Business

SIFC approves FBR overhaul, subsidy phase-out

Published

11 months ago

Farwa

Special committee formed on FBR restructuring.
PRAL restructuring with Nadra also gets a green light.
CMs asked to launch crackdown against fertilizer hoarding.

ISLAMABAD: The Special Investment Facilitation Council (SIFC) jointly run by the civilian and military top brass has approved a plan for the FBR, PRAL restructuring with the Nadra and the introduction of a simplified scheme for retailers within a 15-day period.

The SIFC’s Apex Committee also considered a proposal of the Finance Division and granted its assent that the federal government may stop subsidy on fertilizer, agriculture tube-wells and expenditure on provincial public sector universities from the next financial year (FY) 2024-25. The committee met under the chairmanship of Prime Minister Anwaarul Haq Kakar recently and top official sources disclosed that Minister of Finance Dr Shamshad Akhtar proposed a new governance structure for the FBR to establish separate Federal Board of Customs and Federal Board of Inland Revenue and appointment of DGs from respective cadres as their heads.

It has been decided that the separate Oversight Boards for Customs and Inland Revenue Administrations to be chaired by independent high-caliber professionals and members of the board will include public and private sector representation which will be nominated based on proper criteria and right expertise and integrity.

The focus of reforms will be on strengthening governance with accountability through oversight boards. The reconstitution of the Federal Policy Board under the minister for Finance with the secretary Revenue Division will report to the Federal Policy Board with a new policy mandate. The Tax Policy Office will be constituted with HR having right expertise including taxation and industry professionals under the Federal Policy Board which will look after harmonization of assets valuation modalities and legal and regulatory framework of taxation regimes and promote revenue and policy coordination. The proposed reforms will be implemented within existing allocation of resources of the FBR. The Governor SBP advised that the audit function of the FBC and the FBIR would be placed under the Tax Policy Unit (TPU) for ensuring independence.

The Apex Committee in principle approved the proposed implementation of the plan for restructuring the FBR, constituting a special committee led by the Finance minister and including the cabinet secretary, Establishment, the secretary Finance, Law, Revenue and the secretary/chairman FBR which would conduct inter-ministerial consultation as required by the Rules of Business and a summary to the cabinet will be moved within two weeks for approval.

The PRAL restructuring with the Nadra also got a green light to conduct PRAL restructuring and rightsizing with focus on technical HR, Broadening to Tax Base (BTB), IT integration and transformation including data analysts and Artificial Intelligence for BTB and developing of Mathematical Models. The reorganization of the IT Wing will also be done.

Chief of Army Staff Gen Asim Munir has asked the chief ministers and chief secretaries of all provinces to initiate a nationwide crackdown and take strict action against those individuals engaged in hoarding of fertilizers (urea) to sell it at a higher rate to farmers, unethically expanding the dealer margins. He said fertilizer wholesalers and retailers must ensure transparency of operations for facilitating farmers across the country.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

23 hours ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.