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Author Archives: M Arshad

Trade Ministers Council of D-8 group agrees to activate PTA from July 1

ISLAMABAD:  The second Trade Ministers Council of D-8 group has agreed to activate preferential trade agreement (PTA) from July 1 this year. The D-8 countries had signed the PTA in 2006; however, it could not be activated due to a number of reasons in the last 10 years. To further resolve customs, tariff lines, visa issues and others another meeting ... Read More »

Senate committee tells FBR to explain unchecked smuggling of goods from neighbouring countries

ISLAMABAD: The Senate Standing Committee on Commerce has invited the Federal Board of Revenue (FBR) to explain the situation arising out of unchecked smuggling of a number of products from neighbouring countries. The Senate Commerce Committee met here with Shibli Faraz in the chair and the chairman observed that smuggling of fruits, vegetables and other items from Iran and Afghanistan ... Read More »

Dar approves draft of Strategic Trade Policy Framework for 2015-18

ISLAMABAD: Finance Minister Ishaq Dar has endorsed and approved the draft of Strategic Trade Policy Framework (STPF) 2015-18 after a thorough examination of the each and every clause. The Ministry of Commerce claimed this in a document presented in a meeting of the Senate Committee on Commerce here. This claim has been made despite the fact that Secretary Commerce Shahzad ... Read More »

PQA moves budget estimates of over Rs 246 billion for SPDP 2016-17

ISLAMABAD: The Port Qasim Authority (PQA) has presented budgetary estimates of over Rs 246 billion for public sector development program for the fiscal year 2016-17. These estimates have been given for two ongoing and one proposed projects. The PSDP proposals have been presented to the Ports and Shipping Ministry, that will move these proposals to the parliamentary committees for scrutiny and ... Read More »

FBR determined to meet revenue target under super tax

ISLAMABAD: The Federal Board of Revenue (FBR) is determined and optimistic to meet the revenue collection target under the super tax. The government fixed Rs 25 billion revenue target while announcing super tax in the Finance Act for the current fiscal year. In lieu of the Finance Act, in September last year, the FBR issued draft rules to levy super tax ... Read More »

NA Commerce Committee approves Template of Memorandum for Trade Organization Bill

ISLAMABAD: The National Assembly Standing Committee on Commerce has unanimously passed the Template of Memorandum for Trade Organization Bill. As per this bill, the trade organizations will have to clearly specify all of their objects. The objects would need prior approval of the regulator to avoid overlapping of functions of the trade organizations. Any change in the objects would also require approval ... Read More »

Gwadar Port moves budgetary proposals for next FY 2016-17

ISLAMABAD: The Gwadar Port Authority has moved budgetary proposals of Public Sector Development Projects (PSDP) for the fiscal year 2016-17 to the Ministry of Ports and Shipping. These proposals include budgetary estimates of Rs 110 million for two new proposed projects. These projects include feasibility study for construction of petroleum/petrochemical and dry bulk terminal-PC-II that would be submitted this year ... Read More »

FBR addresses all reservations of IMF amicably: Dr Muhammad Iqbal

ISLAMABAD: Federal Board of Revenue (FBR) aptly resolved almost all the reservations and objections of the International Monetary Fund (IMF) in recently concluded talks for 10th review of Extended Fund Facility (EFF) programme. Pakistan and the IMF concluded these talks on the third of the current month, February, in Dubai. FBR Strategic Planning, Reforms and Statistics Member Dr Muhammad Iqbal ... Read More »

NA committee to scrutinize MoC’s budgetary proposals for FY 2016-17 today

ISLAMABAD: The National Assembly Standing Committee on Commerce will scrutinize the budgetary proposals relating to the Public Sector Development Program of the Ministry of Commerce and its attached departments for the fiscal year 2016-17 today. Similarly, the committee will also discuss Pakistan’s bilateral trading arrangements with Afghanistan and Iran. A well-placed source at Ministry of Commerce (MoC) told Customs Today ... Read More »

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CCP starts probe into rise in airfares after strike by PIA employees ISLAMABAD: In a bid to probe sharp rise in airfares after strike by the PIA employees, the Competition Commission of Pakistan (CCP) has sought data from the private airlines. The CCP is mandated by the Competition Act, 2010 to check anti-competitive practices by business organizations. Such practices include excessive increase ... Read More »

Rehmatullah Wazir defends FBR’s authority to deduct taxes from defaulters’ bank accounts

ISLAMABAD: Member Federal Board of Revenue (FBR) Inland Revenue-Policy Rehmatullah Khan Wazir  has defended the FBR’s authority to withdraw tax from defaulters’ banks accounts. However, members of the Senate Finance Committee termed the FBR’s action in violation of the FBR’s act and law. While speaking in the Senate Finance Committee here, Rehmatullah Khan Wazir said that the law provided provision to the ... Read More »

Finance Ministry agrees to release Export Development Fund to Commerce Ministry on yearly basis‏

ISLAMABAD: The Finance Ministry has agreed in principle to release the amount collected in Export Development Fund (EDF) to the Ministry of Commerce (MoC) on yearly basis. These funds will enable the Ministry of Commerce to further enhance export promotion related activities like road shows, exhibitions and others in foreign countries. Sources at the Finance Ministry told Customs Today that ... Read More »

Overcharging by private airlines: Senate Finance Committee directs CCP to submit report by Feb 15

ISLAMABAD: The Senate Standing Committee on Finance and Revenue has rejected the stance of the representatives of private airlines and directed the Competition Commission of Pakistan to submit a report on illegal increase in airfares by private airlines by 15th of the current month. Representatives of Shaheen and Airblue were of the view that instead of taking advantage of the suspended flight ... Read More »

MoC, TDAP to hold single country exhibition in Tehran by mid of 2016‏

ISLAMABAD: The Ministry of Commerce (MoC) and the Trade Development Authority Pakistan (TDAP) will hold a single country exhibition in Tehran, primarily on textiles, in the first half of 2016 to benefit out of substantial potential for export of textiles to Iran. “In this regard, the Minister for Commerce will write to its Iranian counterpart for allocation of space and schedule ... Read More »

IR-Policy Member Rehmatullah Wazir to defend sales tax on CNG industry

ISLAMABAD: The Senate Standing Committee on Finance and Revenue will discuss the levy of additional sales tax on CNG Industry today (Friday). Member Federal Board of Revenue (FBR) Inland Revenue-Policy Rehmatullah Khan Wazir will defend the levy of said sales tax on CNG industry. Government levied sales tax on CNG industry through a presidential order promulgating Sales Tax Amendment Ordinance, ... Read More »

Commerce Ministry examines proposal of Balochistan traders to use barter system for trade with Iran

ISLAMABAD: The Ministry of Commerce (MoC) is examining a  proposal to permit traders from Balochistan to carry out trade with Iran on barter system. The Prime Minister’s Secretariat had referred this proposal to the MoC for further deliberations. Sources told Customs Today that a delegation of Balochistan Zameendar Action Committee held a meeting with Prime Minister Nawaz Sharif and Commerce Minister Khurram ... Read More »

20pc duty on fruits import to protect interests of local farmers: FBR Chairman Nisar Mohammad

ISLAMABAD: The Senate Standing Committee on Finance and Revenue, proposed uniformed custom duty on import of vegetables and fruits from all four neighboring countries; Iran, Afghanistan, China and India. However, the committee left the authority of fixation of rate of customs duty on the Federal Board of Revenue (FBR). Senate Finance Panel met here with a huge agenda for discussion. ... Read More »

FBR to brief Senate Finance Committee on Saint James Hotel and Club today

ISLAMABAD: The Federal Board of Revenue (FBR) will brief the Senate Finance Committee on a burning issue of Saint James Hotel and Club today (Thursday). Similarly, FBR will also apprise the committee about total amount of customs duty collected during this fiscal year comparative to last year. FBR has received agenda items about these isues from Senate Finance Committee. A ... Read More »

Finance Ministry optimistic about 10th review of IMF’s EFF program

ISLAMABAD: The Finance Ministry has expressed the hope that the country would successfully conduct 10th review of extended funds facility (EFF) of the International Monetary Fund (IMF). However, it is unclear whether the government will cut Public Sector Development Program by the same amount or the budget deficit ceiling of 4.9 percent of the GDP will be relaxed. Finance Minister Ishaq Dar ... Read More »

FBR’s future plan comes under discussion in Pak-IMF talks

ISLAMABAD: The policy level talks between Pakistan and the International Monetary Fund (IMF) have started and would continue for next three days for 10th Review of extended fund facility (EFF) program in Dubai. The economic indicators are leading the country to a stage of irreversible financial stability and for consolidation of gains made so far” an official source at the ... Read More »