Day: October 5, 2021

Kazakh Ambassador, Yerzhan Kistafin, called on the Federal Minister for Economic Affairs, Omar Ayub Khan, in his office today. Both sides exchanged views on bilateral relations and discussed key regional issues. They also discussed the other priority areas including agriculture, tourism, and media.

In order to enhance bilateral economic cooperation, the Kazakh Ambassador proposed to hold the next meeting of the Kaz-Pak Intergovernmental Joint Commission on 23rd November 2021, in Almaty, Kazakhstan. He apprised that three working groups on economic cooperation, energy, and transportation have already been established to prepare the proposals for the upcoming Kaz-Pak Intergovernmental Joint Commission.

In order to enhance bilateral economic cooperation, the Kazakh Ambassador proposed to hold the next meeting of the Kaz-Pak Intergovernmental Joint Commission on 23rd November 2021, in Almaty, Kazakhstan. He apprised that three working groups on economic cooperation, energy, and transportation have already been established to prepare the proposals for the upcoming Kaz-Pak Intergovernmental Joint Commission.

Minister for Economic Affairs expressed that the friendship between the two sides is enduring and is based on the principles of mutual respect, regional peace, and economic integration. He said that regional cooperation and economic integration are effective ways to unleash economic opportunities, and further highlighted that there is huge potential for enhancing bilateral trade and investment between the two countries.

He particularly emphasized the importance of regional connectivity and Pakistan’s pivotal position in providing the shortest access between the land-locked Central Asian States and the Arabian Sea. The Minister highlighted that Pakistan would be a regional hub for transit trade and investment opportunism in the near future. He also stressed on establishing direct air linkages between the two countries.

Yerzhan Kistafin underlined the excellent diplomatic and economic relations between the two countries. The Ambassador also highlighted the importance of regional integration and connectivity with Central Asia and Pakistan which would help unleash economic opportunities in the region through enhanced trade, investment, and tourism.

He highlighted that the level of economic cooperation is much below the potential of both countries presently and stressed on enhancing business-to-business contacts through the private sector.

He also informed that the President of the Republic of Kazakhstan has accepted the invitation to visit Pakistan next year.

The Economic Affairs Minister thanked the Kazakh Ambassador for his pivotal role in strengthening diplomatic and economic relations between the two countries.

The Minister reiterated the strong commitment of the government of Pakistan towards further expanding bilateral economic cooperation through enhanced trade, investment, tourism, and B2B contacts.

Source: Pro Pakistani

The Federal Board of Revenue (FBR) has issued a list of 1,136 big retailers (Tier-1) who are required to be integrated with the FBR’s Point of Sale (POS) system, announcing that they would be denied 60 percent input tax credit in case of non-integration by October 10, 2021.

The FBR issued sales tax general order (STGO) 3 of 2021 on Tuesday, as it decided to raise the sales tax demand against the big retailers placed in Tier-1 if they stay non-integrated with the POS system by the deadline.

According to the FBR, in order to operationalize this important provision of law, a system-based approach has been adopted whereby all Tier-1 retailers who are liable to integrate but have not yet integrated with effect from July-2021 (Sales Tax Returns filed in August 2021), are to be dealt with as per the procedure laid down in STGO No. 1 of 2022 issued on August 3, 2021.

The FBR said that vide the instant STGO, a list of 1,136 identified, Tier-1, retailers was shared on FBR’s web portal, allowing them to integrate with FBR’s system by October 10, 2021, and the procedure of exclusion from this list of 1,136 identified Tier-1 retailers should apply as laid down in Para 2 of STGO 1 of 2022.

Upon the filing of Sales Tax Return for the month of September 2021, all notified Tier-1 retailers not having integrated as yet, the input tax claim would be disallowed without any further notice or proceedings, creating tax demand by the same amount, according to the FBR STGO.

The list of non-integrated Tier-1 retailers will be updated on the FBR’s website on monthly basis and all those who do not integrate themselves with the POS software till the 15th of every month will be disallowed 60 percent input adjustment.

If, however, a Tier-1 retailer feels that he/she is not a Tier-1 retailer in terms of Section 2(43A) of Sales Tax Act, 1990, he/she may also get himself/herself excluded from the list by applying to the Commissioner in stipulated time.

Source: Pro Pakistani

The Economic Coordination Committee (ECC) of the cabinet is likely to impose a ban on the export of tomatoes and onions.

Sources said that the ECC meeting would be held with Minister for Finance and Revenue, Shaukat Tarin, in the chair on Wednesday, in which eight agenda items would be discussed.

The Ministry of Commerce proposed to the ECC to impose a ban on the export of tomatoes and onions.

On the other hand, the All Pakistan Fruit and Vegetable Exporters, Importers, and Merchants Association (PFVA) has shown concerns over the proposed ban on the export of tomatoes and onions. In a letter to the Advisor for Commerce and Investment, Abdul Razzaq Dawood, the association claimed that it was not consulted about the ban despite being an important stakeholder. Sources said that the Finance Minister had asked the Ministry of Commerce to table a summary with regard to the export of vegetables.

Sources said that ECC would also consider the Ministry of Finance summary with regard to the National Remittance Loyalty Programme (NRLP). Similarly, the forum is likely to give approval to an exemption of duties and taxes on the COVID-19 rapid test local manufacturing/assembly facility.

Furthermore, the ECC would also consider the Ministry of Food’s proposal regarding the wheat requirement for the Utility Stores Corporation for 2021 in addition to the Cotton Price Review Committee report for the month of August and September 2021 and the provision of wheat to Azad Jammu and Kashmir for the year 2020-21.

The budget of Employees Old-age Benefits Institution and the standard security arrangements for small hydropower projects under the Power Generation Policy, 2015 would also be discussed in the meeting.

Source: Pro Pakistani