UN: Every year, the World Tourism Day is observed on September 27 worldwide. The major purpose behind celebrating this day is to spread awareness about the importance of tourism and its impact on our society. The day was established by the United Nations World Tourism Organisation (UNWTO). The theme of World Tourism Day 2023 is “Tourism and green investment.” The day brings happiness to the life of the people as it provides the joy of discovering the world.
The significance of World Tourism Day 2023 is that it intends to raise awareness of the role of tourism within the international community and to determine how it affects social, cultural, political, and economic values worldwide. It is pertinent to mention that tourism plays a major role in enhancing a country’s economy and its image worldwide. There are numerous social advantages of tourism, determining positive social impacts. These benefits include:
Preservation of culture
Strengthening communities
Provision of social services
Commercialization of culture and art
Revitalization of customs and art forms
World Tourism Day is celebrated around the world. Each year, different countries take pride in hosting the World Tourism Day event. Also, the day has different themes every year with the aim of promoting tourism and its advantages.
Below is the brief history of World Tourism Day with its Themes and Host Country:
Karachi: According to the Directorate of Internal Audit IR, Karachi has unearthed a large sales tax scam carried out by a “Shell” company. As a result, the government has suffered an incredible loss of Rs. 314.81 billion. According to the information, the fraudulent entity was operated entirely on paper and manipulated the sales tax system in a scandal that threatens to have huge consequences. The fraud company was entirely built to scam and make fictitious entities with no genuine physical operations.
The Directorate conducted an investigation that revealed shocking results, as the shell company was fully built to scam people. The company holds a fictitious entity with no genuine physical operations or any physical movement of goods on either side of its operations.
Looking at the country’s initial state, the company initially dealt with iron, steel, and food products. In April of 2023, it was involved in false transactions worth Rs. 1,748.96billion, thus comprising a surprising tax amount of Rs. 314.81 billion.
The investigation was started considering that most of these fictitious purchases came from two businesses. According to section 2(37) of the Sales Tax Act of 1990, this tax dodging caused the national exchequer to suffer a staggering loss of Rs. 314.81 billion.
Peshawar: As per the latest updates, the Business Community, Tax Bar Associations, Tax Advisers, Chartered Accountant Firms, and Tax Experts approached the Federal Board of Revenue (FBR) to extend the date till January 31, 2024, due to technical and financial issues. The Karachi Tax Bar Association has informed FBR about a new IT glitch in IRIS (an online portal where the income tax return is filed) that stops users from responding to notices. Following this issue, in a joint statement, they requested a two-month time to submit their tax returns easily.
Provincial president of Markazi Tanzeem e Tajiran, Malik Meher Ali, and Provincial President of Traders Alliance Federation, Ghulam Bilal Javed, requested the Federal Government to extend the deadline for filing tax returns from September 30, 2023, to January 31, 2024.
They said business communities are highly affected by the country’s economic distress and higher inflation rates. The bad impact on business activities made it difficult for them to earn revenue and submit their tax return within the due date.
Moreover, they explained that the majority of businessmen and traders are taxpayers and want to submit their tax returns for their own benefit. Still, they could not do so due to economic contraction and financial crisis in the country.
The provincial presidents also highlighted that the FBR had already revised the Income Tax Rules 2002. According to those amendments, the authority was drafting an income tax return form in Urdu, which is meant to improve the tax system and facilitate taxpayers but is yet to be notified.
They said that the Urdu Return Form should also apply to the 2022 Tax Year, though it would take time to understand the document. They also expressed their fear that the business community would be unable to file tax returns till October 31 due to reasons explained to FBR.
Islamabad: According to sources, the Federal Government has decided to make it obligatory for provinces to share 50% of the total cost of Provincial Nature Projects in the Public Sector Development Program (PDSP). The Government took this decision in a high-level meeting led by the Caretaker Prime Minister, Anwar ul Haq Kakar, who issued orders to various departments and staff to prepare paperwork for the National Economic Council (NEC) for 50/50 financing of Provincial Nature Projects in PSDP, Benazir Income Support Fund (BISP), subsidy on fertilizer and agricultural tube-wells and various other projects.
The Secretary of Planning, Development, and Special Initiatives (PD&SI), Finance, Poverty Alleviation, Secretary of Industries and Production, and Chairman of the Higher Education Commission (HEC) attended the meeting to discuss ways to share 50% of the costs.
The Finance Division has also been issued orders to start technical work on the National Finance Commission (NFC) award considering the new census, implying that provinces’ uncontrolled funding will now be checked on some conditions emphasizing transparency.
The Ministry of Planning, Development, and Special InitiativesM/s PD&SI has also sped up its process with respect to the limitation of PSDP of provinces. The M/s PD&SI has authorized Rs. 135.41 Billion(14.3%), including Rs. 5.66 billionForeign Exchange Component, in July and August 2023-24 against Rs. 950 Billion total budget allocated for the PSDP.
The Deputy Chairman Planning Commission (DCPC) has also directed to carry out a full-year review of PSDP 2022-23 concerned members of the Planning Commission and complete the exercise. Then, any problematic projects will be reviewed by DCPC next week starting from September 25, 2023.
On suggestions of the Annual Plan Coordination Committee (APCC) held on May 28, 2021, the NEC, in its meeting held on June 7, 2021, has approved a policy to sponsor provincial projects which include Federal/ PSDP funding with cover for only:
Capital Investment
Original approved cost.
Projects located in deprived areas
Any change due to any other reason in cost would be the responsibility of Provincial Governments. On the other hand, the provincial governments would be responsible to:
Take over the projects on completion immediately
Bear the cost of land acquisition, resettlement, provincial taxes, and cost of the Project Management Unit (PMU)
In the case of irrigation projects, provincial governments would simultaneously develop command areas to benefit from the project fully.
Moreover, the projects which are selected for financing by the federal Government obeying to the policy would be approved by the competent forum.
It has been observed that following the economic distress and financing of big projects of national importance by the Federal Government, it is impossible to finance Provincial Projects unless Provincial Governments also share the costs. This will help to foster the PDSP in the country.
On the subject of subsidy on fertilizers, the sources said on several occasions, the provinces have been directed to share 50% of the subsidy on urea. Still, some have refused to contribute their share, while others showed reluctance. This attitude of provinces has irritated the Government.
Similarly, some political parties, like the Pakistan People’s Party (PPP), use BISP for their gains during elections. Still, the provincial Government does not share costs, and the Federal Government reimburses the loans/ finances obtained from International Financial Institutions.
On this subject, Caretaker Finance MinisterDr. ShamshadAkhtar has announced that she will meet with the Minister for Planning, Development, and Special Initiatives to review the unnecessary projects initiated by the previous Government to rationalize PDSP.
Lahore: The Acting Managing Director ofNESPAK, Zargham Eshaq Khan, announced that NESPAK, Pakistan’s Premier Engineering Consultancy, has reached another milestone by becoming the first Pakistani firm to secure the NEOM project in Saudi Arabia. The NEOM project focuses on the energy sector and has been awarded by the Saudi Electric Company (SEC). NEOM initiative is a part of the Vision 2030 Reform Plan of Saudi Crown Prince HRH Muhammad Bin Salman. The NEOM project budget is around 46.5 million Saudi Riyals, equal to 3.794 billion Pak Rupees, and will be completed within three years.
NESPAK is one of the leading engineering companies in Pakistan. The firm takes pride in providing prime construction management services for Extra High Voltage (EHV), HighVoltage (HV), and HVDC projects. These services are offered to various zones, including NEOMBay, NEOM Mountain, and NEOM Phase II.
In addition, this iconic development aims to expand the state’s oil-based economy to larger extent. The project also focuses on transforming society and producing a strong and flexible economy that will meet the challenges of the modern world.
NEOM project design contains many regions, featuring a floatingindustrialcomplex, a global trading hub, lavish resorts, and a modern city powered by renewable and sustainable energysources. We hope the developments prove to be a good initiative for the Saudi government.
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