Latest news with #TransformationPlan
Business Recorder
a day ago
- Business
- Business Recorder
Customs Directorate: FBR issues SOP to boost audit capacity
ISLAMABAD: The Federal Board of Revenue (FBR) has issued a Standard Operating Procedure (SOP) to assist 60 external auditors of the Directorate General of Post Clearance Audit and Internal Audit (Customs) to increase audit capacity of the organisation. According to the FBR's plan, the new procedure is hereby formulated to assist the said directorate with the on boarding of auditors which are to be hired for enhancing the organisational capacity of PCA in line with the FBR Transformation Plan. The procedure aims to ensure consistency, efficiency and quality output during the deployment of auditors across the field formations of PCA. Consequent upon approval of the FBR's Transformation Plan (Customs), the board has notified SOP for providing a uniform framework for on boarding of Third-Party Auditors which are to be hired for enhancing audit capacity of Directorate General of Post Clearance Audit and Internal Audit (Customs). While the responsibility for ensuring the quality of auditors' rests with the HR firms, the evaluation committees shall be constituted for each region (including HQ) to assess and finalise the suitability of auditors short-listed by the respective HR firms. The evaluation process may be conducted either in person or virtually, depending on feasibility, the FBR added. Copyright Business Recorder, 2025
Yahoo
17-06-2025
- Business
- Yahoo
Surf Air Mobility Reports Key Achievements in Optimization Phase of Transformation Plan
Company has achieved record-high scheduled airline reliability. LOS ANGELES, June 17, 2025--(BUSINESS WIRE)--Surf Air Mobility Inc. (NYSE: SRFM) ("the Company", "Surf Air Mobility"), a leading regional air mobility platform, today announced key progress within the second phase of the Company's four-phase Transformation Plan. The Optimization phase is focused on operational improvements and internal SurfOS™ technology deployment to achieve profitability in the Company's airline operations this year, defined as positive Adjusted EBITDA. Recent Optimization phase key achievements include: Optimize airline operations (Southern Airways and Mokulele Airlines) Steadily improved controllable completion factor1 over the past several months with an increase of 10% compared to FY24. Steadily improved D0 (on time departures) over the past several months with an increase of 21% compared to FY24. Steadily improved A14 (arrivals within 14 minutes of planned schedule) over the past several months with an increase of 21% compared to FY24. Recently won a bid contract renewal in one Essential Air Service community, resulting in ~$9.9 million of additional subsidy revenue over the next 4 years. Controllable completion factor, D0, and A14, are currently the highest on record since January 2023, and the Company believes the continued improvements to operational reliability will further strengthen customer satisfaction and position the airline for long-term, profitable growth. Recalibrate the On Demand business The Surf On Demand business has now worked with over 425 operators since inception. Drive efficiencies from SurfOS Pilot reporting for non-regulatory filings of Flight Risk Assessment Tool (FRAT) reports have doubled since the launch of the Company's Crew App, strengthening its safety culture, enhancing its operational visibility, and enabling proactive risk mitigation. The Company attributes much of the operational improvement to steps taken by its strengthened senior leadership team with talent from Southwest, Flexjet, and Amazon Air, as well as the significant investments made in refurbishing aircraft, introducing new Cessna Caravans into service, and the broadening internal adoption of SurfOS. Deanna White, CEO and COO of Surf Air Mobility, said: "The primary objective of the Optimization phase of our Transformation Plan is to build a more efficient and profitable organization to set the foundation from which to expand our network and accelerate our growth. These recent results illustrate the impact of the significant investments we've made across the organization and within our fleet. These improved metrics reflect a tangible return on investment and highlight the results and execution momentum of our Transformation Plan." Surf Air Mobility remains on track to enter the third phase of the Company's Transformation Plan, "Expansion," in 2026, within which the Company plans to launch new scheduled routes and offer SurfOS to third-party customers. About Surf Air Mobility Surf Air Mobility is a Los Angeles-based regional air mobility platform and one of the largest commuter airlines in the U.S. by scheduled departures. It is also the largest U.S. passenger operator of Cessna Caravans. In addition to its airline operations and On Demand charter services, Surf Air Mobility is developing an AI-powered software platform for the Regional Air Mobility industry. The company is also working to commercialize electrified aircraft and develop proprietary powertrain technology for the Cessna Caravan. Surf Air Mobility plans to offer its software and electrification solutions to the Regional Air Mobility industry to improve safety, efficiency, and profitability. Forward-Looking Statements This Press Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Surf Air's profitability and future financial results and its ability to achieve its business objectives. Readers of this release should be aware of the speculative nature of forward-looking statements. These statements are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company and reflect the Company's current views concerning future events. As such, they are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among many others: Surf Air's ability to anticipate the future needs of the air mobility market; Surf Air's future ability to pay contractual obligations and liquidity will depend on operating performance, cash flow and ability to secure adequate financing; the dependence on third-party partners and suppliers for the components and collaboration in Surf Air's development of its advanced air mobility software platform, and any interruptions, disagreements or delays with those partners and suppliers; the inability to execute business objectives and growth strategies successfully or sustain Surf Air's growth; the inability of Surf Air's customers to pay for Surf Air's services; the inability of Surf Air to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the outcome of any legal proceedings that might be instituted against Surf Air, the risks associated with Surf Air's obligations to comply with applicable laws, government regulations and rules and standards of the New York Stock Exchange; and general economic conditions. These and other risks are discussed in detail in the periodic reports that the Company files with the SEC, and investors are urged to review those periodic reports and the Company's other filings with the SEC, which are accessible on the SEC's website at before making an investment decision. The Company assumes no obligation to update its forward-looking statements except as required by law. ____________________ 1 Controllable completion factor measures the percentage of scheduled flights completed, excluding cancellations due to weather, ATC, or other uncontrollable events. View source version on Contacts Surf Air Mobility Media Contacts Press: press@ Investors: investors@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Recorder
31-05-2025
- Business
- Business Recorder
Faceless, clueless, hopeless
EDITORIAL: For all the noise around digital reform and anti-corruption efforts, Pakistan's Faceless Customs Assessment (FCA) system has delivered the worst of both worlds: more bureaucracy and less revenue. A flagship of the FBR's so-called Transformation Plan, the FCA was launched with the promise of clean assessments and quicker clearances. Instead, it has grounded the customs system to a halt and bled the exchequer. An internal review, now leaked to the press, doesn't mince words: FCA is 'a complete failure to achieve objectives.' There's little to salvage from this wreck. The review committee's findings should be an embarrassment to any institution that claims to plan, assess, or implement. The data is damning. Post-FCA, cargo clearance times have increased, not decreased — even though documentation requirements went down. More delays, more confusion, and ironically, more human intervention. Referrals to higher officers, lab test requisitions, and frequent reviews before Principal Appraisers and Assistant Collectors have ballooned. Far from cutting red tape, FCA has doubled it. Worse than inefficiency is the abject failure to raise revenue although the entire premise of the FCA was that removal of human discretion would close the leakages due to collusion. Instead, Customs assessments now generate less additional revenue: 13 percent post-FCA, down from 16 percent. A three-point drop may seem small, but in Pakistan's fragile fiscal environment, it's catastrophic. The system was meant to plug a revenue hole. It made it wider. So what went wrong? Nearly everything; the review points out that FCA's two core design choices — hiding trader information from assessing officers, and dismantling specialised assessment groups — had already been tried and abandoned two decades ago under PACCS, Pakistan's first digital customs experiment. The reason they failed then is the same reason they fail now: removing information from assessors limits their ability to assess correctly. Meanwhile, specialised groups bring expertise, institutional memory, and efficiency. Scrap them, and you're back to square one — except this time, with added confusion. The rollout itself has been another disaster. Implementing an untested, unintegrated system in Karachi — the busiest and most complex port — without phased pilots or feedback loops was asking for failure. There was no integration with key databases like the IRS. No staged rollout in places like Lahore or Rawalpindi. And clearly, no plan for post-clearance audits to offset the blind spots of the faceless system. The system's defenders argue that collusion needed to be stopped. Perhaps so. But if removing human interaction doesn't improve revenue, then either the collusion wasn't materially hurting the state, or the new system simply failed to stop it. In both cases, the FCA's core assumptions collapse. You can't hide behind intent when the outcome is actively harmful. This isn't just a technical failure. It's a policy failure. The FBR and Customs launched a nationwide digital overhaul without the data to justify it, the testing to support it, or the infrastructure to sustain it. The result? Lower revenues, slower trade, and even more distrust in public reform. The review committee has wisely recommended halting FCA's expansion. That's not a recommendation — it's a lifeline. If there's any will left in the corridors of power to do the right thing, this system should be frozen in its tracks. A full audit must follow — one that doesn't just patch the flaws but questions the very logic behind faceless assessments. Pakistan doesn't need faceless systems. It needs accountable ones. Until we stop mistaking cosmetic digitalisation for actual reform, failures like FCA will keep repeating — each time more costly than the last. Copyright Business Recorder, 2025
Business Recorder
21-05-2025
- Business
- Business Recorder
World Bank defers additional $70m IDA credit to Pakistan Raises Revenue
ISLAMABAD: The World Bank (WB) has deferred the approval of additional International Development Association (IDA) credit in the equivalent amount of $70 million to Pakistan Raises Revenue (PRR) project, which was aimed at providing additional investment financing to the Federal Board of Revenue (FBR), in support of its new Transformation Plan, official sources revealed to Business Recorder. The World Bank's Board of Executive Directors was scheduled to consider the additional credit of $70 million for the PRR project on Wednesdays (May 21, 2025); however, sources have confirmed that the Pakistani authorities and the bank would hold further negotiations next week. The board is now likely to consider the agenda in June 2025. Official documents revealed the tax system raises little revenue, generates economic distortions, and imposes a high burden on the poor largely due to the revenue system. Recent analysis shows that Pakistan's fiscal policies have a more pronounced impact on increasing poverty and a less significant effect on reducing inequality than average for lower-middle-income countries. World Bank likely to approve additional IDA credit to PRR The additional financing (AF) incorporates a Level 2 Restructuring to introduce new activities and change some activities under the existing investment financing component. It also updates the results framework to reflect revised outputs linked with the investment financing component, and extends the project end date to June 30, 2027. With this AF, the total project amount will increase to $470 million. Project outcomes contribute directly to Outcome 5 of the CPF – More Public Resources for Inclusive Development. By increasing FBR collections to 10 per cent of GDP in fiscal year 2027, the project aligns with CPF outcome indicator 5.1, which aims to raise the tax-to-GDP ratio to 15 per cent by 2035. Enhanced revenue collection will enable Pakistan to increase spending on essential services over time, meeting fiscal financing needs without generating excessive fiscal imbalances in the future. Beyond the CPF's outcomes and targets, the project also indirectly contributes to World Bank Group (WBG) Scorecard indicators related to improved access to services, better debt sustainability, and increased private investment. PRR is an Investment Project Financing (IPF) with an original allocation of $400 million, with a results-based component and an investment financing component. The results-based component ($320 million or Component 1) disburses against documented execution of eligible expenditures under the Eligible Expenditure Programs and the achievement of the Disbursement Linked Indicator (DLI) targets. These DLIs are linked with four objective areas: (i) simple and transparent tax system; (ii) effective control of taxpayers' obligation; (iii) facilitation of compliance; and (iv) institutional development for efficiency and accountability. The investment financing component (original allocation of $80 million, Component 2) mainly focuses on investment in the FBR's information and communications technology (ICT) systems, including ICT equipment, software and business process improvement, cargo weighing, contact-less scanning, and laboratory equipment for customs inspections (goods). It also finances consulting and non-consulting services for software development, technical assistance (TA), and training. AF activities will be conducted within the geographical scope of the existing project. The proposed restructuring responds to the request of the Government of Pakistan to scale up project activities under Component 2 to meet the FBR's emerging priorities, and to extend the duration of the Project. The proposed Level 2 restructuring supports: (i) AF of $70 million for new activities under the investment financing component; (ii) extension in the duration of the project by 24 months (until June 30, 2027); and (iii) an update of the results framework to reflect revised outputs linked with the investment financing component (change of previously approved activities), as well as align with the extended project duration until June 30, 2027. With this AF, the total Project amount will increase to $470million. Copyright Business Recorder, 2025
Business Recorder
21-05-2025
- Business
- Business Recorder
World Bank defers additional $70m IDA credit to PRR
ISLAMABAD: The World Bank (WB) has deferred the approval of additional International Development Association (IDA) credit in the equivalent amount of $70 million to Pakistan Raises Revenue (PRR) project, which was aimed at providing additional investment financing to the Federal Board of Revenue (FBR), in support of its new Transformation Plan, official sources revealed to Business Recorder. The World Bank's Board of Executive Directors was scheduled to consider the additional credit of $70 million for the PRR project on Wednesdays (May 21, 2025); however, sources have confirmed that the Pakistani authorities and the bank would hold further negotiations next week. The board is now likely to consider the agenda in June 2025. Official documents revealed the tax system raises little revenue, generates economic distortions, and imposes a high burden on the poor largely due to the revenue system. Recent analysis shows that Pakistan's fiscal policies have a more pronounced impact on increasing poverty and a less significant effect on reducing inequality than average for lower-middle-income countries. World Bank likely to approve additional IDA credit to PRR The additional financing (AF) incorporates a Level 2 Restructuring to introduce new activities and change some activities under the existing investment financing component. It also updates the results framework to reflect revised outputs linked with the investment financing component, and extends the project end date to June 30, 2027. With this AF, the total project amount will increase to $470 million. Project outcomes contribute directly to Outcome 5 of the CPF – More Public Resources for Inclusive Development. By increasing FBR collections to 10 per cent of GDP in fiscal year 2027, the project aligns with CPF outcome indicator 5.1, which aims to raise the tax-to-GDP ratio to 15 per cent by 2035. Enhanced revenue collection will enable Pakistan to increase spending on essential services over time, meeting fiscal financing needs without generating excessive fiscal imbalances in the future. Beyond the CPF's outcomes and targets, the project also indirectly contributes to World Bank Group (WBG) Scorecard indicators related to improved access to services, better debt sustainability, and increased private investment. PRR is an Investment Project Financing (IPF) with an original allocation of $400 million, with a results-based component and an investment financing component. The results-based component ($320 million or Component 1) disburses against documented execution of eligible expenditures under the Eligible Expenditure Programs and the achievement of the Disbursement Linked Indicator (DLI) targets. These DLIs are linked with four objective areas: (i) simple and transparent tax system; (ii) effective control of taxpayers' obligation; (iii) facilitation of compliance; and (iv) institutional development for efficiency and accountability. The investment financing component (original allocation of $80 million, Component 2) mainly focuses on investment in the FBR's information and communications technology (ICT) systems, including ICT equipment, software and business process improvement, cargo weighing, contact-less scanning, and laboratory equipment for customs inspections (goods). It also finances consulting and non-consulting services for software development, technical assistance (TA), and training. AF activities will be conducted within the geographical scope of the existing project. The proposed restructuring responds to the request of the Government of Pakistan to scale up project activities under Component 2 to meet the FBR's emerging priorities, and to extend the duration of the Project. The proposed Level 2 restructuring supports: (i) AF of $70 million for new activities under the investment financing component; (ii) extension in the duration of the project by 24 months (until June 30, 2027); and (iii) an update of the results framework to reflect revised outputs linked with the investment financing component (change of previously approved activities), as well as align with the extended project duration until June 30, 2027. With this AF, the total Project amount will increase to $470million. Copyright Business Recorder, 2025
