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.
Entertainment
Bad Bunny says 2026 Super Bowl halftime show will “be a huge party”
Bad Bunny says he’s approaching his highly anticipated Super Bowl halftime performance with a mix of excitement, gratitude and perspective.
“To be honest, I don’t know how I’m feeling. There’s a lot. I’m still in the middle of my tour. I was just at the Grammys last week. All of that,” he said in English on Thursday at a press event hosted by Apple Music. He walked out to his 2017 single “Chambea.”
“I’m excited, but at the same time, I feel more excited about the people than even me — my family, my friends, the people who have always believed in me,” he said. “This moment, the culture — that’s what makes these shows special.”
Bad Bunny, the Puerto Rican superstar born Benito Antonio Martínez Ocasio, is one of the most-streamed artists on the planet. He will take the Super Bowl stage just one week after he won album of the year at the 2026 Grammys for “Debí Tirar Más Fotos.” It’s the first time an all Spanish-language album has taken home the top prize.
During the conference, Bad Bunny joked that fans didn’t need to learn Spanish to enjoy his set — but they should be prepared to dance, a reference to his “Saturday Night Live” monologue from last October.
Apple Music’s Zane Lowe and Ebro Darden hosted the conversation with Bad Bunny. Thursday’s event began with conversations with pregame performers at 10 a.m. Pacific time.
This year, a long line formed well before the doors opened, with credentialed media — including a noticeable presence of Spanish-language and Latin American outlets — packing the conference room nearly an hour before the news conference began.
It marked a stark contrast to Kendrick Lamar’s 2025 news conference, when the room didn’t fill up until roughly 15 minutes before the event.
Despite the heightened interest, Bad Bunny offered few specifics about what viewers will see Sunday.
Godofredo A. Vásquez / AP
“It’s going to be a huge party,” he said. “What people can expect from me … I want to bring to the stage, of course, a lot of my culture. But I really don’t, I don’t want to give any spoilers. It’s going to be fun.”
For the artist, the journey to the Super Bowl was never driven by recognition or awards. He said “Debí Tirar Más Fotos” became his most meaningful project because it was rooted in reconnecting with his identity, history and culture but not chasing milestones.
“I wasn’t looking for album of the year. I wasn’t looking to perform at the Super Bowl halftime show,” he said. “I was just trying to connect with my roots, connect with my people, connect with myself.”
That mindset, he said, ultimately opened the door to something larger: bringing a deeply personal expression of culture to one of the world’s biggest stages.
“You always have to be proud of who you are and where you’re from,” he said. “But don’t let that limit where you can go.”
Bad Bunny is no stranger to the Super Bowl stage. He previously appeared during the halftime show at Super Bowl LIV in 2020 alongside Jennifer Lopez and Shakira. But he said his focus has remained unchanged.
“My biggest pleasure is just to create, have fun doing it and connect with the people,” he said. “That’s what I’m always looking for every time I’m in the studio.”
When asked if he will have surprise guests, he said “That’s something I’m not going to tell you.”
Then he said he will actually have a lot of guests watching — his friends, family, “the Latino community,” and people around the world who love his music.
At the end of the interview, Bad Bunny took questions from a few student journalists, including one who asked him to name an early supporter. “My mom,” the singer replied.
“Before everything, she believed in me as a person, as a human. She believed in me, in my decisions, in my opinions,” he continued. “I think that’s what got me here, you know? Not because she believed that I was a great artist but that she believed that I am a great person.”
The Super Bowl will be held Sunday at Levi’s Stadium in Santa Clara, with the Seattle Seahawks facing off against the New England Patriots.
The Super Bowl pregame show will open with several standout performers in Northern California: Charlie Puth will hit the stage to sing the national anthem, Brandi Carlile will take on “America the Beautiful” and Coco Jones will sing “Lift Every Voice and Sing.”
“I want them to feel inspired. I want everybody to know that music is such an amazing thing,” Puth said of his performance.
“This is pretty much the top of the top,” added Jones. “This is the bee’s knees. … It’s hard to compete. Maybe my wedding will be up there.”
The national anthem and “Lift Every Voice and Sing” will be performed by deaf performing artist Fred Beam in American Sign Language. Julian Ortiz will sign “America the Beautiful.”
Before the game, Green Day will play a set to celebrate the 60th anniversary of the Super Bowl. The band, which has its roots in the Bay Area, plans to “Get loud!” according to lead singer Billie Joe Armstrong.
In a historic first, the halftime show will include a multilingual signing program featuring Puerto Rican Sign Language, led by interpreter Celimar Rivera Cosme. She was also the interpreter for Bad Bunny’s landmark residency in Puerto Rico last year that drew more than half a million fans.
All signed performances for the pregame and halftime shows will be presented in collaboration with Alexis Kashar of LOVE SIGN and Howard Rosenblum of Deaf Equality.
Entertainment
A celebration of fake books
Entertainment
Prince Harry, Meghan Markle doing better in California than everyone thought
Prince Harry and Meghan Markle have truly carved out their Californian dream life in Montecito, California, with their two children, Prince Archie and Princess Lilibet.
Their sprawling $29 million estate has an outdoor pool, a wine cellar, a spa over the water, and a giant playground for the little royals. But it’s the bathrooms that has everyone talking.
A video from @globalstarhomes revealed that the mansion has nine bedrooms and 16 bathrooms, leaving fans both baffled and amused.
Comments poured in, “Nine bedrooms and 16 toilets. Really?” one viewer asked, while another joked, “16 thrones for the royals, nice touch!”
Others questioned the practicality, suggesting the couple could scale down and simply enjoy the house.
Large estates often include gyms, spas, games rooms, home cinemas, and tennis courts, each usually comes with its own bathroom.
Meghan has said the couple knew they had found the one as soon as they saw it. “You walk in and go… Joy. And exhale. And calm. It’s healing. You feel free,” she told The Cut.
She also revealed a sweet detail about their garden: two palm trees connected at the bottom reminded Harry of them as a family.
“Now every day when Archie goes by, he says, hi, momma. Hi, papa,” The Duchess said.
Harry has also spoken fondly about life in the US, telling the New York Times 2024 DealBook Summit that he enjoys the freedom to raise his children in a way they likely couldn’t experience in the UK.
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