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Govt considers slashing FBR tax target, proposal of floods levy on cards

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Govt considers slashing FBR tax target, proposal of floods levy on cards


A representational image showing the FBR logo. — FBR website/File
  • 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.





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Lee Sang-bo dies at 45: Funeral details revealed

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Lee Sang-bo dies at 45: Funeral details revealed


Lee Sang-bo dies at 45

Actor Lee Sang-bo, known for his roles in Bad Love, Miss Monte Cristo, and Graceful Empire, has died at the age of 44.

OSEN confirmed that Lee’s funeral has been arranged at Room 3 of the Central Funeral Hall in Pyeongtaek, Gyeonggi Province.

The funeral procession will depart on March 29 at 10:30 a.m., with burial to follow at the Pyeongtaek City Memorial Hall.

Who was Lee Sang-bo?

Born in 1981, the South Korean actor debuted in 2006 with KBS2’s Invisible Man Choi Jang-su and went on to appear in numerous dramas.

His career faced turbulence in 2022 when he was investigated for alleged drug use.

The case was later dismissed after forensic analysis confirmed he had been prescribed medication for depression.

Lee returned to acting with Graceful Empire in 2023, determined to rebuild his reputation.

In addition to acting, Lee recently opened a meat restaurant in Pyeongtaek, where he personally greeted and served customers.

Friends and patrons described him as warm and ‘friendly neighbour’.

Following his death, the restaurant has temporarily closed, with his cousin (co-manager of the restaurant) expressing grief over the loss, “My heart is heavy.”





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Savannah Guthrie is returning to “Today” show on April 6, NBC says

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Savannah Guthrie is returning to “Today” show on April 6, NBC says


“Today” show co-host Savannah Guthrie will return to the program on April 6, host Hoda Kotb announced on the program’s Friday broadcast. 

The investigation into the disappearance of Guthrie’s mother, Nancy Guthrie, is still continuing. In an interview on “Today,” Savannah Guthrie made a tearful plea for someone “to do the right thing” and share information to help solve the case. 

It has been nearly two months since authorities believe Nancy Guthrie, 84, was taken from her Tucson, Arizona, home after she was last seen on the night of Jan. 31. 

In a portion of the interview with Kotb that aired Friday, Savannah Guthrie said she wants to return to the show “because it’s my family.”

“I think it’s part of my purpose right now. I want to smile. And when I do, it will be real. And my joy will be my protest. My joy will be my answer. And being there is joyful,” Guthrie said. 

She added, “I consider this my family, my greater family, and when times are hard, you want to be with your family and I want to be with my family. And so, I don’t know if I can do it. I don’t know if I’ll belong anymore, but I would like to try.”

Nancy Guthrie’s disappearance

Nancy Guthrie was reported missing on Sunday, Feb. 1, the morning after she had dinner at her daughter Annie’s house and was dropped off back at her own home for the night. Pima County Sheriff Chris Nanos told CBS News he believes she was abducted in the middle of the night, and he has also said family members and their spouses have all been ruled out as possible suspects.

Evidence later showed that a doorbell camera at Nancy Guthrie’s home disconnected at 1:47 a.m. Images and video retrieved from the camera system’s data and released by the FBI showed a man in a face mask, gloves and backpack at her door overnight.

No suspects have been named in the case. The Guthrie family is offering a $1 million reward for information leading to Nancy Guthrie’s recovery. The FBI is also offering a separate reward of $100,000.

Savannah Guthrie’s appeals

Savannah Guthrie has made several appeals for people with information about her mother to come forward, including a tearful plea in a two-part interview this week on “Today.”

“We are in agony. We are in agony,” an emotional Guthrie told Kotb in a clip released Wednesday. “It is unbearable, and to think of what she went through, I wake up every night in the middle of the night, every night, and in the darkness, I imagine her terror, and it is unthinkable, but those thoughts demand to be thought.”

She and her siblings have also released video pleas on social media.

As authorities continued to search for her mother, Guthrie stepped back from her duties at NBC, including dropping out of hosting the network’s 2026 Winter Olympics broadcast last month.

“Someone needs to do the right thing,” Savannah Guthrie said in Wednesday’s clip. She also said, “I will not hide my face, but she needs to come home now.”



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Prince William bold decision keeps Harry up at night: ‘No mercy’

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Prince William bold decision keeps Harry up at night: ‘No mercy’


Prince Harry has been losing sleep over Prince Archie and Princess Lilibet’s future risks, particularly following his estranged brother Prince William’s recent powerful move.

The Prince of Wales’ bold decision regarding Andrew caused serious tension for the Duke of Sussex about his and little Sussex’s royal future.

Royal commentator Tom Bower, in his book Betrayal: Power, Deceit And The Fight For The Future Of The Royal Family, made several claims, and one is about Harry’s growing fears for Archie and Lilibet’s titles in William’s reign.

After witnessing the royal family, especially William’s stern actions against Andrew after he portrayed the monarchy in a negative light, Harry anticipates the future King’s wrath.

Tom penned, “The tremors of the unprecedented sanctions against Andrew must have shocked Harry. In public, he remained silent. In private, he realised that his own royal status was no longer invincible.”

The royal expert warned, “Clearly, William was taking no prisoners. Once he was crowned as king, his brother might well show no mercy to him and Meghan.”

Harry knows that the Prince and Princess of Wales still have grievances regarding the Sussexes’ bombshell move to air their family’s drama to the public.

Talking about Meghan, Tom said, “William would undoubtedly rail against her disloyalty. He might even strip Archie and Lilibet of their titles.”





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