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Tag Archives: federal government

Govt mulling over to hike duty on over 1,000 imported items

ISLAMABAD: The federal government is planning to levy additional regulatory duty on more than a thousand imported items to generate $1.12 billion, which will assist in reining in the trade deficit Sources said that the new proposal is being finalized by the State Bank of Pakistan, Finance Division, Ministry of Commerce and Textile and the Federal Board of Revenue (FBR). As ... Read More »

Russia’s Gazprom seeks $3.3 billion aid from federal government

MOSCOW: The fourth largest oil producer in Russia, Gazprom Neft, has asked $3.3 billion (198 billion rubles) financial aid from federal government. Ever since Moscow was hit by sanctions over the Ukraine crisis, Russian companies have struggled to raise financing because Western markets are largely closed to them. Rosneft, initially asked the government for more than 1 trillion rubles, but ... Read More »

Nigeria loses N1 billion daily to Rice importation: Federal Government

ABUJA:  Nigeria loses about N1 billion everyday from importation of rice, even as it assured that Nigeria will soon stop importing the grains, Federal Government said. Special Adviser to the President on the New Partnership for Africa’s Development, NEPAD, and African Peer Review Mechanism, APRM, Mrs. Fidelia Akuabata Njeze, disclosed this at a one-day stakeholders’ forum on the establishment of ... Read More »

Indian importers ask govt to exempt natural gas from customs duty

NEW DELHI: Importers of India has asked federal government to exempt natural gas from customs duty. “The new government has pursued pro-growth initiatives and we expect the 2015 budget to continue in this vein to further boost the economy and restore investor confidence,” they said. “We await the passage of the GST Bill and its implementation to include all petroleum ... Read More »

New gas pricing mechanism: Sindh up to move apex court against Centre

KARACHI: Sindh Chief Minister Syed Qaim Ali Shah while presiding over a high level meeting directed the officials concerned to challenge the federal government’s decision regarding introduction of new pricing mechanism for natural gas in the Supreme Court. It is to be noted that the Economic Coordination Committee (ECC) of the federal cabinet had approved a pricing mechanism for gas ... Read More »

Rs65-70b/annum loss after POL prices cut: Govt may impose more taxes, reduce development budget

ISLAMABAD: The federal government may impose new taxes or reduce development budget at it has to face Rs65-70 billion per annum loss in revenue after declining trend in prices of petroleum products. Official sources said that defence expenditures and debt servicing could not be halted, so the deficit or loss could be overcome by slashing development budget or imposing new ... Read More »

Rs65-70b/annum loss after POL prices cut: Govt may impose more taxes, reduce development budget

ISLAMABAD: The federal government may impose new taxes or reduce development budget at it has to face Rs65-70 billion per annum loss in revenue after declining trend in prices of petroleum products. Official sources said that defence expenditures and debt servicing could not be halted, so the deficit or loss could be overcome by slashing development budget or imposing new ... Read More »

Federal govt to provide Rs 26 billion to KP: Pervaiz Rashid

ISLAMABAD: Federal government has announced Rs. 26 billion for Khyber Pakhtunkhwa (KP) government to combat terrorism. Federal Minister for Information and Broadcasting Senator Pervaiz Rashid said that the reservations expressed by Chairman Pakistan Tehreek-i-Insaf (PTI) Imran Khan regarding expenditure on Internally Displaced Persons (IDP) will be removed. He said that the federal government will give Rs. 26 billion to KP ... Read More »

Ministry tells Sindh, KPK govts to probe incidents of crude oil theft

ISLAMABAD: Following a number of complaints regarding theft of crude oil, the Ministry of Petroleum and Natural Resources has written to the chief ministers of Sindh and Khyber Pakhtunkhwa provinces to conduct investigations into theft complaints that not only depriving the exchequer of huge losses but also causing environmental hazards. The ministry has asked the Sindh and KPK governments to ... Read More »

Federal government takes steps against tax defaulters

KARACHI: The Federal government is taking steps to improve tax system. Penal servitude of 14 to 20 years was suggested for tax defaulters but the final decision has not been taken in this regard. The federal government is bearing a loss of billions of rupees. However, the federal government will soon introduce strict policies and a stern action will be ... Read More »

Rs2.57b provided for cash surplus: Centre provided Rs1,264b to provinces from Rs2,254b collected in FY13-14: Dar

ISLAMABAD: The federal govt provided Rs1,264 billion from the Rs2,254.5 billion the Federal Board of Revenue collection during the fiscal year 2013-14. Besides shares on account of royalties and grants provided to provinces are: Punjab Rs8.8 billion, Sindh Rs82.6 billion, KP Rs29.97 billion and Balochistan Rs14.9 billion. Finance Minister Ishaq Dar stated this while chairing a meeting of National Finance ... Read More »

Rs60b involved in Haj season: Govt to charge Rs250,000, private operators Rs450,000 to 650,000 for Haj: DG

KARACHI: Haj Director General Abu Ahmad Akif revealed that the Senate Standing Committee and other authorities concerned had cast doubts on transparency of the processing of Haj applications by banks last year and therefore the federal government had decided to engage Nadra for handling Haj applications. Speaking to the journalists at Karachi Press Club (KPC), Mr Akif claimed that there ... Read More »

Investment in Pensioners Benefit Account soars up Rs 41.15b in 3 years

ISLAMABAD: The retired government employees invested a huge amount of Rs 41.15 billion in Pensioners Benefit Account (PBA) scheme launched by the government to promote national savings during last three years. Only pensioners of the Federal Government, Provincial Governments, Government of Azad Jammu & Kashmir, Armed Forces, and Semi Government and Autonomous bodies are eligible to invest in the PBA. The current ... Read More »

China customs violating similar volume export protocol

GILGIT: Gilgit-Baltistan Chamber of Commerce and Industry (GBCCI) chief has complained to commerce Minister that Chinese officials at immigration and customs departments are violating protocols signed between the two countries by using tactics to discourage exports from Pakistan. Meeting chaired by Federal Minister for Commerce Khurram Dastagir, GBCCI President Javed Hussain said, “Pakistani traders are facing problems at Chinese immigration ... Read More »

Power tariff be cut by 12pc as oil prices slashed to $78 from $115 per barrel

LAHORE: The federal government should cut power tariff by 12 per cent as the oil prices in the international market have further decreased. Pakistan produces most of its electricity through oil and the oil prices have been cut by 28 per cent to $78 from $115 per barrel since mid of the month of June this year. In the running ... Read More »

KASB Bank put under moratorium for 6 months, 92.33pc account holders not affected

KARACHI: On the recommendation of State Bank of Pakistan (SBP), the federal government has put KASB Bank Limited under moratorium for six months, however more than 92.33 per cent of total account holders and depositors having balance of up to Rs300,000 in their accounts will not be affected. The Central Bank, keeping the interest of depositors and other stakeholders and ... Read More »

Industry without gas

The federal government has decided to suspend gas supply to industries and CNG stations in Punjab for four months from November 15 to March 15. According to load management policy of the Federal Petroleum Ministry, the decision has been taken in view of the shortage of gas which will only be supplied to domestic consumers in the province. The Lahore ... Read More »

Gas crisis to continue in winter as no LNG deal yet: Abbasi

ISLAMABAD: The federal government has not yet finalise the LNG (Liquefied Natural Gas) deal with any country. Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi said this while talking to media at Parliament House. He said that the country would not be able to purchase LNG in less than $14 per mmbtu owing to current market situation. However, he ... Read More »

Govt starts selling 10pc OGDCL shares today

ISLAMABAD: The federal government will start selling 10 per cent shares of Oil and Gas Development Company Limited (OGDCL) worth Rs750 million from (today) Wednesday. The partial privatisation of OGDCL is being carried out to pay off the International Monetary Fund (IMF) loan in December. Pakistan is required to pay off $320 million to IMF by December. According to the ... Read More »

Govt pays K-Electric Rs53b during current year, Rs312b in eight years

ISLAMABAD: The government paid Rs312 billion to the Karachi Electricity Supply Company (K-Electric) during the last eight years, in which Rs228 billion was paid in just last four years and Rs84 billion was paid last year, while with the highest ratio, Rs53 billion was given to the company during the ongoing year to fill the ‘tariff gap’, Minister of State ... Read More »