Day: June 11, 2023

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Pakistani PM, Kazakh President Discussed Bilateral Ties Over Phone

Pakistani Prime Minister, Shahbaz Sharif, yesterday, talked over the phone with Kazakh President, Kassym-Jomart Tokayev, on bilateral ties, according to the prime minister’s office.

During the phone conversation, Sharif noted that, Pakistan deeply valued its bilateral relations with Kazakhstan, saying, the countries need to further enhance cooperation in areas of mutual interest, the office said in a statement.

While highlighting the importance of boosting tourism and enhancing people-to-people exchanges, the Pakistani prime minister expressed satisfaction that, flight operations between the two countries are set to commence soon, to promote tourism between the two countries, the statement said.

For his part, Tokayev said that, Pakistan is an important country in the region, and expressed his country’s desire to further strengthen their long-standing bilateral ties

Source: Nam News Network

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Two Policemen Killed By Gunmen In Karachi

Two policemen have been killed by unidentified gunmen, in Pakistan’s southern port city of Karachi, police told the media.

According to the police, the incident took place last night, in Sohrab Goth area of the city, when the policemen patrolling in a police mobile van spotted some suspicious persons on a motorbike and signalled them to stop.

The suspects opened fire on the policemen resulting in their death, police added.

Reportedly, the bodies of the deceased were shifted to a local hospital and further investigation of the incident was underway

Source: Nam News Network

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Ship Carrying ‘Cheap’ Russian Oil Arrives in Karachi

In a landmark development for the country’s energy sector, the first ship carrying Russian crude arrived in Karachi on Sunday.

Oil products tanker Pure Point, carrying 45,142 metric tons of crude oil, has successfully anchored at berth number OP-2. Another shipment carrying 50,000 metric tons is also expected to arrive in the coming day.

Pakistan had been negotiating for months with Russia for the import of discounted Russian crude, in a bid to cut its oil import bill.

In late April, Pakistan placed its first order for Russian crude under a deal struck between Islamabad and Russia. At the time, Energy Minister Musadik Malik highlighted that Pakistan will buy only crude, not refined fuels. The minister also said that imports of Russian crude are expected to reach 100,000 barrels per day if the first transaction goes through smoothly.

In a recent statement, the minister said that the arrival of Russian crude would not immediately result in a decrease in prices but a gradual decline would be seen once the oil supply becomes continuous.

According to Malik, Pakistan plans to fulfill one-third of its crude requirements through the use of discounted oil.

Source: Pro Pakistani

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FBR to Establish International Centre of Tax Excellence

The Federal Board of Revenue (FBR) will establish an International Centre of Tax Excellence to have the input of independent tax experts while drafting the tax policy of the country.

Under the proposed section “230J” in the Income Tax Ordinance 2001, there shall be established an Institute to be known as the International Centre of Tax Excellence.

The Finance Bill 2023 revealed that the functions of the Institute shall be to help contribute to the development of tax policy, prepare model national tax policy, deliver interdisciplinary research in tax administration and policy, international tax cooperation, revenue forecasting, conduct international seminars, workshops and conferences on the current issues faced by tax authorities in the field of international taxation, capacity building of Inland Revenue Officers, tax analysis, improve the design and delivery of tax administration for maximizing revenue within existing provisions to close the tax gap or any other function as directed by the Board or the Federal Government.

There shall be a Nominating Committee comprising the Minister-in-Charge, Secretary Revenue Division, and Secretary Finance which shall be responsible for recommending a panel to the Federal Government for the appointment of an Executive Director and independent members of the Executive Committee. There shall be an Executive Committee comprising the Chairman, Federal Board of Revenue, Member (IR-Policy), Member (IR-Operations), and two independent members to be appointed by the Federal Government. Executive Director shall act as Secretary of the Executive Committee.

The Nominating Committee shall apply the prescribed criteria for making recommendations of the panel for the Executive Director and independent members of the Executive Committee.

The Executive Director and independent members of the Executive Committee shall be appointed by the Federal Government.

The Executive Director shall also be the Chief Executive of the Institute and shall work to ensure efficient functioning and day-to-day administrative functions of the Institute and shall be independent in the discharge of its functions specified.

The Executive Committee, for every fiscal year, shall assign the requirements of the Board to be undertaken by the Institute, during the year. The Executive Committee shall prescribe rules for recruitment of y other function as directed by the Board or the Federal Government.

The employees of the Institute and the Executive Director shall act in accordance with the rules. At least fifty percent of the employees shall be serving or retired Inland Revenue officers having at least 5 years of experience in tax policy or tax administration.

The remuneration and term of employment of the employees of the Institute shall be as prescribed by the Federal Government. The Board may establish a committee to monitor the establishment of the Institute including the appointment of the Project Director for the purpose.

The Board may provide such data to the Institute as is necessary for processing and analysis and for discharging its obligations. Provided that such data shall be anonymized before transmission to the Institute and identifying particulars of the taxpayers shall be kept confidential and provisions of sub-section (7) of section 216 shall apply accordingly, Finance Bill 2023 added.

Source: Pro Pakistani