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Home / Author Archives: M Arshad (page 32)

Author Archives: M Arshad

Banking sector takes foolproof measures to check frauds, forgeries

ISLAMABAD: The banking sector has taken foolproof measures to check monetary losses in result of fraudulent activities committed by the criminals. Usually the banks face financial crimes involving the unlawful conversion of the ownership of property (belonging to one person) to one’s own personal use and benefit. These crimes also involve fraud (cheque fraud, credit card fraud, mortgage fraud, medical ... Read More »

Finance Ministry awaits AGP advice on revival of lapsed amount of Rs. 7.7 billion for development projects  

ISLAMABAD: The Finance Ministry is waiting for response from the Attorney General of Pakistan on the issue of releasing development funds concerned departments for schemes initiated by the members of the parliament.  The Supreme Court‘s issued an order in May, 2014 which stated: “Let notice be issued to Secretary Finance and the Auditor General for Pakistan for 02-06-2014. In the ... Read More »

FBR confronts hurdles in proceeding against tax evaders  

ISLAMABAD: The criminal involvement of senior officials of Large Taxpayers’ Unit (LTU) Lahore in tax evasion case has entangled the Federal Board of Revenue (FBR) in a perplex situation to proceed forward the case against the tax evaders.  In the ending of last month suspended three Inland Revenue service officers suspended Naeem Hassan, (IRS/BS-18) presently posted as Deputy Commissioner, Regional ... Read More »

FBR briefs Chinese delegation on taxation system in Pakistan

ISLAMABAD: The Federal Board of Revenue (FBR) briefed the Chinese delegation on the taxation system of Pakistan. The delegation showed keen interest in the practices followed by the FBR to make the taxation system more effective and result-oriented. The delegation comprising more than two dozen experts from different departments is on an official visit to Pakistan since March 2. The delegation ... Read More »

Senate body adds two amended proposals to Privatisation Commission Bill, 2014

ISLAMABAD: After a debate on the proposed amendments in the Privatisation Commission Amendment Bill, 2014, the Senate Standing Committee on Finance and Revenue added two amended proposals to the bill. However, the committee dispose of the third amendment related to extending the period for the scrutiny of transaction of privatised state-owned entities from one year to two, three or more ... Read More »

NA Finance Committee holds discussion on Credit Bureau Bill 2015

ISLAMABAD: The National Assembly Standing Committee on Finance and Revenue expressed grave concerns over the unpreparedness of the Finance Ministry, the State Bank of Pakistan and the Credit Information Bureau (CIB) on the proposed amendment to the Credit Bureau Bill. The NA committee, chaired by Omer Ayub Khan, met to consider the proposed Credit Bureau Bill, 2015. Shaza Fatima Khawaja, ... Read More »

$1.22 billion FDI expected at PQA in next five years

ISLAMABAD: Foreign Direct Investment (FDI) to the tune of $ 1.22 billion is expected over a period of five years through development projects at the Port Qasim Authority (PQA). “Currently, all development projects at the port are being undertaken in private sector on Build–operate–transfer (BOT) basis without costing a penny to PQA” a well placed source at Ministry of Ports ... Read More »

Finance Ministry presents first quarterly report in Senate

ISLAMABAD: The first Quarterly Report for the Fiscal Year 2014-15 of the Central Board of Revenue of the State Bank of Pakistan was laid before the Upper House of the Parliament on Tuesday. Minister of State for Parliamentary Affairs Sheikh Aftab Ahmad on behalf of Finance Ministry presented the said report before the House which was required under section of ... Read More »

Adjustment of increased GST reined in POL prices: FBR Chairman Tariq Bajwa

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa said that adjustment of increased general sales tax (GST) on the prices of petroleum products reined in the POL prices from the beginning of the current month. “Otherwise, POL prices might have hiked by Rs 12 per litre,” Bajwa said while responding to pinching questions raised by the members of the ... Read More »

Senate Finance Committee adopts Securities Bill 2015

Senate Committee to finalize discussion on Privatization Commission Amendment Bill 2014 today (Wednesday) ISLAMABAD: The Senate Standing Committee on Finance and Revenue, Tuesday, unanimously adopted the Securities Bill 2015 to consolidate law for the regulation of the securities industry and protection of investors. The new approved law would strengthen the regulator (SECP) to take action against malpractices in the securities ... Read More »

PQA Chairman Agha Jan says customs officials involved in missing containers case suspended

ISLAMABAD: Port Qasim Authority (PQA) Chairman Agha Jan Akhtar has revealed that the Federal Board of Revenue (FBR) has taken disciplinary action against several customs officials over their alleged involvement in the release of containers on fake documents from the port. Speaking about the functioning of the PQA in a meeting of the Senate Standing Committee on Ports and Shipping, Agha ... Read More »

FBR Taxpayers Audit wing seeks more access to data for timely settlement of cases

ISLAMABAD: The auditors’ inaccessibility to income tax data has made audit a difficult process and hampered the desired performance of the organisation. The Taxpayers Audit wing of the Federal Board of Revenue (FBR) has to write to different departments and wings for the provision of data of taxpayers for auditing purpose. Therefore, the FBR is required to enhance access of ... Read More »

Senate Committee on Ports and Shipping presents three-year performance report

ISLAMABAD: The Senate Standing Committee on Ports and Shipping presented its performance report spreading over the last three years before the members of the committee. A well-placed source in the Ministry of Ports and Shipping told Customs Today that the committee had sought a detailed report regarding the implementation on its recommendations by the ministry and attached departments. Moreover, the ... Read More »

EU Bank for Reconstruction to lend Tunisia $223.5m for energy, industry projects this year

BRUSSELS: The European Bank for Reconstruction and Development (EBRD) will lend Tunisia $223.5 million this year to finance energy and industry projects, state news agency TAP said. Four years after toppling its autocrat leader Zine al-Abidine Ben Aliand, and inspiring Arab Spring uprisings in North Africa, Tunisia is widely praised as a model for the region, having held free elections ... Read More »

FBR Chairman asks Customs & IT to integrate different Customs databases

ISLAMABAD: The Federal Board of Revenue (FBR) is deliberating on having a an integrated database of different databases of Customs to raise the proportion of revenue collected out of customs duties in the total volume of revenue collection.  Presently, almost 70% share of total revenue collection comes from income and sales tax and tax collected from the customs duties constitute ... Read More »

FBR deliberates on long & short term capacity building programs of Customs & IRIS officials

ISLAMABAD: The Federal Board of Revenue (FBR) has devised a huge program for the capacity building of officers and staff members of Customs and Integrated Risk Information System (IRIS).  The basic objective of this huge program is to impart quality training and tax education in fiscal and economic management, to enhance professionalism, responsiveness, creativity, analytical capabilities, and intellectual integrity of ... Read More »

MoC finalizes arrangements for upcoming Pak-US Business Opportunity Conference

ISLAMABAD: The Ministry of Commerce (MoC) has almost given the final shape to the arrangements for the upcoming the two-day Pak-U.S Business Opportunity Conference.  The Pak-U.S Business Opportunity Conference is scheduled to be held here in the Federal Capital on March 10-11 and a large number of U.S businessmen representing agriculture, textiles, apparel, footwear, energy, surgical instruments, healthcare, pharmaceutical, infrastructure ... Read More »

FBR to establish Directorate of Law to recover Rs 30 billion sub-judice money

ISLAMABAD: Taking a strong notice of a large number of stuck up taxation and revenue cases, the Federal Board of Revenue (FBR) has decided to establish a Directorate of Law. According to a careful estimate, a huge amount of Rs 30 billion is being stuck up due to the sub judice taxation and revenue with the courts and non recovery ... Read More »

Finance Ministry to fulfill requirements of Fiscal Responsibility and Debt Limitation Act 2005

ISLAMABAD: The Finance Ministry has taken numerous measures to comply with all the requirements stipulated in the Fiscal Responsibility and Debt Limitation Act 2005. The term fiscal responsibility in financial dictionary is defined as “A balanced budget”. That is a budget wherein expenditures during a given period of time are equal to revenues. The fiscal responsibility also includes a budget ... Read More »

Finance Ministry links slowdown in credit to private sector, demand & supply

ISLAMABAD: The Finance Ministry has linked the slowdown in credit to private sector to the demand and supply as well as weak profitability of major industries till second half of the current fiscal year.  Private sector credit includes loan and advances by financial intermediaries plus total bank bills outstanding. Lending and credit to the private non-finance sector (including public trading ... Read More »