Important Business News 8th November, 2019


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Actionable bank account information

UAE not giving access: FBR chief

The government said on Thursday that it is facing difficulty in getting access to actionable bank account information of Pakistani tax residents allegedly hiding behind Iqama (work permit).


1 Business Recorder

Aftermath of IMF programme:

Some recommendations

After a decade of economic mis-management and mis-governance by successive governments, Pakistan’s economy has landed in dire straits. By June 2018, Pakistan faced a serious balance of payments challenge with current account deficit reaching an all-time high at almost $20 billion or 6.3 percent of GDP. Budget deficit also remained at elevated level of 6.6 percent of GDP.


1 Business Recorder


Investment in aviation sector

Govt decides to assess Qatari intent
The government has decided to approach the Qatari government to assess the latter’s intent to invest in Pakistani’s aviation sector and other areas as discussed during a meeting between Prime Minister Imran Khan and the Emir of Qatar, well-informed sources told Business Recorder.


1 Business Recorder

Inclusion in CPEC list

Azad Pattan hydropower project approved by JWG
The China-Pakistan Economic Corridor (CPEC) Joint Working Group (JWG) has approved 700MW Azad Pattan hydropower project for inclusion in the CPEC list.
This will assist to reach early financial close, start construction next year and also arrange the project’s financing in RMB – Chinese currency. The project will also be able to avail other facilities available to CPEC projects which will expedite the project and bring down the tariff, it was reported.


1 Business Recorder

Telecom imports surges to $375.221m in July-Sept

Pakistan’s telecom imports surged to $375.221 million in July-Sept 2019, which are higher by 14.21 percent, official figures say.
Increase in telecom imports now stands at $46.68 million in July-Sept 2019 from $328.541 million in July-Sept 2018, Pakistan Bureau of Statistics shows.


3 Business Recorder

Move to turn FBR into PRA

IRS officers express Reservations
Inland Revenue Service Officers Association (IRSOA) Sindh chapter Thursday expressed reservations over the reforms process that will be turning Federal Board of Revenue (FBR) into Pakistan Revenue Authority (PRA).


15 Business Recorder

There’s no decision of CCI regarding GIDC levy, SC notes

The Supreme Court Thursday noted there was no decision of the Council of Common Interests (CCI) regarding Gas Infrastructure Development Cess (GIDC).
During the proceeding, Makhdoom Ali Khan, a senior lawyer who represented CNG stations, informed the court that GIDC issue was never laid before the CCI.


15 Business Recorder

PM vows to utilise dead public assets for welfare of masses

Prime Minister Imran Khan Thursday said the government was firm on its policy of utilising the dead public assets for the welfare and betterment of masses and using their income for boosting the pace of economic development and creating job opportunities.


15 Business Recorder

Money laundering, terror financing

SBP helps MFBs strengthen internal controls, NA panel told
The State Bank of Pakistan (SBP) has provided active guidance to Microfinance Banks (MFBs) to further strengthen their internal controls and deterrence towards money laundering, terrorist financing and other related unlawful activities.


15 Business Recorder

Four major sectors

Track, trace system to be functional this fiscal year: Shabbar
Federal Board of Revenue (FBR) Chairman Shabbar Zaidi Thursday said the FBR will implement fully automated ‘Track and Trace’ system for four major sectors, i.e., aerated beverages, sugar, cement and fertilizer during 2019-20.


11. No relaxation, no waivers as IMF concludes review

Concluding the first quarterly review on a successful note, the International Monetary Fund (IMF) has asked the government to definitely achieve the revenue target, keep a cap on issuing new guarantees and put into effective implementation the circular debt reduction strategy.


10 Dawn
12. Rules changed to expedite PSDP releases

The government on Thursday announced to have “shortened budget release process” to speed up execution of development projects and schemes.


10 Dawn
13. FTO censures tax body over failure to audit cigarette manufacturers

Federal Tax Ombudsman (FTO) has found that tax department is not realizing full potential of federal excise duty and general sales tax from majority of cigarette manufacturers by either failing to conduct proper audit or ensuring account of production of these units.


10 Dawn
14. ECC to decide on LNG plants fuel off take commitments

The government has called an urgent meeting of the Economic Coordination Committee (ECC) of the Cabinet on a single-point agenda to remove the condition of 66 per cent compulsory utilisation of Liquefied Natural Gas (LNG) by two mega power projects for facilitate their privatization as required under the International Monetary Fund programme.


10 Dawn
15. ‘Global debt surges t record high $188tr’

The global debt load has surged to a new all-time record equivalent to more than double the world’s economic output, IMF chief Kristalina Georgieva warned on Thursday.

While private sector borrowing accounts for the vast majority of the total, the rise puts governments and individuals at risk if the economy slows, she said.


10 Dawn
16. Post-harvest crop losses cost Pakistan over $1bn yearly: ADB

Pakistan could save about $1.13 billion annually by reducing up to 75 per cent of the current post-harvest losses, according to estimates mentioned in a paper on agricultural wholesale markets in Pakistan, released by the Asian Development Bank.




17. FBR reforms

PERHAPS one can understand why the officers of the FBR have been so taken aback by the news that the government is planning deep-rooted reform at the institution, but it is difficult to empathies with their reaction. The prime minister had announced in his first public address that FBR reform was on top of his list of priorities, and the appointment of Shabbar Zaidi from the private sector was the second indication that tax policy and administration were both in the spotlight for the PTI government.


8 Business



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