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Tag Archives: Finance Minister

Naqvi to head Tax reforms commission

ISLAMABAD: With the aim to bringing in drastic reforms in the prevailing tax system, the federal government, at last, named renowned chartered accountant Masoud Naqvi as head of the Tax Reforms Commission (TRC). It is to be noted that the establishment of Tax Reforms Commission (TRC) was announced by Finance Minister Ishaq Dar in his budget speech in June. A ... Read More »

Political deadlock dangerous for economy: ADB

ISLAMABAD: Asian Development Bank (ADB) President Takehiko Nakao has warned the current political gridlock in the country could damage Pakistan’s newly-stabled economy. Nakao, talking to media persons, praised the government for improving the macro-economic outlook and pursuing a liberalisation agenda. Lauding the government achievements, he said that Pakistan’s growth rate was picking up, the inflation rate was becoming more managed, ... Read More »

Political deadlock delays major economic transactions: Dar

ISLAMABAD: Finance Minister Ishaq Dar has said that the prolonged protests against the government are causing delay in three major economic deals. He said this while talking to the Asian Development Bank’s newly-appointed president Takehiko Nakao. However, Ishaq Dar assured Nakao that the government would resolve the issue amicably as it had already constituted a committee on electoral reforms, said ... Read More »

FBR chief Bajwa briefs ADB president about Pakistan’s tax system

ISLAMABAD: FBR Chairman Tariq Bajwa called on Asian Development Bank (ADB) President Takehiko Nakao and a delegation of American Business Council and briefed them about tax collection mechanism and performance of FBR in this regard. ADB President lauded the FBR functioning along with stressing upon widening the tax net. Similarly, FBR chairman briefed the American Council delegation about the tax ... Read More »

Disinvestment of 10pc govt shares in OGDCL approved

ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) has planned to disinvest 10 per cent government shares in Oil and Gas Development Company Limited (OGDCL) by September, which would generate Rs80 billion. Finance Minister Ishaq Dar, while chairing the meeting of CCoP, blamed some unusual circumstances for delaying in transaction of OGDCL. “Unusual circumstances had delayed the transaction for almost three ... Read More »

Dar urged to direct FBR for announcing tax concessions

ISLAMABAD: Khalid Chaudhry, Secretary Information, Traders Action Committee, Islamabad has called upon the government to give tax concessions to the local business community and extend the last date for filing of income tax returns to facilitate the entrepreneurs. He said this while addressing a meeting of representatives of various market associations. He said businesses in Islamabad are badly suffering since ... Read More »

Job undone: Dar to face IMF next week

ISLAMABAD: Pakistan’s economic team lead by Finance Minister Ishaq Dar is likely to face criticism by International Monetary Fund (IMF) in Dubai next week on its failure to broaden the tax base in last fiscal year. A source from FBR told Customs Today that the talks with the IMF going to begin next week in Dubai and economic team may ... Read More »

Bajwa’s absence: Race for FBR chairman post hots up

ISLAMABAD: The race for the Chairman post of the Federal Board of Revenue has been taking curious turns with the senior officers throwing their hats into the ring. After the FBR Chairman Tariq Bajwa left his office few days ago on leave, there were huge curiosity that “who will be the next FBR Chairman” if Mr. Bajwa will transferred to ... Read More »

Dar chairs ECC meeting, allows duty-free import of 100,000 tons of potatoes

ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet chaired by Finance Minister Ishaq Dar allowed duty-free import of an additional 100,000 tons of potatoes. The committee extended the deadline for duty-free potato imports till Nov 15. The potato prices averaged around Rs70 per kg on Thursday in most of the Ramazan bazaars despite repeated directives issued by the finance minister. ... Read More »

Premier awards ‘Privilege cards’ to top taxpayers

ISLAMABAD: The Prime Minister Muhammad Nawaz Sharif handed over the Privilege Cards to top 100 taxpayers of different categories at Prime Minister’s office Auditorium. The cards will be valid for one year. As per details, the ceremony was also attended by Mr. Ishaq Dar, Finance Minister and Chairman Federal Board of Revenue (FBR), Mr. Tariq Bajwa. The scheme has been ... Read More »

HC Barton assures UK stands by Pakistan in anti-terror fight

ISLAMABAD: British High Commissioner to Pakistan Philip Barton said that the United Kingdom will continue to support IDPs (Internally Displace Persons) through World Food Programme and other UN agencies. He said this while talking to Federal Minister for Finance Senator Ishaq Dar. The UK High Commissioner discussed matters of mutual interest with the Finance Minister. He apprised the Finance Minister ... Read More »

Dar seeks Saudi aid for development projects

ISLAMABAD: Finance Minister Senator Ishaq Dar held a meeting with Saudi Finance Minister Ibrahim bin Abdulaziz bin Abdullah Al-Assaf at Jeddah on Friday and discussed with him matters pertaining to provision of Saudi funding for new viable development projects in Pakistan. According to a message received here from Jeddah, Finance Minister Ishaq Dar thanked Minister Assaf for continued Saudi support ... Read More »

Privatization and Transparency

ISLAMABAD: After pause of seven years, Pakistan has entered into domestic as well as international capital market to offload its remaining shares in United Bank Limited (UBL) that fetched $387 million for the national kitty. The PPP led regime had made efforts in its five year rule to launch Global Depository Receipts as well as move ahead with other privatization ... Read More »

An uphill target

In the wake of fixation of highly challenging tax collection target of Rs 2810 billion in fiscal year 2014-15, the FBR has been assigned to collect Rs 1180 billion in shape of Direct Taxes and Rs 1630 billion as Indirect Taxes in order to touch the desired collection figure. Out of indirect taxes of Rs 1630 billion, the FBR has ... Read More »

Dar sees forex reserves at $14b till June 30

ISLAMABAD: Finance Minister Senator Ishaq Dar has expressed his hope that Pakistan’s foreign exchange reserves will reach $14 billion by June 30, 2014. In a policy statement, Ishaq Dar informed the National Assembly that the country would receive $310 million of 19.8 percent shares of United Bank Limited (UBL) next week that would take country’s foreign exchange reserves to $14 ... Read More »

Budget 2014-15 Speech

3 June 2014 Bismillahir-Rehmanir-Rahim   PART-I Mr. Speaker,   As I rise to present the second budget of the democratic government, I want to thank Allah (SWT) for remarkable mercies He has bestowed on us by giving enormous success to the policies and initiatives we announced in our first budget. This success is the outcome of a democratic process that ... Read More »

Dar directs FBR to develop master plan for integrated transit trade system

ISLAMABAD: The Federal Minister for Finance Senator Mohammad Ishaq Dar directed Federal Board of Revenue to chalk out a comprehensive master plan for implementing Integrated Transit Trade Management System (ITTMS) for both land and sea ports. In the first meeting of the Steering Committee on Integrated Transit Trade Management System (ITTMS) on Friday, the Finance Minister directed the committee to ... Read More »

Dual taxation treaty: AfPak JEC to take up issue on 23rd

ISLAMABAD: The two-day 9th session of Pak-Afghan Joint Economic Commission (JEC) scheduled for February 23-24 in Kabul is expected to finalise modalities for signing Avoidance of Double Taxation and the Prevention of Fiscal Evasion Convention. As per details, the JEC will discuss the issue of Avoidance of Double Taxation and the Prevention of Fiscal Evasion convention. Pakistan, on its part, ... Read More »