Tag: automation

  • Pakistan gears up for crucial IMF talks on $3 billion SBA programme

    Pakistan gears up for crucial IMF talks on $3 billion SBA programme

    Pakistan is set to commence vital discussions with the International Monetary Fund (IMF) concerning the completion of the second review under the $3 billion Standby Arrangement (SBA) programme.

    The formal invitation to the Washington-based lender is expected to be dispatched shortly after the formation and oath-taking of the federal cabinet, with negotiations anticipated to commence in the coming week.

    Simultaneously, Pakistan plans to request a new deal under the 36-month Extended Fund Facility (EFF).

    Sources have indicated that the size of the upcoming EFF programme is yet to be finalized, but Islamabad aims to explore the inclusion of climate finance to potentially increase the programme’s magnitude from $6 billion to $8 billion.

    A significant challenge facing the incoming finance minister is the pursuit of the Federal Board of Revenue’s (FBR) tax collection target of Rs890 billion for March 2024. Failure to meet this quarterly (Jan-March) target with the IMF may prompt additional taxation measures for the remaining fiscal year.

    Prime Minister Shehbaz Sharif chaired a high-level meeting on Tuesday to receive a comprehensive briefing from the FBR team on the future strategy for revamping the taxation system.

    The FBR has, to date, collected Rs5.82 trillion in the first eight months of the current fiscal year, experiencing a shortfall of Rs33 billion in achieving the February 2024 monthly target.

    To meet the targeted Rs9.415 trillion by June 30, 2024, the FBR must collect Rs3.58 trillion in the remaining four months (March-June) period.

    March 2024 holds particular significance, with the monthly target of Rs890 billion crucial for fulfilling the agreed third-quarter (Jan-March) period with the IMF.

    PM Shehbaz emphasized the immediate commencement of automation and digitization of the FBR, personally committing to monitor the entire process.

    According to The News, he urged the adoption of international best practices to enhance transparency, increase tax collection, and eradicate tax evasion, corruption, and smuggling.

    Expressing dissatisfaction with the current progress, PM Shehbaz directed the FBR to start the automation and digitization process immediately, urging the acquisition of services from international firms. He stressed the appointment of officers based on merit in the Track and Trace system.

    During the meeting, FBR Chairman Malik Amjad Tiwana briefed the prime minister on measures taken towards automation, tax net expansion, refund payments to exporters, and anti-smuggling efforts.

    PM Shehbaz, however, insisted on immediate progress, highlighting the collaboration with the Ministry of Interior and the Pakistan Army to combat smuggling effectively.

    As the meeting concluded, PM Shehbaz praised the efforts of caretaker finance minister Dr. Shamshad Akhtar and her team, commending their adherence to the policies laid by the previous government to avert default.

    The prime minister expressed confidence in achieving progress and prosperity through diligent efforts and adherence to the right direction.

    The meeting, attended by key officials, emphasized the urgency of digitalized invoicing and the inclusion of 1.5 million more individuals into the tax net, underlining the government’s commitment to fostering economic stability and growth.

  • New study reveals more than 50% of marketers are using AI to boost content creation

    New study reveals more than 50% of marketers are using AI to boost content creation

    A comprehensive study conducted by Bynder, a leading digital asset management platform, sheds light on the numerous ways the marketing industry is leveraging AI technology to enhance efficiency in day-to-day tasks and explores the potential for further advancements in this domain.

    The study, which delved deep into Bynder’s customer base, comprising prominent global brands such as Spotify, Puma, and Five Guys, revealed that more than half (55 per cent) of respondents are currently employing AI tools in their content production processes. These AI integrations are primarily focused on automating repetitive and time-consuming tasks, including generating initial draughts (54 per cent), content optimisation (43 per cent), and ensuring correct spelling and grammar (42 per cent), among others.

    The marketing industry has been quick to integrate AI into various daily operations, encompassing brainstorming ideas, drafting engaging social media posts and landing page copy, crafting attention-grabbing headlines, establishing tone of voice guidelines, and conducting research tasks. Additionally, AI has proven valuable in reducing the time spent on laborious SEO activities such as generating meta-descriptions and translations. The most common tasks involving AI in this regard include content re-use (30 per cent), creating tone of voice guidelines (27 per cent), content governance (25 per cent), and translation tasks (25 per cent).

    Looking forward, the study’s respondents emphasised the need for businesses to consider how AI technology can enhance and streamline content production processes rather than simply replacing human input. To add even more value to content operations, the potential applications of AI suggested by respondents include personalising website content based on individual browsing history and preferences, developing chatbots to improve user navigation, and providing content recommendations derived from user behavior and sentiment analysis. Moreover, AI could simplify content creation by generating initial drafts that can later be refined by human teams.

    Respondents noted that training AI to comprehend a company’s intended tone of voice and speaker style could be beneficial. Furthermore, having AI make recommendations or automatically create and update timelines and revision histories could be advantageous from a broader perspective.

    However, while embracing AI technology, marketers emphasised that its primary purpose should be to improve the quality of content rather than solely focus on cost-cutting measures. They stressed the importance of striking the right balance between human expertise and AI capabilities to achieve optimal results.

    Warren Daniels, the CMO of Bynder, expressed satisfaction with how customers and marketers are leveraging AI to drive innovation and efficiency. At Bynder, the focus has been on developing AI and automation capabilities to empower marketers to maximise the value of their creative and editorial content. He emphasised that in today’s competitive landscape, creating exceptional content experiences is crucial for standing out, and responsible adoption of AI technology plays a pivotal role in enabling this.

    However, Daniels cautioned against replacing human creativity with AI. Instead, he advocated for integrating AI into existing processes in a way that frees up time for teams to concentrate on more creative endeavours. The creation of high-quality content demands thorough research, a genuine understanding of a brand’s core messages and tone of voice, and a touch of human empathy. AI should be harnessed in a managed or controlled manner to complement human creativity rather than hinder it.

  • FBR increases ‘green channel’ clearance to 66% for imports and exports

    In a significant advancement in trade facilitation, the Federal Board of Revenue (FBR) has decided to increase the clearance of imports and exports through the “green channel” facility from 35 per cent to 66 per cent.

    A meeting was convened at the FBR Headquarters on Thursday to assess the progress of the Pakistan Raises Revenue Program during the previous financial year.

    The meeting recognised the significant achievements made in the past four years under the Pakistan Raises Revenue Program, particularly in the areas of sustainable revenue mobilisation, taxpayer facilitation, and cost reduction for businesses. A major milestone was achieved through the harmonisation of Sales Tax laws and procedures among provinces and the federal government, benefiting taxpayers and all revenue authorities.

    Other notable achievements included reducing the cost of doing business by streamlining withholding lines from 58 to 33, elevating the share of imports and exports processed through the green channel from 35 per cent to 66 per cent, and expanding the tax base.

    Emphasising the importance of the next objective, the meeting highlighted the need to launch a Single Portal to facilitate Sales Tax Return filing. It was acknowledged that FBR’s commitment to transparency had led to the publication of detailed tax expenditure reports.

    Both parties agreed to sustain their focus on upgrading the IT infrastructure and automating FBR processes to ensure timely completion of project targets. Mr Asim Ahmad commended the dedication and contributions of both teams involved in the initiative.

    The meeting was attended by Najy Benhassine, Country Director of the World Bank, and Mr Asim Ahmad, Chairman of the Federal Board of Revenue. Also present were members of the World Bank team, including Gailius Draugelis, Operations Manager; Tobias Haque, Lead Country Economist; Lucy Pan, Senior Economist; Irum Touqeer, Public Sector Specialist; and Shabih Ali Mohib, Manager. Additionally, Member Reforms of FBR, Ardesher Tariq, and other project team members participated in the discussion.

    The Country Director of the World Bank expressed appreciation for the progress made and regarded the harmonisation of the Goods and Services Tax (GST) as a flagship achievement of FBR. A mutual commitment to continued cooperation in pursuing the reform agenda under the project was reaffirmed by the FBR and World Bank.

  • India’s 5 million coders face uncertain future amid AI advancements

    India’s 5 million coders face uncertain future amid AI advancements

    If the technology underlying ChatGPT were to displace software engineers, India would be the country most affected, as it is home to over 5 million coders. This prospect is causing concern for newly qualified engineers like Palash Hade, who anticipates a reduction in software jobs in India.

    To increase his employability, Hade enrolled in an online degree program in data science and analytics from the prestigious Indian Institute of Technology (IIT) Madras.

    In the past, India’s outsourcing firms were desperate for talent and were willing to train engineers from different backgrounds. However, with the rise of generative artificial intelligence and ChatGPT, firms are now looking for candidates with these specific skills. India’s largest outsourcer, Tata Consultancy Services Ltd., made 46,000 campus offers this year, but the CEO of Tech Mahindra warns that change is fast approaching due to advanced AI.

    While students at elite schools like the Indian Institute of Science are not worried about the impact of AI on their future job prospects, tens of thousands of engineers without degrees from such institutions have reason to worry. Entry-level coding jobs are at risk of being eliminated, according to Shraddha Kulkarni, a 21-year-old engineering student in Bangalore who has been actively using ChatGPT.

    According to Bloomberg, developers on Reddit and Quora are also expressing anxiety about the potential impact of AI on their industry. They fear that the time and effort they invested in developing their skills may be rendered obsolete by AI-based programming.