Latest news with #Rs69
Business Recorder
08-07-2025
- Business
- Business Recorder
FBR, IB recovers Rs178bn in crackdown on evaders since April 2022
ISLAMABAD: The Federal Board of Revenue (FBR) and the Intelligence Bureau (IB) on Monday claimed to have recovered a hefty Rs178 billion in a high-octane crackdown targeting tax evaders and hoarders since April 2022. This was revealed in a report presented to Prime Minister Shehbaz Sharif by the top tax-collecting agency, the FBR, and the IB, a civilian spy agency, detailing recoveries. A statement issued by the Prime Minister's Office said that since April 2022, more than 13,000 raids have targeted key sectors notorious for illegal stockpiling, including sugar, fertiliser, and wheat. These raids unearthed goods worth over Rs99 billion that had been hidden from the market, striking a blow to black-market profiteers, it added. In a dramatic push, an additional 515 raids targeted industries such as beverages, edible oil, tobacco, cement, and animal feed – sectors often accused of skirting tax obligations. The crackdown led to an increase of Rs69 billion in tax revenue through merger of companies and recovery of outstanding dues in the lucrative telecommunications sector. Another Rs10.5 billion was collected by nipping tax evasion attempts in the bud. Prime Minister Shehbaz Sharif praised the joint FBR-IB operations, calling their teamwork 'crucial' to strengthening Pakistan's fragile economic base. He warned that without continued cooperation among government agencies, the country's economic stability and citizens' welfare could be at risk. 'Pakistan's future depends on institutions working shoulder to shoulder,' Sharif said, urging all arms of the government to maintain pressure for sustained growth and improved living standards. Copyright Business Recorder, 2025
Express Tribune
10-05-2025
- Business
- Express Tribune
Consumers pay Rs69b for idle plants
Listen to article The inefficiencies in the country's electricity transmission system have burdened consumers with capacity payments of Rs69 billion in the quarterly tariff adjustment (QTA) for ex-Wapda distribution companies (DISCOs) for the third quarter of financial year 2024-25. Three power plants had been operating at lower capacity during the period under review, but they received Rs69 billion in capacity payments, which the electricity consumers had to pay. National Electric Power Regulatory Authority (Nepra) Member (Technical) Rafique Ahmad Shaikh has pointed out inefficiencies in the country's transmission system due to which Rs69 billion was paid to three coal-fired plants in capacity charges despite extremely low utilisation. He submitted these comments in his additional note on the QTA for the third quarter of 2024-25, in which a reduction of Rs1.55 per unit was allowed to refund Rs52.6 billion to the consumers of DSICOs and K-Electric (KE) in the bills for May, June and July 2025. According to him, transmission constraints continue to limit the utilisation of several cost-effective power plants located in the southern region, notably Port Qasim, China Power and Lucky Electric. Despite their potential to provide affordable electricity, these plants reported extremely low utilisation factors – approximately 1% for Port Qasim, 10% for China Power and 0% for Lucky Electric – during the quarter. Nevertheless, they claimed substantial capacity payments amounting to Rs26.95 billion, Rs30.88 billion and Rs11.26 billion, respectively. In total, around Rs69.09 billion was claimed in capacity charges despite minimal generation. This reflects a major inefficiency in the system and underscores the urgent need to address transmission bottlenecks and improve generation dispatch practices to ensure the optimal use of the available low-cost generation resources. It is noted that the capacity claimed by DISCOs for the third quarter of FY 2024-25 amounted to Rs362.395 billion, which was significantly lower than the reference figure of Rs459.286 billion. During the same period, electricity sales stood at 19,968 gigawatt hours (GWh) compared to reference sales of 21,846 GWh in the corresponding period. Ordinarily, a decline in electricity sales would result in an upward adjustment in capacity charges due to the fixed-cost nature of capacity payments. However, during this quarter, the termination of certain power purchase agreements (PPAs) and other adjustments related to the independent power producers (IPPs) operating within the system have contributed to a reduction against the projected capacity payment. Consequently, this led to a negative adjustment in the third quarter of FY 2024-25. Although the quarterly adjustment for the third quarter decreased significantly, he said that enhanced governance and more efficient system operations could have further improved electricity sales, potentially leading to an even greater reduction in the adjustment amount. In that regard, several key observations were highlighted for consideration and focused action by the relevant stakeholders. Genco-II (Guddu old), Genco-III (TPS Muzaffargarh) and Genco-I (Jamshoro Power Company) collectively claimed capacity payments of Rs1.237 billion during the quarter – Rs469 million, Rs350 million and Rs418 million respectively – despite generating no electricity during the period. These plants are characterised by high generation costs and poor operational efficiency, with little-to-no likelihood of receiving dispatch orders from the system operator in the future, given the availability of abundant and more cost-effective surplus capacity in the system. Continuing capacity payments to such non-operational and inefficient assets imposes an unnecessary financial burden on both the power sector and end consumers. A targeted and strategic review is, therefore, essential to rationalise these expenditures and improve the overall sector efficiency.
Express Tribune
02-05-2025
- Business
- Express Tribune
Hyd seeks Rs69b ADB funding for water project
Hyderabad Mayor Kashif Ali Shoro presented on Thursday water supply and drainage schemes worth around Rs69 billion before a delegation of the Asian Development Bank (ADB), seeking the international financial institution's funding for an array of these projects. The proposed schemes require Rs22.538 billion funds for the water supply component and Rs47.283 billion for the sewerage. The ADB delegation included the unit head urban programmes Mian Shaukat Shafi, Sara Azfar, Okju Jeong and Mohsen Islam Khan. The mayor was assisted by Deputy Commissioner Zainul Abedin Memon, Municipal Commissioner Zahoor Ahmed Lakhan and chief executive officer of Hyderabad Water and Sewerage Corporation (HW&SC) Tufail Abro. "Investment in improving the urban infrastructure is the need of the time," the mayor underlined, adding that assistance from the IFI could be crucial for undertaking that development. He pointed out that the existing water filtration plants are insufficient keeping in view the rapidly growing population of the city which is estimated between 2.5 to three million people. According to him, thousands of people visit Hyderabad from the neighbouring cities on a daily basis. He acknowledged that water shortage problem existed in the city owing to which the people are compelled to use brackish subsoil water. Ironically, Hyderabad is surrounded by the Indus River and three lakes, yet residents still face a water shortfall. The mayor also admitted that the sewerage poodles are destroying asphalt roads in Hyderabad. He drew the ADB's attention towards the developing master plan of the city which he claimed is trying to holistically address the development and infrastructure issues. The presentation given to the delegation about water supply related projects including proposals for building four new filtration plants of six million gallons per day (MGD) capacity each. These rapid gravity plants in Kohsar, New Hyderabad City, Tando Jam and Hatri are estimated to cost Rs2.428 billion, Rs3.096 billion, Rs6.3 billion and Rs3.695 billion, respectively. The procurement of machinery and equipment for the existing plants also required funding of Rs5.5 billion while the laying of four-inch to 32-inch-diameter pipelines in the areas in seven Town Municipal Corporations (TMCs) will cost Rs5.1 billion. Likewise, massive injection of funds has been sought for laying drainage lines in the city. However, it seems the authorities have disregarded the necessity of sewerage treatment plants as untreated wastewater is being dumped with impunity in the river and the canals. Another amount of Rs5.94 billion will be spent on laying a 12-kilometre-long drain from Hyderabad bypass to Northern Sewerage Treatment Plant (NSTP). The construction of sump wells, pump houses and sewer lines of 12-inch to 48-inch-diameter will cost Rs7.45 billion in the all nine TMCs.
