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Italian companies to invest in energy sector

ISLAMABAD: The government has an open door policy for investment, said Special Assistant to Prime Minister (SAPM) on Petroleum Nadeem Babar. In a meeting with Italian Ambassador to Pakistan Stefano Pontecorvo, Babar assured complete cooperation and facilitation to Italian companies operating in the energy sector of Pakistan. The special assistant further informed the envoy regarding investment opportunities in oil and ... Read More »

Govt decides to waive off Rs40.2m visa fees of Chinese workers

ISLAMABAD: The government is all set to waive off Rs40.2 million visa fees of 2,511 Chinese nationals working on development projects under the China-Pakistan Economic Corridor (CPEC) in Pakistan. According to media the waiver would be a one-time dispensation to Chinese nationals to change their visit visas into work visas in Pakistan free of charge. Prime Minister Imran Khan had ... Read More »

FBR changes rules to facilitate SME to boost exports

ISLAMABAD: The Federal Board of Revenue (FBR), through a notification issued on Friday, said it has amended the Export Oriented Units and Small and Medium Enterprises Rules, 2008, in order to facilitate the SMEs. “With an aim to implement the prime minister’s vision, the FBR, under the leadership of Shabbar Zaidi, has simplified this export scheme and provided new incentives ... Read More »

Promotion of SMEs, development of agriculture top priorities of govt: PM Imran

ISLAMABAD: Prime Minister Imran Khan on Friday presided over a meeting of the economic team in Islamabad. The meeting reviewed in detail the steps taken for the development of small and medium enterprises, promotion of construction industry, progress on the flagship program of government on poverty alleviation  Ehsaas  and steps taken by various ministries for development of economy. Governor State ... Read More »

CPEC among one of central focus of present govt: Hafeez Shaikh

ISLAMABAD: Adviser to the Prime Minister on Finance & Revenue Dr Abdul Hafeez Shaikh has said that CPEC is one of central focus of the government as it is a special manifestation of our close economic relations with our great neighbour China. He said this while talking to Mr. Yao Jing, Ambassador of the People’s Republic of China, who called ... Read More »

No need to renegotiate IMF programme: MoF

ISLAMABAD: The reforms agenda being pursued by the government with the support of IMF Extended Fund Facility (EFF) is aimed at putting the economy on a sustainable growth trajectory and the progress on nearly all the performance and structural benchmarks during Q1 FY20 is so far very encouraging with strong indication that all the targets will be met. “The Finance ... Read More »

Peshawar Preventive earns Rs525m through anti-smuggling activities

PESHAWAR: Collectorate of Customs Preventive seized goods worth Rs 525 million till August 2019 through different enforcement raids. The MCC Preventive Peshawar committed to curb smuggling and loss to national exchequer,  collector Asif Saeed Khan said while talking with Customs Today, and added that customs preventive staff must be lauded for outstanding performance. Goods are seized due to particular circumstances ... Read More »

Termination of Rs40,000 bond leads to documentation of Rs177b

ISLAMABAD: The government has successfully documented around Rs177 billion since the termination of Rs40,000 denomination prize bonds, claimed a report in media. The government discontinued the issuance of Rs40,000 denomination bonds back in June 2019 to prevent whitening of black money and to stop tax-evasion. According to the newspaper report, total investment in bearer prize bonds of Rs40,000 denomination fell ... Read More »

Govt approaches SC for early hearing of GIDC pleas

ISLAMABAD: In line with directives of the Prime Minister Office, the attorney general’s office is busy collecting relevant data for moving an urgent application before the Supreme Court for an early hearing of pending petitions relating to the Gas Development Infrastructure Cess (GIDC) case. On Wednesday, Prime Minister Imran Khan while withdrawing the GIDC (Amendment) Ordinance, 2019 directed Attorney General ... Read More »

IMF delegation to visit Pakistan this month

ISLAMABAD: A delegation of the International Monetary Fund will visit Islamabad to meet government officials this month, confirmed IMF’s Resident Representative for Pakistan Teresa Daban Sanchez. The delegation will visit Pakistan to review the government’s economic performance during the first quarter of the current fiscal year. Sanchez confirmed that the delegation will arrive in Pakistan on September 16 while the ... Read More »

0.7m new filers added to system : FBR Chairman Shabbar Zaidi

ISLAMABAD: Federal Board of Revenue (FBR) said Rs 579 billion revenue has been collected till now in current fiscal year and 0.7 million filers have been added to the system. FBR chairman Shabbar Zaidi briefed Prime Minister Imran Khan about reforms and one year performance. Zaidi told PM that filers have been increased from 1514817 in 2017 to 2561099 this ... Read More »

PM’s office issues red letter to 27 ministries over failure to submit reports

ISLAMABAD: The prime minister’s office on Thursday issued a “red letter” to 27 ministries over failure to submit reports. According to a notification by the prime minister’s office, the letter was issued on account of critical delay in completion of composite tasks assigned under prime minister’s directives. This is the first time; the ministries have been sent a red letter, ... Read More »

Govt denies rumours of any mini-budget in near future: Asad Umar

ISLAMABAD: Amid criticism from both government and opposition members of the National Assembly over price hike and other monetary and fiscal policies, the government on Wednesday ruled out any mini-budget in the near future, saying the improvement in revenue collection would be made through technological and administrative measures. This was the crux of a meeting of the National Assembly’s Standing ... Read More »

Govt taking steps for improving ease of doing business scenario: Hafeez Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh has said that the government has overcome immediate challenges to the economy by taking right decision and focus has now shifted to accelerating the pace of growth by creating an enabling atmosphere for businesses and boosting growth in key sectors such as agriculture. “We are expecting an ... Read More »

Govt will take all measures to facilitate agriculture sector: Hafeez Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh has said that he has seen an unprecedented focus on the growth of agriculture sector by the current government which not merely sees agriculture as providing the main pivot to the growth of economy but also allocating vast sums for its further growth. “Only last week the ... Read More »

Legislation being drafted to open up LNG sector

ISLAMABAD: The Petroleum Division of Energy Ministry is pursuing an effective strategy to promote the Liquefied Natural Gas (LNG) sector, considering it the only available instant-option to meet the country’s ever-growing energy needs. Accordingly, legislation is being drafted to open up the LNG sector to attract private companies, a senior official told media here Thursday. He said the federal cabinet ... Read More »

Govt confident to surpass growth target of 2.4pc: Hafeez Shaikh

ISLAMABAD: The government is confident to surpass the growth target of 2.4 percent set for the current fiscal year (2019-20) as after gaining stability on external front during the past year, the economy has been currently moving on positive direction, Adviser to Prime Minister on Finance and Revenue, Dr Hafeez Shaikh said Wednesday. Addressing a press conference along with economic ... Read More »

FBR chairman inaugurates automation of customs export facilitation schemes

ISLAMABAD: Federal Government has announced Export Facilitation Scheme in order to boost exports from Pakistan. In this regard, a high level meeting was convened under the Chairmanship of Chairman FBRin FBR House the other day. According To the details, a meeting was attended by Member (Customs-Policy) Mr. Javed Ghani, Member (Customs-Operation) Mr. Jawwad Uwais Agha, Chief Collectors and other senior ... Read More »

PM Imran takes action over corrupt practices in check posts on highways

ISLAMABAD: Prime Minister Imran Khan took notice of ‘corrupt practices’ at check posts established on major highways of the country and issued a directive to reduce security pickets. “There is rampant rent seeking from goods transport in the country by plethora of agencies/entities such as Police, Excise, Customs, Rangers, FC, Coast Guard etc, through the mechanism of check posts established ... Read More »

ECC approves proposals for simplification of tax regime for non-resident companies

  ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet has approved separate proposals for simplification of tax regime for non-resident companies investing in the local debt market, revision of cess rate on tobacco for the year 2019-20 and payment of outstanding amount of Rs5.85 billion as gas subsidy to the fertilizer industry. The approvals were given at a meeting of ... Read More »