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Author Archives: M Arshad

MoC intends to include services, investment & customs cooperation in PSFTA

ISLAMABAD: Under the expansion of Pakistan and Sri Lanka Free Trade Agreement (PSFTA), Ministry of Commerce (MoC) intends to incorporate few new chapters in the agreement. “The said chapters are called Comprehensive Economic Partnership Agreement (CEPA) and subjects of services, investment and customs cooperation will be included in PSFTA as future roadmap for making it more effective and result oriented” ... Read More »

FBR serves notices to companies for not paying taxes in due rates 

ISLAMABAD: The Federal Board of Revenue (FBR) has served notices to tax evaders on a large scale with an objective to dig out potential tax evaders.  “With the strenuous efforts carried out by Member Inland Operations Muhammad Ashraf Khan, two major companies have been traced out which have not paid tax as per due rate of tax” a well placed ... Read More »

NA committee to take up Port Qasim issues with authorities today

ISLAMABAD: The National Assembly Standing Committee on Ports and Shipping will take up the issues confronted by exporters and importers at Port Qasim with authorities today. The committee will also discuss PQA’s development plan as well as issues faced by the administration in running the day to day operation of the port. A well placed source at Ministry of Ports ... Read More »

Pak-US Business Opportunities Conference on Feb 27

ISLAMABAD: The Pak-US Business Opportunities Conference will be held on February 27 . The Minister for Commerce, members American Business Council and US Ambassador Richard Olson will attend the conference. Media persons will be briefed about the objectives, goals, agenda and sequences of events of the conference through the ‘soft’ inauguration. A list of possible participants of the conference will ... Read More »

Issue of Rs 1 billion capital value tax collection awaits decision to be resolved

ISLAMABAD: Recovery and submission of Rs 1 billion arrears of capital value tax to the national kitty has become a rolling stone and a lingering issued among three major institutions. The Federal Board of Revenue (FBR), Law Division and Auditor General of Pakistan (AGP) are carrying on a hectic correspondence as well as consultation for the resolution of the said ... Read More »

Govt avoids establishing FEDPB offices in provinces

ISLAMABAD: The Federal Export Development and Promotion Board (FEDPB) was reconstituted with the objectives of reviewing export performance of the Ministry of Commerce (MoC) and the concerned departments. “However, the government has no plan to establish offices of the Federal Export Development & Promotion Board in provinces because the subject of International Trade is a federal subject and MoC is ... Read More »

New policy for appointment of commercial attaches next year: Dastgir

ISLAMABAD: Lawmakers have demanded constitution of a committee to legislate on the issue of appointment of commercial attaches (CAs) at Pakistani missions and embassies in different countries. Due course of deliberations on other agenda items along with result-oriented performance of Commercial Attaches at a session of the Senate Standing Committee on Commerce and Textile Industry, members voiced against the ineffectiveness ... Read More »

New policy for appointment of commercial attaches next year: Dastgir

ISLAMABAD: Lawmakers have demanded constitution of a committee to legislate on the issue of appointment of commercial attaches (CAs) at Pakistani missions and embassies in different countries. Due course of deliberations on other agenda items along with result-oriented performance of Commercial Attaches at a session of the Senate Standing Committee on Commerce and Textile Industry, members voiced against the ineffectiveness ... Read More »

Govt avoids establishing FEDPB offices in provinces

ISLAMABAD: The Federal Export Development and Promotion Board (FEDPB) was reconstituted with the objectives of reviewing export performance of the Ministry of Commerce (MoC) and the concerned departments. “However, the government has no plan to establish offices of the Federal Export Development & Promotion Board in provinces because the subject of International Trade is a federal subject and MoC is ... Read More »

DFID-HMRC mission likely to hold meeting with FBR in first week of March

ISLAMABAD: A delegation of British Department for International Development (DFID) and Her Majesty Revenue & Customs (HMRC) will hold dialogue with the Federal Board of Revenue (FBR) on future course of action to further strengthen bilateral cooperation. The DFID is a department of the British government that leads the UK’s work to end extreme poverty, unlocking the potential of girls ... Read More »

FBR to issue a new circular to explain SRO No 126(1)/2015 to field officers

ISLAMABAD: The Federal Board of Revenue (FBR) is likely to issue a circular for the field officers to ensure tax collection according to SRO No 126(1)/2015. The SRO increased withholding tax rates for non-filers in respect of imports and services under sections 148 and 153 (1)(b), respectively, but the field officers of the Federal Board of Revenue (FBR) have not ... Read More »

PM approves appointment of commercial attaché in Pakistani missions abroad

ISLAMABAD: The Ministry of Commerce (MoC) has obtained approval from the competent authority for the appointment of commercial attaché in the Pakistani embassies abroad. The prime minister has approved a summary forwarded by the MoC and referred it back to the ministry. The MoC had moved a summary for hiring of commercial attaché in view of completion of tenure of the ... Read More »

Financial Monitoring Unit acts on 34 suspicious financial transactions

ISLAMABAD: The Financial Monitoring Unit (FMU) has disseminated 34 suspicious financial reports during a check on suspicious transactions. Moreover, FMU has forwarded 1060 Suspicious Transaction Reports (STRs) under the Anti Money Laundering Act 2010 to Law enforcement Agencies (LEAs) during the last five years. The FMU has a vision to be an effective and highly regarded Financial Intelligence Unit in ... Read More »

Financial Monitoring Unit acts on 34 suspicious financial transactions

ISLAMABAD: The Financial Monitoring Unit (FMU) has disseminated 34 suspicious financial reports during a check on suspicious transactions. Moreover, FMU has forwarded 1060 Suspicious Transaction Reports (STRs) under the Anti Money Laundering Act 2010 to Law enforcement Agencies (LEAs) during the last five years. The FMU has a vision to be an effective and highly regarded Financial Intelligence Unit in ... Read More »

Senate elections: FBR to complete scrutiny of 52 candidates today

ISLAMABAD: The Federal Board of Revenue (FBR) is likely to complete the process of scrutiny for 52 seats of the Upper House of the Parliament (on Feb 18) today. Three-member staff at a special cell headed by Special Assistant to Chairman Dr. Muhammad Iqbal is working round the clock to furnish the required record for the Election Commission of Pakistan ... Read More »

30 projects to cost Rs114b: Finance Ministry allocates Rs11.3b for Gwadar Port, other projects

ISLAMABAD: The Finance Ministry has allocated an amount of Rs 11.3 billion for 30 projects costing Rs 114 billion in and around the coastal areas as well as Gwadar Port, Balochistan.  “To honor the commitment of the Federal Government for socio-economic development of Baluchistan in particular the up-gradation of Gwadar as an integral part of China Pak Economic Corridor, the ... Read More »

Eight sectors dominate national imports, exports

ISLAMABAD: Eight sectors dominated Pakistan’s trade in previous fiscal year as well as in the current fiscal year of 2014-15. These sectors include petroleum and textile groups in the export section while six sectors including food, machinery, transport, textile, chemical and metal group dominated Pakistani imports. Exports of the petroleum group increased to $ 641 million in a period spanning ... Read More »

Britain’s 300,000 taxpayers contribute equivalent of £45.9  billion in income tax

LONDON: Britain highest earners pay more than a quarter of the country’s entire income tax bill, more than when the Coalition came to power. Nearly 300,000 taxpayers are forecast to contribute the equivalent of £45.9 billion in income tax between them by the end of this year, equivalent to £150,000 each. The amount they have paid has risen from 25 per ... Read More »

Finance Ministry denies receiving complaints about inbuilt technical flaws in e-filing System

ISLAMABAD: Despite a lot of hue and cry over the ‘inbuilt technical flaws’ in the e-filing System under Integrated Risk Information System (IRIS) of the Federal Board of Revenue (FBR), the Finance Ministry firmly declares that it has not received any complaint against the system from stakeholders. “No shortcomings have yet been pointed out in the system from the stakeholders, ... Read More »

Ministry of Commerce introduces ‘Import Policy Order’ to protect local industry

ISLAMABAD: With a commitment to safeguard the interests of domestic industry against the influx of imported goods, the Ministry of Commerce (MoC) has introduced numerous measures in the form of regulatory amendments through “Import Policy Order”. “These measures and amendments have been finalized after detailed and lengthy consultations with all the stakeholders” a source at MoC told this scribe here ... Read More »