Day: May 8, 2021

  • FBR appoints CEO for Pakistan Single Window Company

    FBR appoints CEO for Pakistan Single Window Company

    ISLAMABAD: Federal Board of Revenue (FBR) has invited application for appointment of Chief Executive Officer (CEO) of Pakistan Single Window Company (PSWC). The application for the post may be submitted by May 23, 2021.

    The FBR said that PSWC is a public sector company incorporated under Section 42 of the Companies Act, 2017 by Pakistan Customs, which is the designated lead agency to implement trade related Single Window.

    PSWC is to act the operating entity under PSW Act 2021 for development, implementation and maintenance of PSW system. The company is headquartered at Islamabad with a site office at Karachi.

    The PSW company requires a transformational and passionate individual to lead the company as CEO. The CEO will be responsible for the overall leadership and management of PSW and achievement of its stated objectives. “He/she will be responsible to ensure that the PSW system is developed and implemented as per the project timelines and in accordance with global best practices.”

    He/she will also be responsible for creating and nurturing a conducive environment for technological innovation, reforms and development of IT based solutions for trade facilitation.

  • Pakistan, Saudi Arabia agree to strengthen bilateral economic ties

    Pakistan, Saudi Arabia agree to strengthen bilateral economic ties

    JEDDAH, Saudi Arabia: Prime Minister Imran Khan met His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud in Jeddah and held wide-ranging talks on bilateral, regional and international issues. The talks were marked by exceptional cordiality and a commitment to fortify the upward trajectory in the bilateral relationship.

    The Prime Minister conveyed sincere regards to the Custodian of the Two Holy Mosques, His Majesty King Salman bin Abdulaziz, and thanked the Crown Prince for his gracious invitation to him to visit the Kingdom.

    The Prime Minister expressed gratitude for affording him the opportunity to visit the two Holy Mosques during the special days of Ramadan.

    The two leaders reaffirmed the strong and historic bonds between the two countries rooted firmly in shared beliefs, common values, mutual trust and longstanding tradition of mutual support.

    The Prime Minister reiterated Pakistan’s abiding support for the sovereignty and territorial integrity of the Kingdom, and expressed special reverence accorded to the Land of the Two Holy Mosques by the people of Pakistan.

    During the meeting, it was agreed to further strengthen, deepen and diversify the existing bilateral political, economic, trade, defence and security ties.

    Special emphasis was laid on increasing Saudi investments in Pakistan, collaboration in the field of energy, and increased job opportunities for Pakistanis in Saudi Arabia.

    The Prime Minister appreciated the Crown Prince’s recently launched “Green Saudi Arabia and Green Middle East” initiatives and hoped to build upon the synergies between the vision of the Crown Prince and his own environment-related initiatives including the “10 Billion Trees Tsunami”.

    Acknowledging the positive and constructive role of more than two million Pakistani Diaspora in the Kingdom, the two leaders discussed ways to maximize mutual benefit from cooperation in the human resource sector.

    The Prime Minister thanked the Saudi leadership for taking considerate measures for the welfare of Pakistani expatriates during the COVID-19 pandemic. Views were exchanged on regional and international issues. The Prime Minister outlined his vision of a peaceful neighborhood to advance the objectives of national economic development.

    Highlighting the situation in IIOJK, the Prime Minister stressed the importance of peaceful resolution of the Jammu and Kashmir dispute. The Prime Minister also highlighted Pakistan’s consistent efforts to support peace and reconciliation in Afghanistan.

    The Prime Minister lauded the Crown Prince for the Kingdom’s efforts and initiatives aimed at reinforcing and further promoting regional peace and security. After the meeting, the Prime Minister and the Crown Prince signed the Agreement on Establishment of the Saudi-Pakistan Supreme Coordination Council (SPSCC). The Council, co-chaired by the Prime Minister and the Crown Prince, is designed to impart strategic direction to the development of Pakistan-Saudi relations.

    The Prime Minister expressed the hope that the SPSCC will play a catalytic role in fostering enhanced bilateral cooperation in all fields.

    The two leaders also witnessed signing of a number of bilateral agreements/Memoranda of Understanding (MoU), including Agreement on Cooperation in the Field of Combating Crimes; Agreement on Transfer of Convicted Individuals (Prisoners); MoU on Combating Illicit Traffic in Narcotic Drugs; Psychotropic Substances and Precursor Chemicals; and Framework MoU for financing of projects (totaling up to USD 500 million) in energy, hydropower generation, infrastructure, transport and communication and water resource development.

    The Prime Minister extended an invitation to HRH the Crown Prince to visit Pakistan at the earliest convenience. Earlier, upon arrival at Jeddah airport, Prime Minister Imran Khan was received warmly by HRH Crown Prince Mohammad bin Salman.

  • FPCCI urges tax authorities to facilitate edible oil manufacturers

    FPCCI urges tax authorities to facilitate edible oil manufacturers

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the tax authorities to facilitate edible oil manufacturers by excluding from a notification related to commercial importers.

    According to a statement issued on Saturday FPCCI Vice President Nasir Khan strongly condemned the inclusion of Edible Oils in the S.R.O. 1190(I)/2019 issued by the Federal Board of Revenue (FBR).

    As a matter of principle, this SRO should have been restricted to commercial importers instead of including edible oil manufacturers. Therefore, one of the major disruptions this SRO has caused is that edible oil manufacturers have massively decreased their imports and major imports have been taken over by the commercial importers.

    Nasir Khan has noted that this notification/SRO has resulted in a straight 10 percent increase in the cost of importing edible oils in the country. Contrarily, during the same period, India and Bangladesh have reduced the cost of importing edible oils in their countries by 10 percent and 4 percent through providing various relief measures to edible oil manufacturers.

    Moreover, Nasir Khan has said that instead of providing billions of rupees to Utility Stores Corporation (USC) to sell subsidized edible oils, the federal government should facilitate edible oil manufacturers. In that manner, they will be able to cut down the edible oil prices; and, provide better and greater relief to consumers in the entire country than the USC could ever achieve. This illogical and illegal inclusion has caused more than 10 percent increase in edible oil prices due to hoarding by commercial importers.

    FPCCI demands immediate withdrawal of inclusion of edible oil manufacturers from above-mentioned SRO to help edible oil manufacturers to avoid bankruptcy and continue to play their role in economic growth and employment generation.

  • Weekly Review: stock market to remain shut for Eid Holidays

    Weekly Review: stock market to remain shut for Eid Holidays

    KARACHI: The Pakistan Stock Exchange (PSX) will remain closed next week due to a week-long holiday announced by the government for Eid ul Fitr celebrations. This decision will provide market participants with an extended break amidst the festive season.

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