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Author Archives: M Arshad

FBR starts preparations for budgetary proposals of upcoming budget 2015-16

Islamabad: The Federal Board of Revenue (FBR) has geared up process for the finalisation of budgetary proposals for upcoming budget of fiscal year 2015-16 as the Customs and Inland Revenue wings have started collection of data and compilation reports in this regard. The main thrust of the FBR will be on elimination of tax exemptions, a source at the FBR ... Read More »

NA Finance Committee seeks performance report on counter financing to terrorism

ISLAMABAD: The National Assembly Standing Committee on Finance and Revenue, Tuesday, directed the Finance Ministry to give a detailed briefing on the performance of the Financial Monetary Unit (FMU) as well as other regulating units to choke financing to terrorism. FMU has strategic goals to build a highly trained, efficient, professional & dedicated core personnel base, to develop a strong ... Read More »

Pak ranked second biggest pine nuts exporter after China

ISLAMABAD: Pakistan’s exports of pine nuts/Chillgoza are experiencing an increasing trend in the current fiscal year and Pakistan is ranked as the second biggest producer of pine nuts just after China.  The export pine nuts increased by $ 17 million in previous fiscal year than the volume in 2012-13.  This ranking is based on monetary value as well as on ... Read More »

Finance Ministry follows tiered monetary policy towards regional countries

ISLAMABAD: The Finance Ministry follows monetary police towards the regional countries based on tiered objectives defined in law, and the instruments that help in achieving these targets.  The first set of objectives of the said monetary policy is the ultimate target, which is defined in the legislation of state banks of regional countries and these banks are bound to achieve ... Read More »

FBR team dissatisfied over poor construction of Tax Facilitation Centre building in Daska

ISLAMABAD: A four-member monitoring and evaluation technical team of the Federal Board of Revenue (FBR has expressed dissatisfaction over the deficiencies and shortcomings in the newly constructed Tax Facilitation Centre (TFC) in Daska. Presently, the Tax Facilitation Office is functioning in a rented building which is badly affecting the performance of tax collectors and other staff members. “The monitoring and ... Read More »

Rs30 to 40b already paid: Bajwa forms body to resolve refund dispute with banking companies

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa has step up efforts to resolve the dispute between revenue authority and banking companies over the reconciliation of figures of refunds and compensations. “This issue has been lingering over last decade and now the FBR Chairman constituted a three-member high-level monitoring and evaluation team to look into the matter,” a well ... Read More »

American Congress to renew US GSP for Pakistan by summer: Dastgir

ISLAMABAD: Federal Minster for Commerce Engr Khurram Dastgir has announced that US Congress will renew US GSP status for Pakistan by summer which has been suspending since last 19 months as the Ministry of Commerce is planning to file a writ petition with the United States to get the US GSP status operational. Dastgir Khan, addressing the 3rd Pak-US Business ... Read More »

Bajwa to inaugurate seminar on communication strategy in collaboration with British DFID, HMRC

ISLAMABAD: Chairman Federal Board of Revenue (FBR) will inaugurate one day seminar on communication strategy here today (Thursday). International experts will also deliver lecture on best international tax and revenue practices.  “Seminar is meant devise strategy along with preparation of recommendations for making FBR an effective, vibrant and capable organization to meet the emerging challenges,” a well placed source told ... Read More »

US govt launches US-Pakistan Partnership for Access to Credit program

ISLAMABAD: The two-day 3rd Pak-US Business Opportunities Conference concluded here with reiteration of firm resolve by the US businessmen and delegates to come up with investment plans in Pakistan.  The visiting US businessmen were highly impressed by the briefings given by the concerned Pakistani officials about investment, privatization, tax and other policies, therefore they expressed their commitment to step forward ... Read More »

Dastgir to highlight achievements of Pak-US Business Opportunities Conference today

ISLAMABAD: Federal Minister for Commerce, Engr. Khurram Dastgir Khan will highlight achievements and milestones achieved in two-day 3rd Pak-US Business Opportunities Conference here today (Thursday). “In a post conference news conference here at Ministry of Commerce (MoC), Dastgir will play up efforts carried out by ministry as well as pay tribute to concerned officials for working day and night to make ... Read More »

Companies in Special Economic Zones enjoy special tax privileges: FBR chief Bajwa

ISLAMABAD: Chairman Federal Board of Revenue, Tariq Bajwa, Tuesday, said that machinery import was tax free for mineral sector, coal mining, and energy as well as infrastructure development at Gawadar Port.  While speaking at panel discussion session of the 3rd Pak-US Business Opportunities Conference here, the FBR Chairman said that Pakistan offered lucrative and profitable business activities in the several ... Read More »

NA Commerce Committee recommends arrangements for renting out vacant properties of insurance companies

ISLAMABAD: While reviewing the yearly performance of three major state owned insurance companies, the National Assembly the Standing \Committee on Commerce, Tuesday, expressed displeasure over the vacant lying properties of these organizations.  Insurance sector is regulated under the Insurance Ordinance 2000. In last few years, it has transformed into a developing and fast growing market that is generally divided into ... Read More »

Senate Finance Committee to present report on ‘The Securities Bill, 2015’ in House today

ISLAMABAD: The Senate Standing Committee on Finance and Revenue will submit its final report on the Bill to amend and consolidate law for the regulation of the securities industry and the protection of investors (The Securities Bill, 2015) today (Wednesday).  The committee unanimously adopted the said bill in its meeting held on last week, March 04. The new approved law would strengthen ... Read More »

Experts urge international investors to benefit from Pak investment opportunities

ISLAMABAD: March 10: While highlighting the investment friendly environment and polities in Pakistan , the Minister for Commerce, Minister for Finance, the US Secretary of Commerce and experts, Tuesday, urged the international investors to benefit from the enormous investment opportunities of Pakistan . Mentioning the historical economic cooperation between Pakistan and the US , experts observed that both countries had ... Read More »

Bajwa to participate in panel discussion of 3rd Pak-US Business Opportunities’ Conference today

ISLAMABAD: Chairman Federal Board of Revenue (FBR) will participate in panel discussion under the auspices of the two day 3rd Pak-US Business Opportunities’ Conference today (Tuesday). According to agenda for the said conference, after the inauguration of the conference Minister for Commerce Engr. Khurram Dastgir Khan will deliver the welcome address, followed by key note address by the US Official as ... Read More »

FBR chief Bajwa stresses improvement of Customs network to increase revenue collection

ISLAMABAD: Chairman Federal Board of Revenue (FBR) Tariq Bajwa has stressed on improvement of Customs network to enhance revenue collection from Customs department.  “In his interaction with senior FBR official after arriving back from two day visit to Karachi, Bajwa expressed his dissatisfaction over their performance of Sales and Income Tax offices located in Karachi” a well placed source at ... Read More »

Two-day 3rd Pak-US conference forces NA Commerce Committee to change schedule

ISLAMABAD: The National Assembly Standing Committee on Commerce, Monday, changing the agenda for meeting due to two-day 3rd Pak-US Business Opportunities Conference, took up agenda set for Tuesday’s meeting.  “Committee had to change its agenda at the eleventh hour due to engagements of required high officials of State Life Insurance Corporation Limited (SLIC), National Insurance Company Limited (NICL) and Pakistan Re-insurance ... Read More »

Third Pak-US Business Opportunities’ Conference today

ISLAMABAD: Minister for Commerce Khurram Dastgir Khan, Finance Minister Ishaq Dar and a key official from the US embassy are going to inaugurate a two-day “3rd Pak-US Business Opportunities’ Conference” today (Tuesday). The conference is being organised under the auspices of the Ministry of Commerce (MoC) and objective of the conference is to promote business-to-business interaction between two countries. “Although ... Read More »

Finance Ministry releases Rs 4.75 billion to EDF for exports’ promotion

ISLAMABAD: A huge amount of Rs 4.75 billion was released to the Export Development Fund (EDF) during the last five years to carry out efforts and activities to promote local industry and enhance exports to other countries. “The Ministry of Finance collected Rs 25.08 billion in the last five years,” a well-placed source at the Finance Ministry told this scribe, ... Read More »

NA Commerce Committee to review performance of leading insurance companies today

ISLAMABAD: The National Assembly Standing Committee on Commerce will review the yearly performance of three major state owned insurance companies today (Monday).  “In this regard an important of thee committee is scheduled to be held in Conference Room and as per agenda of the meeting the committee will review yearly performance of the State Life Insurance Corporation Limited (SLIC)” a ... Read More »