilitation and reconstruction efforts.
The government is finalising the exact details for the proposed flood levy, which is expected to be imposed on high-net-worth sectors and individuals.
According to initial estimates worked out for flood damages, the country’s major crops such as rice, sugarcane, and cotton are expected to face losses of 15%, 5.7%, and 10%, respectively.
The livestock has also faced losses. This will result in a revision in the real GDP growth target from 4.2% to around 3%. The CPI-based inflation is also expected to go up from the 5-7% range to 8%.
When contacted, one senior official said that the FBR’s revenues might face revenue losses in the first half (July-December) period to the tune of Rs300 billion. The losses incurred by the agriculture sector might erode the purchasing power of the farm sector, so there are estimates of hurting the collection of Sales Tax.
But the independent tax experts fear that the revenue losses might go close to Rs500 billion for the current fiscal year.
The FBR high-ups argued that the revenue losses would start recovering in the second half (Jan-June) period because the remaining crops, such as wheat, might achieve better yields.
On the privatisation front, the government has missed the deadline for privatising the PIA transaction by August 2025.
The privatisation of First Women’s Bank and HBFC transactions by May 2025.
A financial advisor has been hired for the privatisation of three batch distribution companies (Iesco, Fesco, Gepco), and sell-side due diligence is currently underway, with bidding targeted for December 2025.
The government is now targeting a third bank, ZTBL, for privatisation by the end of this year, and aims to initiate the process for hiring a financial advisor for the privatisation of Batch II Discos (Hesco, Sepco, Pesco) by the end of April 2025, but this could not be accomplished.
The government wants to move towards Genco privatisation, with bidding for Nandipur targeted for January 2026. The transaction structure for the Roosevelt Hotel is still underway.
The government aims to continue to prioritise the privatisation of commercial state-owned enterprises (SOEs), with the highest priority on profitable commercial SOEs, and supported by the completion of SOE privatisation classification, to reduce the government’s commercial footprint and attract investments that can contribute to Pakistan’s development.
These efforts should be supported by fundamental structural reforms to restore the power sector to viability.
Key measures include continued progress on Disco privatisation and/or moves toward private concessions to improve Disco performance and services; sustained efforts to shift captive power to the electricity grid; complete the restructuring of the National Transmission Dispatch Company to improve efficiencies; privatising inefficient public generation companies; and making further gradual progress toward a competitive electricity market.
The Pakistani authorities have committed to ensuring that the implementation of these reforms will bring the flow of any new Circular Debt (CD) to zero by FY31 (when the above stock operation ends) at the latest.
A sequel to Netflix‘s hit animated film K-Pop Demon Hunters has reportedly been confirmed, and has gotten a release date.
As per Deadline, K-Pop Demon Hunters has been officially been greenlit by Netflix and Sony, just months after the hit film’s release.
While details remain scarce, the report indicates that K-Pop Demon Hunters 2 is slated to release sometime in 2029.
Additionally, creator-director Maggie Kang and co-director Chris Appelhans are set to return for the second installment.
Plans for an animated sequel were being discussed as early as August 28, just days after the original film’s release.
Released on August 23, the Netflix movie tells the story of a group of internationally renowned K-Pop idols who lead a double life as demon hunters.
K-Pop Demon Hunters almost immediately became the most watched film in Netflix history, and its success was bolstered by sing-along screenings held in cinemas, reportedly grossing around $20million in a single weekend.
Following the success of the film, rumours began circulating that a live-action remake is being considered however, creator and director of the film, Maggie Kang, told the BBC she doesn’t like that idea.
“There’s so many elements of the tone and the comedy that are so suited for animation,” she said, adding, “It’s really hard to imagine these characters in a live-action world. It would feel too grounded. So totally it wouldn’t work for me.”
Co-director Chris Appelhans agreed, saying, “One of the great things about animation is that you make these composites of impossibly great attributes. Rumi can be this goofy comedian and then singing and doing a spinning back-kick a second later and then freefalling through the sky. The joy of animation is how far you can push and elevate what’s possible. I remember they adapted a lot of different anime and often times, it just feels a little stilted.”
Meghan Markle is making an acting comeback a decade after stepping away from Hollywood to become a royal.
The Duchess of Sussex, 44, was seen filming on Wednesday in Pasadena, California, for Close Personal Friends, an upcoming Amazon MGM Studios comedy starring Brie Larson, Lily Collins, Jack Quaid, and Henry Golding.
Meghan will reportedly play herself. “She has a small part and seemed very relaxed and happy,” a production insider told People. “She introduced herself to everyone and was very sweet and down-to-earth.”
The project marks Meghan’s first acting role since leaving Suits in 2017, shortly before her engagement to Prince Harry.
According to a studio source quoted by The Sun, this appearance is “her way of gently putting her toe back in the water” after years away from Hollywood.
“It’s a massive moment for her and a return to doing what she truly loves,” the source added. “Everyone involved has been sworn to secrecy about her part.”
Prince Harry, 41, is said to be “really supportive” of his wife’s return to acting and “wants Meghan to do whatever brings her joy.”
Close Personal Friends follows a couple who befriend a celebrity pair while vacationing in Santa Barbara—appearing reminiscent of Meghan and Prince Harry’s life in nearby Montecito since leaving royal life in 2020. They share two children, Prince Archie, 6, and Princess Lilibet, 4.
Meghan first met Harry in 2016 while starring on Suits and married him two years later in a royal ceremony. In her 2017 engagement interview, Meghan announced her exit from Hollywood.
Prince Harry is showcasing his embarrassment as he recalls time in the UK.
The Duke of Sussex admits he misses life as a British soldier despite all the love he has received in America.
Speaking about his latest essay ahead of Remembrance Day, communications expert Judi James said: “He sounds embarrassed by this ‘reveal’ though. By adding ‘ridiculous as it sounds’, he seems to be apologising to his US audience, perhaps even to his own family, for this admission of nostalgia and what sounds like a sense of longing.”
“This is an important-sounding admission too. Most ex-pats yearn for jars of Marmite or English tea bags, but Harry is letting everyone know, including Meghan here, that he’s missing a kind of shared, intense, complex humour that he might not be able to get in the US,” she notes.
Prince Harry left the Royal Family back in 2020 alongside wife Meghan Markle and son, Prince Archie. The couple later accused the Royal Family of showcasing racism towards their son and publicly shared their grievances on television. Harry and Meghan now live in California, where they also welcomed their daughter, Princess Lilibet.
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