According to the Federal Trade Commission (FTO), the Federal Board of Revenue’s (FBR) cybersecurity systems failed, allowing taxpayers’ data to be compromised in a cyberattack and resulting in a tax fraud of Rs 14.66 billion.

The organization also revealed that hackers made use of holes in FBR’s security to carry out fictitious transactions totaling Rs 81.43 billion.

Rs 14.66 billion in taxes were lost as a result of these illegal transactions.

It was revealed last month that only 43% of the monthly objective had been met by the FBR in the first eighteen days of the month, indicating that the organization is having difficulty meeting its goals.

Details reveal that the Chief Commissioner of the Corporate Regional Tax Office received a letter from the FBR headquarters expressing worries about the poor rate of revenue collection.

In the letter, it was stated that increased efforts were required to meet goals, especially during the first quarter of the fiscal year.

The Corporate Regional Tax Office has also been instructed by the FBR to concentrate on collecting unpaid taxes and making sure that monthly sales tax reports are filed on time.

In order to stop tax evasion, the FBR has also emphasized how crucial it is to keep an eye on withholding agents. In order to reach the revenue targets and overcome the difficulties in tax collection, the FBR is generally advising its offices to step up their efforts.

The Pakistani government is receiving assistance from the Special Investment Facilitation Council in the exploration of new petroleum deposits, including shale gas.

To increase Pakistan’s potential for shale and tight gas, the Oil and Gas Development Company Limited (OGDCL) of Pakistan and the China Central Depository and Clearing Company (CCDC) have inked a Memorandum of Understanding (MoU).
As part of the agreement, CCDC will help OGDCL with exploration and production by offering drilling and upstream oil field services. Through this agreement, energy self-sufficiency will be attained by utilizing Pakistan’s energy resources.

It is anticipated that the MoU will make the nation rely more on natural resources and less on imports.

OGDCL has committed 30 million dollars to develop shale gas reserves to suit the country’s energy needs. The goal of this partnership with China is to meet rising demand for energy by making use of regional resources.

The Secretary of Aviation, Ahsan Mangi, is set to brief the Prime Minister on the outsourcing progress today.

In September, the Ministry of Aviation initiated steps towards the potential outsourcing of Pakistan’s three major airports, including Karachi, Lahore, and Islamabad.

Sources close to the development revealed that the ministry requested updated data regarding passenger traffic and flight operations over the past two years at these airports.

In addition to passenger and flight statistics, the Ministry of Aviation also sought detailed information on the revenue and contracts associated with the operations of the three airports.

Ahsan Mangi, the secretary of aviation, is scheduled to brief the prime minister on the status of the outsourcing project today.

The Ministry of Aviation began taking steps in September to investigate the possibility of outsourcing Karachi, Lahore, and Islamabad, the country’s three main airports.

According to people with knowledge of the situation, the ministry asked for updated information on the number of passengers and flights conducted at these airports during the previous two years.

The Ministry of Aviation requested comprehensive data on the income and contracts related to the operations of the three airports, in addition to passenger and flight statistics.