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Author: Mrs. Anjum Shahnawaz

  • Pak-Afghan commerce ministers to meet on February 28

    Pak-Afghan commerce ministers to meet on February 28

    ISLAMABAD: The commerce ministers of Pakistan and Afghanistan will meet on Sunday February 28, 2022 to witness cross border movement of pedestrians and vehicles, according to a statement issued on Friday.

    A high powered delegation led by Adviser to the Prime Minister on Commerce, Textile, Industry and Production, and Investment, Abdul Razak Dawood, accompanied by Pakistan’s Special Representative for Afghanistan Mohammad Sadiq, is scheduled to meet Afghan Minister of Commerce and his team at Torkham border on February 28.

    READ MORE: List of goods export to Afghanistan in PKR, no E-form

    This was informed during the meeting of Afghanistan Inter-Ministerial Coordination Cell (AICC). The two delegations will visit the Torkham border to witness cross border movement of pedestrians and vehicles.

    The scheduled meeting will discuss various important matters related to smooth movement of people and patients across the border, issuance of temporary admission documents, increase in timings of border crossing points, establishment of joint border infrastructure, training of Afghan nominees for trade related capacity building courses and smooth crossing of humanitarian assistance to Afghanistan.

    READ MORE: Pakistan establishes Afghanistan relief fund

    Time frame for reinitiating the stalled Torkham-Jalalabad road project and start of luxury bus service between Peshawar-Jalalabad and Quetta-Kandhar will also be part of discussion.

    Prime Minister Imran Khan has announced Rs. 5 billion package to assist Afghanistan in addressing the impending humanitarian and economic crisis.

    READ MORE: Pakistan donates 50,000MT wheat to Afghanistan

    Under the package several initiatives have been taken by AICC including supply of lifesaving medicines and technical assistance for restoration and functioning of hospitals.

    In addition to PM’s Relief Package, Pakistan is also sending relief goods and food supplies to Afghanistan on daily basis.

    Recently, a delegation of Afghan Chambers also visited Pakistan and held discussions with the business community to explore trade opportunities between the two countries.

    READ MORE: FBR rebuts currency smuggling to Afghanistan

  • FBR transfers IRS officers BS-17 to BS-20

    FBR transfers IRS officers BS-17 to BS-20

    ISLAMABAD: The Federal Board of Revenue (FBR) on Friday notified transfers and postings of Inland Revenue Service (IRS) officers in BS-17 to BS-20 with immediate effect and until further orders.

    Following IRS officers have been transferred and posted:

    01. Ms. Qaisara Fatima (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue, (Audit-I) Corporate Tax Office, Islamabad from the post of Commissioner, (Enforcement) Corporate Tax Office, Islamabad. The officer will hold the additional charge of the post of Commissioner-IR (Enforcement), Corporate Tax Office, Islamabad, as per rules.

    READ MORE: FBR notifies transfer, posting of BS-19 IRS officers

    02. Hassan Zulfiqar (Inland Revenue Service/BS-20) has been transferred and posted as Chief, (Legal-II) Legal-IR Wing Federal Board of Revenue (Hq), Islamabad from the post of Commissioner, (Audit-I) Corporate Tax Office, Islamabad.

    03. Imtiaz Ahmad (Inland Revenue Service/BS-20) has been transferred and posted as Chief, (ITP) Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad from the post of Chief, (BDT Inland Revenue) Information Technology (IT) Federal Board of Revenue (Hq), Islamabad.

    04. Zafar Rafiq Siddiqui (Inland Revenue Service/BS-20) has been transferred and posted as Chief, (Clarification) Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad from the post of Chief, (ITP) Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad.

    READ MORE: FBR transfers Sardar Khwaja as Member Audit

    05. Dr. Erfa Iqbal (Inland Revenue Service/BS-20) has been transferred and posted as Chief, (BDT Inland Revenue) Information Technology (IT) Federal Board of Revenue (Hq), Islamabad from the post of Chief, (Legal-II) Legal-IR Wing Federal Board of Revenue (Hq), Islamabad.

    06. Ali Mansoor (Inland Revenue Service/BS-19) has been transferred and posted as Additional Director, Directorate General of Training & Research (Inland Revenue), Lahore from the post of Secretary, (Admin Pool) Federal Board of Revenue (Hq), Islamabad.

    07. Ms. Kehkshan Khan (Inland Revenue Service/BS-19) has been transferred and posted as Additional Director, Directorate General of Training & Research (Inland Revenue), Lahore from the post of Additional Commissioner, Regional Tax Office, Lahore.

    READ MORE: FBR transfers BS-20 IRS officers in major reshuffle

    08. Asad Aziz (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue, Regional Tax Office, Sargodha from the post of Secretary, (Revenue Budget) Inland Revenue Operations Federal Board of Revenue (Hq), Islamabad.

    09. Muhammad Masood Ahmed Gorsi (Inland Revenue Service/BS-19) has been transferred and posted as Secretary, (R&SRO) Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad from the post of SA to Member Inland Revenue Policy, Federal Board of Revenue (Hq), Islamabad. The officer will hold the additional charge of the post of SA to Member, Inland Revenue Policy, FBR (HQ), Islamabad, as per rules.

    10. Ms. Nafeesa Bano (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue, Large Taxpayers Office, Islamabad from the post of Additional Commissioner, Corporate Tax Office, Islamabad.

    11. Mohammad Hayat Khan (Inland Revenue Service/BS-19) has been transferred and posted as Secretary, Legal-IR Wing Federal Board of Revenue (Hq), Islamabad from the post of Additional Commissioner, Corporate Tax Office, Islamabad.

    12. Ms. Sadia Akmal (Inland Revenue Service/BS-19) has been transferred and posted as Additional Director, (Coord & Internal Communication) Reforms & Modernization Federal Board of Revenue (Hq), Islamabad from the post of Secretary, (Reforms & Modernization Wing) Federal Board of Revenue (Hq), Islamabad.

    READ MORE: FBR invites applications for 952 vacant posts in Pakistan Customs

    13. Naveed Hassan (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Director, (Finance & Budgeting) Reforms & Modernization Federal Board of Revenue (Hq), Islamabad from the post of Secretary, (Customs-Related Reforms) Reforms & Modernization Federal Board of Revenue (Hq), Islamabad. The officer will hold the additional charge of the post of Deputy Director (Procurement & Contract Management), Program Office, Reforms & Modernization Wing, as per rules.

    14. Altaf Hussain Memon (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue, Regional Tax Office II, Karachi from the post of Deputy Commissioner, Regional Tax Office, Hyderabad.

    15. Essam Anwar Khokhar (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue, Corporate Tax Office, Lahore from the post of Deputy Commissioner, Large Taxpayers Office, Lahore.

    16. Ms. Farah Khan (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue, Large Taxpayers Office, Islamabad from the post of SA to Member (Admn/HR), Federal Board of Revenue (Hq), Islamabad.

    17. Rizwan Manzoor (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner Inland Revenue, Regional Tax Office, Lahore from the post of Second Secretary, (Admin Pool) Federal Board of Revenue (Hq), Islamabad.

    The FBR said that the officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting.

  • FBR says not to extend sales tax return filing date

    FBR says not to extend sales tax return filing date

    ISLAMABAD: The Federal Board of Revenue (FBR) on Friday said that it will not extend the date for filing sales tax return further as filing through national platform is working seamless.

    (more…)
  • Rupee plunges 72 paisas to dollar on Russia War

    Rupee plunges 72 paisas to dollar on Russia War

    KARACHI: The Pak Rupee (PKR) plunged by 72 paisas against the dollar on Friday as war between Russia and Ukraine intensified.

    The rupee ended Rs177.11 to the dollar from previous day’s closing of Rs176.39 in the interbank foreign exchange market.

    READ MORE: PKR slides 23 paisas to dollar on Russia-Ukraine war

    Currency experts said that the rupee remained under pressure during the day due to rising oil prices in international markets after war intensified between Russia and Ukraine. Further, the last trading day and advance dollar buying also deteriorated the rupee value.

    The experts said that Pakistan is dependent upon the import of petroleum products to meet domestic demand.

    READ MORE: PKR gains seven paisas to dollar in interbank

    The oil bill of the country surged by 107 per cent to $11.7 billion during the first seven months (July – January) of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.

    The experts said that scheduled repayments of the government for foreign debt had also pressured the rupee.

    READ MORE: Rupee plummets 48 paisas to dollar

    The liquid foreign exchange reserves of Pakistan declined by $264 million to $23.226 billion by week ended February 18, 2022, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were $23.49 billion by week ended February 11, 2022.

    The official reserves of the State Bank fell by $289 million to $16.807 billion by week ended February 18, 2022 as compared with $17.096 billion a week ago.

    READ MORE: Dollar falls 11 paisas to PKR

  • PM Imran, President Putin discuss regional development

    PM Imran, President Putin discuss regional development

    MOSCOW: Prime Minister Imran Khan and Russian President Vladimir Putin on Thursday held a one on one meeting in Moscow with a wide-ranging agenda in focus relating to bilateral matters and regional developments.

    The two leaders reviewed the entire array of bilateral relations including economic and energy cooperation, particularly the Pakistan Stream gas pipeline.

    The regional situation including the developing scenario of Ukraine also came under discussion.

    PM Imran Khan, earlier on his arrival at Kremlin – the executive headquarters of the Russian Federation, was warmly received by President Putin.

    This is the first bilateral visit by a Pakistani prime minister to Russia after a gap of 23 years and is being termed as a historic step to renew relations between the two countries.

    On the invitation of President Putin, Prime Minister Imran Khan arrived in the Russian capital Wednesday on a two-day visit where he was given a guard of honour at the airport.

    The prime minister was accompanied by a high-level delegation, including federal ministers Shah Mahmood Qureshi, Chaudhry Fawad Hussain, Asad Umar and Hammad Azhar, Commerce Advisor Abdur Razzak Dawood, National Security Advisor Moeed Yusuf and Member of the National Assembly Amir Mahmood Kiyani. 

    Pakistan premier arrives Russia after two decades
  • PM Imran announces setting up technology startup fund

    PM Imran announces setting up technology startup fund

    ISLAMABAD: Prime Minister Imran Khan on Tuesday announced to set up Pakistan Technology Startup Fund to provide seed funding worth Rs1 billion to around 50 startups annually.

    He made this announcement while chairing a meeting in Islamabad to follow up on his foreign visits and IT sector initiatives introduced by the government.

    READ MORE: PM Imran visits Russia on February 23-24

    Imran Khan said we are announcing tax holiday and 100 per cent foreign exchange retention for IT Companies and freelancers registered with Pakistan Software Export Bureau to incentivise investment in the IT sector for economic turnaround.

    Emphasizing on his vision to boost IT exports to $50 billion in the next few years, the Prime Minister highlighted the importance of unleashing the IT industry by providing them ease of doing business and the best incentives globally available.

    READ MORE: Tax reduced on POL products to ease inflation: PM Imran

    He directed the authorities concerned to establish Special Technology Zones on fast track basis in Islamabad and all provincial capitals to create hubs of IT and Technology innovation and investment in cities. In the first phase, sectors of CDA in Islamabad will be declared as Special Technology Zones so that IT firms and freelancers can avail the benefits offered by Special Technology Zones Authority.

    READ MORE: Pakistan’s sensitive price inflation jumps up 18%

    The Prime Minister also directed them to introduce necessary changes in the Foreign Exchange and Income Tax policies in order to help IT Startups thrive in the country. These reforms include launch of Roshan Digital IT Accounts by State Bank of Pakistan to allow freelancers and IT firms to retain 100 percent of their foreign income in foreign exchange with no restrictions on the movement of forex, resolution of double taxation of IT Sector by FBR, and the exemption from Capital Gains Tax of venture funding (VC) into startups. The Prime Minister directed to attract local and international VC funding into IT Startups for creating jobs and bringing forex.

    READ MORE: PM Imran launches 2nd phase of Raast payment system

    Imran Khan said that Tech-savvy youth and Information Technology sector are Pakistan’s biggest assets that can be exploited to bridge the huge current account deficit.

    Earlier the Prime Minister was informed that ICT export remittances in last fiscal year remained 2.1 billion dollars as compared to one billion dollars in 2018 and Pakistan is exporting to 120 plus countries in the world.

  • SECP, FBR integration brings 2,365 companies under tax net

    SECP, FBR integration brings 2,365 companies under tax net

    ISLAMABAD: The integration between Securities and Exchange Commission of Pakistan (SECP) and Federal Board of Revenue (FBR) has brought 2,365 companies under tax registration.

    A statement issued by the SECP stated that as a result of integration of SECP with FBR and various provincial departments, 2,365 companies were registered with FBR for generation of NTN, 40 companies with EOBI, 16 companies with PESSI/SESSI and 37 companies with Excise and Taxation department.

    READ MORE: Retail sector’s sales worth Rs16 trillion not in tax net: Tarin

    The SECP said that the total registration with the commission reached to 160,989 by end of January 2022.

    While it registered 2,448 new companies in January 2022 witnessing an increase of 10 per cent as compared to corresponding period, last year.

    About 62 percent companies were registered as private limited companies, while 36 percent were registered as single member companies. Two percent were registered as public unlisted companies, not for profit associations, trade organizations, foreign companies and limited liability partnership (LLP).

    READ MORE: RDA: SECP exempts banks from obtaining license

    About 99.5 percent companies were registered online while 225 foreign users were registered from overseas. Total capitalization (paid-up-capital) with regard to newly incorporated companies for the current month stood at Rs.3 billion.

    Foreign investment has been reported in 53 new companies. These companies have foreign investors from Afghanistan, Australia, Canada, China, Egypt, Germany, Hungary, Iran, Italy, Jordan, Korea South, Peru, Philippines, Russia, Saudi Arabia, South Africa, Turkey, the UK and the US.

    READ MORE: SECP warns against investing in fraudulent schemes

    In January’s incorporations, the real estate development & construction sector took the lead with incorporation of 427, information technology with 365, trading with 290, services with 212, tourism with 129, e-commerce with 119, education with 111, food and beverages with 89, marketing and advertisement with 69, engineering with 58, textile with 56, pharmaceutical with 43, corporate agricultural farming with 42, healthcare with 40, chemical with 35, transport with 34, mining and quarrying, and power generation with 29 each, lodging with 26, auto and allied, and fuel and energy with 22 each, communications, and cosmetics and toiletries with 21 each, cables and electric goods, and paper and board with 17 each, steel and allied with 13, arts and culture with 12, broadcasting and telecasting with 10, and 90 companies were registered in other sectors.

    READ MORE: Company registration rises to 145,913 by June 2021: SECP

  • PM Imran visits Russia on February 23-24

    PM Imran visits Russia on February 23-24

    ISLAMABAD: Prime Minister Imran Khan will pay an official visit to Russia on February 23-24, 2022.

    The Pakistan premier is paying the official visit on the invitation of President of the Russian Federation Vladimir Putin.

    The Prime Minister will be accompanied by a high-level delegation including members of the Cabinet.

    The bilateral summit will be the highlight of the visit. Pakistan and Russia enjoy friendly relations marked by mutual respect, trust and convergence of views on a range of international and regional issues.

    During the Summit meeting, the two leaders will review the entire array of bilateral relations including energy cooperation.

    They will also have wide-ranging exchange of views on major regional and international issues, including Islamophobia and situation in Afghanistan.

    The visit of the Prime Minister will contribute to further deepening of the multifaceted Pakistan-Russia bilateral relationship and enhancement of mutual cooperation in diverse fields.

  • FBR exempts regulatory duty on Afghan pine nuts

    FBR exempts regulatory duty on Afghan pine nuts

    ISLAMABAD: The Federal Board of Revenue (FBR) has exempted regulatory duty at the rate of 45 per cent on import of pine nuts (chilgoza) from Afghanistan.

    The FBR issued SRO 181(I)/2022 dated February 22, 2022 to allow the exemption.

    Through the latest SRO, the FBR amended the SRO 840(1)/2021 dated June 30, 2021.

    The FBR through the latest SRO noted: “[pine nuts (chilgoza) imported from Afghanistan are exempted from regulatory duty at the rate of 45 per cent.”

    Prior to this the Pakistan government expanded the list of goods for export to Afghanistan and through Afghanistan to Central Asian Republics without requirement of E-form and against Pakistan Rupee (PKR).

    In this regard the ministry of commerce issued SRO176(I)/2022 dated February 04, 2022 to amend Export Policy Order 2020.

    READ MORE: List of goods export to Afghanistan in PKR, no E-form

    As per the export policy order, export goods to Afghanistan and through Afghanistan to Central Asian Republics are allowed against Pakistan currency on filing of regular shipping bills without the requirement of E-form.

    Prior to the amendment, the allowed goods are included: fruits; vegetables; dairy products; and meat. However, after the amendment more number of goods have been added to the list, which included: rice; fish and fish products; poultry, meat and products; sugar confectionary and bakery products; fruits, nuts and other edible parts of plants; oilcake and other solid residues; vegetable materials and vegetable waste; salt; cement; pharmaceuticals; matches; textile and textile articles; building stone; and surgical instruments.

    As per the Export Policy Order, 2021, the goods are not entitled to: zero rating of sales tax on taxable goods; rebate of central excise duty; and payment of drawback of customs duty.

    READ MORE: Pakistan establishes Afghanistan relief fund

  • Trade Information Portal of Pakistan

    Trade Information Portal of Pakistan

    The Trade Information Portal of Pakistan (TIPP) is the single-stop point for all information relating to import and export. The TIPP is hosted by the Pakistan Single Window Company on behalf of all the Government agencies involved in the import/export process. On this portal, traders will be able to get information about all the regulatory requirements they need to fulfill in order to carry out their transactions. These regulatory requirements may involve a number of government agencies.

    A number of countries have introduced or are considering the introduction of a trade information portal as a means of facilitating trade and increasing transparency.

    For World Trade Organization (WTO) members or countries in the process of acceding to the WTO, a Trade Information Portal (TIP) will assist in complying with new commitments currently being negotiated as part of the Doha Development Round.

    READ MORE: KCCI holds awareness seminar on Pakistan Single Window

    The negotiations aim to strengthen the provisions of Article X of General Agreement on Tariffs and Trade (GATT), which currently requires that all regulatory trade related information “shall be published promptly in such a manner as to enable governments and traders to become acquainted with them”.

    In many developing nations, government agency specific websites may not exist and even when they do they are often incomplete, out of date, or the content may not cover the entire spectrum of information that a trader may wish to obtain to ensure compliance with import, export, or transit requirements. It is therefore desirable to create a single platform where all the information relating to trade from all the various agencies is aggregated under one roof and is readily available for searching and viewing. However, despite much effort and, in some cases, inter-governmental agreements, many countries still lack an effective and sustainable Trade Information Portal. Many fail to take the user’s viewpoint and do not provide practical step-by-step guides, nor answer key questions relevant to traders. Some have limited or outdated content and are difficult to use and navigate. Often established in developing countries as part of a project funded by international development partners, their quality will often slip after the project ends.

    READ MORE: PSW to link 27 banks for trade facilitation

    What is TIPP? The Trade Information Portal of Pakistan (TIPP) is a website that displays latest and complete regulatory information related to imports, exports and transit trade for any item/HS code as well as useful statistical data for international trade.

    The ongoing COVID-19 pandemic is an excellent opportunity for TIPP to demonstrate its usefulness to traders in providing timely information on quickly changing rules and procedures, in particular those relating to the trade of emergency goods. Trade Information Portals deliver a range of benefits. It enhances transparency and access to a wide array of information, which can be pivotal in making decisions related to trade and investments. Under Article X of General Agreement on Tariff and Trade (GATT) Commitment to Transparency Pakistan had to establish Trade Information Portal. Later on under Article 1.2 of WTO Trade Facilitation Agreement (TFA) Pakistan had committed to implement the TIPP by 31 March 2022.

    Each piece of information made available in TIPP has been collected and validated from the 77 Other Government Agencies (OGAs) as listed in Schedule-I of PSW Act 2021. The regulatory content has been digitized and connected with Pakistan Customs Tariff (HS Codes) creating thousands of linkages to Legal Documents (all relevant laws, rules, regulations and orders etc), Procedures, Measures, Commodities, Forms, Fee Schedules, etc. As such the OGAs, Economic Operators, investors and academia can freely access useful information on a single click.

    READ MORE: PSW to reduce trade cost, time, and complications: Tarin

    Background of TIP in Pakistan: Attempts made in the past to develop a trade information portal in Pakistan did not yield result. Since PSW as part of its system, development effort had already done bulk of the work for TIPP under its Integrated Tariff Management System (ITMS) hence it was decided to help the government in meeting its international commitment. With support from USAID, international experts were hired in April 2021 and the TIP related tool kit was obtained from World Bank free of cost. Since then all the 77 OGAs as well as stakeholders from private sector have been engaged by a dedicated team of PSW to undertake the task of content collection, validation and uploading.

    TIPP Maintenance Mechanism: Pakistan Single Window Company (PSWC) has placed a robust governance model for the maintenance, management, and support of TIPP. This TIPP Management Team (TMT) housed in PSW HQs is charged with maintaining and updating the portal, liaising with OGAs, and informing and advising Governing Council of PSWC on the management of TIPP. Collaboration among all stakeholders is being ensured through the principles and commitments set out in the MoU to be signed before launch in March, 2022.

    READ MORE: Biometric verification for PSW inaugurated at KCAA

    Additional Features beyond Fulfillment of TFA commitment: TIPP has been designed from the perspective of traders, Overseas Pakistanis, and potential investors who will get the latest and authentic information. TIPP will also provide latest trade statistics, trade agreements and offer list available to Pakistani exporters in international markets for preferential market access. TIPP will enable them to make informed decisions while undertaking cross-border trade transactions without needing middlemen. Furthermore, TIPP offers guided journeys for visitors through its user-friendly interface available in both English and Urdu in order to attract maximum number of visitors and investors.

    The PSW has engaged all public and private sector stakeholders since the inception of the TIPP project. Multiple awareness/engagement webinars and seminars have been arranged during the project life cycle. Two national level workshops have been held in Karachi and Islamabad. As part of its outreach plan the TIPP Project team is undertaking an extensive road show to visit all leading Chambers of Commerce and Trade bodies across the country before formal launch of TIPP. It is hoped that these steps will enhance trade facilitation in the country.

    (Brief contributed by Umair Mehmood Siddiqui, Deputy Director (Pakistan Single Window), Federal Board of Revenue. The article is extracted from half year 2021/2022 report of the FBR.)