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Author Archives: M Arshad

Reduction in taxes to boost Balochistan exports to Central Asian States: Senator Usman Khan Kakar

  ISLAMABAD: Pashtoonkhwa Milli Awami Party (PMAP) Senator Muhammad Usman Khan Kakar is an active member of the Senate Standing Committee on Commerce as well as a number of other committees. He has been vocal on finance, commerce and other issues related to national as well as provincial, especially the Balochitsan both inside the Senate and on the forum of ... Read More »

Finance Committee hails tax collection efforts by FBR chief commissioners

ISLAMABAD: The National Assembly Standing Committee on Finance and Revenue, Friday, appreciated the efforts made by the Federal Board of Revenue’s (FBR) chief commissioners of Karachi with regard to tax collections. The Committee met with Qaiser Ahmad Sheikh in the chair in State Bank of Pakistan, Head Office Karachi to discuss income tax collection matters in Karachi and role of ... Read More »

Industrialization only durable solution to national economy, says Senator Talha Mehmood

ISLAMABAD: Senator Muhammad Talha Mehmood is an active member of the Senate Standing Committee on Finance and Revenue, special committee on performance of Pakistan International Airlines (PIA) as well as Parliamentary Committee on the project of Pak-China Economic Corridor. He is playing an active role in the proceedings of the House and committees. During an interview to Customs Today, he ... Read More »

Finance Ministry for availability of affordable finance for export sector

ISLAMABAD: The current export finance rate 3.5 percent is the lowest in a decade and it had been lowered to ensure the availability of affordable finance for the export sector. As result, the position of availability of affordable finance for the export sector has improved significantly. Sources at the Finance Ministry told Customs Today on Monday that the State Bank ... Read More »

Senate body urges FBR to check smuggling of Iranian, Turkmen fruits, vegetable into Pakistan

ISLAMABAD: The Senate Commerce Committee has asked the Federal Board of Revenue (FBR) to activate department concerned to check smuggling of Iranian and Turkmen fruits and vegetables into the country through Afghanistan. In this regard, the committee moved four recommendations to the government to check illegal import of vegetables and fruits which were damaging the local agricultural sector. The Senate ... Read More »

FBR defends different rates of import duty from Afghanistan, Iran

ISLAMABAD: The Federal Board of Revenue (FBR has fully defended different rates of import duty from Afghanistan and Iran as well as import duty on paper. Chief of Customs Tariff, Iftikhar Ahmad, while speaking in two separate meetings of the Senate Committee on Finance and Revenue as well as Standing Committee on Commerce, defended the FBR on both issues. In ... Read More »

Finance Ministry declares telecom as highest tax paying sector

ISLAMABAD: The Finance Ministry has declared the telecom sector as one of the highest tax paying sectors in terms of withholding taxes. In Finance Act 2015-16, the government increased sales tax on import of different varieties of mobile phones by 100 percent.  The  sales tax applicable on various categories of imported mobile phones is increased from Rs 150, Rs 250 ... Read More »

NA committee approves PSDP proposals of over Rs 5,730 million for financial year 2016-17

ISLAMABAD: The National Assembly Standing Committee on Finance and Revenue on Wednesday granted conditional approval to budgetary proposals of Rs 5730.297 million for Public Sector Development Program (PSDP) of the Finance Ministry for the upcoming fiscal year (FY 2016-17). The budget estimates of Rs 3156.290 million were proposed for two ongoing development projects, including Public Sector Reforms Enterprise (PSER) and ... Read More »

Senate Finance Committee lauds NAB performance in modaraba scam probe

ISLAMABAD: The Senate Standing Committee on Finance and Revenue on Wednesday lauded the National Accountability Bureau (NAB) for showing remarkable performance in investigating into the modaraba scam. The Finance Committee also directed NAB to take all necessary measures to provide relief to the victims and shareholders in modaraba companies. “Modaraba is one of the prime modes of Islamic financial system ... Read More »

FBR needs more powers to expand tax net, says Senator Ayesha Raza Farooq

ISLAMABAD: Senator Ayesha Raza Farooq is an active member of the ruling Pakistan Muslim League Nawaz (PML-N) in the Upper House of the Parliament. She is always well prepared on the topic of discussion either in the Senate or standing committees, therefore, she has been made member of a number of committees, including finance revenue, foreign affairs, national health services ... Read More »

Arrangements made to allow trade of perishable goods with Afghanistan in Pak currency: Member Customs

ISLAMABAD: Member Customs Nasir Masroor Ahmad, Tuesday, said that arrangements made for the export of the perishable goods in Pakistani currency to Afghanistan on filling of regular shipping bills without requirement of E-Form. Perishable products include fruits, vegetables, dairy products, meat and others and required measures have been taken at Chaman and Torkham Customs points” he said while talking to ... Read More »

FBR’s measures to expand tax base start producing good results

ISLAMABAD: Share of voluntary payments in the total direct tax collection reflect that efforts made by the Federal Board of Revenue (FBR) to persuade taxpayers for filing their returns and steps taken for broadening tax base have started to produce results. Sources at the FBR, sharing data of revenue collection along with increasing trend with Customs Today, said that voluntary ... Read More »

Unaudited financial matters of KPT annoy NA Standing Committee

NA body forms sub-committee to fix responsibility, approves PSDP proposals of Ministry of Ports and Shipping ISLAMABAD: The National Assembly Standing Committee on Ports and Shipping, Monday, expressed serious concerns over not conducting external audit of Karachi Port Trust (KPT) for last five years. As per Karachi Port Trust Act, 1886 and amended in 2002, KPT is required to conduct ... Read More »

Finance Ministry to publish updated Medium Term Debt Management Strategy

ISLAMABAD: Finance Ministry is set to publish an updated Medium Term Debt Management Strategy for current fiscal year as well as for next three years. This initiative is being taken just because of the fact that the macroeconomic realities have changed since 2012-13. The purpose is to ensure that both the level and rate of growth in public debt is ... Read More »

Tax Reforms Commission yet to incorporate members’ recommendations in final report

ISLAMABAD: The Tax Reforms Commission (TRC) has not yet incorporated recommendations presented by members in its final report. On 8th of the current month, the TRC laid the final report before the members for finalization and approval, however, the members further moved more recommendations in the report for incorporation,” a source at the Federal Board of Revenue (FBR) told Customs Today. ... Read More »

Commerce Ministry issues new policy guidelines to trade missions abroad to enhance exports

ISLAMABAD: In order to enhance exports of Pakistani products and secure market access, the Ministry of Commerce (MoC) has issued new policy guidelines to trade missions abroad. At present there are around 53 trade missions working in 36 countries around the globe, however, offices of the trade minister and commercial councillors are vacant in five important countries, including Afghanistan, Sweden, ... Read More »

Experts visit India to learn about leather export measures

ISLAMABAD: A high-level delegation of experts has visited India to learn about the measures taken by the Indian government to enhance leather exports. The delegation comprised high officials from the Ministry of Commerce, representatives from the Pakistan Tanners Association, Pakistan Leather Garment Manufacturers and Exporter Association, Pakistan Gloves Manufacturers Association and Pakistan Footwear Manufacturers Association. India has shown remarkable performance ... Read More »

High tariffs in Iran main hurdle in way of Pakistani exports

ISLAMABAD: Higher Iranian tariffs and non-tariff barriers are main hurdles in promotion of Pakistani exports to Iran. Other significant hurdles include frequent changes in import regime of Iran, import authorization system, indirect trade via Dubai and others. Pakistan-Iran trade went down from $1.32 billion in 2008-09 to $270 million in 2014-15 due to these reasons as well as international sanctions ... Read More »

Indonesian envoy seeks close economic cooperation with Pakistan

  ISLAMABAD: Director General International Trade Corporation of Indonesia Deny W. Kurnia has said that Pakistan and Indonesia have great potential to enhance bilateral trade and learn from each others experience. He says that there is a need to establish close economic cooperation between Indonesia and Pakistan. In an exclusive interview with Customs Today on the sidelines of the second ... Read More »

Finance Ministry prepares budgetary proposals of Rs 5730.297m for PSDP 2016-17‏

ISLAMABAD: The Finance Ministry has prepared budgetary proposals of Rs 5,730.297 million for Public Sector Development Program (PSDP) for 2016-17. The budget estimates of Rs 3,156.290 million have been proposed for two ongoing development projects while Rs 2,574.007 million are proposed for two new projects. According to the budget documents prepared by the Finance Ministry and exclusively available with Customs ... Read More »