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Author: Mrs. Anjum Shahnawaz

  • Envoy for removal of Saudi-Pak trade barriers

    Envoy for removal of Saudi-Pak trade barriers

    ISLAMABAD: Nawaf bin Said Al-Malki, Ambassador of Saudi Arabia in Pakistan, has stressed the need to remove barriers in trade between Saudi Arabia and Pakistan.

    While welcoming a delegation from Federation of Pakistan Chambers of Commerce and Industry (FPCCI) led by its president Mian Nasser Hyatt Maggo at Saudi Embassy Islamabad, Al-Malki underscored the need of the removal of trade barriers and the promotion of trade through the direct route.

    He stated that Pakistan and Saudi Arabia both possess huge natural resources which can be utilized for enhancement of bilateral trade relations.

    The envoy also informed that there is huge potential in rice, textile, sea food, sports goods, agro-based products and there is a need of direct interaction between the traders of both countries in these commodities.

    He said that Saudi Arabia wanted to see Pakistan as a growing economy as it is a very important country for the whole Muslim Ummah.

    The ambassador said that Pakistan has lots of potential for speedy economic growth that should be highlighted more effectively to attract foreign investors.

    Al-Malki urged that the media should focus on projecting the positive things of Pakistan to change wrong perception about it.

    He said that wrong perceptions about Pakistan in foreign world needed to be changed to unlock its real economic potential.

    President FPCCI Mian Nasser Hyatt Maggo said that Pakistan desired to further strengthen its trade ties with Saudi Arabia as both countries have great scope to promote trade in many areas.

    Read More: Pakistan, Saudi Arabia agree to strengthen bilateral economic ties

    Pakistan has strong strategic, diplomatic and economic relations with Saudi Arabia and cannot forget the financial assistance of Saudi Arabia in the form of oil on credit, construction of educational institutions and on Kashmir cause.

    Maggo while quoting the statistics, he informed that the share of Pakistan in Saudi Arabia’s trade is just one per cent; while in Pakistan’s trade is approximately 7 per cent stated that Saudi Arabia is an important trading partner of Pakistan and the joint business council between the national chambers of both countries can play a vital role in enhancing the trade and business activities.

    He urged on accelerated efforts for activation of trade and economic promotional activities through this platform. Maggo also underlined the need of exchange of trade delegations, holding of B2B meetings, trade exhibitions and business forums etc.

    Read more: Pakistan, Saudi Arabia agree to enhance duty, tax cooperation

    The President FPCCI further highlighted various potential areas for investment in special economic zones of Pakistan under CPEC project. He invited the investors of Saudi Arabia to explore Joint venturesin these special zones. Pakistan will facilitate Saudi investors by providing them one window operation.

    Qurban Ali, Chairman Capital Office & Mirza Abdul Rehman Chief Coordinator FPCCI also emphasized on the enhancement of bilateral trades and investment and suggested opening of Saudi Arabia EXIM bank branch in Pakistan for trade facilitation. Mirza Abdul Rehman &Qurban Ali highlighted the potentials of bilateral trade in different sectors and also requested multiple entry visa to the genuine businessmen on the recommendation of FPCCI within shortest possible time.

    Saudi Arabia places $3bn with Pakistan’s central bank
  • Dollar breaches Rs177 to make new intraday record high

    Dollar breaches Rs177 to make new intraday record high

    KARACHI: The US dollar has breached the level of Rs177 to make a new record high during intraday trading on Friday. So far the rupee lost 88 paisas against the dollar as the foreign currency is being traded at Rs177.30 in the interbank foreign exchange market. The rupee closed at Rs176.42 to the dollar a day earlier in the interbank foreign exchange market.

    The Pak Rupee is under severe pressure due to a surge in import bills and a widening of trade deficit.

    Official data revealed that Pakistan’s trade deficit ballooned by 112 per cent to $20.59 billion during the first five months (July – October) of the current fiscal year 2021/2022.

    The trade deficit was at $9.72 billion in the same months of the last fiscal year, revealed by the data released by the Pakistan Bureau of Statistics (PBS).

    Pakistan’s import bill surged by 69.17 per cent to $32.934 billion during July – November 2021/2022 as compared with $19.468 billion in the same period of the last fiscal year.

    The exports of the country also exhibited by 26.68 per cent to $12.344 billion during the period under review as compared with $9.744 billion in the corresponding period of the last fiscal year.

    The falling official foreign exchange reserves of the State Bank of Pakistan (SBP) are also another reason for the rupee deterioration. According to the data released by the SBP, its official reserves were declined by $244 million to $16.01 billion by the week ended November 26, 2021, as compared with $16.254 billion a week ago.

    Pakistan’s import cover has been reduced to two months with a reduction in official foreign exchange reserves of the State Bank of Pakistan (SBP) to $16.01 billion.

    Dollar makes new record high of Rs176.42 to Pak Rupee
  • Pakistan’s trade deficit widens by 112% to $20.59 billion

    Pakistan’s trade deficit widens by 112% to $20.59 billion

    ISLAMABAD: Pakistan’s trade deficit ballooned by 112 per cent to $20.59 billion during the first five months (July – November) of the current fiscal year 2021/2022, according to official data released on Thursday.

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  • PM Adviser directs to reduce luxury items import

    PM Adviser directs to reduce luxury items import

    ISLAMABAD: Shaukat Tarin, Adviser to Prime Minister on Finance and Revenue, has directed the authorities to take measures to reduce the import of luxury items.

    He was presiding over a meeting to review the balance of trade at Finance Division on Thursday.

    Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Federal Minister for Energy Hammad Azhar, Adviser to the PM on Commerce & Investment Abdul Razak Dawood, Federal Secretaries, Governor State Bank of Pakistan (SBP), Chairman Federal Board of Revenue (FBR) and other senior officers participated in the meeting.

    The meeting reviewed and discussed the import bill for the last five months- July to Nov 2021.

    It was informed that the pressure on import bill was mainly due to global high commodity prices especially energy, steel, and industrial raw materials.

    The forum also noted that high import of vaccine contributed significantly to the rise in import bill.

    Moreover, it was informed that there will be less import of food items, furnace oil and vaccine in the coming months that will significantly reduce the pressure on trade bill in the second half of the current fiscal year.

    At the conclusion, the Adviser to the PM on Finance and Revenue advised the concerned authorities to take effective policy measures to reduce unnecessary imports of luxury items.

    IMF Board to approve $1.059bn by Jan 12, 2022: Tarin
  • FBR’s new, old valuation tables for Karachi properties

    FBR’s new, old valuation tables for Karachi properties

    ISLAMABAD: The Federal Board of Revenue (FBR) has revised upward the valuation of immovable properties in Karachi for collection of withholding tax.

    The FBR issued SRO 1551(I)/2021 on Thursday to notify the revised valuation of immovable properties in Karachi effective from December 01, 2021.

    The FBR previously issued SRO 120(I)/2019 dated February 01, 2019 to revise the valuation of immovable properties in Karachi.

    In the latest valuation tables for the city, the FBR added amenity plots for the valuation purpose.

    Following are the new and old

    New revised Immovable Property Valuation Tables for Karachi

    Old immovable property valuation tables for Karachi.

    The FBR said:  

    (i) Values in the above Table are in rupees;

    (ii) Value is per square yard of the covered area of ground floor plus covered area for the additional floors;

    (iii) Commercial property built up value is per square yard of the covered area of the ground floor plus covered area of the additional floors, if any;

    (iv) built up industrial property value is per square yard of the plot area per square foot;

    (v) the value in respect of a residential building consisting of more than one storey shall be increased by 25% for each additional story i.e. value of each storey other than ground floor shall be calculated @25% of the value of the ground floor;

    (vi) a property which does not appear to fall in any of the categories shown in the Appendix below shall be deemed to fall I the adjacent lowest category of the Appendix;

    (vii) whether the land has been granted for more than one purpose. viz residential, commercial and industrial, the valuation in such a case shall be the mean/average prescribed rate;

    (viii) a flat means the covered residential tenement having separate property nit number/sub-property unit number;

    (ix) in a residential, multi-storey building, the additional storey shall be charged if it consists of bedroom and bathroom;

    (x) the rates for basements of built-in commercial property in categories I,II,II and IV shall be Rs. 13,500 per square yard; and

    (xi) High Rises at Serial Number No. 37 of Appendix means a building with Storeys above ground plus five.

    FBR issues new, revised tables of property valuation
  • FBR tightens condition for tax stamped sugar bags

    FBR tightens condition for tax stamped sugar bags

    In a bid to enhance transparency, combat tax evasion, and ensure compliance with legal requirements, the Federal Board of Revenue (FBR) has reinforced the obligation of mandatory tax stamps on all sugar bags.

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  • Timelines for CPEC projects should be adhered to: PM

    Timelines for CPEC projects should be adhered to: PM

    ISLAMABAD: Prime Minister Imran Khan on Wednesday emphasized that timelines specified for completion of China-Pakistan Economic Corridor (CPEC) should be adhered to.

    Prime Minister Imran Khan chaired a high level meeting to review progress on CPEC projects.

    The Prime Minister emphasized that timelines specified for completion of CPEC projects should be adhered to. He said that Government of Pakistan is fully committed to provisions of CPEC agreements.

    The Prime Minister stated that China has been a time-tested friend of Pakistan and that the Government accords high priority to implementation and operationalization of CPEC projects.

    The Prime Minister highlighted that continuity of policies is essential for long-term projects in order to achieve maximum benefits for the country.

    Earlier, SAPM on CPEC Affairs Khalid Mansoor briefed the meeting about updated status of CPEC projects.

    The meeting was attended by Federal Ministers Muhammad Hammad Azhar, Ali Haider Zaidi, Asad Umar, Advisor Finance Shaukat Fayaz Tarin, Advisor Commerce Abdul Razaq Dawood and senior officers.

    PM Imran launches incentive program for remittances
  • President gives assent to bills passed by Parliament

    President gives assent to bills passed by Parliament

    ISLAMABAD: The President of Pakistan, Dr. Arif Alvi has accorded assent to the bills that were passed by the National Assembly – Parliament on November 17, 2021, a statement said on Wednesday.

    On the summaries initiated by National Assembly Secretariat and on the advice of the Prime Minister, the President of Pakistan has accorded his assent to the following Bills, in terms of Article 75 of the Constitution of the Islamic Republic of Pakistan, 1973:-

    (i) The Privatization Commission (Amendment) Bill, 2021

    (ii) The Port Qasim Authority (Amendment) Bill, 2021

    (iii) The Islamabad Capital Territory Prohibition of Corporal Punishment Bill, 2021

    (iv) The International Court of Justice (Review and Re-Consideration) Bill, 2021

    (v) The SBP Banking Services Corporation (Amendment) Bill, 2021

    (vi) The Corporate Restructuring Companies (Amendment) Bill, 2021

    (vii) COVID-19 (Prevention of Hoarding) Bill, 2021

    (viii) The Anti-Rape (Investigation and Trial) Bill, 2021

    (ix) The Islamabad Capital Territory Charities Registration, Regulation and Facilitation Bill, 2021

    (x) The Islamabad Rent Restriction (Amendment) Bill, 2021

    (xi) The Prevention of Corruption (Amendment) Bill, 2021

    (xii) The Federal Public Service Commission (Validation of Rules), Bill, 2021

    (xiii) The Loans for Agricultural, Commercial and Industrial Purposes Amendment) Bill, 2021

    (xiv) The National Vocational and Technical Training Commission (Amendment) Bill, 2021

    (xv) The Islamabad Capital Territory Food Safety Bill, 2021

    (xvi) The Emigration (Amendment) Bill, 2021

    (xvii) The Pakistan Academy of Letters (Amendment) Bill, 2021

    (xviii) The Gwadar Port Authority (Amendment) Bill, 2021

    (xix) The Companies (Amendment) Bill, 2021

    (xx) The Maritime Security Agency (Amendment) Bill, 2021

    (xxi) The Pakistan National Shipping Corporation (Amendment) Bill, 2021

    (xxii) The Financial Institutions (Secured Transactions) (Amendment) Bill, 2021

    (xxiii) The University of Islamabad Bill, 2021

    (xxiv) The Al-Karam International Institute Bill, 2021

    (xxv) The National College of Arts Institute Bill, 2021

    (xxvi) The Hyderabad Institute for Technology and Management Sciences Bill, 2021

    (xxvii) Regulation of Generation, Transmission and Distribution of Electric Power (Amendment) Bill, 2021

    (xxviii) The Provincial Motor Vehicles (Amendment) Bill, 2021

    (xxix) The Unani, Ayurvedic and Homeopathic Practitioners (Amendment) Bill, 2021

    (xxx) The Muslim Family Laws (Amendment) Bill, 2021

    (xxxi) The Muslim Family Laws (Second Amendment) Bill, 2021

    The above Bills have been passed by the Majlis-e-Shoora (Parliament) under clause (3) of Article 70 of the Constitution in joint sitting held on November 17, 2021.

    President Alvi orders State Life to pay death insurance
  • FBR issues new, revised tables of property valuation

    FBR issues new, revised tables of property valuation

    ISLAMABAD: The Federal Board of Revenue (FBR) announced on Wednesday, December 1, 2021, the updated valuation and revaluation of immovable properties in various cities across Pakistan. This move aims to align property values with current market trends, enhancing transparency and fairness in real estate transactions.

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  • Facebook launches flagship ‘Rise’ in Pakistan

    Facebook launches flagship ‘Rise’ in Pakistan

    KARACHI: Facebook on Wednesday launched its flagship skill development program ‘Rise’ in Pakistan to help advertising agencies and marketing professionals develop new and contemporary skills for professional success and fulfillment.

    Initially launched in Brazil in 2020, Rise has now grown to 18 countries across 4 continents to supplement global efforts for economic recovery following the COVID-19 pandemic by empowering and up-skilling the advertising communities across these markets.

    ‘Rise’ was launched in Pakistan in an online ceremony led by Jordi Fornies, Director for Emerging Markets at Meta (formerly Facebook), with representatives from Pakistan’s advertising community, industry leaders, Facebook’s Authorized Sales Partner (ASP), students and faculty of leading universities, bloggers, and influencers in attendance.

    Speaking at the launch, Reseller Partner Manager – Meta, Ali Khurshid Ahmed said, “Rise is created to help the advertising community in Pakistan to continue their journey of personal growth and professional development by developing new skills, hone old ones, or even completely pivot their careers.

    He said, Rise was designed to suit the needs of all levels of experience and the program is about celebrating the resilience of the members of the advertising community, besides providing them the spark to learn, grow and thrive in their personal as well as professional lives.”

    The program will span over 2 months, where the participants will have access to free online content and development sessions, including free Blueprint training and certifications under mentorship of Meta experts.  In addition, they will be able to develop necessary soft skills and have the opportunity to interact with successful entrepreneurs and industry leaders to receive inspiration and guidance for success.

    A number of leading universities, industry experts, bloggers and digital influencers have endorsed the program as a valuable opportunity for advertising and marketing industry professionals for career development.

    The program will especially benefit those who faced difficulties with regards to employment during the pandemic. Once skilled and motivated for success, they can re-enter the market with enhanced prospects for employability and career development.  Rise is equally beneficial for new entrants as well as the more experienced professionals who want to refresh their knowledge and skill to stay relevant in the market.

    Facebook changes name to Meta