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Pakistan’s election regulator begins scrutinizing nomination papers today for polls

Pakistan’s election regulator begins scrutinizing nomination papers today for polls
Pakistan Peoples' Party (PPP) chairman Bilawal Bhutto Zardari (R) submits his nomination papers at the deputy commissioner's office in Shahdad Kot of Sindh province on December 24, 2023, ahead of the upcoming 2024 general elections. (AFP)
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Updated 25 December 2023
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Pakistan’s election regulator begins scrutinizing nomination papers today for polls

Pakistan’s election regulator begins scrutinizing nomination papers today for polls
  • Returning officers will scrutinize papers from Dec. 25-30 to either accept or reject the nominations
  • The ECP will allot election symbols to candidates on Jan. 13, with the polling date set for Feb. 8
Updated 25 December 2023
Arab News Pakistan
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ISLAMABAD: Pakistan’s election oversight body will today, Monday, scrutinize thousands of nomination papers filed by candidates last week for the upcoming national polls scheduled for Feb. 8.
Thousands of candidates across Pakistan rushed to file their nomination papers on Sunday as an extended deadline given by the Election Commission of Pakistan (ECP) to submit them expired on Dec. 24.
The returning officers will now scrutinize the papers from Dec. 25-30 during which they would either accept or reject the nominations. The ECP will allot election symbols to candidates on Jan. 13, with the polling date set for Feb. 8.
“Once the deadline ends, the ECP is set to conduct scrutiny of the nomination papers from Monday and continue it till Dec 30 as per the commission’s updated schedule,” the state-run Associated Press of Pakistan (APP) said on Sunday.
Over 128 million electorates will be exercising their right to vote in the upcoming national polls for 266 national and 593 provincial assembly seats across Pakistan.
The exercise to submit nomination papers, however, was marred by allegations of pre-poll rigging by former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party. The PTI has accused police of snatching their candidates’ nomination papers and carrying out raids at their homes to deter them from contesting the polls.
Khan, arguably the most popular politician in Pakistan currently, has been in jail since August after he was convicted by a Pakistani court in a case relating to the alleged illegal sale of state gifts during his tenure.
He was disqualified from holding public office and contesting elections for five years by the ECP after his conviction. Khan, who denies any wrongdoing, has blamed the powerful military, his political rivals, and the ECP for using unfair means to keep him and the PTI away from elections. All three strongly deny the allegations while the caretaker government has repeatedly said all political parties would be given an equal chance to contest elections.
After the deadline to submit nomination papers concluded on Sunday, the ECP issued a list of registered political parties throughout the country.
“The updated list no longer includes Imran Khan, the founder of Pakistan Tehreek-e-Insaf (PTI), as the head of the party, marking PTI as a leaderless political entity,” the APP said.
This was yet another blow to the party after the ECP ruled last week that the PTI could no longer retain its iconic bat symbol for the polls. The verdict was issued by the regulator after it declared the PTI’s intraparty elections “null and void.”
Political analysts have raised alarm over media reports of alleged pre-poll rigging, saying that a rigged election would not bring stability in the country.
“It is bad politics and bad optics,” political analyst Zebunnisa Burki told Arab News on Sunday. “If PTI loses these elections even genuinely, they would be justified in saying the elections were rigged based on these pre-poll rigging incidents.”

Topics: Pakistan elections 2024

Pakistan revenue authority launches advanced system to boost tax collection

Pakistan revenue authority launches advanced system to boost tax collection
Updated 16 sec ago
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Pakistan revenue authority launches advanced system to boost tax collection

Pakistan revenue authority launches advanced system to boost tax collection
  • Development comes amid Pakistan’s efforts to prevent tax evasion worth billions of rupees
  • Islamabad has set a challenging tax revenue target of $46.66 billion for the new fiscal year
Updated 16 sec ago
KASHIF IMRAN

ISLAMABAD: Pakistan’s tax regulator has launched an advanced Stock Register system to optimize tax administration and boost revenue collection, it said on Thursday, amid efforts to prevent tax evasion.

The development comes amid Pakistan’s desperate attempts at preventing tax evasion worth billions of rupees and meeting a challenging tax revenue target of Rs13 trillion ($46.66 billion) for the new fiscal year that started July 1, a near 40 percent jump from the last year. 

Pakistan last year came to the brink of a default as the economy shriveled amid political chaos, impact of 2022 floods, and decades of mismanagement. Last-minute loan rollovers from friendly countries as well as a $3 billion bailout from the International Monetary Fund (IMF) saved the nation.

The situation prompted Islamabad to introduce institutional reforms, including the digitization of the FBR, to put the economy back on track as the South Asian country grappled shrinking foreign exchange reserves, high inflation, and staggering public debts.

“This robust digital infrastructure grants tax officers real-time, in-depth access to registered persons’ data, bolstering transparency and securing compliance with Income Tax (IT) and Sales Tax (ST) regulations,” the FBR said on X.

The Stock Register functions as a sophisticated information and reporting system, and empowers tax officers to make precise tax assessments and mitigate the risk of tax evasion, according to the revenue authority.

The FBR said it had also launched the Information Center 2.0 portal to enhance its capacity to strengthen the national exchequer.

“Accessible exclusively through the IRIS tax officers’ platform at FBR field formations, Information Center 2.0 features advanced filters and search functionalities, enabling swift data retrieval to support compliance and precise assessments,” it said.

“This initiative represents a pivotal advancement in tax collection efforts. It fosters robust reporting, minimizes tax evasion & strengthens resource & financial management across the business landscape, ensuring adherence to tax regulations through a centralized data ecosystem.”

Since avoiding default last year, Pakistan has reached an agreement with the IMF for a new $7 billion loan. The South Asian country is currently trying to boost trade and investment to revive its fragile $350 billion economy.

Topics: Pakistan FBR Stock Register

Pakistan increases price of petrol by Rs1.35 per liter till next fortnight

Pakistan increases price of petrol by Rs1.35 per liter till next fortnight
Updated 35 min 5 sec ago
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Pakistan increases price of petrol by Rs1.35 per liter till next fortnight

Pakistan increases price of petrol by Rs1.35 per liter till next fortnight
  • New price of petrol increases from Rs247.03 per liter to Rs248.38 per liter, says Finance Division 
  • Petroleum prices revised based on price variation in the international market, says notification international market, says notification 
Updated 35 min 5 sec ago
Arab News Pakistan

ISLAMABAD: Pakistani authorities have increased the price of petrol by Rs1.35 per liter till the next fortnight, the country’s Finance Division said in a notification late Thursday. 

As per the notification, the new price of petrol has been increased from Rs247.03 per liter to Rs248.38 per liter. 

“The Oil and Gas Regulatory Authority (OGRA) has worked out the consumer prices of petroleum products, based on the price variation in the international market,” OGRA said in a statement. 

Meanwhile, the government also increased the price of high speed diesel by Rs3.85 per liter, increasing it from Rs251.29 per liter to Rs255.14 per liter. 

The price of kerosene was slashed by Rs1.48 per liter, decreasing it from Rs163.02 per liter to Rs161.54 per liter, and the price of light diesel oil was slashed by Rs2.61 per liter, bringing it down from Rs150.12 per liter to Rs147.51 per liter. 

Pakistan revises petroleum prices every fortnight. Petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers in Pakistan while any increase in the price of diesel is considered highly inflationary as it is mostly used to power heavy transport vehicles and particularly adds to the prices of vegetables and other eatables.

However, the negligible decrease in petrol and diesel prices is unlikely to provide much relief to the inflation-stricken Pakistanis.

Topics: petrol Pakistan

Middle East burger chain Salt to begin operations in Pakistan ‘soon’

Middle East burger chain Salt to begin operations in Pakistan ‘soon’
Updated 49 min 50 sec ago
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Middle East burger chain Salt to begin operations in Pakistan ‘soon’

Middle East burger chain Salt to begin operations in Pakistan ‘soon’
  • ’Salt’ has branches in Saudi Arabia, Qatar, UK and Hungary already 
  • Salt did not mention which Pakistani cities it plans on opening outlets in
Updated 49 min 50 sec ago
Hasaan Ali Khan

ISLAMABAD: International fast food chain “Salt” announced on Wednesday that it will expand its operations into Pakistan, vowing to provide its customers in the South Asian country high quality food “soon.”

Salt is a Middle East fast food chain based in Qatar since 2005 that specializes in burgers containing wagyu beef — a type of high-quality beef that comes from the Wagyu cattle breed native to Japan. The company founded by Qatar-based Ali Ahmed Buhindi has been running branches in Qatar, Saudi Arabia, the United Arab Emirates, the United Kingdom and also Hungary. 

“Time to pass the salt, Pakistan! SALT, is coming in hot with all the good vibes and flavors to slide right into your cravings,” the burger joint Salt said in a post on Instagram with a picture titled “coming soon.”

Salt did not mention which Pakistani cities it plans on opening its branches in. 

The burger chain offers a wide range of beef burgers that include brisket, truffle, signature, hook and original sliders. 

Its chicken burgers include Cheetos, pine chicken and crispy chicken sliders flavors. 

International fast food restaurants are quite popular in Pakistan with the likes of McDonald’s, KFC and Hardees operating successfully in multiple cities for decades. 

Topics: Food Salt Burger salt

Pakistan’s national airline attracts $36 million bid from real estate company

Pakistan’s national airline attracts $36 million bid from real estate company
Updated 31 October 2024
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Pakistan’s national airline attracts $36 million bid from real estate company

Pakistan’s national airline attracts $36 million bid from real estate company
  • Sole bidder Blue World City refuses to match government’s minimum price for Pakistan International Airlines
  • Pakistan plans to sell over 51 percent of its stake in loss-making PIA as envisaged under an IMF deal this year
Updated 31 October 2024
Aamir Saeed

ISLAMABAD: Pakistan’s national flag carrier received a Rs10 billion [$36 million] bid from real estate development company Blue World City on Thursday for sixty percent of its stakes during a televised auction, much below the minimum price for the airline set by the government.
Pakistan plans to sell more than 51 percent of its stake in the loss-making Pakistan International Airlines (PIA) as part of economic reforms Islamabad agreed to with the International Monetary Fund (IMF) for a critical 37-month $7 billion bailout deal approved in September.
Pakistan’s government had pre-qualified six groups in June, but only real estate development company Blue World City met a Tuesday deadline to submit final documents to participate in the auction.
The state-owned Pakistan Television (PTV) broadcast the bidding process live, with Blue World City as the sole bidder. The bid for $36 million was read out in front of government officials and financial advisers. The government had set a minimum price of Rs85 billion [$305 million] for the airline.
“We have considered your match price option,” Blue World City Chairman Saad Nazir said during the event. “We have decided to stand with the price we have already submitted.”
 Nazir refused to match the government’s offer of Rs85 billion, saying that as per the company’s assessment, “this was the best decision.”
“If the government doesn’t privatize [PIA], we wish the government all the best,” he said.
 Pakistan’s privatization commission has allowed some time for potential bidders to see if any would outmatch Blue World City’s bid.
“The government couldn’t get the fair price of the PIA through the auction due to the single bidder,” Haroon Sharif, a former member of the cabinet committee on privatization, told Arab News.
“There was no competition to purchase stakes of the national carrier.”
The government’s initial plan was to finalize the deal to sell PIA on the country’s Independence Day, Aug. 14, but the plan was delayed following requests from bidders waiting for the airline’s latest audited accounts, aircraft lease agreements and clarity on flights to Europe, which are currently banned.
This auction was delayed to September and October but those also did not materialize.
Sharif said the government should have extended the auction’s deadline to involve more bidders in the process.
“Now it looks like the government is privatizing the PIA in desperation,” he noted.
Official data available with Arab News shows there are 88 commercially operated state-owned enterprises in Pakistan, with collective losses of up to Rs730.258 billion ($2.61 billion) in the fiscal year 2022 (FY22).
In its five-year privatization plan ending in 2029, the government has approved 24 state-owned enterprises for sale, including the PIA.
With a fleet of 34 aircraft comprising 17 Airbus A320s, 12 Boeing B777s and 5 ATRs, the PIA loses traffic to Middle Eastern carriers who have a market share of 60 percent, because of an absence of direct flights to destinations.
The carrier has air service pacts with 87 countries, and landing slots at key destinations such as London Heathrow.
The reorganization plan of the business will separate the aviation-related aspects from non-core components, so freeing the operating subsidiary of a large portion of legacy debt.

Topics: Pakistan International Airlines (PIA)

Pakistan says IMF cut its inflation forecast for the country for this year to 9.5%

Pakistan says IMF cut its inflation forecast for the country for this year to 9.5%
Updated 31 October 2024
Reuters
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Pakistan says IMF cut its inflation forecast for the country for this year to 9.5%

Pakistan says IMF cut its inflation forecast for the country for this year to 9.5%
  • No need for government to introduce mini-year budget, says finance minister
  • Aurangzeb says IMF revised down import projections for Pakistan for current fiscal year
Updated 31 October 2024
Reuters

ISLAMABAD: The International Monetary Fund has lowered its inflation forecast for Pakistan for the current year by 3.2% points to 9.5%, the country’s finance minister said on Thursday.

The IMF’s revised projection bring it closer to Pakistan’s own projections, Finance Minister Muhammad Aurangzeb said.

He said there was no need to introduce a mid-year budget, responding to local media reports saying the government needed to revise its budget to stay on track with an ongoing $7 billion, 37-month program with the IMF.

Aurangzeb said the IMF also revised down its import projections for Pakistan in the current fiscal year, which ends in June 2025.

Pakistan has been struggling with boom-and-bust economic cycles for decades, leading to 22 IMF bailouts since 1958. Currently the country is the IMF’s fifth-largest debtor, owing the Fund $6.28 billion as of July 11, according to the lender’s data.

The latest economic crisis has been the most prolonged and has seen Pakistan facing its highest-ever inflation rate, pushing the country to the brink of a sovereign default last year before an IMF bailout. Inflation has since eased.

Topics: Pakistan IMF Talks

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