ISLAMABAD: The government Tuesday decided to keep the prices of petroleum products unchanged for the next fortnight till December 15, 2021.
A notification said that the prices of petroleum products will be the same as notified on November 15, 2021.
Petrol would be sold at Rs145.82 per liter; High-Speed Diesel at Rs142.62 per liter; kerosene oil at Rs116.53 per liter and light diesel oil at Rs114.07 per liter, according to a press statement issued by the finance ministry here.
ISLAMABAD: Shaukat Tarin, Adviser to the Prime Minister on Finance and Revenue, on Tuesday stressed the need to rationalize salaries, allowances, and perks.
Tarin was addressing a virtual meeting of the Pay and Pension Commission.
The Commission is headed by Zafar Ahmed Khan and is composed of senior professionals from public and private sectors as well as serving Federal and Provincial Secretaries, AJK and GB and other senior officers of the governments also attended the meeting.
Speaking on the occasion, the Adviser underscored that current model for pay and pension is not sustainable and there is a need to rationalize the salaries, allowances, perks etc. on the basis of performance and quality work.
The performance of the employees may be assessed on the basis of setting targets and KPIs and simultaneously best performers may be compensated with rewards.
The Adviser stressed for removal of anomalies in basic pay structure and suggested a uniform basic pay structure for all the organizations. He suggested for the adoption of internationally accepted practices in the matter of pensions.
Tarin emphasized that there is a need to work out ranges for linking compensation with performance. This will ensure meritocracy in the recruitment and result in improved service delivery in the public sector.
The Adviser further extended his full support and cooperation to the Commission.
Chairman, Pay and Pension Commission thanked Adviser to the PM on Finance and Revenue for his keen interest and ownership of the work of the Pay and Pension Commission. He assured that the Commission will do its best to come up to the expectations of the Government and would present an actionable set of recommendations to the Government for rationalizing the pays of the public servants.
ISLAMABAD: The Federal Board of Revenue (FBR) – Pakistan’s apex revenue collecting agency – has collected over Rs2.31 trillion during the first five months (July – November) of the fiscal year 2021/2022.
According to provisional statistics released by the FBR on Tuesday, the net revenue collection is at Rs2.314 trillion during the first five months, which is Rs298 billion higher than the target of Rs2.016 trillion for the period.
This represents a growth of about 36.5 per cent over the collection of Rs. 1.695 trillion during the same period last year.
While chasing the target of Rs 408 billion fixed for the month of November 2021, the net collection for the month realized Rs. 470 billion, which is Rs 62 billion in excess of the assigned monthly target, representing an increase of 35.2 per cent over Rs 348 billion collected in November 2020.
These figures would further improve before the close of the day and after book adjustments have been taken into account, the FBR said.
On the other hand, the gross collections increased from Rs. 1,783 billion during July-November, 2020 to Rs. 2,437 billion in current Financial Year, showing an increase of 36.7 per cent.
The amount of refunds disbursed was Rs 123 billion during July- November 2021 compared to Rs. 88 billion paid last year, showing an increase of 40.5 per cent.
It is pertinent to mention that after collecting over Rs. 4.7 trillion and exceeding its assigned revenue targets set for tax year 2020-21, FBR has successfully maintained the momentum set in July, 2021.
Its tax collection posted historic high growth in the first quarter of the current fiscal year. During the first four months (July-October), FBR has far surpassed its revenue target by Rs 233 billion.
This spectacular performance in the first five months of the current financial year clearly shows that FBR is well on its way to achieving the assigned target of Rs. 5.829 trillion for the year despite the daunting challenges, compelling constraints posed by the corona pandemic, and sporadic tax cuts announced by the government as relief and price stabilization measures.
ISLAMABAD: The Federal Cabinet on Tuesday approved the renewal of aviation licenses of four airlines under the National Aviation Policy 2019.
Prime Minister Imran Khan chaired the meeting of the federal cabinet in Islamabad.
On the recommendation of the Ministry of Aviation, the Cabinet approved the renewal of aviation licenses of M/S SERENE AIR, M/S AIRBLUE, M/S PIACL and M/S PRINCELY JETS under the National Aviation Policy 2019.
Federal Minister Asad Omar briefed the Cabinet on the new variant of COVID-19, Omicron. The meeting was informed that the new variant originated in Africa. According to initial reports, the rate of spread is very high. The cabinet called for the implementation of COVID SOPs such as use of mask in public places, social distancing, and vaccinations for public safety.
The Cabinet was briefed regarding the introduction of an electronic voting machine and the empowerment of Overseas Pakistanis to vote. Federal Minister Shibli Faraz gave a briefing on procurement of Electronic Voting Machines, training of staff, responsibilities of concerned agencies, public awareness campaign and timely delivery. The cabinet expressed grave concerns over the release of a video of alleged vote-buying during the by-elections in N.A 133. The cabinet said such illegal actions were anti-democratic.
Keeping in view the transparency, the Cabinet directed the concerned departments to clarify about the audit report on the package for COVID-19.
Advisor for Finance presented a comparative review of the prices of essential commodities to the Federal Cabinet.
Weekly inflation fell to 0.67%. Prices of 5 Commodities have seen a reduction trend. The Cabinet was informed that apart from the prices of ghee and tea leaves in the region, prices of all other household items are lower in Pakistan.
These items include flour, grams, dal mash, dal mung, tomato, onion, chicken and petrol. The Cabinet was informed that the prices of flour, sugar, lentils and gram lentils in Sindh are much higher than other provinces. The Cabinet expressed grave concerns over the rising prices of essential commodities in Sindh.
Petroleum Division briefed the Cabinet on the vacancies of MD and CEO in the organizations under the division. The Cabinet was informed that at present 04 posts are vacant on which appointment process is in progress.
The Cabinet, on the recommendation of the Ministry of Aviation, approved the delimitation of high-rise buildings around airports under the Civil Aviation Authority Rules. The height limit of buildings in Islamabad Blue Area has been fixed at 1000 feet. The decision will also help prevent the rampant spread of urban boundaries, save vegetables and preserve agricultural land.
On the recommendation of the Ministry of Commerce, the Cabinet allowed the staff stationed at the Pakistani Embassy in Tehran to import personal vehicles on repatriation under the Hardship Policy.
On the recommendation of the Ministry of Interior, the Cabinet approved to increase the visa period from 120 days to 150 days for those coming to Pakistan from Tablighi Jamaat from abroad. The Cabinet also approved to grant 45 days Visa on Arrival for Tablighi Jamaat. Visas can be obtained through the online visa portal.
Cabinet approved procedure for appointment of EOBI (Employees Old-Age Benefits Institution) Chairman. This appointment will be carried out under the Competitive Process of Management Position Scale Policy 2020.
Cabinet on the recommendation of the Ministry of Overseas Pakistanis postponed approval to issue Overseas Employment Promoter Licenses. The Cabinet directed that a procedure be worked out within a week to review the work of these promoters. Special care should be taken that promoters should not be illegally charging extra money from those travelling abroad.
The Cabinet ratified the decisions taken at the meeting of the Committee on Institutional Reforms held on 12 November 2021. The meeting recommended the reorganization of the Pakistan Gems and Jewelery Development Company.
The Cabinet ratified the decisions taken at the meeting of the Committee on Energy held on 18 November 2021.
The Committee on Energy had recommended Gas Load Management Plan for Winter 2021-22 and setting up of Oil Depot at Kemari Karachi. Gas Load Management Plan for Winter 2021-22:-
Domestic gas will be reserved for domestic consumers only because of its low cost. The CNG sector will be closed from 01 December 2021 to 15 February 2022. Gas supply to IPPs and fertilizer factories will continue.
Gas supply to export sector industries will continue.
Power plants running on LNG will be provided 5 per cent additional gas.
Electricity prices have been reduced for domestic consumers in winter (Rs. 12.96 per kWh) to meet the gas shortage.
Gas saved from CNG, Cement and Captive Power will be used for domestic consumption.
A public awareness campaign is being launched to save gas.
On the recommendation of the Ministry of Commerce, the Cabinet approved the import of MONTANIDE OIL from France for the treatment of Foot-and-Mouth disease in cattle in Punjab.
On the recommendation of the Ministry of Information and Broadcasting, the Cabinet approved setting up of a selection board for the appointment of Chairman ITNE and Chairman Press Council of Pakistan. The Selection Board for Chairman ITNE will consist of the Minister of Information, Secretary Information, Additional Secretary Information, Grade 21 Representatives of Establishment Division and Ministry of Law. The Selection Board for the Chairman Press Council of Pakistan will consist of the Minister of Information, Secretary Information, Additional Secretary Information, Representatives of Establishment Division and Ministry of Law.
Cabinet approved the appointment of Muhammad Saleem as Chairman Privatization Commission.
Federal Minister for Industries and Production gave a detailed briefing to the Cabinet on the current stock and prices of fertilizers in the country. The meeting was informed that this year the fertilizer companies released 53 per cent more fertilizer to the dealers in Sindh as compared to the previous year, due to which there was shortage of urea in Punjab and other areas and the price had gone up.
However, on the directions of the Prime Minister, measures were taken to reduce this disparity and against hoarders, which resulted in an average reduction of Rs. 400 per sack.
At present a sack of urea is available in Gujranwala for Rs. 1850. There is a surplus of 200,000 tons of fertilizer compared to the domestic demand. The Cabinet was informed that an online portal has been set up to monitor the supply of fertilizers through which the federal government, provinces and all district administrations can monitor the movement and stock of fertilizers.
Punjab has taken several steps since November 13 to curb the hoarding of fertilizers. Among them 347 FIRs, 244 arrests, 21111 inspections, 480 warehouse seals and fines of Rs 2.79 crore have been imposed.
In addition, control rooms have been set up in each district where complaints related to shortage of fertilizers, hoarding and profiteering can be lodged. Checkpoints have been set up at provincial borders to curb smuggling. Amendments are being made to the relevant laws against hoarding and profiteering in which informants will be rewarded in proportion to the confiscated property.
The Cabinet ratified the decisions taken at the meeting of the Economic Co-ordination Committee held on November 29, 2021. Approval to hold a special meeting of OIC Foreign Ministers in Pakistan. Approval of 50,000 tons of wheat aid to Afghanistan.
ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) has increased by 11.5 per cent on a Year-on-Year (YoY) basis in November 2021, the Pakistan Bureau of Statistics (PBS) said on Tuesday.
(more…)
KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 30, 2021 (The rates are updated at 11:48 AM Pakistan Standard Time):
| Currency | Buying | Selling |
| Australian Dollar (AUD) | 123.50 | 125 |
| Bahrain Dinar (BHD) | 386.85 | 388.60 |
| Canadian Dollar (CAD) | 136.50 | 138 |
| China Yuan (CNY) | 23.75 | 23.90 |
| Danish Krone (DNK) | 23.50 | 23.80 |
| Euro (EUR) | 196 | 198 |
| Hong Kong Dollar (HKD) | 16.75 | 17 |
| Indian Rupee (INR) | 2.03 | 2.10 |
| Japanese Yen (JPY) | 1.41 | 1.44 |
| Kuwaiti Dinar (KWD) | 481.80 | 484.30 |
| Malaysian Ringgit (MYR) | 36.50 | 36.85 |
| NewZealand $ (NZD) | 96.55 | 97.25 |
| Norwegians Krone (NOK) | 17.50 | 17.75 |
| Omani Riyal (OMR) | 392.75 | 394.78 |
| Qatari Riyal (QAR) | 39.90 | 40.50 |
| Saudi Riyal (SAR) | 46.70 | 47.20 |
| Singapore Dollar (SGD) | 126.50 | 128 |
| Swedish Korona (SEK) | 18.50 | 18.75 |
| Swiss Franc (CHF) | 159.90 | 160.80 |
| Thai Bhat (THB) | 4.80 | 4.90 |
| U.A.E Dirham (AED) | 48.20 | 48.70 |
| UK Pound Sterling (GBP) | 233.50 | 236 |
| US Dollar (USD) | 176.60 | 178.10 |
ISLAMABAD: Shaukat Tarin, Adviser to the Prime Minister on Finance and Revenue, on Monday asked the Federal Board of Revenue (FBR) to redouble its efforts for broadening the tax base.
The adviser expressed his full support and confidence to the FBR team and advised to redouble their efforts and launch the taxpayer outreach initiative at the earliest to expand the existing tax base and boost the revenue collection. Tarin chaired a meeting on broadening of the tax base by the FBR at the Finance Division.
Chairman FBR, senior officers from FBR, and Finance Division attended the meeting.
Chairman FBR and his team gave a detailed presentation on the progress on readiness for potential taxpayer outreach initiatives to boost revenue growth and resource mobilization.
Chairman FBR apprised the Adviser that pragmatic steps have been initiated for the compilation of data, with the support of NADRA, which would be available to potential and current taxpayers in a presentable and comprehensible manner through a web portal.
Key challenges to reaching out to potential and current taxpayers, public awareness, and confidence-building measures taken by FBR were also discussed in the meeting.
The adviser lauded the steps taken by FBR and stressed that efficient and robust communication with the taxpayers should be at the center of activity undertaken by FBR to harness public support for its efforts for broadening the tax base and promoting a tax compliant culture in the country.
ISLAMABAD: The Kingdom of Saudi Arabia (KSA) has signed an agreement to extend an oil facility of $100 million per month for one year to Pakistan on deferred payments.
Sultan bin Abdulrahman Al-Marshad, CEO of Saudi Fund for Development (SFD) exchanged the Financing Agreement with Omer Ayub Khan, Minister for Economic Affairs for the Import of Saudi Goods on Monday.
Talking on the occasion, Minister for Economic Affairs stated that Pakistan values the bilateral and brotherly relations with the Kingdom of Saudi Arabia and thanked KSA for extending support for implementing the infrastructure and energy projects in Pakistan.
KSA helped Pakistan generously during the earthquake of 2005. Both the countries signed projects worth $500 million during the visit of the Prime Minister of Pakistan to the Kingdom in May this year. As per the Financing Agreement, the SFD will extend the financing facility up to $100 million per month for one year for the import of crude oil and petroleum products from Saudi Arabia, which will be extended for another year.
The CEO, SFD stated that Saudi Arabia holds relations with Pakistan in the highest esteem and assured to extend full support for the implementation of development projects in Pakistan. Both sides expressed their strong commitment to enhancing bilateral economic relations in the future.
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday approved a donation of 50,000 metric tons of wheat to Afghanistan.
The Federal Minister for Economic Affairs Division (EAD) Omar Ayub Khan chaired the ECC meeting and took several important decisions.
Federal Minister for Energy Hammad Azhar, Abdul Razak Dawood Advisor to Prime Minister on Commerce, Textile, Industries & Production and Investment, Federal Secretaries and other senior officers participated in the meeting.
The ECC considered the summary submitted by the Ministry of National Food Security & Research approved the proposal for the donation of 50,000 M. Tons of wheat to Afghanistan. ECC further directed the Finance Division to provide funds for the purpose on an actual cost basis.
The ECC also recommended relaxation of the ban on the export of wheat/wheat flour to Afghanistan to the extent of the instant proposal with the direction that the Ministry of National Food Security and Research may inform the Federal Cabinet of the ratio for mixing of local and imported wheat in case export of wheat flour is required.
On a Summary tabled by the Ministry of Foreign Affairs regarding “Extraordinary Session of the OIC Council of Foreign Ministers (CFM) in Pakistan” the ECC approved two Technical Supplementary Grants (TSGs) for the purpose during CFY 2021-22 i.e., (i) Rs.233.342 million in favor of the Ministry of Foreign Affairs and (i) Rs 64.2 million in favor of the Interior Division.
ISLAMABAD: The Federal Board of Revenue (FBR) on Monday imposed a condition under the Anti-Money Laundering Act, 2010 on transfers and registration of immovable properties.
The FBR DNFBPs Order No. 1 of 2021 impose the condition.
The FBR said that the Anti-Money Laundering Act, 2010 empowered the revenue board to license or register its reporting entities (R0s) namely, Designated Non-Financial Businesses and Professions (DNFBPs), impose conditions on any activities by DNFBPs to prevent the offenses of money laundering, predicate offenses or financing of terrorism through the issuance of Directions or imposing Conditions under the relevant provisions of the AMLA, 2010.
Now, in the exercise of the powers conferred under section 6A of the AMLA, 2010 read with clause 1(iii) of Schedule IV ibid, and to foster the anti-money laundering and countering the financing of terrorism regime in Pakistan, FBR has imposed the following Condition on all Real Estate Development Authorities, Cooperative Housing Societies, and all other Housing Societies, Schemes, and Firms dealing in the real estate, namely:-
“Condition No. 1 of 2021: No public or private Development Authority shall conduct the business activity with any real estate agent for the transfer or registration of immovable property unless the Real Estate Agent is registered with the Federal Board of Revenue as a Designated Non-Financial Business and Profession (DNFBP).”
The above condition shall be disseminated to all Real Estate Agents registered or dealing with the Development Authorities, Housing Authorities Cooperative Housing Societies and other Housing Schemes dealing in the development of land for residential & commercial purposes, construction, and sale/purchase and/or transfer of ownership rights and also displayed on all relevant places for the information of general public.
The real estate agents may also be informed to obtain Registration Certificates from the concerned Director, DNFBPs once registered as a DNFBP with FBR.
Any volition of this Condition shall attract the penal provisions under the AML Act, 2010 and the AML/CFT Sanctions Rules, 2020. This Condition comes into effect on January 1, 2021, the FBR added.