Imran Ali Kundi

ISLAMABAD - The Cabinet Committee on Privatisation (CCOP) on Friday rejected the Rs 10 billion bid submitted by Blue World for divestment of Pakistan International Airlines Corporation Limited (PIACL) (60 per cent shares). The government's privatisation plan had faced blowback on October 31 this year as the Pakistan International Airline (PIA) attracted only Rs10 billion from the sole bidder for a stake in the national carrier against the minimum expected price of Rs85 billion. In a recent development, the meeting of the Cabinet Committee on Privatisation (CCOP) was held on Friday with the Deputy Prime Minister/ Foreign Minister in the chair. The CCOP considered the proposal of PC Board whereby it had recommended rejection of the bid of PKR 10 billion submitted by Blue World for divestment of PIACL. The CCOP decided to accept the recommendation of PC Board and rejected the bid.

ISLAMABAD - Pakistan has assured the International Monetary Fund (IMF) for generating provincial budget surplus and managing external financing during the current fiscal year.

ISLAMABAD - Speakers at a seminar believed in commitment to leveraging taxation as a critical tool for public health and economic sustainability.

Senator emphasises importance of improving operational efficiency of .state-owned enterprises to attract buyers

ISLAMABAD - The Government of Pakistan and Asian Development Bank (ADB) have signed a landmark USD 500 million loan agreement for the Climate and

ISLAMABAD - Federal Minister for Communications, Privatization and Board of Investment Abdul Aleem Khan said that work has already been started to encourage electric vehicles in Pakistan, as Pakistan has to convert 30% of vehicles to electric by 2030.

ISLAMABAD - The Regional Tax Office, Islamabad on Thursday has sealed five prominent restaurants in Islamabad on account of issuing fake invoices/ receipts. The action was taken after citizens/ consumers reported that the restaurants were issuing counterfeit receipts/ invoices. This is in line with FBR's drive to bring Tier-1 Retailers/ Restaurants under the tax net through POS invoicing system. After determining the inauthenticity of the reported receipts through POS tracking software under an already devised procedure, a team of RTO Islamabad led by Deputy Commissioner sealed five restaurants in Islamabad and also imposed a total penalty of Rs.1.5 million on these restaurants. It is pointed out that FBR has launched the Point of Sales Prize Scheme from 25th October. In the first phase, the scheme has been introduced in Islamabad for Tier-1 restaurants which will then be extended to all tier retailors and finally across the entire country by the end of this month. Under the scheme, citizens/ consumers who will report fake receipts through Tax Asaan APP to FBR will get varying cash rewards. After verifying the fake receipts under a devised procedure, FBR will transfer the cash prizes directly into the bank accounts of the winners. The reported Tier-1 Retailers/ Restaurants will then be sealed for issuing fake receipts. This important initiative aims at discouraging the fake invoices culture by ensuring that the due taxes are deposited in the national exchequer. FBR is committed to ensure tax compliance through effective enforcement of tax regulations.

ISLAMABAD - The Islamabad Chamber of Commerce and Industry (ICCI) on Friday urged all parties to set aside their differences and engage in a