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Author Archives: M Arshad

FBR to launch awareness campaign as only 850,000 file tax returns

ISLAMABAD: The low number of income tax returns has forced the Federal Board of Revenue (FBR) to launch a campaign to create awareness among the masses about the benefits of paying taxes. “The Board-n-Council has asked the Facilitation and Taxpayer Education (FATE) unit to improve and refine the proposal of the awareness campaign,” a well-placed source at the FBR told ... Read More »

Money supply averaged Rs 2,056,383.48m in last 6 years

ISLAMABAD: Money supply in the country has been averaged Rs 2,056,383.48 million in last six years (2008-2014), reaching all-time high of Rs 2,985,235.07 million in July this year and a record low of Rs 1,413,617.11 million in July 2008. The source further shared data that money supply decreased to Rs 2,772,985 million in October from Rs 2,773,002.68 million in September ... Read More »

No Commerce Ministry assistance for provinces to develop export-oriented infrastructure

ISLAMABAD: The Ministry of Commerce does not provide any assistance to provinces for creating appropriate infrastructure for the development and growth of exports. “However, MoC takes necessary action on any complaints or difficulties, faced by exporters within its purview” a well-placed source privy to Minister for Commerce told his scribe here the other day. The source said that Ministry of ... Read More »

SAARC seminar on tax policy, reforms begins in Indian city of Nagpur today

ISLAMABAD: A week-long seminar on Tax Policy, Reforms to Improve Progressive Taxation is starting in Indian city, Nagpur from today (Monday). The seminar is being organized under the umbrella of South Asian Association for Regional Cooperation (SAARC) with an objective to share best tax practices among the member states as well as to learn from each others experiences. A progressive ... Read More »

FDI inflow into Pakistan enables govt to repay $1009.6 million loans

ISLAMABAD: The inflow of foreign direct investment (FDI) into Pakistan is on the rise and the country received $2640.9 million FDI last year. The increased amount of FDI enabled the government to pay $1009.6 million to the foreign countries during the fiscal year 2013-14. FDI is direct investment abroad where the investors have a complete control over their capital. There ... Read More »

Interceptions in mango export to Europe decrease

Things improve after Commerce Ministry made Hot Water Treatment mandatory for all exports being made through ports   ISLAMABAD: Interceptions in export of mango consignments to Europe has come down to two in 2014 than 180 in 2013 due to measures taken by the Commerce Ministry. Interceptions were made in Belgium, France, Germany, Ireland, Italy, Netherlands, Spain, Sweden, Switzerland and ... Read More »

Finance Ministry: PBS set to hold population, housing census

ISLAMABAD: The Pakistan Bureau of Statistics (PBS) has completed preparations to conduct 6th Population and Housing Census in the country. A census is the procedure of systematically acquiring and recording information about the members of a given population. It is a regularly occurring and official count of a particular population. The term is used mostly in connection with national population and ... Read More »

Export of Pakistani textile products increases manifold

ISLAMABAD: Number of countries importing Pakistani textile products has crossed the figure of 100, Customs Today learnt. It is a fact that textile sector plays a crucial role in the uplift of socio-economical development of the country as textile exports make up 52% of total exports worth $12.36 billion. Pakistan Textile Exporters Association (PTEA), Pakistan Readymade Garments Manufacturers and Exporters’ Association ... Read More »

FBR team making surprise visits to development projects in various cities

ISLAMABAD: A four-member monitoring and evaluation technical team of the Federal Board of Revenue (FBR) is paying surprise visits to the sites of ongoing development projects to monitor the pace and quality of work. “The team, comprising Engineers, Surveyors and architects is likely to visit sites of the under construction offices in Daska, Okara and DI Khan this month,” a ... Read More »

Commerce Ministry striving for bridging trade deficit

ISLAMABAD: The trade deficit between the imports and exports reduced to $ 0.50 billion in the current fiscal year as compared the previous fiscal year as in the current year the trade deficit is $ 19.90 billion whereas it was $ 20.40 billion last year. “In order to promote exports and reduce the gap between exports and imports, the Ministry ... Read More »

Finance Ministry constitutes 11-member Governing Council to reorganise PBS

ISLAMABAD: The Finance Ministry has constituted an 11-member Governing Council as a step to reorganise the Pakistan Bureau of Statistics (PBS) which may also lead to process of census in the country. The Governing Council will be responsible for setting of objectives and policy guidelines of the Bureau in accordance with the powers and functions provided in the Act, to ... Read More »

Finance Ministry’s officials spend Rs 15.77m to attend WB, IMF meetings

ISLAMABAD: The Finance Ministry spent Rs 15.77 million on 12 visits abroad in last four years. These delegations visited US, Japan and Dubai to attend meetings with World Bank (WB) and International Monetary Fund (IMF). Finance Ministry is of the view that the World Bank reimbursed airfare for its Governors and Alternate Governors who are Finance Minister and Secretary EAD ... Read More »

FBR needs to improve IRIS to facilitate taxpayers

    ISLAMABAD: The Federal Board of Revenue (FBR) is required to overcome the inbuilt flaws in the software ‘IRIS’ which is being used to keep records of taxpayers and to facilitate them in filing their tax returns. “IRIS software has serious inbuilt faults and it does not stop a filler of tax returns from filling fake or incorrect information ... Read More »

Commerce Ministry gears up efforts to enhance export of surgical instruments

      ISLAMABAD: The Ministry of Commerce has followed numerous measures to increase exports of surgical instruments and goods. A well-placed source at MoC told this scribe here on Tuesday that exports of surgical instruments exceed $300 million in fiscal year 2013-14 as export of surgical instruments increased to $261million from $221 million than the fiscal year 2012-13. Surgical ... Read More »

Finance Ministry striving to lower inflation rate

ISLAMABAD: The Finance Ministry is making due efforts to lower the existing inflation rate in the country to boost the economic activities as well as to ensure smooth economic development. A well-placed source at Finance Ministry Tuesday told this scribe here that the Ministry was taking numerous measures to control the rate of inflation including keeping the policy rate at ... Read More »

Pak-Nigerian talks to boost exports to 18 West African countries

ISLAMABAD: The Ministry of Commerce (MoC) is in the process of concluding a Bilateral Trade Agreement (BTA) with Nigeria as an initiative to enhance trade especially exports to West African countries. On September 12, the Cabinet accorded approval to start negotiations for signing of Bilateral Trade Agreement (BTA) between the Government of the Islamic Republic of Pakistan and the Government ... Read More »

Danish envoy: 5 more firms postpone Pakistan’s visit due to political chaos

ISLAMABAD:  Danish ambassador Jesper Moller Sorensen has disclosed that more than five companies from Denmark postponed their scheduled visits to Pakistan due to ongoing protest demonstrations. “These companies were keen to invest in energy, pharmaceutical and other sectors in Pakistan, but the image and impression portrayed by the media while showing mass rallies confused investors. Resultantly they had to postpone ... Read More »

Random balloting: FBR sends notices to 77,500 taxpayers for audit

Board has selected cases in six categories for tax year 2013     ISLAMABAD: The field officers of the Federal Board of Revenue (FBR) have dispatched notices to the selected taxpayer cases for audit identified through computer random ballot for the tax year 2013. The FBR started the process at the headquarters on September 25 and selected 77,500 cases for ... Read More »

FBR girding up loins to reduce tax exemption

FBR Member Customs Nisar and Member Inland Revenue Shahid are leading respective departments in ongoing deliberation     ISLAMABAD: The Federal Board of Revenue (FBR) has geared up deliberations to prepare proposals to reduce tax exemption in the upcoming Finance Act. “Last year, the process started in the last quarter of the fiscal year,” a source told Customs Today. He ... Read More »

Reduced procurement of local tobacco concerns Commerce Ministry

Commerce minister orders Pakistan Tobacco Board representatives to safeguard interests of tobacco growers     ISLAMABAD: Showing grave concerns over the reduced procurement of local tobacco by cigarette manufacturing companies, the Commerce Ministry has pressed the Pakistan Tobacco Board (PTB) to take measures to secure interests of tobacco growers. A source told Customs Today that a delegation of tobacco growers ... Read More »