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Author: Mrs. Anjum Shahnawaz

  • SBP announces task force to boost agriculture finance

    SBP announces task force to boost agriculture finance

    KARACHI: The first meeting of the Task Force on Electronic Warehouse Receipt Financing (EWRF) was held under the chairmanship of Governor, State Bank of Pakistan (SBP), Dr. Reza Baqir on Friday in Lahore.

    The Chief Secretary, Government of Punjab, Kamran Ali Afzal also attended the meeting on special invitation.

    The EWRF Task Force is a high-level forum headed by the Governor SBP and comprises of senior officials from Federal & Provincial Governments, SBP, CEOs of Banks and Chairmen/MDs of SECP, PMEX, PBA, PASSCO and a Collateral Management Company. The goal of the EWRF is to promote agriculture finance and food security.

    READ MORE: SBP organizes discussion on ‘promise of digital banks’

    The Task Force is established as part of a recent initiative by SBP to synergize the efforts of all stakeholders, for the promotion of EWRF in Pakistan. 

    During the meeting, Governor SBP announced measures to attract investment in the construction of new warehouses/silos through SBP’s Financing Facility for Storage of Agricultural produce (FFSAP) in order to boost EWRF.

    These measures included; i) increase in tenor of FFSAP loans from current 7 years to 10 years to make it more attractive for investors by creating a long payback period; ii) increase in the grace period from 1 year to up to 2 years to provide additional flexibility to investors of such projects and adjust repayment due to time lag involved in  construction of new storage facilities; and iii) revision in repayment terms from monthly to quarterly/six monthly to align the facility  with the seasonality in agriculture sector.

    READ MORE: Pakistan’s e-banking registers sharp increase in 1QFY22

    Financing under FFSAP is available at 6% per annum to end users on long term basis for construction, expansion and balancing, modernization & replacement (BMR) of Steel/Metal/Concrete Silos, Warehouses & Cold Storage facilities for storing agricultural produce.

    The Task Force deliberated on the future course of action to enhance the uptake of EWRF in the country. The discussions focused mainly on ways to enhance and modernize the storage capacity in the country, develop a transparent price discovery mechanism for farmers, enhance applicability of EWRF to other agricultural commodities including wheat, develop specialized insurance products, and conduct training and capacity building of banks & farming community.

    READ MORE: SBP imposes Rs1.45 billion penalty on 18 banks in 2021

    Governor Dr. Baqir termed EWRF endeavors to be an essential component of formal credit to farmers who do not have acceptable collateral to offer to banks. He emphasized how strengthening of EWR regime in Pakistan will play a key role to bridge the gap between supply and demand of agriculture credit, minimize post-harvest losses, ensure better price discovery for farmers, and ultimately increase farmers’ profitability  and counter food insecurity challenges.

    Dr. Baqir appreciated the collaborative efforts of all stakeholders who transformed the idea of EWRF into a workable solution but insisted on maintaining a steady momentum to achieve its desired objectives. He acknowledged the Chief Secretary, Govt. of Punjab for his commitment to provide requisite government support to the Task Force.

    READ MORE: SBP imposes penalty of Rs58 million on five banks

    Sharing his views, the Chief Secretary Punjab, Mr. Kamran Ali Afzal, appreciated Governor SBP for his timely action in rolling out the economic stimulus package which helped the country in early recovery from COVID pandemic shock. He said that EWRF is a scheme for emancipation of farmers from the clutches of middle men and offered Govt. of Punjab’s complete support in implementation of the action plan adopted by the Task Force.

    Previously, SBP had rolled-out the action plan for EWRF at the launch event and roadshow held in Chunian, District Kasur on February 22, 2022 where 25 banks signed their Service Usage Agreements with Collateral Management Company to commence EWRF operations.

  • Asem Iftikhar posted as DG Digital Invoicing, Analysts

    Asem Iftikhar posted as DG Digital Invoicing, Analysts

    ISLAMABAD: The Federal Board of Revenue (FBR) on Friday transferred Asem Iftikhar, a BS-20 officer of Inland Revenue Service (IRS) to the post of Director General, Directorate General of Digital Invoicing and Analysis.

    The FBR notified transfers and postings of Inland Revenue officers in BS-18 to BS-20 with immediate effect and until further orders.

    READ MORE: FBR transfers IRS officers BS-17 to BS-20

    Following IRS officers have been transferred:

    01. Asem Iftikhar (Inland Revenue Service/BS-20) has been transferred and posted as Director General (OPS), Directorate General of Digital Invoicing and Analysis, Islamabad from the post of Chief, (Admin Pool) Federal Board of Revenue (Hq), Islamabad.

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

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

    03. Asif Haider Orakzai (Inland Revenue Service/BS-19) has been transferred and posted as Chief, (OPS) (WHT) Directorate General of Withholding Taxes Federal Board of Revenue (Hq), Islamabad from the post of Chief, (OPS) (Legal-III) Legal-IR Wing Federal Board of Revenue (Hq), Islamabad.

    04. Faisal Asghar (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner-IR (OPS), Inland Revenue (Appeals-I), Faisalabad from the post of Additional Commissioner, Corporate Tax Office, Lahore.

    READ MORE: FBR transfers Sardar Khwaja as Member Audit

    05. Ms. Saima Munawar (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue, (OPS) Regional Tax Office, Lahore from the post of Additional Director, (OPS) Addl. Directorate of Internal Audit (Inland Revenue), Quetta.

    06. Ms. Sadeea Nadeem (Inland Revenue Service/BS-18) has been transferred and posted as Additional Director, (OPS) Addl. Directorate of Internal Audit (Inland Revenue), Multan from the post of Additional Commissioner, (OPS) Regional Tax Office, Multan.

    The FBR said 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.

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

  • Sajal Aly announced as brand ambassador for realme 9

    Sajal Aly announced as brand ambassador for realme 9

    Pulling out all stops, realme has just announced a collaboration with a heavy hitter of Pakistani film and television, Sajal Aly, as the brand ambassador for its new realme 9 Series. This is an exciting development as this marks the first time in Sajal’s illustrious career that she has ever partnered with a smartphone brand and realme is a brand that is passionate about collaborating with the movers and shakers of tomorrow much like Sajal herself.

    The revelation of realme’s association with Sajal came at the helm of realme Design Studio’s collaboration with HELIOT EMIL – a Danish fashion brand that has designed a trendy leather satchel for realme 9 Pro+ which debuted at the Paris Fashion Week. Sporting the bag, Sajal is captured in a never-before-seen avatar that has her fans and the social media at-large go gaga on her look.

    realme has become a force to be reckoned with since its entry into the market in 2018. The astounding line of products that the smartphone brand has in its arsenal has earned it the reputation of being a tech-trailblazer and tech-democratizer. With each successive iteration of the realme Number Series, consumers are given access to increasingly innovative technology but at an economical price. The commitment to performance that is so integral to realme is shared by Sajal as evidenced by her impressive body of work in the entertainment industry.

    Sajal Aly made her acting debut in the 2009 sit-com Nadaaniyan after which she has gone on to be a part of a plethora of  popular television projects such as Mere Qatil Mere Dildar and O Rangreza. In 2012, she expanded her repertoire to include telefilms when she appeared in O Meri Billi. Sajal is a perfectionist when it comes to acting as she fully immerses herself into each of her characters in order to give the best performance she can. She is also an incredibly versatile actress as her body of work consists of a variety of serious, thought-provoking roles mixed in with more conventionally entertaining or humorous roles.

    It was only a matter of time before she found her way onto the silver screen with 2016’s Zindagi Kitni Haseen Hai. Her talent started making waves overseas and in 2017 she made her Bollywood debut in the social drama Mom. She is now set to step into the glitzy Hollywood lights with her upcoming release titled What’s Love Got to Do With It? Sajal has received many accolades in her career for her captivating performances. She was even recognized on the international stage in 2020 with the International Icon Award at The Distinctive International Arab Festivals Awards (DIAFA) for her outstanding contribution to Pakistani film and television.

    Sajal Aly is a perfect fit as the brand ambassador for the realme 9 Series. Much like realme, Sajal is an unstoppable tour-de-force in her industry. She shares realme’s passion for activism and frequently calls out injustice and demands for the rights of women. Her perfectionism is mirrored by realme’s commitment to providing perfection to the consumer with every smartphone they release.

    Sajal embodies realme’s key philosophy of Dare to Leap as both realme and Sajal have made bold, substantial contributions to their industries. As a skilled actress, Sajal is not afraid to take on challenging or unconventional roles. She takes the necessary leap to inspire her contemporaries to step outside their comfort zone. Sajal is also considered a local fashion icon who can effortlessly turn looks in any category. A fashionable diva like her is a perfect reflection of the realme 9 Pro+’s signature trendy Light Shift Design, which changes color from Blue to Red when exposed to light.

    realme has been working long and hard since its entry into the Pakistani market to expand its footprint in the country. Having a huge, devoted fan base across the country, Sajal Aly can really help magnify realme’s voice in the Pakistani market. The smartphone brand wants to be an agent of change in terms of the technological landscape of Pakistan. realme aims to spread the gift of technology in order to empower the lives of the average consumer which is why it targets a more economical price segment without compromising on the quality of technology. So, keep your eyes open for more exciting reveals coming from realme regarding its ever popular 9 Series of smartphones and watch out for more collaborations between realme and Sajal Aly.

  • Pakistan briefs Saudi envoy on investment opportunities

    Pakistan briefs Saudi envoy on investment opportunities

    ISLAMABAD: A state minister on Thursday briefed Saudi envoy about investment opportunities in Pakistan.

    Minister of State and Chairman Board of Investment (BOI), Muhammad Azfar Ahsan highlighted the investment opportunities at a meeting with the Ambassador of Kingdom of Saudi Arabia to Pakistan, Nawaf bin Said Al-Malki.

    Both sides shed light on the cordial relations between the two countries and deliberated on ways to further enhance and promote bilateral relations, said a press release issued here.

    READ MORE: Pakistan, Saudi Fund sign debt service suspension pacts

    Chairman BOI briefed the ambassador about the lucrative investment opportunities available in Pakistan with special mention of incentivized priority sectors.

    He stressed that Board of Investment under the leadership of Prime Minister Imran Khan is committed to facilitate and encourage investment in the country.

    Azfar Ahsan expounded that Pakistan has ample untapped opportunities waiting to be explored in various sectors of the economy. He added that Pak-Saudi relations are moving in an upward trajectory and Pakistan is really looking forward to facilitate Saudi investors in the country.

    READ MORE: SBP signs $3bn deposit agreement with Saudi Fund

    Ambassador Malki agreed with the Chairman about Pakistan’s massive investment potential. Highlighting the recent positive developments in Pak-Saudi bilateral relations, the ambassador stated that he was confident about substantial economic cooperation between KSA and Pakistan in coming future.

    The ambassador underscored that there is room for collaboration between the two countries in areas of trade and investment.

    READ MORE: Saudi oil facility for Pakistan to start soon

    He shared that Saudi investors are taking keen interest in investing in several sectors of Pakistan including energy & petroleum, technology, infrastructure etc.

    Chairman BOI apprised the ambassador on an upcoming investors’ meet-up being organized by BOI and requested the ambassador for participation from the Saudi side.

    READ MORE: KSA extends oil on deferred payments to Pakistan

    Ambassador Malki warmly accepted the invitation and assured of maximum assistance from his side.

    He also mentioned that a group of Saudi investors will soon visit the Board of Investment to formally discuss project proposals and to take this meeting to the next level.

  • IMF should not object to PM relief package: Tarin

    IMF should not object to PM relief package: Tarin

    ISLAMABAD: Pakistan’s Finance Minister Shaukat Tarin on Wednesday said International Monetary Fund (IMF) should not object to the relief package announced by the prime minister as the country is generating own resources for the package besides increasing the revenue.

    The Finance Minister addressing a new conference here said negotiations have been held with the IMF over this relief package announced by the Prime Minister. He said the IMF should not have objections on the package as we are meeting it from our own resources including enhancement in tax revenues. He said this will not increase our fiscal deficit.

    READ MORE: PM Imran reduces, freezes POL prices

    Finance Minister Shaukat Tarin said the government is providing a subsidy of one hundred and four billion rupees on petroleum products in order to provide relief to the people.

    He said given soaring prices of petroleum products in the international market, we have reduced the petroleum levy and brought to zero the sales tax.

    Tarin said that those using seven hundred units of electricity per month will be provided with subsidy of five rupees per unit for the next four months. For this, he said, we will have to give a subsidy of 136 billion rupees.

    Shaukat Tarin said the government has also given industrial relief package to promote industries in the country. He said the package envisages tax holiday for overseas Pakistanis and incentives for the turnaround of sick industries.

    READ MORE: Businessmen hope $5bn investment under PM package

    The Finance Minister said tax exemptions have also been given to the IT sector in order to significantly bolster its exports. He pointed out that the IT sector grew by forty seven percent last year and currently growing by seventy percent. He said we target one hundred percent growth in this sector during the next year. Shaukat Tarin said our trade deficit has also come down.

    Highlights of the press conference:

    Petroleum relief: Prior to Prime Minister’s relief package, govt. was bearing Rs 39 billion fortnightly loss through budgeted PL and Sales tax. At that time, levy on petroleum was Rs17.92 per litre and on Diesel, it was Rs13.30 per litre. With the increase in international prices and Prime Minister’s relief Package, the government will further incur loss of Rs 13.9 billion and fortnightly loss will expand to Rs52 billion. Now petroleum levy and sales tax reduced to zero percent (except for petrol Rs1.8 per Litre)

    The estimated budget loss in the next four months would be Rs250-300 billion just from petroleum relief with the assumption of $100/bbl weighted average international price.

    Electricity relief: Prime Minister announced reduction of Rs. 5 per unit in base rate for four months consecutively. The package will be applicable to all commercial & domestic non-ToU ( non -Time of Use) consumers having monthly consumption up to 700 units, excluding lifeline consumers. Overall relief is estimated at Rs 136 billion.

    Industrial package:

    READ MORE: Tax amnesty launched for setting up new industrial units

    1- Investment in new industrial units and expansion and modernization of existing units. 5 per cent across the board payment of tax for all amount invested Minimum investment threshold is Rs. 50 million.

    Industrial unit to be set-up as a company Commercial production to begin by June 30, 2024. Previous beneficiaries of Amnesty Schemes of 2018 and 2019 will not eligible. Bank loan defaulters in last three years will not be eligible.

    2- Incentive for Revival of Sick Units

    Applicable only to companies. Industrial units facing accumulated losses in continuous 3 years to be treated as sick units.

    Acquiring company allowed to adjust losses of the sick units against its income for consecutive three years.

    Revival of the sick unit to be completed within three years of acquisition. Incentive for Foreign Investment in Industrial Sector.

    3- Incentives for Overseas

    Pakistan citizens who are non-resident for five years and resident Pakistani having declared foreign assets are eligible to invest.

    One-time tax credit equal to 100 per cent of PKR equivalent of remittance to be availed in 5 years. Investment to be made in a new industrial unit. Commercial production to start by 30th June, 2024. New industrial unit to be a company

    IT package:

    READ MORE: PM Imran directs implementing incentives for IT industry

    • Tax exemption for IT/TES (Information Technology Enabled Services) firms & free lancers for 5 years.

    • Reduction in Capital Gain Tax on VC funding into Start ups to zero percent during 5 years.

    • In a historic move, PM has directed to allow IT/ITeS(Information Technology Enabled Services) Companies and Freelancers to retain 100 per cent amount of remittances received through proper banking channels, in FCY Accounts, without any compulsion to convert them into PKR.

    • Furthermore, there will be no restriction on outward remittances from FCY account for PSEB registered IT Companies and Freelancers.

    • Prime Minister has also directed SBP to introduce Financing streams for IT/ITeS sector and Freelancers keeping in view operational architecture and industry needs for these sectors.

    • Recommendations of Pakistan Technology Start-up Fund were also approved by the Prime Minister as part of this historic package for the creation of a Public Private Partnership (PPP) venture capital fund. Ignite National Technology Fund will create this Fund through PPP.

    READ MORE: ECC approves Ramzan relief package worth Rs8.28 bn

    Benefits:

    • Bringing internationally parked Foreign Currency to Pakistan.

    • Encourage foreign companies to shift business to Pakistan.

    • Employment creation and entrepreneurship promotion in the country.

    Trade Deficit:

    US $ mn November December January February Exports 2901 2765 2614 2808 Imports 7899 7666 6891 5903 Trade deficit 4998 4901 4277 3095

    • Significant decline in trade deficit due to significant decline in imports in the month of January & February.

    • Compared to 1HFY22, the current account deficit expected to decline in 2HGFY22. Already visible from trade deficit.

    • The CAD reported by SBP is higher due to some imports not reflected at PBS data due to sensitive nature but recorded by EAD. Importantly, the import differential is funded.

    • It is pertinent to note that trade deficit is lowest since June 2021. This will bring the deficit down significantly.

    Inflation:

    • February CPI is lower at 12.2 per cent as compared with 13 per cent in January.

    • Adjusted with tomatoes prices the February inflation would have been 10.8 per cent YoY basis.

    • Similarly, if we adjust the month on month tomatoes prices, the inflation would have been only 0.6 per cent, on month-on-month basis.

    • It is pertinent to note that prices are flat since November 2021, month-on-month basis. Dec (-0.02 per cent), January (0.4 per cent) and February (0.6 per cent) adjusted with tomatoes prices.

    • Lastly, Core inflation is witnessing a declining trend in February at 7.8 per cent as compared with 8.2 per cent in January.

    • Going forward, it is expected that tomatoes prices will experience decline from mid March due to arrival of crop in Punjab. First week prices of Tomatoes have already declined by 27 per cent.

    Key Takeaways of OICCI Press Conference:

    • 207 Companies have invested $18.5 billion since 2012. They pay one 3rd of our taxes.

    • They believe Pakistan is better than 6 out of 10 regional countries in 2021 verses 3 out of 10 in 2019.

    • In 2021, 68 per cent expect accelerating growth in their businesses in the next 2-3 years vs only 27 per cent in 2019.

    • They want long-term policies to be prepared by the government to help them invest in Pakistan. Moreover, they want further improvement in ease of doing business.

    • Given, the significant improvement in business climate, they want to conduct international road shows to showcase the opportunities in Pakistan.

    ? Sehat Sahulat Program (Beneficiary Satisfaction Based on 3rd Party Feedback Survey)

    Satisfaction rate ( per cent) Total Complaints Total Resolved Total Hospital Visits Total Families Enrolled 97 68,767 67,425 3,247,198 27,694,903

    • 96 per cent beneficiaries are satisfied with the treatment provided by Sehat Sahulat program.

    • 54 per cent beneficiaries are satisfied with the hospital services.

    • 97 per cent beneficiaries are satisfied with the hospital staff behavior.

    • 98 per cent beneficiaries are satisfied with Sehat Sahulat program staff behavior at hospital.

    • 98 per cent beneficiaries were not asked to pay for services during treatment.

  • Past shows PMs survive no-confidence motions

    Past shows PMs survive no-confidence motions

    KARACHI: The no-confidence motions moved by opposition in the past have failed to remove sitting prime ministers, analysts at Arif Habib Limited said on Wednesday.

    “No Prime Minister in the history of Pakistan has been removed via a no-confidence motion,” they said, adding these have been requisitioned twice before; the first time against Prime Minister Benazir Bhutto in 1989 and the second time against Prime Minister Shaukat Aziz in 2006, whereby both managed to overthrow the motion with more votes in favour of retaining the premiership.

    READ MORE: PM Imran reduces, freezes POL prices

    As per Article 54 of the Constitution of Pakistan, the opposition has requisitioned the National Assembly for a no-confidence motion against the Prime Minister, dated March 8th, 2020. This was signed by one fourth of the members of the house, which gives the speaker a maximum of 14 days to summon a session.

    READ MORE: PM Imran directs implementing incentives for IT industry

    Once the session is called and a no-confidence resolution is circulated, a motion will be moved the next day. Voting will then commence after the expiry of three days or before seven days, from the day the motion is moved. Therefore, a session has to be be called by March 22nd, 2022 whereas voting must take place between March 26th and March 30th, 2022.

    READ MORE: PM Imran announces setting up technology startup fund

    Pertinently, voting against the Prime Minister is conducted via an open ballot. The motion is considered successful, that is no confidence of the house in the Prime Minister, if the voting tilts towards a simple majority i.e. 172 of the total 342 members vote in favour of removing the Premier.

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

    Once the decision comes through and the result against the Prime Minister is submitted by the speaker to the President in writing, he shall cease to hold power, effective immediately, while the cabinet of the PM is also dissolved instantaneously. Moreover, the National Assembly is then required to immediately suggest and a vote upon a new PM.

  • Tax collection from property purchase climbs up 24%

    Tax collection from property purchase climbs up 24%

    ISLAMABAD: The collection of advance tax from purchase of immovable properties climbed up by 24 per cent during first half of the current fiscal year.

    According to official data released by Federal Board of Revenue (FBR), the collection of advance tax on purchase / transfer of immovable property increased to Rs27.7 billion during first half (July – December) of fiscal year 2021/2022 as compared with Rs22.36 billion in the corresponding half of the last fiscal year.

    READ MORE: FBR registration made mandatory for housing projects

    The FBR collects advance income tax on purchase or transfer of immovable property under Section 236K of the Income Tax Ordinance, 2001. Under this Section any person responsible for registering, recording or attesting transfer of any immovable property shall at the time of registering, recording or attesting the transfer shall collect advance tax from purchaser or transferee at the rate of one per cent of the fair market value.

    READ MORE: Advance tax on purchase of immovable property

    The collection of withholding tax from income from property also recorded an increase of 12 per cent during the first half of the current fiscal year.

    The FBR collected withholding tax amounting Rs14.90 billion on income from property during first half (July – December) of 2021/2022 as compared with Rs13.32 billion in the corresponding half of the last fiscal year.

    The authorities collect withholding tax on income from property under Section 155 of the Income Tax Ordinance, 2001.

    READ MORE: Income tax on rental immoveable property

  • Customs officer awarded ‘major penalty’ for corruption

    Customs officer awarded ‘major penalty’ for corruption

    ISLAMABAD: The Federal Board of Revenue (FBR) has imposed major penalty of ‘dismissal from service’ upon an officer of Pakistan Customs on the charges of corruption, misconduct and inefficiency.

    (more…)
  • FBR, PTA introduce temporary registration of cell phones

    FBR, PTA introduce temporary registration of cell phones

    ISLAMABAD: Federal Board of Revenue (FBR) and Pakistan Telecommunication Authority (PTA) have jointly introduced a temporary registration of cell phones to facilitate overseas Pakistanis.

    To address the repeated concerns raised by Overseas Pakistanis (including those working abroad or Pakistani students studying overseas) and foreign nationals visiting Pakistan on short term visits regarding blocking of their mobile devices via DIRBS, FBR and PTA have jointly developed a new system for their temporary registration in collaboration with Federal Investigation Agency (FIA) and Mobile Phone Operators, a statement said on Tuesday.

    READ MORE: PM Imran directs implementing incentives for IT industry

    This module has been introduced for those overseas Pakistanis and foreign nationals who do not intend to keep their mobile device in Pakistan and will be applicable for only one (1) mobile handset device.

    To avail this facility, the applicant shall provide his/her credentials including passport No., date of arrival and intended date of departure, mobile SIM issued in his/her name, and IMEI(s) of the device.

    READ MORE: Ufone 4G ranked top voice and data network

    The new system shall carry out real time validation from FIA IBMS to verify the date of arrival of the applicant. On lapse of 120 days of the stay of the applicant, the IMEI(s) utilized under this facilitation shall be suspended and swill not be utilized on local network services. In case, same applicant visits Pakistan again, he/she will be required to re-apply for this temporary facilitation, by re-entering the credentials which were used for the 1st or previous registration under this scheme.

    This system will not only facilitate overseas Pakistanis and foreign nationals coming to Pakistan on short term basis but will also create a positive image of the country. Likewise, the checks introduced under this system will ensure that only the genuine overseas Pakistani/foreign national avails the said facility.

    READ MORE: Supernet wins ZTBL projects worth Rs450 million

    It is pertinent to mention that FBR has already introduced a number of innovative digital interventions to ensure taxpayers facilitation and ease of doing business through technology. In the recent past, the country’s premier revenue collection organisation has collaborated with FIA and NADRA in developing an automated facility for Currency Declaration at ports to fight the menace of money laundering and thereby rule out the possible flight of foreign currency from Pakistan.

    Therefore, the above initiative comes as yet another wonderful step taken by FBR to maximize taxpayers facilitation, in particular, the Overseas Pakistanis and Foreign Nationals visiting Pakistan for a short period of time.

    READ MORE: PM Imran announces setting up technology startup fund

  • ECC approves Ramzan relief package worth Rs8.28 bn

    ECC approves Ramzan relief package worth Rs8.28 bn

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday approved a Relief Package worth Rs8.28 billion to provide essential items at subsidized rates during the holy month of Ramzan.

    The ECC approved a summary tabled by Ministry of Industries and Production for Ramzan Relief Package 2022.

    The ECC after discussion approved Ramzan Relief Package 2022 for 19 essential items to be sold at subsidized rates at Utility Stores Corporation (USC) with total subsidy of Rs. 8.28 billion.

    READ MORE: PM Imran reduces, freezes POL prices

    Federal Minister for Finance and Revenue Shaukat Tarin presided over the ECC meeting.

    Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Railways Muhammad Azam Khan Swati, Federal Minister for Energy Hammad Azhar, Federal Secretaries and senior officers attended the meeting.

    ECC approved Kamyab Overseas Programme (KOP) as a new component of Kamyab Pakistan Programme. The new initiative is meant for prospective low income overseas workers having confirmed foreign job offer, employment agreement and valid travel documents and registered with NSER to avail interest free loans under KPP.

    READ MORE: PM Imran announces setting up technology startup fund

    Maximum amount of loan would be Rs. 300,000 and returned in easy installments starting after three months of departure. The loan will be provided to 10,180 beneficiaries with estimated required funds of Rs. 3 billion for the 4th quarter of 2021-2022.

    ECC considered and approved a summary presented by Ministry of Commerce on proposed amendments in the import and export policy order 2020 for the development of Integrated Tariff Management System (ITMS) for Pakistan Single Window (PSW).

    Ministry of Energy (Petroleum Division) submitted a summary for allocation of Gas from Togh Field on commercial basis.

    The ECC after discussion allowed up to 16 MMCFD gas from Togh Field to SNGPL on commercial basis. The wellhead price of the gas will be decided by the concerned regulator under the applicable rules and policy. Ministry of Energy (Petroleum Division) submitted a summary to allow amending the Petroleum Concession Agreement, allowing GHPL Assignment of Working interest in Wali, Jandaran West, Saruna and Pesu block of OGDCL.

    The ECC approved to amend the respective Petroleum Concession Agreements by allowing GHPL to increase its Working Interest above its statutory Working Interest of 2.5 per cent being state participator in Wali, Jandran West,Saruna and Pesu blocks of OGDCL.

    Ministry of Energy (Power Division) submitted a summary on incentive package announced by the Prime Minister regarding reduction in price of electricity.

    The ECC considered and approved PM’s relief package of Rs. 5 per unit by way of reduction in electricity charges base rate for the relief period of four months (March 2022 to June 2022).

    The relief package will be applicable to all commercial and domestic non- ToU consumers having monthly consumption up to 700 units, excluding life-line consumers.

    The cash flow requirement for the PM Relief Package is Rs. 136 billion. Ministry of Energy (Petroleum Division) submitted another summary on reimbursement of price differential claims of oil marketing companies (OMCs) and refineries, in line with PM relief package of reduction in the consumer prices of Motor Spirit and Diesel by Rs. 10 per litre. The price differential would be paid to the Oil Marketing Companies/ Refineries by the Government as a subsidy to avert any shortage in the market.

    The ECC approved special PDC disbursement mechanism to pay the PDC speedily within 15 days, opening of special assignment account with PSO and initial amount of Rs20 billion to PSO in accordance with the mechanism.

    The ECC also considered and approved following Technical Supplementary/ Supplementary Grants:

    i. Rs. 428.90 million to Foreign Affairs Division to meet the expenditure for holding of 48th session of the OIC Council of Foreign Ministers to be held in Islamabad on 22-23 March, 2022.

    ii. Rs. 47.561 million to poverty Alleviation and Social Safety Division.

    iii. Rs. 135.078 billion for principal and interest payments against Naya Pakistan Certificates and Islamic Naya Pakistan Certificates.