The Press Roundup
SIFC okays major overhaul for FBR
- The Special Investment Facilitation Council (SIFC) has approved a major restructuring of Pakistan's Federal Board of Revenue (FBR).
- This is the second overhaul of the FBR in 15 years.
- The restructuring will divide the FBR into two new entities: the Federal Board of Customs and the Federal Board of Inland Revenue (IR).
- The responsibility for formulating tax policy will be transferred to a new Revenue Division.
- The goal of the restructuring is to increase government revenues and address Pakistan's budget deficit.
- The SIFC has also approved a fixed income tax scheme for retailers in five major cities.
- The restructuring is expected to be implemented within one month.
- Pakistan will host the first Global Health Security Summit from January 10 to 11, 2024.
- The summit will focus on future challenges to global health security.
- Officials from 30 countries and organizations have been invited.
- 15 countries have confirmed their participation so far.
- 'Together for a Healthy Planet, selected as slogan for summit.
- The summit's key objectives include:
- Collaborating with global leaders to ensure equity-based pandemic preparedness and financing.
- Sharing knowledge and experience with member states and experts.
- Securing global and regional partnerships to align health security priorities.
- Exploring opportunities for joint working and pool funding for health security.
- A "global health security charter" will be signed at the summit.
- The charter will build a narrative for an equity-based pandemic treaty.
- It will also promote a coordinated "One Health" response to health threats.
- Pakistan is hosting the summit as the chair of the Global Health Security Agenda.
- The country believes there is an urgent need to discuss global health security issues.
- It wants to take timely actions to prevent and deal with future pandemics.
- PayPal is entering Pakistan through a strategic partnership with an existing international payment gateway.
- The partnership will allow freelancers and IT professionals in Pakistan to access PayPal.
- The announcement of the joint venture is expected next week.
- This is a significant development for Pakistan's freelance community, which is the fourth-largest in the world.
- PayPal has previously resisted operating in Pakistan due to security concerns.
- The Pakistani government is taking steps to support the IT sector and boost IT exports.
- These steps include providing smartphones through installment plans, standardized quality tests for IT graduates, and approving the National Space Policy.
- The government also aims to launch 5G services in Pakistan by July 2024.
- The government is also working to create a more liberal financial regime to facilitate IT exports.
- This includes allowing IT companies to keep 50% of their export revenue in dollars in a local account.
- The government also plans to launch 10,000 e-Rozgar Centres across the country to provide facilities for freelancers and start-ups.
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