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Finance Ministry clarifies State Bank Amendment Act 2021

ISLAMABAD: The Ministry of Finance has clarified media reports related to the recently introduced draft State Bank Amendment Act 2021, saying that it is a misconception that SBP will be empowered unabatedly through the proposed act to share financial or non-financial private information with any entity, particularly outside the country. A statement issued by the ministry stated that for the ... Read More »

Finance Ministry to hike import duty 7.5% on aluminium

NEW DELHI: To protect domestic industry from cheaper metal imports from countries like China, the Mines Ministry has asked the Finance Ministry to hike import duty on aluminium to 7.5 per cent. The import duty on aluminium is 5 per cent, at present. “The Mines Ministry has written to the Finance Ministry to hike the import duty on aluminium to ... Read More »

Russia gives $119.91m loan to Belarus

MOSCOW: Belarus has received a loan worth 6.2 billion Russian rubles ($119.91 million) from Russia, the country’s Finance Ministry said on Thursday. The loan is for 10 years. Belarus must repay around $4 billion in foreign debt this year. As of April 1, Belarus’s foreign debt stood at $12.3 billion, according to the Finance Ministry. Read More »

Thai finance ministry clutches flipside land, house tax bill 

BANGKOK:  The finance ministry has clutched back its much criticised land and house taxes bill for more inquiries. Earlier the bill was scheduled to finalise this month the bill to be submitted to the cabinet for consideration. However the bill was held back after the ministry notified the legal affairs divisions of other relevant ministries, Interior and Justice, that it ... Read More »

Finance Ministry to fulfill requirements of Fiscal Responsibility and Debt Limitation Act 2005

ISLAMABAD: The Finance Ministry has taken numerous measures to comply with all the requirements stipulated in the Fiscal Responsibility and Debt Limitation Act 2005. The term fiscal responsibility in financial dictionary is defined as “A balanced budget”. That is a budget wherein expenditures during a given period of time are equal to revenues. The fiscal responsibility also includes a budget ... Read More »

Finance Ministry denies receiving complaints about inbuilt technical flaws in e-filing System

ISLAMABAD: Despite a lot of hue and cry over the ‘inbuilt technical flaws’ in the e-filing System under Integrated Risk Information System (IRIS) of the Federal Board of Revenue (FBR), the Finance Ministry firmly declares that it has not received any complaint against the system from stakeholders. “No shortcomings have yet been pointed out in the system from the stakeholders, ... Read More »

Pakistan to spend Rs 12.5 billion on Millennium Development Goals in current fiscal year

ISLAMABAD: The Finance Ministry has decided to spend Rs 12.5 billion on Pakistan Millennium Development Goals (Pak-MDGs) and Community Development Programs in the current fiscal year. “The implementation of the program will take place across the country including backward areas in consultation with and demand of the community” a well placed source at Finance Ministry told Customs Today,  adding that ... Read More »

Finance Ministry presents rosy picture of national economy

ISLAMABAD:  The Finance Ministry, Tuesday, presented such a glowing picture of the national economy before the National Assembly Standing Committee on Finance that the committee not only declared the performance of ministry as satisfactory, but also deferred deliberations on other agenda items till next meeting. Additional Secretary Finance Ministry Azra Mujtaba apprised the committee that both the Finance Minister Ishaq ... Read More »

Finance Ministry fails in hiring financial adviser for PSM

ISLAMABAD: The Finance Ministry has failed in hiring financial adviser to seek a strategic partnership for Pakistan Steel Mills (PSM) despite passage of six months of the decision. “The Privatisation Commission (PC) took the decision in this regard on July 22 last year. However the process of hiring of financial advisor seeking a strategic partnership for PSM is still in ... Read More »

Pakistan Steels Mills awaits appointment of financial adviser despite incurring heavy losses

ISLAMABAD: The Finance Ministry has failed in hiring of financial adviser to seek a strategic partnership for Pakistan Steel Mills (PSM) despite passage of six months of the decision. The Privatization Commission (PC) took the decision in this regard on July 22 last year; however the process of hiring the financial advisor seeking a strategic partnership for PSM is still ... Read More »

Korea consents to allow more tax relief by introducing retroactive laws

KOREA: Korean Finance Ministry and Saenuri Party have agreed  to revise tax laws to expand tax rebates for multiple-child and sigle-parent households and are to introduce new tax credits to encourage childbirth. The government will also raise tax credit rates for pension investments. The changes will apply retroactively, officials said. “There are problems in the tax refund process under the ... Read More »

APTMA: Charging of 5.5pc withholding tax on import of cotton unwarranted

LAHORE: All Pakistan Textile Mills Association Chairman SM Tanveer has expressed concern over charging of 5.5 percent withholding tax on import of cotton instead of one percent on manufactures under Section 148 of the Income Tax Ordinance. The Federal Board of Revenue had clarified vide order No. C.No. 1(7)WHT/2006 dated 1.1.2015 that for the beneficiaries of SRO1125(I)2011 dated 31.12.2011 tax ... Read More »

KSE 100-index adds another 251pts, up 0.77% to end week on bouyant note

KARACHI: The Karachi Stock Exchange benchmark 100-index gained 251.26 points or 0.77 percent to reach 32731.61 points and volume of 235,201,230 shares on Friday. Fueled by bull-run, Karachi Stock Exchange continued to cheer up as benchmark 100-index gained another 179.54 points or 0.55 percent to reach all-time-high of 32659.89 points, rekindling hope for 33,000 thresholds in midday trading. There prevails ... Read More »

Plugging Rs70b gap: GST on POL raised by 5pc to 22pc; govt to collect Rs45b

ISLAMABAD: In a bid to offset the revenue shortfall, the General Sales Tax (GST) on petroleum products has been increased General Sales Tax (GST) by 5 percent to 22 percent from the existing 17 percent. This move will enable the government to collect additional Rs19 billion due to increase in GST and Rs10 billion on account of the existing petroleum ... Read More »

Tuesday December 16 – Monday December 22, 2014

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Agri loans soar to Rs290.35b from Rs257b: Govt sets Rs500b target for FY14-15

KARACHI: The agriculture loans have soared up from Rs257.09 billion to Rs290.35 billion at the end of fiscal year 2013 in June, the National Assembly’s Standing Committee on Finance was informed in a meeting. Sources said that the government had set the target of Rs500 billion for 2014-15 which is 54 percent of the agri credit needs for the FY ... Read More »

Experts describe State Bank FY14 report as contradictory

KARACHI: Leading economists and experts termed the annual report of the State Bank of Pakistan for Fiscal Year 2014, contradictory and an effort to defend the stance of the Finance Ministry on macroeconomic developments in FY14. The report called FY14 a better year for the economy and asserted that tangible improvement was witnessed in the national economy. The report said ... Read More »

131m shares each at Rs110: Zubair lauds investors for overwhelming interest in ABL’s divestment

ISLAMABAD: The Cabinet Committee on Privatization (CCOP) unanimously approved strike price of Rs. 110/- per share for divestment of government’s residual shares in Allied Bank Ltd. (ABL). According to the press release issued by Finance Ministry, during the meeting of privatization board, held on December 11, under the chair of Finance Minister, Ishaq Dar, recommended the ‘Strike Price of Rs.110/- ... Read More »

Closing: KSE plunges 138pts, down 0.43% on PTI’s Faisalabad shutdown call

KARACHI: The Karachi Stock Exchange benchmark KSE 100-index lost 138.45  points or 0.43 percent to reach 32010.33 points and volume of 120,382,620 shares on Monday. The market started the new trading week on a positive noted and appeared confident, adding another 24 points to the weekend closing of 32151 points to reach 32175points. However, later stocks crashed due to panic ... Read More »

Closing: KSE-100 adds strong gains of 218.20pts, up 0.68% to towards 32,000pts

KARACHI: The Karachi Stock Exchange benchmark KSE 100-index gained 218.20 points or 0.68 percent to reach 32090.93 points and volume of 270,543,210 shares on Thursday. The market opened on a positive note and kept crawled up to close the gap to its all-time high 32,000-level and never looked behind, setting eyes on new highs. Bull-run kept the Karachi Stock Exchange ... Read More »