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.
Nick Jonas sent his fans into a frenzy with a live rendition of his unreleased song, titled Gut Punch.
On Saturday, December 20, during Jonas Brothers: JONAS20 Greetings From Your Hometown Tour stop in Baltimore, MD, the youngest vocalist of the rock band treated the lucky concert goers with the first ever live performance of his upcoming song.
The following day, he reposted a fan-captured video of the moment on his Instagram Stories.
The TikTok was captioned, “Nick Jonas performs his upcoming solo single Gut Punch tonight in Baltimore.”
The deeply personal track, inspired by self-criticism and learning self-grace, features the lyrics “Hit me like a gut punch, I hurt my own feelings.”
Gut Punch is Nick’s new single from his upcoming solo album Sunday Best, dropping on New Year’s Day 2026.
The 33-year-old musician, who most recently appeared on Broadway in The Last Five Years, has revealed that he will release his new single, Gut Punch, on January 1st.
The track serves as the first look at his forthcoming solo album arriving February 6th via Republic Records.
As for the siblings’ 20th-anniversary tour, Nick, Joe and Kevin Jonas are scheduled to perform in New York, Brooklyn’s Barclays Center on Dec 22.
Followed by a show in Daily’s Place, Jacksonville, Fl, on December 30 and a show in Hard Rock Live, Hollywood, FL, on December 31, the tour will finally come to an end with the year 2025.
Entertainment
Who’s Kyle Chrisley? Todd Chrisley’s son arrested for domestic assault months after Trump pardon
In a disturbing turn of events, Kyle Chrisley, the eldest son of TV stars Todd and Julie Chrisley, was arrested by the authorities on Saturday night, December 20, in Rutherford County on charges of domestic violence.
This is not the first time he has been detained, the arrest comes just a few months after his parents were pardoned by U.S. President Donald Trump.
Kyle was booked into the Rutherford County Adult Detention Center in Murfreesboro, Tennessee, USA.
The framed charges against him reportedly include domestic assault, public intoxication, and more.
Who’s Kyle Chrisley?
Kyle Chrisley is the firstborn of a television personality and real estate entrepreneur best known as the head of the reality show Chrisley Knows Best.
Todd shares Kyle and daughter Lindsie, 35, with ex-wife Teresa Terry and shares three children with his current spouse, Julie Chrisley—Savannah, 28, Chase, 29, and Grayson, 19.
Kyle has faced multiple past legal troubles, including charges of domestic assault, public intoxication, disorderly conduct, three counts of assaulting an emergency worker, and resisting arrest, as reported by TMZ.
In March 2023, Kyle was arrested on a felony aggravated assault charge and released after posting a $3,000 bond, and the case was later dropped for undisclosed reasons.
Kyle’s attorney, Wesley Clark, said the suit aims to hold officials accountable and prevent other families from enduring the same frightening experience as the Chrisleys.
Kyle Chrisley’s recent arrest comes only months after his parents, Todd and Julie, were freed from prison via a pardon from U.S. President Donald Trump.
Todd and Julie had served 28 months of imprisonment after being convicted of tax evasion and bank and wire fraud, though they have consistently maintained their innocence.
Sarah Ferguson appears to reeling from the humiliation of being completely cut off from the royal family and is now trying to grovel her way into gaining back some sympathy.
The former Duchess of York was also ousted after King Charles removed all the royal honours and titles from her ex-husband Andrew Mountbatten-Windsor. They both were found to have a shady connection to the paedophile financier Jeffery Epstein forcing the monarch to take a severe action after public backlash.
Previously, Sarah and Andrew had a tradition to send Christmas cards to family and friends. This year, with Christmas around the corner, Fergie had been signing the festive cards alone to send out to the royals, per DailyMail author Barbara Davies.
Princess Beatrice and Princess Eugenie’s mum had been slowly earning the trust and favour of the royals and had even attended the Sandringham Walk in 2023. However, all of that fell apart when the controversies lined up against the Yorks.
They are also set to vacate the Royal Lodge in the first half of 2026 which would officially (and hopefully for royals) mark the end of the chapter.
“With the long-divorced couple finally preparing to go their separate ways, 66-year-old Sarah, it is understood, has been signing her cards alone,” a source revealed.
They added that the cards which are addressed to members of the Royal Family have “a gushing personalised apology” written for causing the trouble through her past bad decisions.
In what is being termed as a ‘desperate’ attempt, Fergie is making a plea to the royals to somehow prove a little contrition that she feels. The source shared that she had forlornly written on the cards: “I hope we’ll meet again”.
It is suggested that Sarah will be along with Andrew for Christmas this year as they are also banned from all royal family private celebrations. Meanwhile, their eldest daughter Beatrice is going abroad with her family and friends.
Princess Eugenie is yet to decide, but it is likely that she would follow her sister’s strategy to avoid drama.
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