ISLAMABAD: Corporate Social Responsibility has become an integral part of modern business strategy, and that investment is not merely about economic indicators but about improving lives, creating jobs, reducing poverty, and strengthening social stability, said Board of Investment (BoI) Minister Qaiser Ahmed Sheikh on Thursday.

Speaking at the annual CSR Summit, the minister emphasised that businesses today are key partners in social progress alongside economic growth.

He underlined that investment in human resources is the key to poverty reduction and economic stability. Without strengthening education, research, and skill development, sustainable progress cannot be achieved, underscoring the continued importance of public–private partnerships for inclusive, long-term development.

He called upon investors, industrialists, and business leaders to align their investment objectives with social responsibility and expand CSR initiatives in education, healthcare, environmental protection, skill development, and community welfare.

He expressed the confidence that through strong collaboration between the government and the private sector, Pakistan can achieve sustainable, inclusive, and investment-friendly economic growth.

The BoI reaffirmed its commitment to providing maximum facilitation and guidance to investors through transparent and efficient one-window operations.

Referring to China’s journey of sustainable growth, the minister noted that over the past four decades, China lifted hundreds of millions out of poverty through long-term planning, industrial policy, technological advancement, and consistent investment in education and skills development. He stated that China’s economic transformation demonstrates that quality education, innovation, and human capital development are fundamental pillars of sustainable growth.

He said that the government was implementing comprehensive regulatory reforms and investment-friendly policies to stabilise and strengthen the national economy. Measures to enhance ease of doing business, ensure regulatory transparency, and facilitate investors are being actively pursued.

Incentives, including income tax exemptions and customs duty concessions in Special Economic Zones, are being provided to attract both local and foreign investment. He particularly highlighted the Business Facilitation Centre (BFC), which provides a single-window facilitation mechanism to investors, ensuring streamlined approvals, reduced processing time, and effective resolution of operational issues.

Published in Dawn, February 13th, 2026

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RAWALPINDI: The Lahore High Court’s (LHC) Rawalpindi bench has curtailed the Federal Board of Revenue’s (FBR) suo motu power to amend deemed tax assessments, ruling that Section 122(5A) of the Income Tax Ordinance, 2001, cannot be used for “roving or fishing inquiries” or speculative revenue recovery.

In an income tax reference, titled Commissioner Inland Revenue versus Sajid Hussain Gondal and others, Justice Mirza Viqas Rauf and Justice Jawad Hassan laid down guidance on the scope and limits of amendment powers under Section 122, bringing long-awaited doctrinal clarity to a provision frequently invoked by tax authorities.

The reference application, filed under Section 133 of the ordinance, challenged an order of the Appellate Tribunal Inland Revenue (ATIR), which had set aside an amendment made to a taxpayer’s deemed assessment for tax year 2019. The tribunal had earlier ruled that the FBR’s use of Section 122(5A) in the case was unlawful.

The taxpayer, Sajid Hussain Gondal, had filed an income tax return for 2019, which became a deemed assessment under Section 120 of the ordinance. Subsequently, the Additional Commissioner of Inland Revenue issued a show-cause notice under Sections 122(9), 111(1), and 122(5A), alleging discrepancies in declared gross revenue, purchases under Section 236A, deductions under Section 153, profit and loss expenses, and capital declarations.

The tax department claimed that these discrepancies rendered the deemed assessment erroneous and prejudicial to the interest of revenue, justifying an amendment under Section 122(5A). Despite the taxpayer’s explanation, the assessment was amended in June 2022, an action later upheld by the Commissioner (Appeals) but ultimately struck down by the ATIR in November 2023.

In a detailed ruling, the LHC reaffirmed that a deemed assessment under Section 120 cannot be unsettled lightly and drew a clear legal boundary between Section 122(5) and Section 122(5A).

It said Section 122(5) applies where an amendment is based on audit findings or definite information indicating escaped income, under-assessment, misclassification or excessive relief. By contrast, Section 122(5A) is revisional in nature and can be invoked only when the assessment order is both erroneous and prejudicial to the interest of revenue.

The bench stressed that both conditions must coexist, and that mere suspicion, arithmetic mismatch or perceived revenue loss does not meet the statutory threshold.

Justice Rauf observed that Section 122(5A) does not grant open-ended authority to revisit assessments. Rather, it is meant to correct glaring and apparent errors committed by the assessing officer where such errors are demonstrably harmful to revenue.

“The revisional jurisdiction under Section 122(5A) is not a licence for roving or fishing inquiries,” the high court held, adding that the alleged error must be evident from the record, and the claimed prejudice must be legally demonstrable, not conjectural.

Published in Dawn, February 13th, 2026

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KARACHI: Agricultural credit disbursements surged to record Rs1.412 trillion in the first half of FY26, while the number of borrowers edged up to 2.97 million.

Chairing a meeting of the Agricultural Credit Advisory Committee (ACAC) on Thursday, State Bank Governor Jameel Ahmad said that in FY25 the agricultural credit disbursement had hit a record Rs2.577tr, marking a 16 per cent year-on-year increase.

The meeting reviewed agricultural credit performance and discussed measures to strengthen inclusive and resilient farm finance.

To accelerate borrower expansion, particularly among small farmers in underserved and unserved areas, Mr Ahmad urged banks to fully utilise SBP initiatives, including the Risk Coverage Scheme for Small Farmers and Underserved Areas and Zarkheze, the central bank’s flagship digital platform for agricultural lending.

SBP chief urges banks to fully utilise initiatives for small farmers

Mr Ahmad said Pakistan’s economy had regained macroeconomic stability and was moving towards a more durable growth path. Real GDP growth reached 3.7pc in the first quarter of FY26, while full-year growth is projected at 3.75pc to 4.75pc.

The committee reviewed progress under Zarkheze, described as a major step towards the digital transformation of agricultural credit delivery. The platform enables digital onboarding for farmers, standardised credit assessment, integration with land and crop information, and end-to-end loan traceability. It also ensures financing is used for quality agricultural inputs through an integrated vendor network.

The governor said Zarkheze must be scaled up as a core delivery channel, particularly to make small-ticket lending commercially viable and expand outreach beyond traditional high-volume regions. He urged banks to ensure the timely processing of applications, strengthen internal ownership of the scheme, and further develop the vendor ecosystem to improve farmers’ access to certified inputs and advisory services.

Mr Ahmad also called on banks to fully implement their Agricultural Credit Expansion Plans for FY26 and emphasised coordination with provincial governments for digitisation of land records, as well as partnerships with fintechs, agri-tech firms and microfinance institutions to enhance outreach.

The meeting discussed the development of an Upgraded Crop Loan Insurance Scheme (CLIS+) framework under the Asian Development Bank-funded Pakistan Insurance Transformation Programme to strengthen the sector’s resilience against calamities.

The proposed scheme aims to expand crop coverage, establish an insurance consortium for improved risk-sharing and farmer payouts, and introduce technology-based calamity assessment alongside loss-of-income support. The ADB’s Solidarity Fund will also support extending coverage to non-borrowing farmers and the development of a National Insurance Policy for Agriculture.

In addition, the ACAC deliberated on scaling up Electronic Warehouse Receipt Financing to improve post-harvest liquidity, reduce distress sales and strengthen market linkages. The committee underscored the need to expand accredited warehousing infrastructure and enhance bank participation in warehouse receipt-based financing.

Published in Dawn, February 13th, 2026

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