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Author Archives: M Arshad

Pakistan-Thailand working groups continue deliberations on FTA

ISLAMABAD: Officials of Pakistan and Thailand held detailed discussions on shared notes on the second day of the ongoing second round of talks on Free Trade Agreement (FTA). The six working groups on trade, rules of origins, procedures and trade facilitation, technical barriers, standards for private sector and technical report met separately to discuss the proposals moved by both sides. ... Read More »

Dr. Muhammad Iqbal to lead FBR team in preliminary talks with IMF

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) are going to start a week long talks on 10th review of extended funds facility (EFF) from today (Tuesday) in Dubai. On September 4, 2013, the Executive Board approved the three-year extended arrangement under the EFF in the amount of $4.393 billion (about $6.64 billion at the time of approval of the ... Read More »

Pakistan, Thailand start second round of talks on FTA

ISLAMABAD: Pakistan and Thailand on Monday made a rapid start on talks on Free Trade Agreement (FTA) as both sides quickly reviewed the progress made on the shared notes in the first phase of talks last year. Moreover, officials of the ministries of commerce of both the countries also reviewed the shard documents in the light of major developments taken ... Read More »

Pakistan to seek six months from UN to implement TIR Convention

ISLAMABAD: Pakistan is likely to move a request to the United Nations to get six months relaxation for the implementation of International Road Transport (Transports Internationaux Raoutiers) (TIR) Convention. The TIR Convention became effective in Pakistan from January 21. In July last year, Pakistan joined the United Nations TIR Convention and then United Nations Secretary General officially confirmed that the TIR ... Read More »

Devolved subjects result in reduced revenue collection by FBR: NFC Working Group

ISLAMABAD: The working group of National Finance Commission has noted the enhanced responsibilities under the 18th constitutional amendment, the Federal Board of Revenue (FBR) was facing problems in meeting up the revenue targets. The working group also maintained that a number of devolved subjects from the concurrent list had also resulted in reduced revenue collection by the FBR. Working Group ... Read More »

3-Day Pak-Thai talks on FTA from today

ISLAMABAD: Pakistan and Thailand are going to hold second round of talks on free trade agreement from tomorrow and it will continue till Wednesday. The first round of negotiations started last year. Both the countries will focus on tariff reductions, customs procedures, and cooperation in many sectors such as sanitary standards, trade remedy measures, trade facilitation, and technical barriers and ... Read More »

FBR to take extra ordinary measures to enhance revenue collection

ISLAMABAD: In a bid to lower ratio of borrowing to Gross Domestic Product (GDP), the Federal Board of Revenue (FBR) is about to opt for extra ordinary measures to increase the revenue collections. As per Fiscal Responsibility and Debt Limitation Act 2005 (FLDRA), the ratio of borrowing of the country is fixed at 60 percent of the GDP and as per ... Read More »

First project of Free Zone will start in Gwadar by March end

ISLAMABAD: The first project of the Free Zone (Commercial Logistic Zone) is expected to start by the end of March or the beginning of April in Gwadar Port this year. China Overseas Ports Holding Company Limited (COPHCL), Gwadar Port Operator, is finalizing the Free Zone Master Plan. Gwadar Port is the deepest ‘ Port in the country with a depth of ... Read More »

Senate Finance Committee to discuss 1Q report of SBP on Wednesday

ISLAMABAD: The Senate Standing Committee on Finance and Revenue has decided to discuss the first quarterly report of the State Bank of Pakistan on the state of national economy on coming Wednesday. The Finance Ministry laid the said report in the Senate on Friday last. The report has shown some concerns on lower growth in tax collections, slow privatisation process of the ... Read More »

Commerce Ministry seeks Free Trade Agreement with EEU

ISLAMABAD: The Ministry of Commerce is trying to initiate talks to sign Free Trade Agreement (FTA) with Eurasian Economic Union (EEU). The EEU is an economic union of the states located primarily in northern Eurasia as well as is a customs union of the Russian Federation and other former Soviet Union states. The EEU has an integrated single market of 183 ... Read More »

Finance Ministry submits SBP’s 1Q report on state of economy in Senate

ISLAMABAD:  The Finance Ministry has presented the first quarterly report of the State Bank of Pakistan for the fiscal year 2015-16 on the state of economy in the Senate. The Finance Ministry is bound to present the SBP’s report before parliament under section 9 A (f) of the State Bank of Pakistan Act 1956. Most often such reports are laid ... Read More »

Pakistan shares draft of 5 year strategic plan with Iran to enhance bilateral trade

ISLAMABAD: Pakistan has shared the draft of proposals and recommendations of the five year strategic plan with Iran to enhance bilateral trade. The main objective of the plan is to enhance bilateral trade between Pakistan and Iran to $5 billion. Presently, the volume of bilateral trade is $270 million and the balance of trade is in Iran’s favour as Iranian ... Read More »

FBR lauded for services to national economy

ISLAMABAD: The Finance Ministry, while defending position on promulgation of the Income Tax (Amendment) Bill 2016, highly appreciated the services of the Federal Board of Revenue (FBR) for making untiring efforts to stabilize the national economy during the last two years. The Finance Ministry also praised the FBR team led by Chairman Nisar Muhammad Khan for increasing revenue collection significantly as ... Read More »

FBR receives 8 complaints out of 60,000 GDs under Pak-Afghan Transit Trade  ‏

ISLAMABAD: Due to good performance of the Pakistan Customs, the Federal Board of Revenue (FBR) received only eight complaints out of total 60,000 Goods Declarations (GDs) pertaining to the Pak-Afghan Transit Trade during the last two years. “Although Afghan Transit Trade has been a problematic area, yet the FBR has taken multiple steps in coordination with the relevant stakeholders in order ... Read More »

GPA spends Rs 1m on social sector programs, development of underprivileged areas in Gwadar

‏ISLAMABAD: Gwadar Port Authority (GPA) has spent Rs 1 million on the social sector programs and the development of underprivileged areas and people in the last two years. Despite the fact that currently there are not much operations at the Gwadar Port and a small revenue is earned, even then funds have been spent on social-economic related projects with a hope for better ... Read More »

FBR observes TIR Convention enforcement not to reduce taxes, but to increase revenues

ISLAMABAD: Implementation of United Nations International Road Transport (Transports Internationaux Raoutiers) (TIR) convention is going to start in Pakistan from today (Thursday). In July last year, Pakistan joined United Nations TIR Convention and then United Nations Secretary General officially confirmed that the TIR Convention would enter into force for Pakistan on January21, 2016. The TIR is an international transit system ... Read More »

Dastgir leaves for Switzerland to make arrangements for PM to attend WEF meeting in Davos

ISLAMABAD: Minister for Commerce Khurram Dastgir flew to Switzerland in early hours on Tuesday for a week-long official visit. He will finalize arrangements the Prime Minister Nawaz Sharif’s engagements in Davos during his stay there from Wednesday to Monday. Pakistan’s exports to the European Union stand at €3.4 billion which is 20 percent of the country’s external trade. The exports the European ... Read More »

Chinese investors show keen interest in investment opportunities in Pakistan

ISLAMABAD: Representatives of Chinese delegates and companies have shown keen interest in investment opportunities in different state owned entities of Pakistan. Their interest was obvious from their active participation in questions and answers session after presentations on the second day of the five-day Pakistan-China Business Friendship Conference here. The conference kicked off here with an expression of strong resolve to increase ... Read More »

FBR downs customs duty rates on ICT items to promote sector

ISLAMABAD: In a bid to promote the Information and Communication Technology (ICT) sector, Federal Board of Revenue (FBR) allowed import of personal computers, laptops and printers at 2% customs duty. In order to further promote ICT sector the government brought down rates of customs duty on many items of this sector in the last budget. Long term incentives on income ... Read More »

No hurdle in Chinese transit trade through Pakistan: Member Customs Nasir

ISLAMABAD: Member Customs of the Federal Board of Revenue Nasir Masroor Ahmad ruled out assumptions about any hurdle in transit trade for China through Pakistan. While speaking in a question and answer session on the first day of a five-day Pakistan-China Business Friendship Conference, he said that there was no hurdle either from the Federal Board of Revenue (FBR) or ... Read More »