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Author Archives: M Arshad

FBR Chairman Bajwa impressed by Turkish tax system

ISLAMABAD: Being overwhelmingly impressed by the Turkish Tax System, Federal Board of Revenue (FBR) Chairman Tariq Bajwa will brief Finance Minister Ishaq Dar on his recent visit to Turkey. “In the upcoming board and council meeting, members of the delegation will inform the finance minister and other officials concerned about their experiences and what they had learnt during their visit ... Read More »

Wheat import despite surplus stock sparks controversy at Finance Ministry

ISLAMABAD: The controversy of importing substandard wheat from Ukraine despite surplus wheat reserves in the country has frustrated the Ministry of Commerce (MoC), while the ministry declined having such information about the import of wheat. A well-placed source at the MoC said that the ministry had a viewpoint that the government did not import any wheat during the last one ... Read More »

Ports & Shipping Ministry avoids responsibility of checking illegal fishing thru banned nets in maritime belt of Sindh

ISLAMABAD: The Ministry of Ports and Shipping (MoP&S) avoided claiming responsibility of implementing the rules and regulations to check illegal fishing through nets in the maritime belt of Sindh.  MoP&S shifted the responsibility on the provincial government of Sindh to implement the law about the above said subject.  Parliamentary Secretary Ministry of Ports and Shipping, Mian Imtiaz Ahmad while responding ... Read More »

Finance Ministry takes stringent measures to maintain fiscal deficit at 4.9% of GDP

ISLAMABAD: The Finance Ministry has taken numerous steps to maintain fiscal deficit at 4.9% of Gross Domestic Product (GDP) after downward revision of tax revenue.  Gross Domestic Product (GDP’) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis.  Similarly, fiscal deficit ... Read More »

New initiatives in Textile Package result in increasing textile products

ISLAMABAD: The initiatives announced under the Textile Package incorporated in the finance bill 2014-15 has enhanced exports of textile products to $13 billion of which exports to EU stand at $5 billion.  “Besides, Textile Package, GSP-Plus status granted by the European Union to Pakistan has also significantly contributed to this increase because Pakistan is strong in the area of bed ... Read More »

Ministry of Commerce takes measures to enhance exports of surgical instruments

ISLAMABAD: Being quite alive to the growing importance of surgical instruments in the international market, the Ministry of Commerce (MoC) is taking numerous measures to promote exports of Pakistani manufactured surgical instruments. Surgical instrument manufacturing industry originated in the early 1940s in and around the city of Sialkot. The sector manufactures a wide range of medical, surgical and veterinary instruments ... Read More »

Govt pays $ 76.5 million interest to IMF& WB in last two years

ISLAMABAD: Pakistan has paid $ 76.5 million as interest on loans to the International Monetary Fund (IMF) and World Bank (WB) in last two years. “Pakistan has paid $ 68.6 million as interest /charges on IMF loans as well as $ 7.94 million as interest on World Bank loans during fiscal year 2013-14 till date” a well placed source at ... Read More »

Asian Development Bank launches Asian Development Outlook Report 2015

ISLAMABAD: The Asian Development Bank released its landmark report Asian Development Outlook 2015 (ADO) on Tuesday. ADO provides a comprehensive analysis of macroeconomic issues in developing Asia, including growth projections by country and region. ADO presents analysis of 45 economies, including Pakistan. “This year’s ADO theme chapter, Financing Asia’s Future Growth, will examine the role of the financial system in supporting inclusive and ... Read More »

Turkish Koza LTD company to explore gold in Ireland

ANKARA: Koza Gold’s subsidiary Koza LTD and Ireland-based IMC Exploration Limited have signed a deal to explore gold and silver in four fields in Ireland. In accordance with the deal, the company will finance mining exploration and geological activities in the fields. Koza LTD will have a 55 percent stake in the mine development and/or management in the initial stage. ... Read More »

3-member FBR delegation to attend IMF conference in Tokyo from 1st week of April

ISLAMABAD: A three member high level delegation of Inland Revenue-Policy Wing of the Federal Board of Revenue (FBR) will attend a three day conference on regional taxation problems in the first week of April in Japanese capital Tokyo. The conference is funded by the International Monetary Fund (IMF) as well as a part of regular interaction among the tax authorities ... Read More »

New conditions for performance allowance irk FBR officials

ISLAMABAD: The addition of new conditions in the guidelines for performance allowance 2015 has sparked a new debate among the officials of the Federal Board of Revenue (FBR). In the beginning of the current month, Admin Chief Muhammad Iqbal Khan released new guidelines for performance allowance. The performance allowance is equal to one month’s basic pay. Previously, the FBR Human ... Read More »

High-powered committee urges FBR to differentiate between good and bad tax exemptions

ISLAMABAD: A high-powered committee urged the Federal Board of Revenue (FBR) to speed up the process of differentiating between investment/business-friendly and damaging tax exemptions. Different governments have been granting tax exemptions through SROs to benefit a specified sector or group of people. These SROs have been the main source of loss to national kitty in the form of shortfall of revenue ... Read More »

Despite zero direct revenue, Pak economy derives multiple benefits from APTTA

ISLAMABAD: Although no direct revenue has been generated out of Afghanistan-Pakistan Transit Trade Agreement (APTTA), yet national economy has derived multiple benefits out of this agreement. APTTA came into force between Afghanistan and Pakistan on June 12, 1011 and it replaced the 1965 Agreement, Afghanistan Transit Trade Agreement or ATTA. APTTA allows Afghan trucks to carry Afghan products to the ... Read More »

Finance Ministry eyes secured & persistent funding to mortgage market through MRC

ISLAMABAD: The Finance Ministry eyes in secured and consistent provision of long term funding to primary mortgage market with the establishment of Mortgage Refinance Company (MRC). Mortgage Refinance is a refinanced loan with lower interest rate which combined with the new lower payments of longer term remaining on loan. A borrower is required to calculate the total cost of a new loan ... Read More »

Finance Ministry follows interim arrangement for resource allocation in absence of latest poverty estimates

ISLAMABAD: In the wake of absence of last poverty estimates, the Finance Ministry has been following an interim arrangement for resource allocation and distribution. The previous poverty estimates were published in official reports like Pakistan Millennium Development Goals Report 2013, Pakistan Economic Survey 2013-14 and Annual Plan 2014-15. “This interim arrangement is based on historical basis as per standard Annual ... Read More »

Commerce Ministry pursues implementation of international treaties

ISLAMABAD: The Ministry of Commerce has taken all-out measures to ensure implementation of all international treaties. In this regard, the ministry from time to time takes up the issue with the quarters concerned and relevant forums; both domestic and international. “The GSP-Plus scheme is a special incentive arrangement for good governance and sustainable development under which duty-free access to the ... Read More »

Bajwa to lead six-member delegation on five day visit to Turkey

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa will lead a six member delegation on five day official visit to Turkey today (Saturday) to share experiences and proposals regarding taxation with Turkish experts. The delegation will remain in Turkey till March 26 and will interact with Turkish tax authorities. Revenue Administration is a public institution of Turkish Republic operating ... Read More »

Asian Development Outlook 2015 to be launched on March 24

ISLAMABAD: The Asian Development Bank will release its landmark report Asian Development Outlook 2015 (ADO) on Tuesday, March 24. The ADO provides a comprehensive analysis of macroeconomic issues in developing Asia, including growth projections by countries and regions. The ADO presents analysis of 45 economies, including Pakistan. “This year’s ADO theme chapter, ‘Financing Asia’s Future Growth’, will examine the role ... Read More »

Public debt will be lowered to 57 percent of GDP: Ishaq Dar ‏

ISLAMABAD: Finance Minister Ishaq Dar has said that public debt has been brought down from 64 percent to 62 percent of the Gross Domestic Product (GDP) in less than two years and by June 2016, it will be brought down to 60 percent as required under the law. “Later, the public debt will be brought down to less than 57 ... Read More »

LNG Import: Commerce Ministry seeks energy requirements report from export oriented industries

ISLAMABAD: In the wake of imminent beginning of import of Liquefied Natural Gas (LNG) in coming months, the Ministry of Commerce (MoC) has decided to get the information from the export oriented industrial sector about energy requirements. “Minister for Commerce, after getting input from export oriented industrial sector about its energy requirements, will take up the issue with the Minister ... Read More »