ISLAMABAD, Apr 5 (APP):The National Assembly’s Standing Committee on Finance, Revenue and Economic Affairs Thursday continued its discussions on “An Eradication of Riba Bill, 2015” moved by Sher Akbar aiming at eliminating interest based system in the country.
The committee, Chaired by Qaiser Ahmad Sheikh, was informed by Sher Akbar that there was no room for interest based system in Pakistan, so this should be abolished in accordance with the constitution of the country.
However, State Minister for Finance, Rana Muhammad Afzal Khan informed the committee that the system could not be abolished in one go as the country had to deal with many institutions, including international financial institutions, which worked on interest system.
He said that the ratio of interest could be reduced gradually.
The committee also recommended concession in the interest rate on agriculture loans provided to farmers.
The committee chairman recommended that it should be reduced to single digit.
NA body discusses “Riba” bill
ICAP proposes budgetary measures to promote growth
ISLAMABAD, Apr 5 (APP):The Institute of Chartered Accountants of Pakistan (ICAP) Thursday proposed the government a number of taxation measures to make the upcoming budget for the fiscal year 2018-19 growth and development oriented.
“It is taxation which has to be conform itself with the business and not business with taxation,” said Chairman Committee on Fiscal Laws and Member ICAP, Ashfaq Tola while, addressing a press conference here.
He recommended that policy decisions were required to broaden the tax bases to enhance resources, besides plugging tax leakages. He said that all the sectors of economy must be brought within the tax-net, irrespective of the source of earning.
He was of the view that the low tax-to-GDP ratio in Pakistan was main impediment in the economic development, which has compelled the government to take short-term tax measures, adding that the share of agriculture sector to GDP was 19.5 percent while its tax share was mere 1 percent.
Similarly, the share of manufacturing sector to GDP was 13.5 percent while its share in taxes was 5.8 percent. Similarly, the retail and sales tax sector which contributes 18.5 percent to GDP had only 1 percent share in taxes while the Services sector was contributing 59.6 percent to GDP and its share in taxes was 37 percent.
Tola, however lauded the government for introducing many reforms for broadening the taxbase during the past years, however added that much more was needed to be done.
Talking about the tax harmonization of Sales Tax on Services, Tola said that a uniform service tax law should be agreed upon by all the provinces and the federal government for implementation in their respective jurisdictions by respective tax authorities.
He also highlighted the importance of institutional rebuilding of tax administration to strengthen the independent policy-making role of Federal Board of Revenue (FBR), modernizing the tax system and formulating independent, fair and transparent tax policies.
He informed the media persons that ICAP had set up 6 committees to prepare budget proposals of different sectors, adding that the book that contains all these proposals have also been given to Prime Minister, Advisor to Prime Minister on Finance and Advisor to Prime Minister on Revenues for consideration.
He said that ICAP had set up a committee to sit with FBR from April 12 to 15 and deliberate on these proposals for incorporation in the federal budget.
He said that the proposals were made to facilitate taxpayers, saying that these represent wishes of people.
He also highlighted the importance of enhancing the budget for education up to 5-6 percent of GDP to promote quality education in the country.
Pakistan manages 1-1 draw against Wales
LAHORE, Apr 05 (APP):Pakistan hockey team hardly managed a 1-1 draw against little known Wales in the hockey event of the Commonwealth Games on Thursday in Australia as Pakistan hockey continued its downward journey at international level.
In another dooms day story, the former world champions, now a pale shadow of their glittering past, were given a big shock when Wales notched up the lead in the third quarter of the play before a goalless half time, said the information made available here.
Pakistan is struggling at international level which is evident from their drawn games against country like Oman and defeats at the hand of Japan.
Wales receivied a goal from Rupert Shipperly to give a big scare to the greens shirts. Mubashar Ali converted a penalty corner into a goal to lift Pakistan from the jaws of defeat and poured water on the dreams of the opponents to create hockey history of defeating a former giant of the game.
Pakistan will take on arch rivals India April 7 in their second match.
Ambassador of Kyrgyzstan visits SCCI
SIALKOT, April 5 (APP)::Ambassador of Kyrgyzstan in Pakistan Erik Beishembiev on Thursday visited the Sialkot Chamber of Commerce and Industry (SCCI) and discussed efforts to ehance bilateral trade between the both countries.
SCCI President Zahid Latif Malik accorded warm welcome to the visiting dignitaries and lauded efforts to enhance bilateral trade and investment.
He said the trade could be conveniently enhanced by facilitating frequent interactions of private sectors through single country exhibitions, exchange of delegations and one-to-one meetings of businessmen from both sides.
Zahid Malik emphasized exporters to explore and capture the international markets by exporting their world-class traditional and non-traditional export products.
On this occasion, the ambassador stressed the need for making mutual efforts to further boost the bilateral trade ties between Pakistan and Kyrgyzstan.
He invited the exporters to diversify their product line mentioning that most innovative goods were produced in Sialkot.
Erik Beishembiev assured of making all out efforts from Kyrgyzstan to increase the mutual trade volume between Kyrgyzstan and Pakistan as well.
The ambassador invited the exporters to divert their business activities to Kyrgyzstan, saying that the exporters were much aware of international quality standards and they also had great potential to explore and capture the international markets of Kyrgyzstan and Central Asia states through Kyrgyzstan as well by exporting their diversified traditional and non-traditional export products.
He said Sialkot-made export products, including sports goods,surgical instruments, martial arts uniforms and rice, were much popular in Kyrgyzstan.
The ambassador said that Kyrgyzstan was keen to boost mutual trade ties with Pakistan by facilitating joint ventures and identifying potential areas of collaboration.
Later, the ambassador also visited several leading industrial units in the city and showed keen interest in
manufacturing and production processes of sports goods and surgical instruments.
Mayor UK city Slough visits OPC
LAHORE, Apr 05 (APP):A delegation headed by Mayor of UK city Slough, Ishrat Naz Shah, visited the office of Overseas Pakistanis Commission (OPC) Punjab and held talks with Commissioner Afzaal Bhatti, here on Thursday.
Highlighting the performance of the institution, Afzaal Bhatti said that OPC has emerged as an effective platform to help and facilitate the expatriates. On the special instructions of Chief Minister Punjab, OPC is working on fast track basis and so far 60 % of the received complaints of Overseas Pakistanis have been redressed, he added.
Mayor Slough Ishrat Naz Shah while lauding the efforts of OPC said that this institution is playing a pivotal role in redressing the issues faced by expatriate Pakistanis and has won the confidence of millions of Pakistanis settled abroad.
The Commissioner OPC also apprised the delegation about investment opportunities in different sectors of the province and said that Punjab Government has introduced business friendly policies to promote foreign investment in the province.
A documentary about OPC was shown on this occasion while question answer session was also held.
Additional DG OPC DIG Agha Yousaf and Director Admin Asad Naeem were also present.
NA body recommends providing vehicle scanners to check LoC trade
ISLAMABAD, Apr 5 (APP):The National Assembly’s Standing Committee on Kashmir Affairs and Gilgit-Baltistan Thursday recommended to provide vehicle scanners and other facilities to Travel and Trade Authority (TADA), Azad Jammu and Kashmir (AJK) for scrutinizing goods imported from the Indian occupied Kashmir (IoK).
A meeting of the committee chaired by Malik Ibrar Ahmed was briefed about the workings and problems being faced by TADA in managing / checking cross-border trade between AJK and IoK. The meeting was told that TADA was checking trucks of goods being imported from the occupied Kashmir manually.
The committee recommended to expedite the approval of establishing wholesale markets and cold storages near the entry points of AJK for saving perishable items, besides devising a strategy to consume imported items in the AJK markets.
The Ministry of Commerce and Federal Board of Revenue (FBR) should determine the status of goods duly purchased by the Pakistani traders from those markets and then shipped to various destinations in Pakistan, it added.
The meeting was told that the TADA hadproposed increasing the items of trade including tea, ready-made garments, plain cloth (cotton) ghee, cooking oil, salt, nedicine, cement, sugar and surgical equipment.
The meeting offered Fateha for the martyrs of IoK and Palestine, and those massacred in Kunduz, Afghanistan and victims of terrorist acts in Quetta.
The committee directed the additional secretary Ministry of Kashmir Affairs and Gilgit Baltistan to investigate illegal allotment of plots in housing scheme launched for Kashmiri refugees in Quetta and report the people involved in illegal allotment.
The meeting was attended by Khalil George, Ms Shams un Nisa, Dr Shazia Sobia, Junaid Akbar and Maulvi Agha Muhammad and senior officials of Ministry of Kashmir Affairs and Gilgit-Baltistan.
UNDP launches SDGs 16 Innovation Challenge
ISLAMABAD, April 5 (APP):United Nations Development Programme (UNDP), the government of Pakistan through the Young Peace and Development Corps (YPDC) and the Accountability Lab Pakistan on Thursday launched the country’s first Sustainable Development Goal (SDGs) 16 Innovation Challenge.
The Innovation Challenge is a month-long competition through which young Pakistanis can submit creative ideas related to issues of peace, justice, and accountability. Twenty finalists will be selected from around the country for a two-day workshop in Islamabad to develop and pitch their ideas, after which winners will be supported by UNDP and the Accountability Lab Pakistan, a press release said.
The organizing team expect hundreds of submissions from across Pakistan and will host orientation workshops in Lahore, Karachi, Quetta and Peshawar over the next month to guide potential applicants and preliminary feedback on ideas. At the launch event, Accountability Lab Pakistan headed a workshop with over 100 young people who developed initial ideas for the campaign which included new technology tools for gender inclusion and new ways to support women’s voices in FATA.
Minister for Planning, Development and Reform, Ahsan Iqbal said, “Today marks a very important development under the vision of the government of Pakistan to positively engage youth in the peace and development discourse – the Innovation Challenge launched today is the first of its kind.”
Country Director of UNDP Pakistan Ignacio Artaza said, “We are thrilled about this groundbreaking competition as it will pave the way to finding inventive ways to create impact for people by providing new opportunities to start-up businesses and engaging citizens. We are actively seeking people’s involvement to be intensely inclusive and engaged with those that inspire us to work with all Pakistanis wanting to contribute to improving lives in their communities.”
Executive Director of the Accountability Lab, Blair Glencorse, added, “Young people in Pakistan are incredibly innovative, and are constantly developing world-class ideas. We are looking forward to working with youth in all five provinces to support SDG16, which is critical for development everywhere.”
“Japan is supporting the government of Pakistan and UNDP to implement youth empowerment project and electoral assistance project to facilitate participation of youth in policy making and decision making. I hope Japan’s contributions help young people of Pakistan and their voices and ideas contribute to achieve SDG’s in Pakistan.” Deputy Head of Mission, the Embassy Japan in Pakistan. Takashi Harada said.
Ideas can be submitted by anyone under the age of 35 throughhttp://www.accountabilitylab.org/innovation/ until May 5, after which 20 winners will be selected to attend a finalists workshop in Islamabad to develop and pitch their ideas. The winners at the workshop will be provided with ongoing support by UNDP and Accountability Lab Pakistan.
Questions about the Challenge can be sent to:SDG16challenge@accountabilitylab.org.
Pakistan, Amman to expand cooperation in education sector
ISLAMABAD, April 5 (APP):Pakistan and Amman Thursday agreed to take further steps for expanding mutual cooperation in education sector.
It was decided during a meeting held here between Ambassador of Amman Omer Bin Muhammad Almarhouni and President of International University Islamabad (IIUI) Prof Dr Ahmed Yousif Al-Draiweesh, a news release said.
In the meeting, matters pertaining to the educational cooperation and mutual interest were discussed.
During the meeting, president of IIUI said the university was ready for cooperation and reiterated his resolve that the IIUI would keep disseminating message of peace for Muslim Ummah.
He said the IIUI was keen to expand its educational ties with all institutions of the World especially with the varsities of Islamic World.
He also told the ambassador regarding recent MoUs of IIUI, while, he also briefed him about the faculties and departments of the university.
Ambassador appreciated role of IIUI in promotion of education and said IIUI was one of the prestigious institutions of Muslim world and role of Dr Ahmed Yousef in IIUI is an example of best cooperation which was quite appreciable.
Internet, mobile banking grew remarkably during 2nd quarter of FY 2017-18
ISLAMABAD, April 5 (APP):A remarkable growth of internet and mobile banking has witnessed as banking services through advanced and convenient channels are on the rise.
Electronic banking transactions posted a double-digit growth in value during the second quarter of the current fiscal year of 2017-18 as development of digital payment platforms is attracting users towards cashless payments, the central bank said on Thursday.
State Bank of Pakistan (SBP) said e-banking channels, including real-time online, mobile phone, internet and call centre banking, automated teller and point of sale (POS) machines and e-commerce sites processed 186.7 million transactions worth Rs11.7 trillion, up 8.67 percent in volume and 28 percent in value in the October-December period.
“Cashless/digital payments have seen a rise in the country due to the development of digital payment platform and introduction of PSO/PSPs (payment service providers) across various market segments,” SBP said in a quarterly payment systems review.
Transactions of Pakistan Real Time Interbank Settlement Mechanism (Prism), which is the second major source of digital payments in Pakistan, grew 19.1 percent in volume to 0.42 million and 6.3 percent in value to Rs93.6 trillion in the three-month period as compared to the corresponding period a year earlier.
According to SBP, a total of 2.3 million Internet Banking users were registered by the end of June 2017 with 25 banks offering a variety of financial services through Internet Banking (IB) like Intrabank & Interbank Fund transfer, scheduled fund transfers, Utility Bills Payments, Mobile Air-time top up, Intra-bank credit card payments, school fee payments.
In the last outgoing financial year 2016-17, Internet Banking processed 25.2 million transactions worth Rs968.7 billion during FY17 showing YoY growth of 32.5 % and 10% in volume and value of transactions, respectively.
Utility Bills Payments contributed 9.0 million (35.9%) in volume and Rs18.6 billion (1.9%) in value of transactions while the remaining shares consist of other miscellaneous payments including school/university fee submissions, mutual fund payments, credit card payments.
The share of Intra Bank Fund transfer transactions is 6.6 million (26.1%) and Rs258.2 billion (26.7%) in volume and value of transactions, respectively, whereas the share of Inter Bank Funds transfers transactions in volume and value of transactions is 7.5 million (29.7%) and Rs. 310.1 billion (32%) respectively.
Internet Banking also facilitated 88.2 million non-financial transactions which include pay order, cheques books, bank account statements and debit cards
PM’s economic reforms package to expand tax network: Qaiser Sheikh
ISLAMABAD, Apr 5 (APP):Chairman of the National Assembly’s Standing Committee for Finance Qaiser Ahmed Sheikh Thursday said the prime minister’s economic reforms package would expand the tax network.
Talking to a news channel, he said credit went to the present government for announcing an economic reforms package to facilitate the people. There should be direct taxation system instead levying indirect taxes, he added.
Qaiser Sheikh also welcomed the PM’s announcement regarding exempting the people earning Rs 100,000 per month from tax.
Commenting on the Indian human rights violations in occupied Kashmir, he said the international community should take cognizance of Indian barbaric activities against the innocent Kashmiris.
He said India was committing gross human rights violations and involved in the killing of Kashmiri people struggling for their inalienable right to self-determination.