NBA's Christmas Day ratings skyrocket, even going up against NFL gamesTikTok CEO Seeks Musk's Counsel on Incoming Trump Administration
Google's Monopoly Under Fire: DOJ Proposes Major ChangesTop 5% earners liable to pay Rs1.6tr in taxes: FBR Finance minister says govt introduced structural reforms in national economy to put it on path of growth The Federal Board of Revenue (FBR) building can be seen. — X@FBRSpokesperson/File ISLAMABAD: The government on Thursday outlined the measures taken and progress achieved since it began implementing a comprehensive economic reform agenda aimed at widening the tax base through digitisation of the Federal Board of Revenue (FBR), disclosing the identification of approximately 190,000 people evading taxes amounting to Rs60 billion. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1700472799616-0'); }); When consumers data was compiled/refined through an algorithm method, it showed that 190,000 persons leading a high-standard lifestyle [with luxury vehicles and properties] are non-filers. Following this, ground-truthing of the top 5,000-6,000 was performed through field staff that confirmed around Rs7 billion in taxes from them. If calculated today on the basis of 190,000 persons who should be direct taxpayers, there is an Rs50-60 billion taxation pocket, easily, it elaborated. This revelation was made during a joint news conference by Minister for Finance and Revenue Senator Muhammad Aurangzeb, Minister for Information and Broadcasting Attaullah Tarar, Minister of State for Finance and Revenue Ali Pervaiz Malik and Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial. Finance Minister Aurangzeb said that the incumbent government soon after assuming the power introduced structural reforms in the national economy to put it on the path of sustainable development and growth, adding that the taxation reforms remained on the top of reforms agenda. The government, he said, intended to enhance the tax-to-GDP ratio up to 13 percent, which was currently estimated at 9 to 10 percent of the GDP, adding the increase in revenue collection would not only strengthen the fiscal sides but also project the country’s image as a responsible state. He said the government had introduced a bill in the National Assembly to ensure full tax compliance, besides overcoming the issues related to non-declaration and under-declaration for enhancing the revenue collection in the country. Besides, Aurangzeb said the government was working on the technology transformation in the FBR and it introduced end-to-end digitization for ensuring transparency, minimizing human interventions to control harassment and eliminate elements of corruption to increase revenue collection. He said the work on the design of digitization of FBR was started in March 2024 under the leadership of Prime Minister Muhammad Shehbaz Sharif, which was approved in September and now passing through its implementation stage, focusing on key economic sectors integration to plug leakages. Addressing the press conference, Minister of State for Finance Ali Pervaiz Malik said the increase in tax resources, keeping them judicious and extending to all sectors of the economy were the basic element of national tax strategy. Besides, he said execution of modern tools and digitization of FBR and conversion from indirect taxation to direct taxation as well as use of modern algorithms was the other objectives of the strategy to bring the people into a normal tax regime for ensuring tax compliance culture in the country. Accordingly, he said the government had also formed a task force for the capacity building of institutions, which comprised experts from the IT sector, academia, data analysis and businesses, adding that it helped to establish different dash-boards in the FBR to strengthen the efforts of tax compliance. Using the data analysis, he said, the government had identified about 190,000 potential taxpayers, who must be in the tax net, adding that the data was further authenticated by field formations, following this ground-truthing of the top 5,000-6,000 was performed through field staff that confirmed around Rs7 billion in taxes from them. “If calculated today on the basis of 190,000 persons who should be direct taxpayers, there is an Rs50-60 billion taxation pocket, easily,” he elaborated. He said the government had also introduced measures to protect common man in the country from the inflationary shocks through overcoming its deficits and economic management. “These measures are now bearing results and inflation rate has come down to a single digit.” FBR Chairman Rashid Mahmood Langrial said the FBR was committed to digitization and automation in tax system and a lot of work had been completed for digitization and automation and execution was also priority of the institution. He said that FBR coordinated well with all relevant institutions, and currently, all the main institutions were working together with FBR to achieve the annual revenue target in the current Fiscal Year (2024-25). The chairman said that currently FBR has evolved its data analytic systems and added that the total tax gap was Rs7.1 trillion. “We are mainly focusing on the top five percent in terms of revenue collection and out of the top five percent people, which are 3.3 million, 600,000 people have so far filed their returns.” He said out of 190,000, only 38,000 people have filed returns and paid Rs370 million tax, while notices were issued to 169,000 wealthy non-filers. The FBR so far sent out tax notices to 186,000 high net worth individuals for possessing substantial assets, income and vehicles but never contributed up to the desired mark. The top five percent wealthy individuals who come into account, 670,000 are potential tax dodgers in the country who spent money but never bothered to come into the tax net. These 0.6 million high net worth individuals are on the radar screen of tax authorities. However, the minister for finance did not reply directly when asked whether the government would bring a mini budget or make an effort to convince the IMF for slashing down the FBR’s tax collection target keeping in view the shortfall in the range of Rs340 billion. The minister for finance replied that they would show the IMF sincere efforts undertaken by the government, adding that some assumptions were changed as inflation came down at an accelerated pace. “We will share all details with the IMF mission in good faith when they come for review talks,” he added. The finance minister said that the National Fiscal Pact was signed by the Centre and the provinces and it would be implemented in cooperation with the federating units. He said the Agriculture Income Tax (AIT) law was passed by the Punjab Assembly while other provinces were making progress but at different stages. He said the FBR achieved revenue growth of 29 percent but the target for the current fiscal year was set with an ambitious target of 40 percent. Sharing the criteria for prioritising potential high net worth individuals, the FBR chairman said that the revenue collector had identified 190,000 non-filers on the basis of six factors such as who earned bank profit of Rs1.3 million per annum, owned more than 3 vehicles with cumulative value of Rs10 million, transaction of more than two properties with cumulative value of Rs16 million, withdrawal of more than Rs3.5 million per annum and possessed two bank accounts, deposited at least Rs28 million and owned credit card. He said the FBR could easily collect Rs50 to Rs60 billion from these high-net worth individuals but conceded that the tax laws could not be implemented as criminal law, so there was a set procedure which would be followed. The FBR’s official data shows that Regional Taxpayer Office (RTO), Lahore, sent out tax notices to 38,828, RTO-II Karachi 15,000 and LTU Karachi only 75 individuals. For sharing digitization up-date for execution of FBR’s transformation plan, the tax compliance gap stood at Rs7.1 trillion -- sales tax of Rs4.1 trillion, income tax Rs2.4 trillion and Customs duty Rs0.6 trillion. Only 38,002 individuals have filed their returns and deposited Rs377.62 million. It was agreed by the government and FBR high-ups that in the short run, the FBR might face revenue shortfall but there was no other way to plug the leakages. “Our hands have been tied and there is no other way for broaden the tax base,” the finance minister said, adding that how long the FBR would collect taxes from salaried and formal manufacturing sector, so the retailers and others would have to come into the tax net. He said that the tax-to-GDP ratio hovered around 9 to 10 percent, which would be jacked up to 13.5 percent over a five-year period. The FBR chairman said the government undertook actions against sugar sector and also implemented faceless assessment and examination mechanism to end collusion among the importers and Customs high-ups. He said that PRAL’s new Board was inducted. The new hiring would be done with an injection of Rs4 billion. The FBR would hire 550 new auditors to improve efficiency. Meanwhile, the Senate Standing Committee on Finance has unanimously passed the Tax Laws Amendment Bill 2024 which recommended that the sale of property and gold related restrictions be placed to bar substantial transactions. The Senate Standing Committee on Finance and Revenues met under Chairman Senator Saleem Mandviwalla here on Wednesday. Federal Board of Revenue (FBR) Chairman Rashid Mehmood Langrial said 95 percent households would not be affected by the proposed legislation to ban major transactions of ineligible people and businesses, rather these measures would help increase tax collection, as around Rs1.6 trillion gap exists in 5 percent top earners compared to Rs140 billion in the rest of the 90-95 percent alone in the Income Tax side. According to the proposed legislation, the ineligible person would not be able to transact certain economic transactions (certain basic exclusion applies). An ineligible person will not be able to transact economic transactions unless he became an eligible person. The eligible person is one who had filed an income tax return for the last preceding tax year along with an online filing of statement of investment and expenditure. The eligible person must have sufficient resources in his wealth statement (130 percent) of cash and cash equivalent. Regarding income tax amendments -- insertion of new section 175AA, the committee was informed that the purpose is to detect and take corrective measure against under declaration of income/ sales by fetching taxpayers’ banking system data and match with the declaration filed with the FBR. The FBR and banks would agree on an algorithm for setting banking transaction thresholds based on declared turnover and income of the person in the previous years against each CNIC. CNIC-based banking transaction threshold would be shared with the central depository of the banking system and such transactions would be reported to the FBR. The FBR would take legal action against such persons. Regarding the federal excise duty (FED) amendment, the committee was informed that Sections 26 and 27 are regarding seizing duty and sales tax unpaid goods in the country, authorising federal and provincial authorities to seize and destroy such unpaid goods. The minister for finance and revenue noted that while banks already had systems in place, integrating additional data could improve the identification of suspicious transactions.
Irish women open up on their horrific experiences of being spiked in barsPITTSBURGH — The decorations outside Acrisure Stadium suggested Christmas. The play on the field by the home team hinted at another holiday entirely. Groundhog Day. Like Bill Murray in the iconic movie — set about 90 minutes northeast of Pittsburgh in Punxsutawney — it's not that the Steelers are reliving the same day (or in their case, season) over and over exactly. It's that no matter what plan they come up with in a frantic effort to get to the other side, they seem to end up right back where they started. Competitive sure. But a contender? Ehhhh. Despite a series of aggressive moves — particularly on offense — that was considerably "unSteeler-like" in the offseason, Pittsburgh finds itself in familiar territory following a 29-10 loss to Kansas City on Wednesday: likely heading on the road in the first round of the playoffs, perhaps as a considerable underdog. While there is still time for Pittsburgh (10-6) to turn it around before a first-round playoff game on the second weekend in January, it's running out quickly. So too is the patience of those weary of being stuck on the treadmill of "good but hardly great" for far too long. Outside linebacker Alex Highsmith — who is 0-3 in the postseason since being drafted in 2020 — wondered aloud afterward if there's enough "want to" on the roster. Safety DeShon Elliott bemoaned communication issues that have cropped up, the kind of thing that is tolerable in Week 2, not so much in Week 17. Coach Mike Tomlin described a performance against the Chiefs in which his team was outclassed at seemingly every turn "junior varsity." That may be being charitable. And while the offense certainly has its issues (see below), the reality is the NFL's highest-paid defense has lost its way during a three-game slide that has dimmed the considerable optimism that surrounded the club after Thanksgiving. Pittsburgh is allowing an average of 402 yards during the skid and while the Chiefs seemed to have plenty of juice at the end of the same three games in 11 days stretch the Steelers endured, their opponents appeared to be gassed. Patrick Mahomes did whatever he wanted as usual and Pittsburgh failed to get a single sack or produce a turnover. There were opportunities. Linebacker Mark Robinson forced a fumble on a punt return only to see someone in red-and-white fall on the loose ball. Linebacker Patrick Queen let a tipped pass in Kansas City territory fall through his arms for an incompletion. Earlier in the season, Pittsburgh was making those plays. Though it should be noted, the competition then wasn't on the scale of what it has faced against Philadelphia, Baltimore and the two-time defending Super Bowl champions. The road has gotten considerably harder, just as the Steelers knew it would when the schedule was released in May. Like Phil Connors in "Groundhog Day," however, knowing what's coming and being able to navigate it are two different things. It took Connors a while to figure things out — anywhere from a few months to 25 or more years depending on who you ask — Pittsburgh doesn't have eternity to get it right if it wants to avoid a quick first-round playoff exit for the fourth time in five years. It has just over two weeks. And the clock is ticking. Maybe all the way back to 6 a.m. Because it sure looks like it's Groundhog Day. Again. WHAT'S WORKING: Not much. One of the few bright spots on a difficult day was the 36-year-old Russell Wilson's ability to make plays with his feet. He ran for a season-high 55 yards, his best single-game total since September 2023. WHAT NEEDS HELP: One of the reasons Wilson had to run is because on some plays, he had no choice while playing behind a youth-laden offensive line that looks as if it is wearing down late in the season. The Chiefs sacked Wilson five times — some of which, to be clear, were because of Wilson's indecisiveness — even with perennial Pro Bowl defensive end Chris Jones out while nursing a calf injury. Pittsburgh wants to be a team that imposes itself physically on the opponent. That has simply not happened during the current slide. The opponents have dictated the terms, particularly along the line of scrimmage. Turning that around this deep into a season may be a difficult ask. STOCK UP: Jaylen Warren is becoming the more dynamic option at running back. Warren has 37 touches for 212 yards during the three-game slide, while Najee Harris has 31 touches for 144 yards. Harris could become a free agent in March after the Steelers declined to pick up his fifth-year option. While Harris — who has topped 1,000 yards rushing in each of his first four seasons — certainly has a future in the NFL, it seems increasingly likely that it will be elsewhere. STOCK DOWN: Offensive coordinator Arthur Smith. His egalitarian approach to play-calling allows everyone to get involved. That's not a bad thing during the dog days in the middle of the season. It keeps players at all levels of the depth chart engaged and adds wrinkles opponents need to account for. Yet in the final weeks, the ball should be finding its way to the established difference-makers more frequently. Calling a run for Cordarrelle Patterson — the league's oldest running back — on third-and-3 near midfield as Smith did late in the first half makes little sense. INJURIES: Perhaps the most jarring thing about Pittsburgh's swoon is that the Steelers are generally healthy. Sure, they missed cornerback Joey Porter Jr. (knee) against Kansas City, but the rest of the 21 starters on offense and defense were in the lineup. KEY NUMBER: 0. The number of opening-drive touchdowns scored by the Steelers this season. For a group that has trouble "warming up to the game" as Tomlin likes to say, consistently being put in a position to play from behind against quality teams such as the ones Pittsburgh will see in the playoffs is inadvisable. NEXT STEPS: Rest up, heal up and try to find a way to restore some of its swagger ahead of a meeting with AFC North rival Cincinnati on the first weekend in January.
KBC Group NV Acquires 3,252 Shares of Viavi Solutions Inc. (NASDAQ:VIAV)Valuation and Earnings This table compares TruGolf and its rivals revenue, earnings per share (EPS) and valuation. TruGolf’s rivals have higher revenue and earnings than TruGolf. TruGolf is trading at a lower price-to-earnings ratio than its rivals, indicating that it is currently more affordable than other companies in its industry. Volatility and Risk TruGolf has a beta of -0.67, suggesting that its stock price is 167% less volatile than the S&P 500. Comparatively, TruGolf’s rivals have a beta of 1.51, suggesting that their average stock price is 51% more volatile than the S&P 500. Profitability Institutional & Insider Ownership 3.2% of TruGolf shares are owned by institutional investors. Comparatively, 49.9% of shares of all “Sporting & athletic goods, not elsewhere classified” companies are owned by institutional investors. 37.2% of TruGolf shares are owned by insiders. Comparatively, 20.2% of shares of all “Sporting & athletic goods, not elsewhere classified” companies are owned by insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a company will outperform the market over the long term. Summary TruGolf rivals beat TruGolf on 5 of the 9 factors compared. TruGolf Company Profile ( Get Free Report ) TruGolf Holdings, Inc., through its subsidiary, engages in the development and sale of indoor golf simulator hardware under the TruGolf Nevada brand for residential and commercial markets in the United States. It also provides E6 Connect software for use on other companies' hardware. The company was founded in 1982 and is headquartered in Centerville, Utah. Receive News & Ratings for TruGolf Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TruGolf and related companies with MarketBeat.com's FREE daily email newsletter .
WKU_D.Smith 9 pass from Veltkamp (Carneiro kick), 13:17. LIB_Lucas 2 run (Karhu kick), 9:30. LIB_Cooley 22 run (Karhu kick), 2:05. LIB_J.Gray 11 pass from Salter (Karhu kick), :10. WKU_Hart 2 run (Carneiro kick), 10:33. LIB_Cooley 2 run (Karhu kick), 9:44. WKU_K.Johnson 16 pass from Veltkamp (Carneiro kick), 3:44. LIB_FG Karhu 29, 11:13. LIB_Salter 3 run (Karhu kick), 2:59. A_17,930. RUSHING_W. Kentucky, Young 9-60, Veltkamp 8-30, Jal.Hampton 2-20, Sanders 1-2, Hart 5-1, (Team) 1-(minus 1), Hutchinson 1-(minus 6). Liberty, Cooley 24-166, Lucas 19-131, Salter 11-66, Blue 4-38, J.Gray 3-14, Jointer 2-4. PASSING_W. Kentucky, Veltkamp 20-34-3-262. Liberty, Salter 6-11-0-108, Burger 1-1-0-29. RECEIVING_W. Kentucky, K.Johnson 7-94, D.Smith 4-63, Messer 4-53, Young 3-26, Hutchinson 1-25, Sanders 1-1. Liberty, J.Gray 2-47, Lee 2-38, Sibley 1-29, R.Smith 1-16, Blue 1-7. MISSED FIELD GOALS_None.
Freeman has 26 in Bethune-Cookman's 79-67 victory over North Dakota
Stock market today: Wall Street rises with Nvidia as bitcoin bursts above $99,000
