Latest News
AGP Study Reveals FASTER System’s Superior Efficiency Over STARR in Refund Processing
ISLAMABAD:
A recent impact study (2023-24) by the Auditor General of Pakistan (AGP) has unveiled substantial differences in efficiency between the Federal Board of Revenue (FBR)’s “FASTER” and “STARR” systems for refund processing. The FASTER system, introduced to streamline refund payments, has shown a significant improvement, with processing times ranging from eight to 19 days. In stark contrast, the STARR system’s processing durations extend between 286 and 753 days.
The study notes that the FASTER system centralizes the entire refund process—from verification to payment authorization—at the FBR headquarters, whereas the STARR system relies on field formations for these tasks. This centralization under FASTER has resulted in a higher volume and total value of refunds processed compared to STARR.
Additionally, the report highlights that refunds processed through the STARR system experience average credit delays of 153 to 173 days, whereas FASTER handles cases within nine to 29 days.
In light of these findings, the AGP has recommended the consolidation of refund processing onto a single platform. The report advocates for extending the FASTER system’s use to other sectors and suggests a thorough review of the FBR’s tax gap framework to include refund liabilities. Addressing the systemic issue of non-payment and implementing a risk-based prioritization for pending claims are also proposed to mitigate delays and improve th
International
FTX executives shave serious time off their sentences
Ryan Salame and Caroline Ellison, FTX executives convicted for their roles in the notorious crypto fraud led by their former boss Sam Bankman-Fried, have both shaved time off their lengthy prison sentences.
Salame, a former top executive of FTX, the now-bankrupt cryptocurrency trading platform, pleaded guilty to criminal fraud charges in September 2023, and was sentenced in May to 7 1/2 years in federal prison. He began his sentence in October. But the Federal Bureau of Prisons currently lists his release date as March 1, 2031, more than a year earlier than his initial release date in April 2032. Business Insider first reported Salame’s new release date.
Ellison, Bankman-Fried’s former girlfriend and the former CEO of FTX’s hedge fund arm, Alameda Research, was sentenced to 2 years in prison after she pleaded guilty to seven federal counts of fraud and conspiracy and was a key witness against Bankman-Fried. Her current release date is listed as July 20, 2025, three months earlier than her initial release date.
Bankman-Fried, who was sentenced to 25 years in prison, does not have a release date listed on the prisons website.
The Bureau of Prisons didn’t immediately respond to CNN’s request for comment. However, in several past statements about early release dates, the bureau has told CNN that it does not comment on the conditions of any individual inmate, but inmates can earn good conduct time that is calculated into their projected release date.
Qualified inmates are currently eligible for up to 54 days of GCT time for each year of the sentence imposed by the court. Inmates have other ways of earning time credits while incarcerated, including participation in various prison programs.
FTX was a high-profile crypto startup that allowed people to buy and sell digital assets. It had its name emblazoned on an arena in Miami and on every Major League Baseball umpire’s jersey. The exchange had several celebrity endorsers and was widely believed to be a gold-standard for safety and security.
But FTX collapsed in November 2022 when customers pulled their funds as rumors spread about FTX’s unusually close ties to its founder’s crypto hedge fund, Alameda
International
‘It’s a scary time’: US universities urge international students to return to campus before Trump inauguration
Fear and uncertainty are spreading across many US college campuses ahead of President-elect Donald Trump’s January 20 inauguration, with some schools advising international students to return early from winter break amid promises of another travel ban like the one that stranded students abroad at the start of Trump’s last term.
In a country where more than 1.1 million international students enrolled in US colleges and universities during the 2023-24 academic year, the former president has pledged more hardline immigration policies upon his return to the White House, including an expansion of his previous travel ban on people from predominantly Muslim countries and the revocation of student visas of “radical anti-American and antisemitic foreigners.”
International students generally have nonimmigrant visas that allow them to study in the US but don’t provide a legal pathway to stay in the country.
International
Questions swirl over deadly crash of Azerbaijan Airlines plane. Here’s what we know
Azerbaijan held a day of mourning on Thursday for the dozens of victims of an airliner crash in Kazakhstan, as questions were being asked over the cause of the disaster.
The reasons that Azerbaijan Airlines flight J2-8243 came down are still unknown. Reuters reported Thursday that the plane was downed by a Russian air defense system, citing multiple unnamed sources in Azerbaijan with knowledge of the investigation.
Officials from Azerbaijan, Kazakhstan and Russia, three countries linked to the disaster, urged people not to speculate about the crash until investigations have concluded.
-
Entertainment4 months ago
Earthquake scientists are learning warning signs of ‘The Big One.’ When should they tell the public?
-
International4 months ago
Tarar accuses Imran Khan of conspiring with Faiz Hameed to destabilise Pakistan
-
International2 months ago
PTI Announces Not to Boycott New Committees
-
Business3 months ago
Major Corruption Scandal Uncovered at WASA Multan: Rs1.5 Billion Embezzlement Exposed
-
Business4 months ago
The Impact of QR Codes on Traditional Advertising
-
Business4 months ago
The Benefits and Problems of International Trade in the Context of Global Crisis
-
Business4 months ago
Fraud by Pakistani Firm Sparks Outrage in Business Community; Concerns Rise Over International Investment
-
Business2 months ago
High Court Blocks MDCAT Merit List Amid Controversy Over Exam Error