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Author Archives: M Arshad

Senate body relieves Finance Division over breach of privilege

ISLAMABAD: After apology by the Secretary Finance and MD Pakistan Security Printing Corporation (PSPC), the Senate Committee on Rules of Procedures and Privileges has relieved Finance Division from the charges of breach of privilege. The Finance Division was charged for producing wrong information before the Committee about the retirement of said officer from the service who was alleged for meeting ... Read More »

Finance Division mulls inquiry against PRAL for inefficiency

ISLAMABAD: The Finance Division contemplates on initiating fact finding inquiry into inefficiency of Pakistan Revenue Automation (Pvt.) Limited (PRAL) in producing desired results. “The very option of appointment of new Chief Executive Officers of the company is also an option under consideration of the authorities concerned,” said a well placed source at Federal Board of Revenue here on Thursday. The ... Read More »

NA body on ports asks fisheries depts to resolve their issues  

ISLAMABAD:  The National Assembly Standing Committee on Ports and Shipping Wednesday directed Fisheries Department (FD) Government of Sindh and Marine Fisheries Department Ministry (MFD) of Ports and Shipping to resolve their issues within one month. The committee also directed both of the departments to devise futuristic plan of action to enhance Pakistan’s exports of fisheries products to other countries and ... Read More »

FBR Board-n-Council approves $ 80,000 for human resource development

ISLAMABAD: The Board-n-Council meeting of the Federal Board of Revenue has approved allocation of $ 80,000 for the purpose of human resource development to enhance working capacity of the employees. The Department for International Development (DFID) of British Government is likely to provide an amount of $1.5 million to the World Bank to initiate numerous development projects with FBR. This ... Read More »

Commerce Ministry fears fall in exports to Afghanistan after NATO withdrawal

 Ministry of Commerce official says they are looking for alternative markets to bridge gap in exports Afghanistan is second largest importer of Pakistani goods after United States   By M ARSHAD   ISLAMABAD: The Ministry of Commerce (MoC) has started looking for alternative markets to bridge a gap in exports due to possible reduction in Pakistani exports to Afghanistan after ... Read More »

Commerce Minister off to Turkey to represent Pakistan at JMC

ISLAMABAD: Minister for Commerce  Khurram Dastgir Tuesday left for Turkey to represent Pakistan at the Joint Ministerial Commission (JMC) of Pakistan and Turkey scheduled to be held in Istanbul today (Wednesday). The JMC meeting will discuss ways and means for removal of anomalies in bilateral trade as the cargo train agreement already existed between Pakistan and Turkey and through implementing ... Read More »

FBR to defend income tax case of teachers before Federal Ombudsman

ISLAMABAD: The Federal Board of Revenue is to defend its stand on non-provision of income tax exemption to Head Masters and Principals of educational institutions of the Khyber Pakhtunkhwa before Federal Ombudsman. The Federal Ombudsman, which has the vision to promote high standards of governance, accountability and efficiency through administrative justice services and mission to redress public grievances in a ... Read More »

PAJCCI demands expansion of AfPak Transit Trade Agreement

ISLAMABAD: Representatives of traders’ community of Pakistan and Afghanistan are desirous expanding the jurisdiction of Afghanistan-Pakistan Transit Trade Agreement (APTTA) beyond Afghanistan. Pakistan and Afghanistan signed the APTTA 2010 on October 28, 2010 and this agreement replaced the previous Transit Trade Agreement of 1965. The APTTA 2010 was operationalized on June 12, 2011. Under the pressure and demand of the ... Read More »

Balochistan all set to get lion’s share investment in next three years

ISLAMABAD: Balochistan province is about to get lion’s share of investment in next three years because some international investors have shown intention to invest in that province. Investment in steel sector will prove to be a catalyst for industrialization in the country. The iron-mining and allied sectors will also flourish which will provide jobs to thousands of youth in the ... Read More »

Imports under SROs affect local industry: Pak Steel Mills CEO

ISLAMABAD: The Pakistan Steel Mills (PSM) Karachi, Chief Executive Officer (CEO) General (R) Zaheer Ahmad has complained against the misuse of SROs which was creating problems for local industry. He said that rival parties imported cheaper iron and other related products under the umbrella of SROs and inflicts losses on PSM as well as to national kitty. “SROs not only ... Read More »

Pakistani mango export to EU increases by 8,500 metric tons in 2014

ISLAMABAD: Mango export from Pakistan to the European Union has increased by 8,500 metric ton than the last year. A well-placed source at the Ministry of Commerce (MoC) told Customs Today that this year mangoes’ export was 90,500 metric ton against 82,000 metric ton in 2013. The Pakistani mangoes also got better price this year. Sources said that the government ... Read More »

Drug trafficker sentenced to death, others awarded imprisonment

ISLAMABAD: At least 306 suspects, who were arrested by the Anti-Narcotics Force (ANF) this year, are likely to be convicted for their involvement in drugs trafficking. The Supreme Court and high courts have disposed of 314 appeals related to the drug trafficking during the same period. The documents available with Customs Today revealed that only one alleged drug trafficker was ... Read More »

ANF gets convictions for 306 drug traffickers in 8 months

ISLAMABAD: Anti Narcotics Force (ANF) could get convictions for total 306 convicts for their involvement in drugs trafficking in first eight months of the current year. The Supreme Court of Pakistan and High Courts disposed off total 314 appeals related to the drug trafficking in first eight months of the current year. The available documents reveal that only one alleged ... Read More »

SECP registers 18898 companies in five years

ISLAMABAD: Out of total 64,322 companies 18898 including 848 foreign companies have been registered during last five years with the Securities and Exchange Commission of Pakistan (SECP). The year wise incorporation of companies stands as 3041, 3385, 3925, 3960 and 4587 companies in financial year 2009-10, 2010-11, 2011-12, 2012-13 and 2013-14. Available documents reveal that out of total 64,322 companies, ... Read More »

Chemical handling, LNG terminals at Post Qasim termed best units

ISLAMABAD: Both the terminals; chemical handling terminal and LNG terminal, at Port Qasim Karachi are considered as the best performing units. Ministry of Ports and Shipping has claimed that no significant unpleasant happening is taken place at both the terminals so far since installation. According to official documents available with this scribe, the Ministry has adopted stance that both the ... Read More »

2669 staffers of Pakistan Steel to retire in 3 years

ISLAMABAD: Summary for the recruitment as replacement of technical and non technical staff of the Pakistan Steel Mills (PSM) has been moved to the Prime Minister for approval. Out of 15274 existing PSM staff some 2669 highly technical and qualified will retire in coming three years while some 6,000 will retire by 2020. Moreover, there is already a shortfall of ... Read More »

Withholding tax on transfer of vehicles results in revenue loss

ISLAMABAD: The imposition of withholding tax on the transfer of vehicles in the Islamabad Capital Territory (ICT) is resulting in loss of millions of rupees of revenue per month. Prior to the imposition of this tax, traders, buyers and sellers are avoiding transfer of vehicles and devised a little bit cheaper mechanism to ensure their deal. Withholding is an act ... Read More »

FBR mulls revised policy guidelines for allotment of houses

ISLAMABAD: The Federal Board of Revenue (FBR) is continuing deliberations on formulation of new policy guidelines for the allotments of houses to officers, it was learnt Friday. Issues of out of turn allotments, abandoning of waiting list as well as inclusion of officers in the entitlement list are likely to be sorted out in the new policy guidelines. A well-placed ... Read More »

Pak-Turk Joint Ministerial Commission meeting on October 14-15  

ISLAMABAD: The Joint Ministerial Commission (JMC) of Pakistan and Turkey will hold a two-day meeting on October 14-15 in Istanbul. Federal Minister for Commerce Khuram Dastgir will lead Pakistani delegation in the meeting whereas Turkish side will also be led by their minister concerned. The JMC meeting will discuss ways and means for removal of anomalies in bilateral trade as ... Read More »

FBR’s revised policy guidelines on performance allowance this month

ISLAMABAD: The Federal Board of Revenue (FBR) has completed revision of the policy guidelines for payment of performance allowance to employees and new policy guidelines to be implemented this month. A well-placed source at the FBR Thursday told Customs Today that several meetings of Board- in -Council held under the FBR chairman, conducted detailed deliberations on revision of policy guidelines ... Read More »