Latest news with #digital ecosystem
Arab News
3 days ago
- Business
- Arab News
PM approves modern digital ecosystem for Pakistan revenue watchdog to increase collection
ISLAMABAD: Prime Minister Shehbaz Sharif has approved the development of a modern, world-class digital ecosystem in the Federal Board of Revenue (FBR) and directed hiring of world-renowned experts, his office said, in a bid to increase revenue collection. The prime minister issued the directives at a meeting he presided over to review ongoing reforms in the FBR, during which officials briefed participants about linking FBR data to a single hub for real-time monitoring. The reforms are tied to the government's economic stabilization agenda and structural benchmarks under a $7 billion International Monetary Fund (IMF) program. Pakistan has one of the lowest tax-to-GDP ratios in the region, despite a population of more than 240 million. Speaking at the meeting, Sharif said the country's economy was moving in the right direction, thanks to the ongoing FBR reforms, and the government could only reduce tax on common people by increasing the tax base and eliminating informal economy. "An entire digital ecosystem should be created to strengthen the new [FBR] system," he said. "All data from raw material production and import, product manufacturing to consumer purchases should be linked to a single system." In June, Sharif's government set a record-high tax collection target of Rs14.13 trillion ($47.4 billion) for the fiscal year 2025–26, marking a 9 percent increase from the previous year. Officials say meeting this goal is essential to reducing reliance on external debt and ensuring long-term fiscal sustainability. The prime minister said this consolidated data, collected under the new FBR system, should be used for economic, strategic decision-making. "The system should be made so effective that the entire value chain can be directly monitored digitally," the prime minister added. Earlier this month, the FBR launched simplified digital tax returns for salaried individuals, aimed at increasing tax compliance and widening the narrow tax base.
Crypto Insight
4 days ago
- Business
- Crypto Insight
Vietnam deploys national blockchain for identity and records
Vietnam launched a national blockchain platform designed to serve as the backbone for its expanding digital ecosystem. On Friday, Vietnam announced the state-run blockchain network, which will verify digital transactions and records across different sectors. The new platform, NDAChain, was developed by the country's National Data Association (NDA) and will be operated by the Ministry of Public Security's Data Innovation and Exploitation Center. The government said NDAChain will address long-standing challenges of centralized data models, including cyberattack vulnerabilities, scalability and limited global integration. NDAChain 'critical' to the local digital economy Nguyen Huy, the head of technology at the NDA, said that the blockchain will be a protective layer for the nation's live data. He said it will be 'critical' to their digital society and economy. The announcement also said the blockchain will offer a 'decentralized layer of trust' for national systems, including e-government, finance, healthcare, logistics and education. However, Huy said the network is not fully decentralized. 'Vietnam has chosen a hybrid data architecture that blends centralized and decentralized components,' Huy said. NDA said the network is a layer-1 permissioned blockchain, with 49 public-private validator nodes. State agencies, including the NDA and the Ministry of Public Security, will operate these nodes. Companies like SunGroup, Zalo, Masan, MISA, Sovico and VNVC will also play a role in securing the network. Permissioned blockchain networks are blockchains that include access control layers. This allows entities to have some measure of control over what actions network participants can perform. It adds a layer of security and control, making the blockchain centralized. These node operators will share a distributed ledger for transaction records, smart contracts for automation and identity verification modules linked with Vietnam's national identity systems. The platform runs on a Proof-of-Authority (PoA) consensus protocol, enhanced with zero-knowledge proofs for security. Vietnam adopts a decentralized identity solution In addition to transaction data, the NDAChain will also power NDA DID, a decentralized identity solution implemented by the NDA. It will be used to verify counterparty identity during transactions and allow service access and digital contract signing. The Vietnamese government said the NDAKey application will allow users to verify identities in seconds, aiming to prevent scams and digital identity theft.
