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EEC diverts gas from power sector to textile industry

ISLAMABAD: The Cabinet’s Economic Coordination Committee (ECC) has approved the diversion of 85 mmcfd of power sector gas to textile industry for a period of two months with immediate effect. The ECC meeting was presided by Finance Minister Ishaq Dar who gave the formal approval to the decision taken earlier by Prime Minister. Sources said that gas was especially diverted ... Read More »

SRO for investment-cum-amnesty scheme approved

ISLAMABAD: Ministry of Finance has approved the Statutory Regulatory Order (SRO) covering investment scheme for new investors and immunity from audit to dormant and new taxpayers. Sources said that Federal Board of Revenue has received the approved SRO regarding new investment scheme announced by the Prime Minister. The notification would be sent to Law and Justice Division for vetting. The ... Read More »

Tax reforms: What needs to be done?

ISLAMABAD: Tax reforms in Pakistan have largely remained a problematic area as after recent attempt during the Musharraf regime, it resulted into decline in tax-to-GDP ratio. Under Tax Administration Reform Project (TARP) funded by World Bank in shape of loan and UK based DFID through grants helped FBR for constructing brick and mortars by constructing beautiful buildings, purchasing vehicles but ... Read More »

REAP slams unprecedented increase in shipping prices

KARACHI: Rice exporters are expressing serious concerns over the rapid increase in charges by shipping companies. Sources said that shipping lines have started taking twice the freight charges from rice exporters during the peak exports season. Rice Exporters Association of Pakistan (REAP) acting Chairman Chela Ram has said that shipping companies have doubled the charges for Mombasa from $3 to ... Read More »

An onerous task

The Federal Board of Revenue has been assigned the onerous task of implementing and monitoring the new tax incentives scheme recently announced by Prime Minister Nawaz Sharif. The incentives scheme comprises a slew of measures designed to broaden the tax base and stimulate investment in the country. These include exemption from penalties, default surcharge and detailed audit for those bringing ... Read More »

All Pakistan chambers demand IP project materialised

BHURBAN: All Pakistan Chambers’ Presidents Conference has unanimously agreed in what was termed as Bhurban Declaration, that Iran-Pakistan Gas Pipeline was the only option to overcome energy crisis and asked government to implement the project on top priority. The two-day conference was hosted by Rawalpindi Chamber of Commerce and Industry. It was attended by over 32 chambers of commerce across ... Read More »

Abolition of Saturday as public holiday for Customs Houses, Banks

To, The Finance Minister Mohammad Ishaq Dar Islamabad   This is with reference to the meeting which the undersigned had with you at State Guest House at a dinner in honour of President Mamnoon Hussain. Being in the field of clearing and forwarding for well over 45 years and former Vice President of KCCI, I humbly request to take liberty ... Read More »

FBR to examine Rs60b exemption certificates

KARACHI: Federal Board of Revenue is going to look into all the exemption certificates issued to importers and manufacturers as around Rs60 billion have been granted under a concessionary regime for the first six months of the fiscal year 2013-14, an FBR official said. The official said that goods imported from July to October attracted around Rs100 billion in income ... Read More »

FPCCI seeks removal of compulsory ST registration for exporters

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called for withdrawal of Sales Tax Registration Number requirement in WeBOC at the time of registration for exporters. In a statement, FPCCI acting President Azhar Saeed Butt has said that the delays in exports are due to the new WeBOC system’s requirement of STRN for attaining ID and password ... Read More »

Govt committed to provide affordable houses: Dar

ISLAMABAD: Finance Minister Senator Mohammad Ishaq Dar has said that the PML(N) Government is committed to fulfill its promise to provide affordable housing to people having lower incomes and assured that these will be provided to them through a transparent process. These observations were made by him during a presentation given to him by National Construction Limited, ABAD and Eden ... Read More »

FBR receives 800,000 tax returns till Dec 16: Asad

ISLAMABAD: Shahid Hussain Asad, official spokesman of Federal Board of Revenue said that the Board has received about 800,000 returns of income/statements till December 16, 2013, showing a good response of the taxpayers as compared to past few years.  Commenting on 800,000 returns of income/statements filed till December 16, Shahid Hussain Asad stated a sizeable improvement has been witnessed in ... Read More »

ADB annouces to give $3.2b under CPS

ISLAMABAD: The Asian Development Bank (ADB) on Tuesday announced to provide $3.2 billion under Country Partnership Strategy (CPS) over the next three years (2014 to 16). Announcing its CPS on Tuesday, the ADB’s Country’s Director Werner E Liepach said that the government was quite serious about putting the country’s economy back on the right track and the ADB took decision ... Read More »

Pak-India to jointly tackle jamming of containerized traffic

LAHORE: Punjab Chief Minister Shahbaz Sharif and Commerce Minister Khuram Dasgir have welcomed India’s plan to debottleneck jamming of containerized traffic with sufficient security arrangements at customs bonded warehouses at Attari–Wagah, sources said. Indian Minister of Commerce & Industry Sri Anand Sharma met with Chief Minister of Punjab Shahbaz Sharif who was accompanied by Pakistan’s Minister of State for Commerce ... Read More »

FCCI seeks extension in date of filing of returns

FAISALABAD: Faisalabad Chamber of Commerce and Industry President Engineer Suhail Bin Rashid has urged the Federal Board of Revenue to extend date of filing of Income Tax Returns up to December 31. Read More »

PIAF hails PM for uninterrupted power supply

LAHORE: Pakistan Industrial and Traders Associations Front (PIAF) has welcomed Prime Minister’s decision to increase supply of gas and electricity to the industry and expressed the optimism that it would give boost to economic activities in the country. In a statement issued, PIAF Chairman Malik Tahir Javaid said that the energy crisis in the past had ruined the industrial sector ... Read More »

FBR starts WHT audit of KESC

KARACHI: Federal Board of Revenue has decided to conduct withholding tax audit of Karachi Electricity Supply Company (KESC) to verify deduction of withholding tax under section 235 of the Income Tax Ordinance, 2001. Sources said that FBR has directed the Chief Commissioner Regional Tax Office II (RTO) Karachi to carry out withholding audit in respect of the KESC. According to ... Read More »

Textile exporters urge govt to provide crucial utilities

KARACHI: Pakistan Apparel Forum Chairman Jawed Bilwani has said that the grant of GSP status is not enough and the government would have to provide the local industry with infrastructure and utilities to enable it to compete in the international market. Bilwani said that 10 countries other than Pakistan are in the race and in order to enable the local ... Read More »

Businessmen not confident over Dar’s claim

ISLAMABAD: Business community has shown lack of confidence over the government’s claim that dollar will lose its value against the Pakistani rupee soon. Until and unless the government introduced long term reforms in macroeconomic and tax policies, the rupee was unlikely to strengthen against the dollar appreciably, they maintained. Rawalpindi Chamber of Commerce and Industry President Mazhar Khursheed Sheikh has ... Read More »

FBR for swift customs clearance of gems, jewellery export consignments

ISLAMABAD: Collectors of Customs are directed to provide easy customs clearance of export consignments of gems and jewellery for promoting exports of precious metals. According to FBR instructions to all Model Customs Collectorates (MCCs), the decision may please be implemented in letter and spirit. Sources said that Chief Executive Officer, Pakistan Gems and Jewellery Development Company (PGJDC) briefed the committee ... Read More »

Gwadar-Kashghar Motorway to ease transit trade

ISLAMABAD: The tentative alignment for the Gwadar-Kashghar Motorway has been cleared subject to feasibility studies containing commercial, technical and hydraulic aspects of the project. An official of the Communications Ministry informed that the project would facilitate transit trade in the country. It would have economic zones en-route and allow reaping of full benefits of development including economic and social uplift ... Read More »