Govt to set up Tax Policy Unit
Body will highlight revenue leakages, suggest measures to boost tax collection
Shaikh directed FBR to expedite process of income tax refunds of less than Rs50 million (each recipient) to uphold commit-ment of the government to facilitate taxpayers. PHOTO: NNI
The PTI government has approved the establishment of an independent Tax Policy Unit (TPU) with the objective of improving taxation governance, as it would point out revenue leakages in the system, recommend rationalising rate of taxes and suggest measures to mobilise higher revenue in tax collections.
The creation of TPU would partially withdraw the powers of policy making for taxation from the Federal Board of Revenue (FBR), but improve its function to collect revenue in taxes in the country.
Business
February 9, 2021
ISLAMABAD: The government has decided to pay outstanding amount of Rs403 billion to 46 independent power producers (IPPs) and Rs161 billion will be released instantly, sources said on Monday.
The sources said the payment of Rs403 billion will be made in two instalments. First instalment will be 40 percent of the payable and will be paid one-third each in five-year sukuk and 10-year Pakistan Investment Bonds, while remaining 60 percent will be cleared within six months of the first instalment via the similar means.
Release of the payments will help ease pressure on companies and reduce circular debt. The Economic Coordination Committee (ECC) of the cabinet took the decision during a meeting chaired by Minister for Finance and Revenue Hafeez Shaikh.
ECC nods new gas supply accord between SSGC, FFBL
Business
February 4, 2021
ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Wednesday approved the renewal of an agreement between Sui Southern Gas Company (SSGC) and Fauji Fertilizer Bin Qasim (FFBL), which will lead to restoration of gas supply to the fertiliser maker. The petroleum division placed a summary before the ECC regarding renewal of gas supply agreement between SSGC and FFBL.
After a detailed discussion, the ECC approved with a condition that renewal would be allowed on as and when available basis for a period of five years.
âSSGC may restore the gas supplies to Fauji Fertilizer till December 2021 or until a uniform rate for the whole fertiliser sector is formulated after rationalisation of tariffs (whichever is earlier),â a statement said after a ECC meeting presided over by Minister for Finance and Revenue Hafeez Shaikh
PTV delisted from privatisation list
Business
January 21, 2021
ISLAMABAD: The cabinet committee on state-owned enterprises on Wednesday decided to delist the Pakistan Television Corporation from the list of state-owned enterprises categorised for privatisation.
The decision was taken on the request of the ministry of information and broadcasting during a committee’s meeting presided over by the Minister for Finance and Revenue Hafeez Shaikh. Secretary information briefed the forum that Pakistan Television Corporation is undergoing massive restructuring to make it a financially viable, professionally efficient and technically sound state-owned enterprise to amplify national narrative and formulate favourable public opinion. Minister for Privatization Mian Soomro, Adviser to Prime Minister on Institutional Reforms and Austerity Ishrat Hussain along with the senior officials from the ministry of finance and ministry of privatization participated in the meeting.
Ministers warned: Own govt decisions or resign, says PM Imran Khan
ISLAMABAD: Prime Minister Imran Khan on Tuesday said that ministers should show some ownership towards the decisions of the government and if they disagree, they may resign from their posts .
The premier was speaking during a meeting of the federal cabinet, Geo News reported. According to sources, during the meeting, Adviser on Institutional Reforms and Austerity Ishrat Hussain briefed the members of the meeting about the situation of state institutions.
Imran Khan lamented that even after two and a half years, no reforms could be introduced in the state institutions and the system of governance could not be improved either. He said there is no room for error, and attention must be paid to resolving peopleâs problems. Sources added that the prime minister summoned a report on the performance of the Ministry of Law for judicial reforms.