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Japan to extend full support Pakistan during these trying times: Envoy

ISLAMABAD: Ambassador of Japan Kuninori Matsuda, called on the Adviser to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh here. During the meeting, the Ambassador shared with adviser finance the steps being taken by the Japanese Government to contain the Corona Virus pandemic and the impact they had created so far. The Japanese Ambassador said that the ... Read More »

Services trade deficit narrows 10pc in eight months

ISLAMABAD: The country’s services trade deficit witnessed a reduction of 10.16pc during the first eight months (July-Feb) of the current financial year (FY20), as compared to the corresponding period of last year. During the period under review, the country’s services’ exports registered about 5.55pc growth, whereas imports reduced by 1.19pc, according to the foreign trade statistics released by the Pakistan ... Read More »

Port rejects FBR suggestion to relax demurrage; PM asked to intervene

The Friends of Business & Economic Reforms has blasted the terminal authorities at Karachi Seaport for rejecting the recommendations of the FBR to extend the free period of 15 days at terminals for charging demurrage, in line with the lockdown extension in the country, appealing the prime minister to intervene and pass directives in this regard. In a letter written ... Read More »

Pakistan walking a ‘tightrope’ to ensure balance between lockdown & economy: PM

ISLAMABAD: Prime Minister Imran Khan said on Saturday Pakistan is walking a ‘tight rope’ to strike a balance between a lockdown necessary to slow the spread of the coronavirus, and ensuring its people do not die of hunger and the economy does not collapse. The prime minister, taking to Twitter, said that the incidence of poverty is high in the ... Read More »

FBR starts monitoring of refund repayments to ensure transparency

ISLAMABAD: Federal Board of Revenue (FBR) has started the monitoring to ensure transparency in repayment of tax refunds. An office order circulated to all Regional Tax Offices (RTOs) and Large Taxpayers Units (LTUs), the FBR said that the prime minister had announced relief package for the industry which included tax refunds of Rs100 billion to industrial sector. The FBR said ... Read More »

FBR extends date for integration of Tier-1 retailers till April 30

ISLAMABAD: Federal Board of Revenue (FBR) extended the date for integration of Point of Sale (POS) by high volume retailers up to April 30, 2020. The last date for integrating the POS for Tier-1 retailers was March 31, 2020. The FBR said that only those retailers can integrate their POS by April 30 who submit their intention to RTOs/LTUs by ... Read More »

FBR amends rules regarding third party recovery of defaulted amount

ISLAMABAD: Federal Board of Revenue (FBR) on Friday notified rules for third-party recovery of defaulted amount. The FBR issued SRO 274(I)/2020 dated April 02, 2020 to implement the draft rules released on February 14, 2020 through SRO 111(I)/2020. Through the SRO the FBR amended the Income Tax Rules, 2002 and introduced a new chapter “Recovery of Tax From Persons Holding ... Read More »

Local oil refining companies in trouble as demand falls due to lockdown

ISLAMABAD: Attock Refinery Limited (ARL) has closed down its largest plant, which was refining 26,000 barrels of crude oil per day, due to low uplift by oil marketing companies, according to media reports. The refinery’s top management, in a letter written on Monday to Secretary Petroleum Division Mian Asad, informed the government that oil marketing companies (OMCs) have not bought ... Read More »

Hafeez chairs meeting to review measures for implementation of PM’s fiscal package

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired a meeting to devise the modalities for the implementation of  the fiscal stimulation package. Adviser to PM on Commerce also participated the meeting. The Prime Minister had earlier announced a Rs1200 relief package to give stimulus to the economy of the country. Different steps had ... Read More »

Pakistan’s decisive policy measures narrowing current account deficits: ADB

ISLAMABAD: Economic growth in Pakistan is expected to slow to 2.6% this year due to ongoing stabilization efforts, slower growth in agriculture and the impact of the COVID-19 outbreak, before recovering to 3.2% in 2021 according to the Asian Development Bank’s (ADB) latest annual flagship economic publication, Asian Development Outlook (ADO) 2020. “Pakistan’s strong and decisive policy measures have started ... Read More »

FBR to introduce transparent central system for refunds

ISLAMABAD: Federal Board of Revenue (FBR) is going to introduce transparent central system for issuance of refunds. The FBR has stated that in compliance of decision taken by federal government to address the grievance of business community, the FBR is in process of devising a transparent centralized system for issuance of income tax, sales tax and duty drawback refunds to ... Read More »

FBR appeals taxpayers to help govt in fight against Covid-19 by paying taxes on time

ISLAMABAD: The Federal Board of Revenue (FBR) has appealed to taxpayers to pay their due taxes in time to increase the revenue resource of the government. The FBR in a statement said the government will utilize the resources to effectively provide services to the people in the current situation. “It is also the responsibility of the taxpayers to pay their ... Read More »

Hafeez directs FBR to expedite process of refunds to facilitate businessmen

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired a meeting through video link with the business community. Adviser to PM on Commerce was also present during the meeting. The business representatives requested for the speedier refunds for providing them enough liquidity to manage their activities. The Adviser directed chairperson FBR to expedite the ... Read More »

Japan gives $2m to Pakistan’s fight against coronavirus

ISLAMABAD: Federal Minister for Economic Affairs Hammad Azhar thanked the government of Japan for giving Pakistan a generous grant to help the fight against coronavirus pandemic. The minister taking to the micro-blogging website Twitter said that the grant valued at $2 million will be dessiminated to Pakistan via UNICEF and IOM. Azhar also added that the government of Pakistan has ... Read More »

FBR not to extend deadline for sales tax payment

ISLAMABAD: Federal Board of Revenue (FBR) has said it will not extend the date for sales tax payment beyond March 31, 2020. The FBR spokesman said that the date was extended for duty and tax payment in order to facilitate taxpayers amid outbreak of coronavirus and subsequent lockdown. Through a notification on March 18 the FBR extended the last date ... Read More »

GSP demands Rs519m to execute four projects in next PSDP

ISLAMABAD: The Geological Survey of Pakistan (GSP) has demanded Rs519.057 million to execute four projects under the Public Sector Development Programme (PSDP 2020-2021). “Out of these projects, three are related to mineral sector and one project is meant for fuel sector, for which Rs 512.533 million and Rs 6.524 million have been demanded respectively in the next fiscal year,” a ... Read More »

Govt to allocate Rs270b as subsidies for FY21 budget

ISLAMABAD: The federal government is likely to earmark Rs270 billion under the head of ‘subsidies’ for the next fiscal year (FY2020-21). According to sources, the Ministry of Finance, in its budget strategy paper for the next fiscal year, has proposed to keep Rs250 to Rs270 billion for subsidies in FY21. The figure is slightly less than the amount allocated for ... Read More »

Govt allows 10 industries to continue operations to maintain supply of essential items

ISLAMABAD: The federal and provincial governments agreed to allow 10 major industries to continue operations to maintain supply of essential items in the domestic market amid the lock down. The government’s economic team led by Adviser to Prime Minister on Commerce and Industries Abdul Razak Dawood held a virtual meeting with stakeholders to agree on a minimum agenda. “We have ... Read More »

PM Imran directs ministry not to increase gas tariff

ISLAMABAD: Prime Minister Imran Khan in a video message after chairing a high-level meeting on the energy sector has said that no additional burden would be shifted to the gas consumers, rather steps would be taken to facilitate them under the recently announced economic relief package. Special Assistant to the PM on Information Dr. Firdous Ashiq Awan said the meeting ... Read More »

FBR to extend deadline for big retailers to integrate transactions with POS system

ISLAMABAD: Federal Board of Revenue (FBR) is likely to further extend the deadline for big retailers to digitally integrate their trade transactions with real-time point of sale system of the tax authority. The sources said the FBR might extend the last date for integration of point of sales (POS) by big retailers due to ongoing shutdowns related to coronavirus outbreak. ... Read More »