FBR Shines Again: Commendable Performance under Difficult Circumstances, Surpasses Budgetary Target for February 2023

Islamabad, March 01, 2023 (PPI-OT): Federal Board of Revenue has once again demonstrated great revenue collection performance during February 2023, despite difficult economic situation. According to provisional figures, FBR collected Rs. 527.3 billion against the target of Rs. 527 Billion during the month of February 2023, exhibiting a growth of 16.3% compared to the same month last year. Cumulatively, FBR has collected Rs. 4,493 billion in the first eight months of the current financial year against Rs. 3,820 billion collected in the corresponding period of last year depicting a year-over-year growth of 18%.

 

FBR continues to show impressive performance during the third quarter of the current financial year which displays its unwavering commitment towards achieving the revised upward annual budgetary target of Rs. 7,641 billion despite economic challenges. As per the provisional data, direct tax collection grew at a robust pace of 47% during the first eight months of the current financial year which is reflective of Government’s policy of making taxation progressive and equitable through shifting tax burden towards society’s wealthy and affluent segments.

 

This consistent growth in direct taxes, particularly those from domestic sources, is, in large part, due to administrative and enforcement measures of the FBR. The contribution of domestic taxes has increased from 49.4% last year to 58.7% during the current year, pointing towards the success of policies aimed at reducing reliance on import duties and taxes. Furthermore, it is also significant that the collection from Customs Duty has shown an increase of 2% during the month of February 2023 compared to the same month last year. FBR has also stayed on top of addressing exporters’ liquidity needs through issuance of Rs. 235 billion in refunds during the first eight months of the current financial year as against Rs.198 billion during corresponding period of last year-a year-over-year increase of 19%.

 

FBR sincerely appreciates all those taxpayers who diligently fulfilled their national duty of paying due taxes. This would go a long way in achieving the budgetary target and also lauds the endeavours of all field formations and its officers for their untiring efforts and commitment to optimize revenue collection in challenging economic situation. This growth in tax revenues, especially direct taxes, underscores the resolve of the Government and FBR to make Pakistan a thriving, resilient and self-reliant nation which has the will and capacity to withstand the current economic challenges.

 

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Principal Information Officer,

Press Information Department (PID)

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Email: piopid@gmail.com

Website: www.pid.gov.pk

 

Modi regime strips Soura hospital of autonomous status

Srinagar, March 01, 2023 (PPI-OT): In Indian illegally occupied Jammu and Kashmir, the Hindutva-inspired Modi regime has stripped the premier tertiary care health institute, Soura Institute of Medical Science, of its autonomous status, triggering criticism from political parties. A letter to the director of the hospital by the undersecretary of the General Administration department read: “The administration of Soura hospital has been assigned to Health and Medical Education Department”.

 

“Accordingly, I am directed to intimate you that henceforth all matters/proposals/case files may be submitted for consideration/approval of the Competent Authority (HLG) through Health and Medical Education Department,” it added. Political parties in the Valley decried the move and demanded an immediate rollback of the decision. National Conference chief spokesperson Tanvir Sadiq said undermining the premier healthcare institution autonomy by bringing it under the administrative control of the health department runs opposite to the government’s minimum government and maximum governance slogan, he added.

 

The institution has been met with step-motherly treatment under the current set up, Sadiq said. CPI-M Leader M Y Tarigami said Soura institution has over the years provided patient care much better than other facilities in the region. “Stripping what little autonomy this top-tier institution had will have an adverse impact on both its patient care and research,” he said.

 

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Intensifying colonial agenda in IIOJK: Modi regime attaching properties of 168 Kashmiris

Srinagar, March 01, 2023 (PPI-OT): Intensifying its colonial agenda in Indian illegally occupied Jammu and Kashmir, the Narendra Modi-led fascist Indian regime has started attaching properties of Kashmiris on a large scale under the guise of providing support to the ongoing freedom movement. In this regard, New Delhi-controlled police have started the process to attach properties of nearly 168 persons who belong to different districts of the occupied territory. The police have dubbed these people as ‘militants’ presently residing in Azad Kashmir and Pakistan. The fact of the matter is that these people had migrated to AJK and Pakistan in the last three decades to save themselves from the wrath of ferocious Indian troops who are given a license to kill, terrorize and humiliate Kashmiris on one pretext or another.

 

The Indian Ministry of Home Affairs had recently directed the Police to initiate action against such people, including 118 from Doda, 36 from Kishtwar and 14 from Rajouri and Poonch districts. Doda SSP Abdul Qayoom said that out of 118 persons from the district who are based outside IIOJK, 10 are the most active and have been trying to motivate local youth to join the freedom struggle. “Two among them have been declared individual militants and two proclaimed offenders,” the SSP said.

 

In December, the property of one, Abdul Rashid was seized in Thathri area of Doda. The SSP said a list of properties of others had been sought from the Revenue Department, which too would be seized. It is worth mentioning that the Modi regime has already confiscated the head office of All Parties Hurriyat Conference in Srinagar and many properties and lands owned by Jamaat-e-Islami, its leaders and activists and other common people across IIOJK to punish them for their role and association with the struggle for securing their right to self-determination. The occupation authorities have also demolished many properties of the pro-freedom people to frighten them to the extent that they give up their just struggle.

 

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India records warmest February in 146 years

New Delhi, March 01, 2023 (PPI-OT): India recorded the warmest February this year since 1877 with average maximum temperatures touching 29.54 degrees Celsius, the weather office has said while linking it with global warming. Less rainfall, clear skies and persistent anti-cyclone conditions led to abnormal rise in the maximum temperature in February, Indian Meteorological Department (IMD) said. It said, the other possible reason for the rise in temperature was reduced frequency of western disturbances, which bring rain in February. The previous highest average temperature in February was recorded in 2016 when the mercury touched 29.48°C, it added.

It said most parts of the country are expected to experience above-normal temperatures while the southern peninsula and parts of Maharashtra are likely to escape the brunt of harsh weather conditions. Addressing a virtual press conference, S C Bhan, the Head of the Hydromet and Agromet Advisory Services of IMD said the monthly average maximum temperature for February was the highest since 1877 and linked the rising trend to the phenomenon of global warming. “The entire globe is living in an era of global warming. We are living in a warming world,” Bhan said when asked whether the high temperatures were an indication of climate change.

Northwest India, including Punjab, Haryana, and New Delhi, reeled under unusually above-normal maximum temperatures throughout the month, the IMD said. “Summer is likely to be hotter than the last year. Above normal maximum temperatures will be witnessed,” said an official of the weather office. The IMD said the probability of heat waves occurring from March to May was likely to increase over many regions of Central and northwest India. However, Punjab, Haryana and Delhi would not witness heat waves in March. But in subsequent months of April and May, the number of heat waves will rise in Punjab, Haryana and Delhi, it added.

 

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APHC-AJK pays homage to martyrs of Zakura and Tengpora massacres

Islamabad, March 01, 2023 (PPI-OT): The All Parties Hurriyat Conference Azad Jammu and Kashmir (APHC-AJK) chapter has paid homage to the martyrs of Zakura and Tengpora massacres on their 33rd martyrdom anniversary, today. According to Kashmir Media Service, over 50 innocent people were martyred and dozens others injured when Indian troops opened fire on peaceful protesters in Zukoora and Tengpora areas of Srinagar in Indian illegally occupied Jammu and Kashmir on this day in 1990.

The APHC-AJK leaders at a meeting presided over by the Convener, Mehmood Ahmed Saghar, said the Kashmiri people will not allow the sacrifices of their martyrs to go waste. They said that it was due to these sacrifices that the Kashmir dispute was echoing in every forum of the world. The APHC-AJK leaders urged India to stop its state terrorism in IIOJK and settle the Kashmir dispute by giving the people of Jammu and Kashmir their right to self-determination as per the relevant UN resolutions for ensuring durable peace and prosperity in the region.

Special prayer was also offered for the martyrs of Jammu and Kashmir. Meanwhile, the Chairman of Pasban-e-Hurriyat Jammu and Kashmir, Uzair Ahmed Ghazali, in a statement issued in Muzaffarabad also paid homage to the martyrs of Zakora and Tengpura massacres. He deplored that despite the passage of three decades, the Indian terrorists involved in the mass killings have not been brought to book.

 

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CARBOTRACE, Proppant Conveyed Inflow Production Tracers Are Being Launched Globally

CARBO Ceramics Inc. partners with GEOSPLIT Middle East FZE

HOUSTON, TX / ACCESSWIRE / March 1, 2023 / CARBO and GEOSPLIT announced today that the companies have entered into a strategic partnership that will enable energy operators to improve their reservoir performance by optimizing drilling & completions designs through understanding the production inflow profiling. The use of the technology reduces the overall cost of the well’s ownership, improves the carbon footprint for the well’s lifecycle, and boosts the decision-making of the E&Ps for their offset wells.

CARBOTRACE
CARBOTRACE

The agreement combines CARBO’s manufacturing, sales, and marketing expertise with the inflow production profiling capabilities of GEOSPLIT. CARBO is the market leader in proppant and proppant-delivered technologies, and GEOSPLIT is a developer of a proven long-term dynamic zonal inflow tracer technology evaluation service.

“CARBO’s portfolio of proppant delivered technologies continues to expand and provide customers with added value, enabling the most efficient completion and production strategies. CARBO has proven once more to be a technology leader in the space by creating an alliance with this Middle Eastern start-up for further geographical expansion,” said Max Nikolaev, Senior Vice President

Customers of CARBO will now be able to understand their reservoir performance through production monitoring better, marker/tracer monitoring of production inflow profiles, reservoir management, and digital oilfield services based on dynamic zonal inflow production profiling.

“Tracer-embedded coating for propping materials is one of the key solutions in our technological portfolio. Strategic partnership with Carbo Ceramics is a high recognition of technology capabilities and will allow the technology to reach out to more operators worldwide,” said Anna Belova, VP Global Business Development for GEOSPLIT.

About CARBO Ceramics Inc

CARBO® is a global technology company that provides products and services to several markets, including oil and gas, industrial, agricultural, and environmental markets, to enhance client value.

CARBO Energy – is a leading provider of market-leading technologies to create engineered production enhancements solutions that help E&P operators to design, build and optimize the frac – increasing well production and estimated ultimate recovery and lower finding and development cost per barrel of oil equivalent.

For more information, please visit www.carboceramics.com or contact Joshua Leasure, Director Technology Sales Joshua.Leasure@carboceramics.com

About GEOSPLIT

GeoSplit Middle East FZE is an international digital oilfield service company offering a tracer-based production profile surveillance technology for oil and gas wells. The GeoSplit technology portfolio provides a stream of data on the oil and gas well production pattern for years without well intervention. The data becomes a decision-making support tool and gives recommendations on addressing specific objectives of field operators and customers in such segments as hydrocarbon development, production, reservoir management, and optimization.

For more information, please visit www.geosplit.org or contact Anna Belova, VP Global Business Development a.belova@geosplit.org

Contact Information

Joshua Leasure
Director Technology Sales, CARBO
joshua.leasure@carboceramics.com
281-921-6490

Anna Belova
VP Global Business Development, GEOSPLIT MIDDLE EAST FZE
a.belova@geosplit.org
+31 611 255342

SOURCE: CARBO

Henley & Partners: Invest in Namibian Real Estate and Secure Residence Rights

LONDON, March 01, 2023 (GLOBE NEWSWIRE) — The world’s latest investment migration option — and Africa’s second — the Namibia Residence by Investment Program has been launched by Henley & Partners, the global leaders in residence and citizenship planning.

The Namibian government is actively seeking foreign investment to boost the country’s economic growth and diversify the economy. The program provides numerous opportunities for international investors seeking a foothold and growth on the African continent, including tax incentives, financing, and a one-stop bureau service for international companies. For a minimum real estate investment of USD 316,000 in the new luxury golf and eco-friendly President’s Links Estate in Walvis Bay, successful investors will receive a five-year, renewable work permit which gives them the right to live, do business, and study in Namibia.

Group Head of Private Clients at Henley & Partners, Dominic Volek, says, “We are delighted to announce this innovative new residence by investment offering in Africa. Namibia’s stunning landscape, attractive tax system, and business-friendly environment make it an ideal option for international entrepreneurs, high-net-worth individuals, or retirees. There are fewer than 600 real estate units available in this exclusive coastal estate that qualifies for residence, so investors need to move quickly if they want to take advantage of this limited opportunity to secure residence rights in one of the most nature- and wildlife rich countries in the world.”

One of Africa’s fastest growing private wealth markets

The total private wealth currently held on the African continent is USD 2.1 trillion and is expected to rise by 38% over the next 10 years, according to the Africa Wealth Report, published by Henley & Partners in partnership with New World Wealth. Namibia is expected to be one of Africa’s fastest growing markets going forward, with high-net-worth individual (those with wealth of USD 1 million or more) growth of over 60% forecast for the next decade (until 2032). According to New World Wealth’s December 2022 statistics, Namibia holds USD 26 billion in total investable wealth. The average wealth of a resident of Namibia (wealth per capita) is USD 10,050, ranking as the third highest in Africa after Mauritius and South Africa. The nation is home to around 2,100 high-net-worth individuals and three centi-millionaires (with wealth of USD 100 million or more).

To attract inward investment, the government has made major improvements to its tax system in recent years. Namibia operates a source-based tax system, which means that foreign residents are generally only taxed on the income they generate in the country. What is more, tax rates are relatively competitive compared with many other emerging markets and particularly with neighboring countries such as South Africa. The top rate of income tax in Namibia is a modest 37%, but perhaps most notably there are no capital gains, estate, gift, inheritance, or net wealth/worth taxes.

Unprecedented interest in domicile diversification

Currently, the President’s Links Estate is the only investment route for the Namibia Residence by Investment Program. Group Head of Real Estate at Henley & Partners, Thomas Scott, says international real estate has always been a reliable asset class for global investors due to its long-term staying power. “Real estate–linked investment migration programs such as the offering in Namibia have the additional advantages of enhancing your global mobility and expanding your personal access rights as a resident or citizen of additional jurisdictions, creating optionality in terms of where you and your family can live, work, study, retire, and invest. The potential gains over the lifetime of this investment include the core value of the asset, rental yields, and global access as an ultimate hedge against both regional and global volatility.”

Volek points out that there has been significant and ongoing growth in the demand for residence and citizenship by investment options over the past few years. “The appeal of investment migration for affluent families is truly universal due to its many benefits, ranging from domicile diversification to global mobility enhancement, to accessing world-class education and healthcare, to having a plan B in times of turmoil. No matter where you were born, or where you currently reside, wealthy investors can futureproof themselves and their families for whatever might lie ahead through investment migration options such as the new Namibia Residence by Investment Program.”

Media Contact

Sarah Nicklin
Group Head of PR
sarah.nicklin@henleyglobal.com
Mobile: +27 72 464 8965

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