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Tag Archives: Ministry of Finance

Govt rejects report regarding any cut in PSDP

ISLAMABAD: The Ministry of Finance has denied a news report published in a section of the press suggesting and insinuating a Rs 100 billion cut in the Public Sector Development Programme (PSDP) for the current fiscal year as per briefing by the Finance Secretary to the National Assembly’s Standing Committee on Finance and Revenue the other day. The Finance Division ... Read More »

Govt rejects report regarding any cut in PSDP

ISLAMABAD: The Ministry of Finance has denied a news report published in a section of the press suggesting and insinuating a Rs 100 billion cut in the Public Sector Development Programme (PSDP) for the current fiscal year as per briefing by the Finance Secretary to the National Assembly’s Standing Committee on Finance and Revenue the other day. The Finance Division ... Read More »

Ministry of Finance, BIDV signs $105m loan in Vietnam

HANOI: The Ministry of Finance and the Bank for Investment and Development of Viet Nam (BIDV) signed a US$105 million sub-loan in Ha Noi yesterday. The Viet Nam Sustainable Agriculture Transformation project (vnSAT) project, which borrowed the total capital of $238 million from World Bank’s preferential loan, aims to specifically support implementation of the new agenda in two sub-sectors including ... Read More »

Ministry of Finance boost collection of tax arrears in September

HANOI: The Ministry of Finance would speed up the collection of tax arrears in September as a part of the efforts to fulfil the budget collection goal amid plunging oil prices. The ministry said that this month tax departments planned to collect more than 50 per cent of the total tax arrears from 600 companies whose names had been publicised under ... Read More »

Poland sells bonds worth of PLN 6.5 billion

WARSAW: Poland’s Ministry of Finance informed that it sold around PLN 6.5 billion worth of 2020 treasury bonds and bought bonds valued at PLN 6.2 billion maturing in April, July and October 2015. The ministry sold WZ0120 bonds worth PLN 2.56 billion maturing and PS0420 bonds worth PLN 3.93 billion. PS04150 bonds were bought for PLN 3.41 billion, OK0715 for ... Read More »

Indian Supreme Court to reduce Rs450b stuck in tax litigation

DELHI: Indian Supreme Court has decided to reduce Rs 450 billion in tax litigation. Annual report of ministry of finance for the fiscal year 2013-14 the quantum of money stuck in tax appeals of Rs 3 lakh crore and these appeals are stuck at only the commissioner level. “Tax demand of more than Rs 4 lakh crore is under dispute and ... Read More »

Another 17 items to get China’s Tax-Free Shopping Incentive

BEIJING: Ministry of Finance has announced to increase the number of items that can be bought tax-free from Hainan. Now 17 consumer goods would be added to China’s Tax-Free Shopping Incentive. Last month, the Ministry announced that Chinese provinces would soon be allowed to offer value-added tax (VAT) refunds to tourists. A number of provinces have expressed interest in launching ... Read More »

Oman to impose decisions for GCC strength, keen to helps in trade march

Muscat: Oman is working for the progress of all decisions agreed on between the Gulf Cooperation Council (GCC) countries regarding the GCC Common Market, said a top official from the Sultanate’s ministry of finance. “The Sultanate continues to implement all decisions that would strengthen Gulf citizenship. While supporting the GCC’s joint march in various fields, Oman also hopes that the ... Read More »

Kuwait: Customs not allowed to collect duty on cars already paid in GCC country

KUWAIT CITY: Kuwaiti Ministry of Finance and General Customs Department has no right to collect customs duties on vehicles which have already been charged duties in a GCC country, the Partial Civil Commercial Section at the Court of First Instance chaired by Judge Sami Al-Huraiti declared. The lawsuit filed by Attorney Abdul-Aziz Al-Benwan indicated that his client bought a Germanmade ... Read More »

Netherlands, Curacao to avoid double taxation from 2016

AMSTERDAM: The Dutch Ministry of Finance announced that a new regulation for the avoidance of double taxation between the Netherlands and Curacao is expected to be effective beginning 1 January 2016. In anticipation of the new tax regulation, the Netherlands is extending measures provided to Curacao in previous years, concerning the Dutch corporate income tax rules on the taxation of ... Read More »

Rs 250 billion injected by State Bank help improve liquidity status

ISLAMABAD: Timely steps taken by the Ministry of Finance helped increase the maturity profile of government debt as well as liquidity management for the State Bank of Pakistan, impeccable sources told Customs Today on Saturday. . “Liquidity shortage at the time of settlement became more challenging due to the unplanned and sudden nature of these developments, however, the SBP injected ... Read More »

Finance Ministry imposes 20 % duty on wheat products

ISLAMABAD: Ministry of Finance has imposed 20 percent regulatory duty to promote local crops. “The duty applies to wheat imports from all countries for the current crop season,” said Saeed Javed, a spokesman for Pakistan’s Finance Ministry. “Pakistan was out of the global export market this year and a series of very large import purchases put local wheat prices under ... Read More »

ECC okays 20pc duty on wheat import, Rs12b loan guarantee for PIA

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet, under the chairmanship of Finance Minister Ishaq Dar, has decided to impose 20 per cent regulatory duty on the import of wheat due to rising trend of wheat imports despite a very good crop in the country. Meanwhile, the ECC also approved government guarantee for loans to PIA amounting to Rs12 ... Read More »

POL prices to cut by Rs 14/litre from Nov 1

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has sent a summary to the Ministry of Petroleum & Natural Resources and the Ministry of Finance for reduction of petroleum, oil & lubricants (POL) prices by at least Rs14 per litre from November 1. The OGRA has sent the summery to the ministries after declining in oil prices at the international market ... Read More »

Foreign investment declined by 26.6% due to PTI, PAT sit-ins

ISLAMABAD: Foreign investment declined by 26.6 percent during three months time from July-September due to the protest and sit-ins by the Pakistan Tehrik-e-Insaf  and Pakistan Awami Tehrik. Similarly, Pakistani exports during same period declined by 6.273 percent while imports increase by 10.598 percent. Statistics collected by the Ministry of Finance and available with this scribe, revealed here on Monday that ... Read More »

Commerce Ministry to get guidance from PM on declining exports

ISLAMABAD: The Ministry of Commerce (MoC) will present report on declining exports to Prime Minister Nawaz Sharif to seek further guidance in this regard, Customs Today learnt on Thursday. The MoC has carried out a comprehensive exercise to find out reason and factors behind the declining exports especially during last four months. A well-placed source privy to the Commerce Minister ... Read More »

Senate body relieves Finance Division over breach of privilege

ISLAMABAD: After apology by the Secretary Finance and MD Pakistan Security Printing Corporation (PSPC), the Senate Committee on Rules of Procedures and Privileges has relieved Finance Division from the charges of breach of privilege. The Finance Division was charged for producing wrong information before the Committee about the retirement of said officer from the service who was alleged for meeting ... Read More »

China imposes resource tax on coal, ranging 2-10 percent

BEIJING: In a move to simplify the coal tax charges, State Council China announced to set a new resource tax on coal of between 2 percent and 10 percent beginning from December 1 which will cancel all exiting taxes. The Ministry of Finance, in a statement posted on its website, said that the coal resource tax range will be between 2 ... Read More »

Govt spends Rs42.3b less on development during first quarter of FY15

ISLAMABAD: The government has used 40.6% or Rs42.3 billion less development spending than allocated in the budget during first quarter (July-September) of current fiscal year 2014-15. According to sources in Ministry of Planning, Development and Reform, the government spent Rs62.3 billion out of the annual development budget of Rs525 billion under the Public Sector Development Programme (PSDP). As per the ... Read More »

Arrival of coal-laden ships boosts PSM stocks

KARACHI: Two ships – DL Dahlia and Ever Mighty – carrying 110,000 tons of coal from Australia, have arrived at the Pakistan Steel Jetty at Port Muhammad Bin Qasim, Karachi. According to Pakistan Steel Mills (PSM), the ships reached the jetty on September 5 and 6. Now, the coal stock of PS has increased to 158,000 tonnes, while the quantity ... Read More »