venue

IMF seeks update on revenue system’s digital overhaul

• Holds introductory meeting with finance minister
• Govt pledges to end gas supply to captive power plants by Jan
• Lender’s team to hold joint session with power and petroleum divisions today

ISLAMABAD: The International Monetary Fund (IMF) has sought a detailed, output-based update on Pakistan’s digitalisation plans for its revenue system, including the use of artificial intelligence to expand the tax base and increase collections.

On the energy side, the country has pledged to halt gas supply to captive power plants (CPPs) by January 2025, redirecting them to the national grid despite a strong pushback from influential rent-seeking industrialists. The IMF has firmly rejected any amendments to this programme benchmark.

The visiting IMF team, led by Pakistan’s mission chief Nathan Porter, held an introductory meeting on Tuesday with Finance Minister Muhammad Aurangzeb. Minister of State for Revenue Ali Pervez Malik, State Bank Governor Jameel Ahmad and Federal Board of Revenue (FBR) Chairman Rashid Mehmood Langrial were also present.

The mission is also holding separate technical sessions with all the stakeholders, including the FBR, power and petroleum divisions and the energy sector regulatory authorities. In all these engagements, the mission appeared to have not expressed its mind so far, except from raising exploratory questions, participants told Dawn.

It is not yet clear if the dialogue would lead to policy-level discussions that had been a critical part of IMF programmes’ quarterly reviews.

The current $7 billion Extended Fund Facility (EFF), however, has been designed in a manner that the IMF and Pakistan authorities should hold biannual review meetings for the disbursement of about $1bn instalments during each cycle.

The first formal review has to take place based on the end-December performance for Pakistan to qualify for disbursement for a second instalment of over $1bn by March 15, 2025.

Officials said the IMF mission has called for detailed explanations on the digitalisation of FBR’s processes for revenue collection, application of artificial intelligence for identifying and tracing tax evaders and their taxable incomes and businesses and involvement of specialised expert firms. They have also sought a complete update on the track-and-trace system.

In initial meetings, the FBR attributed recent revenue shortfalls — particularly in the first month of the second quarter — to the declining inflation.

The power sector’s performance appears to be within agreed limits concerning circular debt and current revenues.

Circular debt rose by about Rs70bn, below earlier estimates of Rs240-250bn. A circular debt management plan was approved only last week by the Economic Coordination Committee (ECC), led by the finance minister.

Sources said the government had been going back and forth over the disconnection of gas supply to inefficient captive power plants, belonging mostly to the textile sector, to utilise surplus capacity in the national power grid.

The industrialists have, however, now mustered support from gas companies. Some stakeholders are now pushing for the supply of imported LNG to CPPs at a weighted average cost of local and imported molecules on the premise that electricity connections were not available or were insufficient in certain areas.

The IMF mission is scheduled to have a joint session with the power and petroleum divisions on Wednesday (today) to discuss their interrelated issues, including circular debt, planned tariff adjustments, loss reduction programmes and recoveries.

Published in Dawn, November 13th, 2024




venue

Spain’s Nadal Trains for 1st Time inside Davis Cup Venue

… Trains for 1st Time inside Davis Cup Venue VALENCIA, Spain – World No … the Spanish national team’s Davis Cup quarterfinals against Germany. Nadal, who ….




venue

Cybersecurity top revenue driver for bulk of MSPs, Kaseya report finds

Kaseya, a provider of unified IT management and security software for managed service providers (MSPs) and small to midsize business (SMBs), today released its 2024 MSP Benchmark Report, which surveyed close to 1,000 MSPs from the Americas, EMEA (Europe, Middle East and Africa) and APAC (Asia Pacific) regions and includes responses from both IT professionals […]

The post Cybersecurity top revenue driver for bulk of MSPs, Kaseya report finds first appeared on ITBusiness.ca.




venue

HSBC SVNS rugby champions to be decided at 2028 Olympic venue in California

The 2025 HSBC SVNS season will wrap up May 3-4 at Dignity Health Sports Park in Carson, Calif., where the champions will be crowned at the 2028 Olympic rugby sevens venue.




venue

Tesla posts bigger-than-expected loss, bigger-than-expected revenue [Updated]

Company expects to be cash flow positive in the next two quarters.




venue

The 50th Anniversary of GPS: New Avenues for Cooperating with Europe's Galileo

This paper delves into the evolution and future prospects of Global Navigation Satellite Systems (GNSS), with a particular focus on the United States' Global Positioning System (GPS) and Europe's Galileo. As GPS celebrates its 50th anniversary, it is a timely moment to assess its historical trajectory, current status, and future directions, especially considering the emergence of new competitors like China's BeiDou. Based on interviews with two GNSS experts from the European Commission, this study aims to analyze the potential for cooperation between GPS and Galileo, exploring avenues for collaboration and mutual learning.





venue

Provisional Attachment under Section 83 valid when prima facie view arises that attachment is necessary to protect revenue interest

The Hon'ble Delhi High Court in the case of JV Creatives (P.) Ltd. v. Principal Additional Director General, DGGI, Gurugram Zonal Unit [W.P. (C) No. 10042 of 2024 dated July 23, 2024] dismissed the writ petition filed against the order of provisional attachment passed under Section 83 of the Central




venue

Centre Likely to Retain Direct Tax Revenue Estimates in Revised Projections

As per sources within the Finance Ministry, the Centre is likely to maintain its original budgeted estimate of ₹22.07 lakh crore for direct tax collection when it revises estimates in February. ...




venue

China's BYD overtakes Tesla revenue for first time

The electric vehicle giant saw its revenues jump 24% as government subsidies boost China's car industry.




venue

Guide to London's Olympics venues

Interactive guide to 2012 Olympics




venue

Appart’City Selects IDeaS G3 RMS to Optimise Revenue Across European Aparthotel Portfolio

Appart’City, France’s leading aparthotel operator, has partnered with IDeaS, a SAS company and world’s leading provider of hospitality revenue management software and services, to optimise revenue management decisions and automate related processes across its portfolio of 90 properties.




venue

X’s India revenue falls 90%, filing shows

X’s revenue in India plummeted 89.8% to $2.51 million in the financial year ending March, according to regulatory filings from the Elon Musk-owned social network. The company, which had posted revenue of $24.7 million in the previous fiscal year, also significantly reduced its expenses in India to $2.2 million from $20 million year-over-year, the filing […]

© 2024 TechCrunch. All rights reserved. For personal use only.




venue

Revenue-based financing platform Bloom secures $377M Series A led by Credo and Fortress

While the likes of Pipe are reaching multi-billion valuations, European revenue-based financing is experiencing as much of a boom as it is in the U.S. U.K.-based startup platform Bloom has now secured a £300 million / $377 million financing round led by Credo Capital and Fortress Investment Group LLC (NYSE:FIG), making it one of the […]

© 2024 TechCrunch. All rights reserved. For personal use only.




venue

PwC FY15 global revenues increase 10% to US$ 35.4 billion - 6 Oct

The PwC network reported total global gross revenues of US$35.4 billion for the fiscal year ended on 30 June 2015.




venue

Mike Tyson Vs Jake Paul LIVE Streaming Details: Check Date, Time, Venue For Historic Boxing Match

The legend of Boxing Mike Tyson will face sensation Jake Paul on Saturday at the Dallas Cowboys' stadium in Texas. The much-anticipated match will mark Mike Tyson's return to boxing since 2005. Mike Tyson vs Jake Paul boxing match was originally




venue

IPL 2025 Mega Auction: Date, Time, Venue, Player Retentions, RTM Cards, And Team Budgets Revealed - Here's Everything You Need to Know

The IPL 2025 mega auction, set for November 24-25 in Jeddah, will see franchises rebuilding squads with a budget of 120 crore. A total of 204 slots are available with 1,574 players registered. 




venue

Say ‘I do’ at these off-beat wedding venues like vineyards, trains, and museums

From heritage mansions to sunny beaches, we find examples of unique locations where you can tie the knot



  • Life & Style

venue

FinMin releases Revenue Deficit Grant of ₹7,183 crore to 14 States

West Bengal received the highest amount of ₹1,132.25 crore




venue

Strengthen panchayats to mobilise internal revenues: CFC member Lahiri

Two-day national conclave of SFC begins in Hyderabad




venue

Economic Survey: States taking new initiatives to improve their revenue sources

Some measures include increasing property tax and power tariffs and privatising state public sector enterprises




venue

Officials violating service rules will face action, says Revenue Minister

Minister was responding to questions by mediapersons in connection with the recent Facebook posts by IAS officer N. Prasanth against his senior colleague A. Jayathilak




venue

Holdplay: police secure concert venue




venue

Zebra Technologies aims for double-digit revenue growth from India by next year

Zebra Technologies has expanded its India presence this year, particularly in sales and support functions to serve the growing demand




venue

Apple reports record revenue in India; to launch 4 more stores in the country

Tim Cook calls out record India performance




venue

Progress targets $1 billion revenue with acquisition; expands Bangalore team

The ShareFile business the company is acquiring generates approximately $240 million in revenue




venue

Sonata Software optimistic about revenue growth in H2FY25; eyes $1.5 billion revenue by FY27

The company’s international services revenue in the September-ended quarter stood at ₹707.9 crore




venue

Amazon's improving retail sales boost third-quarter profit, revenue beats estimates

Like its tech peers, Amazon said it expected higher capital expenditures for the foreseeable future to help develop artificial intelligence software




venue

Lenovo India registers 26.9% revenue growth in Q2

Tech major’s total revenue for all businesses was USD 621 million.



  • Computers & Laptops

venue

New therapeutic avenues for treating TB





venue

Fearing revenue loss, Kerala merchants favour Onam celebrations despite Wayanad tragedy

The textile and garment makers have come out with a request to the government to withdraw its decision not to hold the Onam celebrations fearing loss of revenue to the entire trading fraternity




venue

Tech Query: What is the outlook for Infibeam Avenues, HFCL, Oil India, NGL Fine-Chem?

We zoom in on the prospects of Infibeam Avenues, as also the prospects of three other stocks — HFCL, Oil India, NGL Fine-Chem




venue

Powered by powdery snow, Gulmarg is vying to become an international winter sports venue

Indian Olympic Association is working on an international certification for the Gulmarg slopes, which are covered by the powdery snow needed for professional skiing




venue

Centre earns over ₹650 crore revenue from scrap disposal during special cleanliness campaign in October

Special campaigns conducted by the government from 2021-24 have generated a revenue of ₹2,364 crore through disposal of scrap, says Personnel Ministry in an official statement




venue

Tax Revenues, Development, and the Fiscal Cost of Trade Liberalization, 1792-2006 [electronic journal].




venue

Revenue Guarantee Equivalence [electronic journal].




venue

Shiprocket reports 21% operating revenue growth in FY24

The company also announced that it achieved profitability in the first two quarters of FY 2024, ending September, positioning it well ahead of its goal to reach full profitability by FY 2025




venue

Adani Ports Q2 PAT up 39%, revenue up 6.3%

Adani Ports said in a statement it was well positioned to hit the upper end of the FY25 EBITDA guidance range of ₹17,000-18,000 crore




venue

Faced with revenue headwinds, airlines go extra mile to win customers

These initiatives come amid increased capacity and intensified competition in the Indian skies




venue

SpiceJet acqui-hires Travenues

Travenues is a wholly-owned subsidiary of ixigo arm




venue

TCS net profit up 12.3% at ₹9,769 crore; revenue up 16.3%

From a pipeline perspective, the company crossed a total contract value of $7.6 billion this quarter




venue

Panchayats in India earn only one per cent of their revenue through taxes: Data

Most of their revenue comes from the Centre and the States as grants




venue

A.P. government appoints Inquiry Authority to probe role of revenue officers in alleged land scam in Vizianagaram

Revenue Department Special Chief Secretary directs the Inquiring Authority to submit the inquiry report within a period of six weeks




venue

Housing.com to post $10 million revenue this year




venue

Infibeam to invest Rs. 45 cr in CCAvenue




venue

Airtel Payments Bank Q2 net up 45% at ₹11.2 crore, revenue up 58%

Crosses over 100 million Monthly Transacting Users milestone



  • Money & Banking

venue

Aurobindo Pharma Q2 net rises 8.6% year-on-year to ₹816.9 crore, declines 11% sequentially on higher revenue




venue

ONGC net profit rose 17% in Q2 to ₹11,984 crore as revenue fell 3% to ₹33,881 crore




venue

Metro Group eyes ₹1,000 crore revenue from Thane projects

The group plans to introduce one-of-its-kind luxury projects with modern ecosystem for the discerning professionals who prefer Thane over Mumbai