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ISLAMABAD: The government has extended the date for tax amnesty scheme for three days on the same day when IMF board meeting to be held to discuss and approve Pakistan loan program.
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ISLAMABAD: The ministry of commerce has put mandatory requirement of 66 percent shelf life on imported edible items in order to discourage not fit items and save huge foreign exchange.
The ministry of commerce issued SRO 659(I)/2019 dated June 27, 2019 to amend Import Policy Order 2016 and enhanced the condition of shelf life for imported edible items from 50 percent to 66 percent or 2/3rd of the shelf life.
The condition will be applicable from July 01, 2019.
Through the latest notification the ministry of commerce made amendment to Appendix – B of the Import Policy Order, 2016.
As per import policy all the edible products are importable in Pakistan with certain conditions. At present the following conditions are applicable:
i. It must be fit for human consumption;
ii. The products shall be free of any Haram elements or ingredients;
iii. Edible products shall have at least 50 percent of the shelf life, calculated from the date of filing of Import General Manifest (IGM).
iv. Where condition at (i) above are not permitted on the packing, certificate issued by the manufacturers or principals in respect of these conditions shall be accepted by Customs Authorities.
v. That, in case of meat, it was obtained from Halal animals and slaughtered in accordance with the Islamic inductions;
vi. Import of edible oil in bulk quantity shall be on landed weight and quality basis.
KARACHI: The liquid foreign exchange reserves of Pakistan fell by $288 million to $14.351 billion by week ended June 21 as against $14.639 billion a week ago, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves held by the central bank were depleted by $322 million to $7.282 billion as compared with $7.604 billion a week ago.
The SBP said that its official reserves were declined due to external debt servicing and other official payments.
The foreign exchange reserves held by commercial banks witnessed increase of $35 million to $7.069 billion from previous week’s level of $7.034 billion.
ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) on Wednesday extended tax incentives to shipping industry for next 10 years.
(more…)KARACHI: The foreign exchange reserves of the country have declined by $188 million to $14.639 billion by week ended June 14, 2019 as compared with $14.826 billion by June 03, 2019, State Bank of Pakistan (SBP) said on Thursday.
The official reserves of the central bank declined by $203 million to $7.604 billion by week ended June 14, 2019 as compared with $7.807 billion as of June 03, 2019.
The SBP said that the official reserves had been declined due to external debt servicing and other official payments.
The foreign exchange reserves held by commercial banks increased by $15 million to $7.034 billion as compared with previous level of $7.02 billion.
KARACHI: The current account deficit narrowed by 29 percent during first eleven months owing to shrinking trade deficit and improved foreign remittances.
The State Bank of Pakistan (SBP) released Balance of Payment (BoP) statistics on Wednesday, which showed the current account deficit shrank to $12.678 billion during July – May 2018/2019 as compared with the deficit of $17.926 billion in the corresponding period of the last fiscal year.
The trade deficit reduced by 13.62 percent to $29.20 billion during first eleven months of current fiscal year as compared with the deficit of $33.81 billion in the same months of the last fiscal year.
The import bill for the period fell by 8.47 percent to $50.47 billion as against $55.142 billion in July – May 2017/2018. The exports, however, are remained flat at $21.26 billion as against $21.33 billion.
Meanwhile, the inflows of remittances sent home by overseas Pakistanis grew by 10.42 percent to $20.19 billion during July – May 2018/2018 as compared with $18.28 billion in the corresponding period of the last fiscal year.
ISLAMABAD: The trade deficit has narrowed by 13.62 percent in first eleven months owing to measures taken by the government to increase the cost of imported luxury and non-essential goods.
According to trade data released by Pakistan Bureau of Statistics (PBS) on Tuesday, the trade deficit reduced to $29.2 billion during July – May 2018/2019 as compared with the deficit of $33.81 billion in the corresponding period of the last fiscal year.
Primary reason for shrinking trade deficit is reduction in import bill. The total imports fell by 8.47 percent to $50.47 billion during first eleven months of current fiscal year as compared with $55.14 billion in the same period of the last fiscal year.
The government during the last couple of years has taken measures to discourage import of luxury and non-essential goods by imposing regulatory duty.
However, exports were remained flat at $21.26 billion during July – May 2018/2019 as compared with $21.33 billion in the corresponding period of the last fiscal year.
It is pertinent to mention here that the government had also extended many facilitations to jack up the exports but despite enjoying relaxations on many heads the Pakistani exporters failed to capture world market.
ISLAMABAD: Cabinet Committee on Privatization (CCoP) on Monday directed Ministry of Industries and Production and Privatization Commission to present proposals for the privatization of Pakistan Steel Mills.
Adviser to the Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh, chaired meeting of CCoP.
The committee discussed the privatization of Pakistan Steel Mills.
While presenting the report of the task force on energy reform, the Ministry of Energy briefed the Committee about the challenges being faced by the DISCOs.
Various measures recommended by the task force for improving the performance of energy sector with a focus on reduction of losses and enhancing the efficiency of DISCOs were discussed during the meeting.
The Committee directed the Ministry of Energy to submit proposals aimed at accelerating closure of those GENCOs that have outlived their recommended life and are running into losses. Issue of delisting of House Building Finance Corporation Ltd (HBFC) from the privatization list was also recommended to be presented in the next meeting.
The Meeting was attended by the Federal Minister for Privatization, Muhammad Mian Soomro, Adviser on Commerce, Textile, Industry and Production and Investment, Abdul Razak Dawood, various Federal Secretaries and senior officials of the government of Pakistan.
KARACHI: The total foreign exchange reserves of the country have slipped by $63 million to $14.827 billion by week ended June 03, 2019 as compared with $14.89 billion as on May 31, 2019, State Bank of Pakistan (SBP) said on Thursday.
The official foreign exchange reserves of the SBP reduced by $55 million to $7.807 billion by week ended June 03, 2019 as compared with $7.862 billion on May 31, 2019.
The central bank said that its reserves were declined due to payments on account of external debt servicing.
The reserves held by commercial banks also fell by $8 million to $7.019 billion from $7.027 billion.
ISLAMABAD: Prime Minister Imran Khan on Tuesday constituted a commission to probe the unprecedented borrowing of Rs 24 trillion during past ten years and to set an example for those who looted the country.
In a nationwide televised address, hours after the announcement of the national budget Prime Minister Imran Khan said, “Pakistan today was economically stable … I will now go after all of them [the leaders of PPP and PML-N] and take them to task for ruthlessly plundering the national wealth.”
“I will make them answerable. I will investigate, and I will not spare them even if it is a threat to my life,” Imran said, after the national budget in which the government withdrew subsidies on many sectors and taxed almost all the sectors.
The commission will comprise of officials from Federal Investigation Agency (FIA), Intelligence Bureau (IB), ISI, Federal Board of Revenue and Securities and Exchange Commission of Pakistan (SEC).
The prime minister said that his PTI led government had present maiden budget and it would reflect the manifesto of the party.
Talking about the latest arrests of political leaders, he said that no one ever think about these stalwarts behind the bars.
He said that today the judiciary and National Accountability Bureau (NAB) are independent. He said that cases against PML-N leaders were not instituted by his government. “Yet they blame me for their arrests,” he added.