Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Jazz’s investment in Pakistan crosses $10 billion

    Jazz’s investment in Pakistan crosses $10 billion

    ISLAMABAD: Jazz’s investment in Pakistan, which has crossed $ 10 billion including $ 560 million in the last two years alone on 4G network expansion – taking the total number of 4G users to 34.2 million, cementing Jazz’s position as the number one 4G operator.

    This was informed by KaanTerzioğlu, Chief Executive Officer, VEON Group who called on Prime Minister Imran Khan in Islamabad on Wednesday.

    Kaan reiterated the Group’s full support towards the Government’s Digital Pakistan agenda.

    VEON, a leading global provider of connectivity and internet services, is embarking on a journey to be a world-leading digital operator with over 213.8 million subscribers in nine countries, including 71.9 million in Pakistan through its operating company, Jazz.

    Kaan apprised the Prime Minister about Jazz’s investment in Pakistan, which has crossed US$ 10 billion including US$ 560 million in the last two years alone on 4G network expansion – taking the total number of 4G users to 34.2 million, cementing Jazz’s position as the number one 4G operator.

    During the meeting, Kaan also talked about the role Jazz is playing in improving digital infrastructure, enhancing connectivity, investing in digital skills and literacy, promoting entrepreneurship and innovation, and driving financial inclusion through JazzCash.

    Prime Minister Imran Khan valued the Group’s commitment to Pakistan including the sustainability initiatives that empower the young with digital tools and resources.

    “The government launched the ‘Digital Pakistan’ initiative to provide a platform to the youth and it is heartening to see private sector companies like Jazz carry the mantle,” the prime minister said. He also highlighted the key role mobile operators play in a country’s economic growth by bringing in foreign investment, fostering connectivity, and enabling other sectors to thrive.

    “Pakistan is a key market for VEON, and we see tremendous growth potential as the country continues to implement its ‘Digital Pakistan’ vision. To accelerate this and to encourage private sector investment in broadband connectivity and network expansion, a forward-looking regulatory regime in line with next-generation connectivity requirements, and a policy framework facilitating innovative business models are needed,” said VEON Group CEO KaanTerzioğlu.

    “Utilising our leadership position and global expertise, we are focused on creating a flourishing digital ecosystem in Pakistan. Constantly investing in expanding access to 4G to rural and semi-urban areas, and in innovating and adapting our digital services to become a digital lifestyle partner for our customers is at the core of this journey,” said Jazz CEO Aamir Ibrahim.

    PTA renews Jazz license for $449.2 million
  • Pakistan allows Indian wheat, medicine to Afghanistan

    Pakistan allows Indian wheat, medicine to Afghanistan

    ISLAMABAD: Pakistan has granted approval for transportation of 50,000 metric tons of wheat and medicine from India to Afghanistan, citing the goodwill and exceptional humanitarian gesture.

    The transportation of wheat and life-saving medicine was allowed from India via the Wagah Border, a statement said on Wednesday.

    SBP relaxes conditions for Afghan Transit Trade

    “As a goodwill gesture towards the brotherly Afghan people, the government of Pakistan has decided to allow the transportation of 50,000 Metric Tonnes of wheat and life-saving medicines from India to Afghanistan via Wagah Border on an exceptional basis for humanitarian purposes,” the Foreign Office said.

    The FO said the decision of the government of Pakistan was formally conveyed to the Charge d’ Affaires of India, here at the Ministry of Foreign Affairs today.

    Pakistan allows Afghan transit trade through Wagah from July 15
  • Today’s currency exchange rates in PKR – Nov 24, 2021

    Today’s currency exchange rates in PKR – Nov 24, 2021

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 24, 2021 (The rates are updated at 11:00 AM Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)125126.50
     Bahrain Dinar (BHD)386.75388.50
     Canadian Dollar (CAD)136.00138.00
     China Yuan (CNY)23.7523.90
     Danish Krone (DNK)23.4523.75
     Euro (EUR)194.50197.00
     Hong Kong Dollar (HKD)16.7016.95
     Indian Rupee (INR)2.032.10
     Japanese Yen (JPY)1.411.44
     Kuwaiti Dinar (KWD)481.70484.20
     Malaysian Ringgit (MYR)36.4536.80
     NewZealand $ (NZD)96.4597.15
     Norwegians Krone (NOK)17.5017.75
     Omani Riyal (OMR)392.70394.70
     Qatari Riyal (QAR)39.9040.50
     Saudi Riyal (SAR)46.5047.00
     Singapore Dollar (SGD)125.00126.50
     Swedish Korona (SEK)18.5018.75
     Swiss Franc (CHF)159.90160.80
     Thai Bhat (THB)4.804.90
     U.A.E Dirham (AED)48.5049.00
     UK Pound Sterling (GBP)234.00237.00
     US Dollar (USD)175.50177.00

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    Today’s currency exchange rates in PKR – Nov 23, 2021
  • Tax officials meet foreign investors to resolve issues

    Tax officials meet foreign investors to resolve issues

    KARACHI: A team of senior tax officials held a meeting with foreign investors on Tuesday in order to resolve their pending issues.

    The team of senior tax officials was headed by Shahid Iqbal Baloch, Chief Commissioner Inland Revenue (CCIR), Large Taxpayers Office (LTO) Karachi. Kazi Hifzur Rehman, Commissioner Inland Revenue, Audit Zone-III, LTO Karachi was also with him to attend the meeting at the premises of Overseas Investors Chamber of Commerce and Industry (OICCI), the representative body of the foreign investors operating in Pakistan.

    Chief Executive / Secretary-General of OICCI Abdul Aleem and other member taxpayers of OICCI attended the meeting.

    The CE / Secretary-General welcomed the Chief Commissioner-IR, Large Taxpayers Office, Karachi Shahid Iqbal Baloch, KaziHifzur Rehman, Commissioner-IR, to OICCI.

    CCIR LTO Karachi Shahid Iqbal Baloch highlighted the role of his office in the collection of all domestic taxes particularly with reference to members of OICCI, who are the highest taxpayers of the country.

    The members of OICCI shared their views and issues of taxation with the Chief Commissioner-IR, LTO, Karachi who also ensured their timely completion and highlighted that the team of officers posted at LTO, Karachi are thorough professionals and it was reiterated that all their pending issues related to taxes shall be completed as per law accordingly.

    The meeting ended with vote of thanks by the Chief Commissioner-IR, LTO, Karachi Mr. Shahid Iqbal Baloch.

    LTO Karachi, PBC discuss tax issues
  • Pakistan, China sign protocol for onion quarantine

    Pakistan, China sign protocol for onion quarantine

    ISLAMABAD: A protocol was signed on Tuesday between Pakistani and Chinese authorities for inspection and quarantine requirements for onion export from Pakistan to China.

    (more…)
  • Focus on increasing investment in export industry: PM

    Focus on increasing investment in export industry: PM

    ISLAMABAD: Prime Minister Imran Khan on Tuesday said that the government has focused on increasing investment in the export industry to create employment opportunities.

    The prime minister chaired a review meeting of PM’s Priority Sectors which was held in Islamabad.

    The prime minister said that the government is taking steps on a priority basis to increase economic activity in the country and is focused on increasing investments in the export industry for creating employment opportunities.

    All government institutions are working together to provide a conducive environment for investors. The government is taking steps to speed up work on Phase II of CPEC.

    The meeting was given a detailed briefing on the progress of Phase II of the China-Pakistan Economic Corridor (CPEC). The meeting was informed that work on gas and electricity supply in Rashakai, Dhabeji, Allama Iqbal, and Bostan Special Economic Zones (SEZs) is in full swing.

    Electricity and gas are mainly available for the construction of industries, while the rest of the required electricity and gas will be supplied with further development of industries.

    In this regard, Plug and Play Model have been proposed by CPEC Authority, which is being worked on.

    Under the model, all the requirements of the investors will be met through one window operation to ensure the speedy construction of industries in these areas.

    At the same time, the Board of Investment is working on a portal to provide investors with information related to the construction of industries, approvals from various institutions, and other ancillary information, which will be launched soon.

    The meeting was also informed that a comprehensive system has been launched to review the progress of projects under CPEC and to expedite the development work.

    In addition, steps are being taken to increase investment in SEZs by identifying export industries. In the agriculture sector, not only work on corporate farming is in full swing, but also agreements are being made to increase the exports of the sector.

    The Prime Minister directed to complete all the steps related to CPEC Phase II within the stipulated time. The meeting was attended by Federal Ministers Asad Umar, Hamad Azhar, Advisors Shaukat Fayyaz Tareen, Moeed Yousuf, Special Assistant Dr Shahbaz Gill, Chairman CPEC Khalid Mansoor, Chairman Board of Investment Azfar Ahsan, and relevant senior officers.

    PM Imran launches tax monitoring ‘track, trace’ system
  • PM Imran launches tax monitoring ‘track, trace’ system

    PM Imran launches tax monitoring ‘track, trace’ system

    ISLAMABAD: Prime Minister Imran Khan on Tuesday launched the online monitoring of supply and production of various items in order to plug revenue leakages.

    Taxes vital for country’s economic stability and survival, the prime minister hoped and said that the use of technology will help check tax-pilferage and take revenue collection to the tune of Rs 8000 billion per annum.

    “Our biggest issue is that we have to take loans to run the country. Countries cannot be run without taxes. We have our stability at stake,” the prime minister added.

    The Federal Board of Revenue (FBR) has introduced the first-ever track and trace system in the country.

    The prime minister congratulated the Advisor of Finance Shaukat Tarin, FBR, and other relevant institutions for introducing the technology-based system for which the efforts were being done since 2008.

    The Prime Minister said that the introduction of the track and trace system was a big and positive achievement, which will have a far-reaching impact.

    According to details, the FBR’s track and trace system will ensure electronic monitoring of the production and sale of important sectors like tobacco, fertilizer, sugar, and cement.

    With the electronic monitoring of goods’ movement from production to the use of consumers, the track and trace system besides increasing the country’s revenue will also help ensure transparency and check the pilferage of taxes.

    After the implementation of the track and trace system in the tobacco sector, the FBR was now going to introduce this system in the sugar sector, which will follow the implementation of electric monitoring of other sectors as well.

    Under the new system, no sugar bag can be taken out from the production site, factory or manufacturing plant without a stamp and individual identity mark. The FBR was also planning to implement the new system in the beverages and petroleum sectors.

    The Prime Minister said that with a reasonable tax-to-GDP ratio in the West and highest in Scandinavian countries, Pakistan could not promote the tax culture due to different reasons including the aristocratic lifestyle of the ruling elite in the past, which shattered the confidence of taxpayers in governments.

    The practice of not paying due taxes was continuing since the colonial era, when people used to think that their hard-earned money was being taken out by the foreign rulers and they were not being provided basic facilities, he remarked.

    PM Imran launches automation of power of attorney
  • IMF Board to approve $1.059bn by Jan 12, 2022: Tarin

    IMF Board to approve $1.059bn by Jan 12, 2022: Tarin

    ISLAMABAD: Shaukat Tarin, Adviser to Prime Minister on Finance and Revenue, on Monday said that staff-level agreement has been finalized and IMF executive board would approve the tranche by January 12, 2022.

    The adviser said an agreement between Pakistan and International Monetary Funds (IMF) under Extended Fund Facility (EFF) worth $1.059 billion had been finalized.

    The adviser said that Pakistan and IMF had reached the US$1.059 billion agreement up to staff level and now the agreement was in the executive board which would be approved by the board by January 12, 2022.

    He said this while addressing to a press conference along with Minister for Energy Muhammad Hammad Azhar and Chairman Federal Board of Revenue (FBR) Dr Muhammad Ashfaq Ahmed.

    Tarin said that after the signing of this agreement between Pakistan and the IMF, the door of economic cooperation would be opened for Pakistan in various international economic institutions including the World Bank and the Asian Development Bank.

    As a result, there was potential for further improvement in the country’s economy in the future, he added.

    He said that the conditions proposed by the IMF were Rs 700 billion in taxes but the government agreed to Rs 350 billion.

    “We have saved fertilizers, food items and other things from taxes,” he said.
    Replying to a question regarding Fiscal Consolidation, he said that along with savings in many places, the Public Sector Development Program (PSDP) would be reduced from Rs 900 billion to Rs 700 billion and some more steps would be taken.

    Apart from the agreement with the IMF, we have set a tax revenue target of 5.8 trillion, he said.

    The government is optimistic about the tax revenue target as we are still seeing a 36 percent increase in tax revenue over the previous year, he added.

    Tarin said that after this program, the government would adjust the fiscal discipline, including the State Bank of Pakistan Act.

    He said that the government had agreed on some issues with the IMF in the previous review and some further discussions were held on it but due to the hard work of our economic team, this agreement was made possible.

    He said that to maintain energy prices, fiscal discipline and tax revenue collection were very important for the government which was working on it.

    He said that inflation was a global issue and it was due to the disruption of the global supply chain.

    He said that the IMF had agreed on public finance reforms, tax reforms and simplification. The IMF had also agreed to provide targeted subsidies, as well as to continue reforms, he added.

    Minister for Energy Hammad Azhar said that the International Monetary Fund (IMF) had acknowledged the government’s remarkable work in the energy sector as despite capacity payment, circular debt witnessed sharp decrease.

    The minister said the base tariff was increased as per the agreement. There would be no effect on both Winter Seasonal Energy Package and Industrial Energy Package due to the agreement, he said.

    Both the packages would continue as at Rs 12.96 per unit, he said. Hammad said prices of essential commodities witnessed sharp increases across the globe due to COVID-19 pandemic.

    He said the entire negotiation team led by the Adviser on Finance Shaukat Tarin deserved appreciation. He said the agreement would bring further stability in the country’s economy.

    IMF outlines actions for Pakistan to release $1.059bn
  • Age limit of banks CEO/President reduced to 65 years

    Age limit of banks CEO/President reduced to 65 years

    KARACHI: The State Bank of Pakistan (SBP) has reduced the maximum age of a president of Chief Executive Officer (CEO) to be appointed by banks.

    The SBP in a notification stated that the maximum age of a President or CEO has been reduced from 70 years to 65 years.

    This change in age will be applicable to new Presidents or CEOs. The existing Presidents or CEOs will continue till the completion of their current tenures irrespective of their age and may also be considered for another term till the age of 70 years.

    The central bank issued the revised ‘Corporate Governance Regulatory Framework’ with the objective to further strengthen the corporate governance regime of banks and DFIs and to align the same with international standards and best practices.

    The framework, which has been developed in consultation with key stakeholders, covers Fit & Proper Test (FPT) Criteria and other Corporate Governance regulatory requirements for the sponsor shareholders and beneficial owners, members of the Board of Directors, Presidents and CEOs and key executives of banks and DFIs.

    All the existing regulatory requirements related to corporate governance have been consolidated and rationalized in this framework to improve consistency, understanding and usability for stakeholders. It may be noted that the last such amendments were introduced in 2007.

    Among other changes made in the framework, the board is now required to collectively have adequate knowledge, expertise, and skill mix related to the business model, overall size, complexity and risk profile of the bank and DFI.

    Moreover, the board should have at least one female director who should not be a family member of any other director or sponsor shareholder of the bank or DFI.

    SBP for close liaison to fight cyber-attacks, online frauds
  • Today’s currency exchange rates in PKR – Nov 22, 2021

    Today’s currency exchange rates in PKR – Nov 22, 2021

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 22, 2021 (The rates are updated at 10:30 AM Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)125.00126.50
     Bahrain Dinar (BHD)386.75388.50
     Canadian Dollar (CAD)138.50140.50
     China Yuan (CNY)23.7523.90
     Danish Krone (DNK)23.4523.75
     Euro (EUR)198.00200.00
     Hong Kong Dollar (HKD)16.7016.95
     Indian Rupee (INR)2.032.10
     Japanese Yen (JPY)1.411.44
     Kuwaiti Dinar (KWD)481.70484.20
     Malaysian Ringgit (MYR)36.4536.80
     NewZealand $ (NZD)96.4597.15
     Norwegians Krone (NOK)17.5017.75
     Omani Riyal (OMR)392.70394.70
     Qatari Riyal (QAR)39.9040.50
     Saudi Riyal (SAR)46.3046.80
     Singapore Dollar (SGD)127.00128.50
     Swedish Korona (SEK)18.5018.75
     Swiss Franc (CHF)159.90160.80
     Thai Bhat (THB)4.804.90
     U.A.E Dirham (AED)48.2048.50
     UK Pound Sterling (GBP)234.00236.50
     US Dollar (USD)176.00177.50

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    Today’s currency exchange rates in PKR – Nov 20, 2021