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Najy Benhassine succeeds Illango Patchamuthu as WB’s Pakistan chief

ISLAMABAD: Najy Benhassine is the World Bank’s new Country Director for Pakistan effective August 1. He succeeds Illango Patchamuthu, who completed his term on July 31. Benhassine most recently served as Regional Director, MENA, World Bank (Macro-fiscal, Trade, Finance, Competitiveness, Poverty and Governance practices). Prior to this, he was Director for the Finance, Competitiveness & Innovation Global Practice. Since joining ... Read More »

Transparency Int’l appreciates NAB’S anti-corruption efforts under leadership of Justice Javed Iqbal

ISLAMABAD: Justice Javed Iqbal, Chairman National Accountability Bureau (NAB) chaired a meeting at NAB Headquarters. The meeting reviewed overall performance of NAB especially media report of Transparency International (TI) Pakistan dated July 30, 2020 in which  Sohail Muzaffar Chairman TI Pakistan has stated that NAB under the leadership of Justice Javed Iqbal, Chairman NAB, anti-corruption drive in the last 34 ... Read More »

FBR announces updated WHT rates for imported goods

ISLAMABAD: Federal Board of Revenue (FBR) has issued updated withholding tax rates for imported goods. The FBR issued withholding tax card 2020-2021 after incorporating amendment made to Income Tax Ordinance, 2001 through Finance Act, 2020. The FBR issued updated withholding tax rates applicable for imported goods under Section 148 of Income Tax ordinance, 2001. The withholding tax shall be collected ... Read More »

Asad Umar hails ‘excellent tax collection’ as FBR nets Rs57b in July

ISLAMABAD: Federal Minister for Planning and Development Asad Umar has lauded the Federal Bureau of Revenue’s (FBR) performance after the Bureau surpassed its assigned tax collection target by a margin of Rs57 billion in July. “Excellent FBR tax collection in July, Rs57 bn more than target, reflect good performance of new FBR team and a sharp bounce back of Pakistan ... Read More »

Pakistan exports unable compete with China, Bangladesh & India: Mian Anjum Nisar

LAHORE: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Anjum Nisar has said that Pakistani exports cannot compete with China, Bangladesh and India where power tariffs were 7-9 cents, particularly in the post-corona economic slowdown as the country’s exports have been witnessing a major setback in present days due to high cost of electricity, which has become ... Read More »

Quetta customs foils bid to smuggle betel nuts, cumin seeds

QUETTA: Collectorate of Customs Preventive team seized 500 kilograms of Chromite stone (interior quality) and betel nuts worth Rs16 million. Sources told that in pursuance of an authentic information, on 22.07.2020 at about 00:45 hours a Hino truck (10-wheeler) bearing registration no: TKX-227 (Quetta) was stopped at Customs check post Baleli, for thorough checking. On checking, 6,600 kilograms betel nuts ... Read More »

Appraisement East distributes work among 9 principal appraisers

KARACHI: Collectorate of Customs Appraisement East Assistant Collector Headquarters Shahzad Ali has issued office order for distribution of work among following principal appraisers with immediate effect and until further orders:- Principal Appraiser Ashiq Ali Memon work assigned at Group-I, HQs, securities section. Principal Appraiser Asad Masood work assigned at Group-III & VII, refund. Principal Appraiser Najamul Hasan Jamali assigned work ... Read More »

ADC Amir Nawaz Hamid distributes work among among deputy, assistant collectors

KARACHI: Collectorate OF Customs Jinnah International Airport (JIAP) Additional Collector Amir Nawaz Hamid distributes work among following deputy and assistant collectors with immediate effect and until further orders:- Deputy Collector Ammara Durrani assigned work examination of AFU (Gerry, Shaheen, Royal, PIA & DHL), airline bonds, unaccompanied baggage (UAB), airline bonds, projects and coordination with donor agencies, PRV. Deputy Collector Sabir ... Read More »

FPCCI opposes withdrawal of power subsidy as move to hit 18m consumers

ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry president Mian Anjum Nisar has opposed the government’s move of power subsidies’ withdrawal just for the revival of the stalled IMF programme, demanding rather substantial reduction in energy rates in line with the drastic fall in international oil prices. FPCCI President said that the change in subsidies regime, amid increasing ... Read More »

Advance tax on cable operators abolished

ISLAMABAD: The government has abolished advance tax on cable operators and other electronic media that was collected under Income Tax Ordinance, 2001. Through Finance Act, 2020 the Section 236F of the Income Tax Ordinance, 2001 has been deleted. The Section 236F was related to advance tax on cable operators and other electronic media, officials at Federal Board of Revenue (FBR) ... Read More »

ECNEC gives nod to Rs289b motorways, road projects

ISLAMABAD: Executive Committee of the National Economic Council (ECNEC) has approved four projects worth Rs 289 billion for construction of national highways in different parts of the country. The ECNEC meeting chaired by Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh discussed and gave go-ahead to the projects, including construction of 306-km long Hyderabad-Sukkur Motorway ... Read More »

M/s Blue Mountain Trading moves SHC against detention of imported consignment

KARACHI: M/s Blue Mountain Trading has approached the Sindh High Court (SHC) and filed a petition against detention of its imported consignment comprising coffee beans/ coffee by Customs Appraisement. On 15 July  2020, counsel for the petitioner stated in his petition that through this petition the petitioner wants intervention of this court in the matter where respondents intend to dispose ... Read More »

Logical conclusion of white collar crime cases top most priority of NAB: Chairman Javed Iqbal

ISLAMABAD: Justice Javed Iqbal, Chairman National Accountability Bureau (NAB) has said that corruption is the root cause of all evils. NAB is absolutely committed to nab corrupt elements as the logical conclusion of mega corruption white collar crime cases is top most priority of NAB. The Chairman NAB said that NAB’s faith is corruption free Pakistan which is in line ... Read More »

Govt decides to appoint Javed Ghani as new FBR chairman: sources

ISLAMABAD: In a major development, the Federal government on Saturday removed Nausheen Javed from the post of Federal Board of Revenue (FBR) chairperson. As per details, the government removed Nausheen Javed as FBR chief and decided to appoint  FBR Member Inland Revenue Policy Javed Ghani in her place. The federal cabinet had on Friday approved the appointment of Javed Ghani ... Read More »

MoF issues clarification regarding govt security auctions & re-profiling of debt

ISLAMABAD: In response to certain misleading tweets regarding conduct of government securities auctions and re-profiling of debt obtained from SBP, the official Spokesperson of the Ministry of Finance clarified that every month, Ministry of Finance announces auction calendar for next 3 months (on rolling monthly basis) for raising of debt through issuance of government securities including T-bills, PIBs and Sukuks. ... Read More »

NAB is only institution in the world which has fixed time frame of 10 months

ISLAMABAD: Justice Javed Iqbal, Chairman NAB has said that NAB under its effective and comprehensive National Anti-Corruption Strategy is committed for logical conclusion of mega corruption white collar crimes cases by adopting “NAB’s Faith-Corruption free Pakistan” Policy as the figures of complaints in 2019 were much better as compared to the figures of complaints received in 2018. The overall complaints ... Read More »

Govt hikes petrol price by Rs25.58 per litre with immediate effect

ISLAMABAD: The federal government on Friday decided to increase the prices of petroleum products. According to details, the federal government has decided on Rs25.58 per liter increase in the price of petrol and Rs21.31 per liter in that of High Speed Diesel (HSD). The government also decided an increase by Rs23.50 in the price of Kerosene Oil and Rs17.84 per ... Read More »

FBR promotes 10 principal appraisers as assistant collector BS-17

ISLAMABAD: Federal Board of Revenue (FBR) issued notification for promotion of following superintendents of preventive and valuation in BS-7 with immediate effect and until further orders:- Details are as under:- Muhammad Khalid, Superintendent, RTO, Gujranwala. Mehmood Ahmad Nasir, Superintendent, CRTO, Lahore. Manoo Mal Galwani, Superintendent, MCC, Hyderabad. Amjad Lal Junejo, Superintendent, RTO, Hyderabad. Ms. Kausar Jabeen, Superintendent, RTO-II< Karachi. Samasam ... Read More »

China to enhance investments in development projects to generate employment: Envoy

ISLAMABAD: The Chinese Ambassador to Pakistan, Yao Jing, called on the Adviser to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh. Several matters of mutual interest were discussed during the meeting. Dr Abdul Hafeez Shaikh appreciated the continuous and unwavering support that China has been providing to Pakistan as a true iron brother. Reviewing the serious social ... Read More »

ECC okays standard security package documents for private hydropower projects

ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet has approved revised standard security package documents such as implementation agreements (GOPIA), GOP guarantee, power purchase agreement (PPA), water use agreement (WUA) under Policy for Power Generation Projects 2002 for the hydropower projects in the private sector. The ECC chaired by Adviser to the Prime Minister on Finance and Revenue Dr. Abdul ... Read More »