Author Archives: Faisal

SECP files criminal case against former executive of leading bank for insider trading

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ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has filed a criminal case against a former senior banker of a leading bank in the country.

FBR assigns jurisdictions for cases of automatic exchange of information

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ISLAMABAD: The chief commissioners of six tax offices have been assigned jurisdiction over automatic exchange of information and perform all administrative functions and coordination with Federal Board of Revenue (FBR).

FBR issues list of locally manufactured goods where exemption, concessions not to be allowed

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ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued a list of locally manufactured items on which exemption or concessions will not be allowed at import stage.

Tax officers making efforts to achieve revenue target: Dr. Irshad

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ISLAMABAD: Dr. Muhammad Irshad, Chairman, Federal Board of Revenue (FBR) has said that the revenue body is making efforts with full vigor to achieve revenue collection target of Rs3621 billion for current fiscal year.

Inland Revenue offices to remain open on April 29 for revenue collection

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ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday directed all field offices of Inland Revenue to observe Saturday, April 29, 2017 as normal working day for collection of duty and taxes.

FBR allows income tax exemption to foreign banks

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ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday allowed income tax exemption on profit gained by foreign financial institutions against lending to the government of Pakistan.

Pakistan Development Fund to be launched soon to channelize remittances: Dar

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ISLAMABAD: Finance Minister Senator Mohammad Ishaq Dar has said that the government would soon be launching Pakistan Development Funds.

SECP directs companies to provide source of funds amounting Rs5 million and above

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ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has asked all the registered companies to provide source of funding amounting Rs5 million or above received during a financial year.

Pakistan, Bulgaria sign avoidance of double taxation treaty

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ISLAMABAD: Pakistan and Bulgaria on Wednesday signed an agreement for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income after the conclusion of second round of negotiations.

SECP approves listing of wheat futures contracts on PMEX

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ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has approved listing of wheat futures contracts on Pakistan Mercantile Exchange Limited (PMEX) in an endeavor to augment the portfolio of agricultural commodities in domestic futures market.
Wheat futures contract is a pilot project, which will be carried out in district Sheikhupura, Muridke and adjoining areas, said a statement on Tuesday.
The prominent stakeholders such as Pakistan Agricultural Coalition, Agriculture Department, Government of the Punjab, have also been involved in the consultation process for launch of this product to ensure its acceptability by the market participants. PMEX is a technology driven, electronic, transparent and regulated market and it will provide participants a great alternative to the traditional trading market that is burdened with middlemen and profiteers.
The salient features of the PMEX wheat futures contracts include compulsory delivery, swift payment to seller/farmers, quality certification of wheat and availability of multiple grades of wheat for trading.
The participation of investors at a national level market of PMEX will result in better price discovery and benefit the growers by fetching better price for their produce. The PMEX wheat futures contract has been modelled in such a way that it will provide the processors an opportunity to procure good quality wheat.
The addition of wheat futures contract will strengthen the agricultural product portfolio of PMEX that earlier included paddy rice and red chilli futures contracts.
This approval is a step towards developing an international level agri-product financing and trading ecosystem. The SECP has already approved collateral management framework in consultation with State Bank of Pakistan, Pakistan Banks Association, provincial governments and farmers’ associations; notification for this has been approved by the federal cabinet and is in the process of issuance.
Under the framework a collateral management company would be established for overseeing agri-commodity warehouses, Central Depository Company of Pakistan Limited and banks have shown interest in investing in the collateral management company, which is a critical component for putting in place electronic warehousing receipts. Here it is pertinent to highlight that issuance and trading of electronic warehousing receipts is one of the main goals of national financial inclusion strategy.