Pkrevenue.com

Tag: Dr. Hafeez Shaikh

  • Hafeez Shaikh assures forex dealers of reducing foreign currency limit on travel abroad

    Hafeez Shaikh assures forex dealers of reducing foreign currency limit on travel abroad

    ISLAMABAD: Dr. Abdul Hafeez Shaikh, adviser to Prime Minister on Finance and Revenue on Tuesday assured foreign exchange dealers of reducing limit for carrying foreign currency on traveling abroad.

    Earlier, a delegation of foreign exchange companies informed the adviser that people traveling abroad were carrying around $6 million daily.

    The delegation of Foreign Exchange Dealers, led by the President of Forex Association of Pakistan, Malik Bostan, called on Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh, here today.

    The delegation suggested various measures aiming at improving foreign exchange of the country.

    In order to reduce the outflow of dollar, the delegation proposed that the foreign currency limit for people, who are travelling abroad, should be revised.

    The representatives of the association mentioned that smuggling of dollar to Afghanistan and Iran is a serious issue and the government agencies should take strict action against such elements who are involved in foreign currency smuggling.

    The delegation expressed concern over under invoicing by some importers and suggested that the custom authorities should take over the goods, by auctioning them, of the importers who are involved in under invoicing causing losses to national exchequer.

    The delegation also offered its support to improve foreign exchange of the country.

    The Adviser assured the delegation that their proposals would be considered positively.

    The meeting was attended by Secretary Finance, Naveed Kamran Baloch, Governor State Bank of Pakistan, Dr. Reza Baqir, senior officials of Ministry of Finance and representatives of foreign exchange dealers.

  • Important meeting on exchange rate situation to be held today

    Important meeting on exchange rate situation to be held today

    KARACHI: Dr. Abdul Hafeez Shaikh to chair an import meeting of a committee which will also be attended by members of exchange companies association today (Tuesday) to discuss the options for strengthening the local currency.

    Prime Minister Imran Khan had constituted the committee suggestions submitted by Exchange Companies Association of Pakistan (ECAP).

    The meeting will also be attended by officials of State Bank of Pakistan and other relevant authorities.

    Malik Bostan, Chairman, ECAP will lead a five – member team at the meeting.

    According to the ECAP chairman the association had submitted proposals for the strengthening the rupee value.

    Malik Bostan said that the proposals had focused on improving foreign exchange reserves of the country.

    He said that due to recent measures the local currency had strengthened by Rs3 against dollar during last few days.

    Malik Bostan urged people not to pay heed on the rumors about shortage of dollar. He said that the greenback would further weaken in coming days.

    He said that the exchange companies had given around $15 million to scheduled banks.

    He said that inflows were coming from overseas Pakistan on the occasion of Eid-ul-Fitr. “The overseas Pakistanis are sending around $3-4 million daily,” he said.

    Malik Bostan said that hopefully another $100 million would be given to scheduled bank by Eid-ul-Fitr.

  • Hafeez reviews proposals for budget 2019/2020

    Hafeez reviews proposals for budget 2019/2020

    ISLAMABAD: Dr. Abdul Hafeez Shaikh chaired a meeting on Sunday to review the proposals for budget 2019/2020.
    Shabbar Zaidi, Chairman, Federal Board of Revenue (FBR), gave a detailed presentation about the budget proposals for the upcoming budget.
    He proposed various steps to expand the tax base as well as increase revenue of the country.
    The adviser directed FBR to make tax collection process further easier and initiate measures to broadening the tax base.
    The meeting was also attended by the Adviser to PM on Commerce, Textile, Industry and Production and Investment, Abdul Razak Dawood, Minister of State for Revenue, Muhammad Hammad Azhar and other senior officials of Finance Ministry and FBR.

  • Federal budget 2019/2020 to be presented on June 11

    Federal budget 2019/2020 to be presented on June 11

    ISLAMABAD: Dr. Abdul Hafeez Shaikh, Advisor to Prime Minister on Finance, Revenue and Economic Affairs on Thursday said the federal budget 2019/2020 will be presented on June 11, 2019 in the National Assembly.

    Adviser to the Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh chaired a meeting to review the budget framework for the year 2019-20.

    He gave direction to concerned Wings of Finance Ministry to timely complete the budget process which will be presented in the National Assembly on June 11, 2019.

  • Hafeez Shaikh approves disaster support fund worth Rs17bn for stock exchange

    Hafeez Shaikh approves disaster support fund worth Rs17bn for stock exchange

    KARACHI: Dr. Abdul Hafeez Shaikh, Advisor to Prime Minister on Finance and Revenue on Friday met members of delegation of stock exchange and approved Rs17 billion amounting disaster support fund.

    According to sources a meeting between stock members delegation consisting of Arif Habib, Aqeel Karim Dhedhi, Basheer Jan Muhammad, and Sulaiman Mehdi with the advisor. The meeting was ended on a positive note today.

    Dr. Hafeez Shaikh approved initiation of “Disaster Support Fund” worth around Rs17 billion rupees which will be managed by NIT where MD NIT Adnan Afridi was called on immediate notice to discuss the execution of the fund.

    The advisor also committed to expedite the Buy Back regulation amendments to support and hold destabilizing stock prices.

    In regard to the current issue of Show Cause notices in relation to short selling, Finance Minister has requested SECP to expedite and clear the ambiguities between the authorities and brokers to bring investor class confidence in the market.

    Besides this, another development states that the same delegation is scheduled to meet Governor State Bank of Pakistan today to discuss and resolve issues in relation to Monetary Policy and Exchange rate affecting the stock market and the economy.

  • Pakistan approaches IMF on bad economic conditions: Dr. Hafeez Shaikh

    Pakistan approaches IMF on bad economic conditions: Dr. Hafeez Shaikh

    KARACHI: Pakistan has approached the IMF for a new loan program due to bad economic conditions of the country, Advisor to Prime Minister on Finance Dr. Hafeez Shaikh said on Thursday.

    Advisor to PM Dr. Hafeez Shaikh was addressing a press conference at Governor House, Sindh. Governor Sindh Imran Ismail and Chairman Federal Board of Revenue (FBR) Shabbar Zaidi was also at the press conference. A large number of businessmen were also at the event.

    He said that in order to strengthen the economic condition the government had planned sort-, medium- and long term programs.

    The advisor and the FBR chairman briefed about the IMF loan program and amnesty scheme.

    Imran Ismail said that the government wanted to resolve industries problem at their doorstep.

    In this regard Sindh Industrial Liaison Committees were formed to speed up the resolution process.

    On the occasion, FBR chairman said that the latest amnesty scheme was supported by the entire business community.

    He said that amnesty scheme would generate sizeable revenue which would bode well for the country’s economy.

  • Amnesty Scheme 2019 unveiled; 4pc tax for documenting hidden assets; applicable till June 30

    Amnesty Scheme 2019 unveiled; 4pc tax for documenting hidden assets; applicable till June 30

    ISLAMABAD: The federal government finally announced tax amnesty scheme 2019 for people having undisclosed assets to become part of documented economy. The scheme has been announced at four percent of tax to declared hidden assets other than immovable properties.

    The scheme is available for Pakistani citizens who have evaded taxes other than public office holders.

    The scheme will be applicable till June 30, 2019, Advisor to Prime Minister Finance, Dr Abdul Hafeez Shaikh said at a press conference while announcing the scheme after its formal approval by the federal cabinet on Tuesday.

    The advisor was accompanied by Special Assistant to the Prime Minister on Information and Broadcasting, Dr Firdous Ashiq Awan, State Minister for Revenues, Hammad Azhar and Federal Board of Revenue Chairman Syed Shabbar Zaidi.

    “Basic purpose of the scheme is not to generate revenue but to document economy and make the dead assets functional to promote economy,” Shaikh said.

    The advisor urged the business community to participate in this amnesty scheme to document their concealed assets.

    Inviting all such people who had their undeclared assets to take benefit from this scheme, the Advisor said this was the last chance as the government had already imposed the Benami Law under which all such benami properties would be confiscated by the government.

    He said efforts have been made to make the scheme easy in understanding as well as implementing.

    He said all assets were included in the scheme inside or outside Pakistan. All assets other than real estate, would have to pay four percent to get these legalized.

    In case of real estate, it would be evaluated at 1.5-time on existing FBR value, to bring it to market value he said.

    For Pakistanis living abroad, the advisor said that they can pay four percent to legalize their money subject to bringing cash or other kind into Pakistan.

    Otherwise they would have to pay 6 percent to legalize their assets, he added.

    Minister of State for Revenue Hammad Azhar said there was a lot of difference between the current and previous amnesty schemes as for the first time there was a condition for all asset declarer to become tax filer besides giving option to all such people to revise their balance sheet in their tax returns.

  • FBR directed to make proposed amnesty scheme more attractive

    FBR directed to make proposed amnesty scheme more attractive

    ISLAMABAD: Dr. Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance, Revenue, and Economic Affairs, directed the Federal Board of Revenue (FBR) to modify the proposed tax amnesty scheme to attract a maximum number of people.

    (more…)
  • Trade financing facility of $551 million signed for import oil, LNG

    Trade financing facility of $551 million signed for import oil, LNG

    ISLAMABAD: Dr. Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance, Revenue and Economic Affairs witnessed the signing a trade financing facility amounting to US$ 551 million with the International Islamic Trade Finance Corporation(ITFC), a subsidiary of Islamic Development Bank (IsDB) Group, for import of oil and LNG, a statement said on Monday.

    This facility will be utilized by Pakistan State Oil Company Limited, Pak Arab Refinery Limited (PARCO) and Pakistan LNG Limited (PLL).

    The Agreement was signed among the Economic Affairs Division and ITFC and the representatives of PSO, PARCO and Pakistan LNG Limited.

    The financing Agreement provides trade financing amounting to US $ 551 million for a period of one year for import of oil and LNG. ITFC has agreed to provide trade financing of US$ 1.3 billion during the year 2019 for import of oil and LNG by PSO, PARCO and Pakistan LNG Limited.

    It may be recalled that this facility is a part of Framework Agreement signed with ITFC in April 2018 for a total envelop of US$ 4.5 billion over for a period of three years (2018-2020).

    Signing of this financing facility will be helpful in financing oil and gas import bill of the country and easing of pressure on foreign exchange reserves of the country.

    This agreement also reflects confidence of international financial institutions in Pakistan’s economy and its future. Dr. Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance, Revenue & Economic Affairs thanked and appreciated ITFC support for Pakistan.

  • Hafeez Shaikh, Illangovan discuss World Bank funded projects

    Hafeez Shaikh, Illangovan discuss World Bank funded projects

    ISLAMABAD: Dr. Abdul Hafeez Shaikh, Adviser to Prime Minister on Finance, Revenue and Economic Affairs and the World Bank Country Director Patchamuthu Illangovan met on Monday to discuss ongoing projects funded by the World Bank.

    Patchamuthu Illangovan was called on the Adviser to PM on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh. They discussed the ongoing projects being supported by the World Bank, a statement said.

    The adviser emphasized the need to expedite the finalization of the new financing in the pipeline before the end of FY 2019.

    He assured the Country Director that all approvals will be expedited to ensure timely disbursement.

    It was also agreed that Chief Executive Officer, World Bank, Kristalina Georgieva, would meet the Prime Minister of Pakistan in China during his visit later this month there.