web analytics

ARY NEWS

Shoaib Nizami

  • COAS, family tax details leak: PM’s aide chairs key session

    COAS, family tax details leak: PM’s aide chairs key session

    ISLAMABAD: Special Assistance to Prime Minister (SAPM) on Revenue Tariq Pasha chaired an important session to discuss the matter related to the leaking of tax details of the Chief of Army Staff (COAS) General Qamar Javed Bajwa and his family members, citing sources, ARY News reported on Tuesday.

    The key session was held at the Federal Board of Revenue (FBR) headquarters. The FBR Chairman Asim Ahmad also attended the session.

    Moreover, the PM’s aide Tariq Pasha also summoned Pakistan Revenue Automation Limited (PRAL) and a member of the IT to the session.

    The PRAL chairman briefed the participants of the meeting regarding the leaking of COAS Bajwa and his family members’ tax details. Moreover, the FBR chairman and IT member also briefed Tariq Pasha regarding the issue.

    It was learnt that a report will be presented to Finance Minister Ishaq Dar after an inquiry into the confidential data leak.

    Yesterday, Finance Minister Ishaq Dar sought a report into the leakage of tax information of Chief of Army Staff (COAS) General Qamar Bajwa and his family members.

    As per details, Ishaq Dar has taken serious notice of the illegal and unwarranted leakage of tax information of the COAS and his family members.

    According to the statement released by the Finance Ministry, Ishaq Dar said leaking tax information is a sheer violation as the law ensures the confidentiality of tax information.

    The finance minister directed the SAPM on Revenue Mr. Tariq Mehmood Pasha to personally lead an immediate investigation into the violation of tax law and breach of FBR data, affix responsibility and submit a report within twenty-four hours.

    According to the FBR laws, the details, documents or declarations of the taxpayers should be kept confidential and leaking them is a violation of the law.

  • Ishaq Dar seeks report into leaking COAS, family members’ tax details

    Ishaq Dar seeks report into leaking COAS, family members’ tax details

    ISLAMABAD: Finance Minister Ishaq Dar has sought a report into the leakage of tax information of Chief of Army Staff (COAS) General Qamar Bajwa and his family members, ARY News reported.

    As per details, Ishaq Dar has taken serious notice of the illegal and unwarranted leakage of tax information of the COAS and his family members.

    According to the statement released by the Finance Ministry, Ishaq Dar said leaking tax information is a sheer violation as the law ensures the confidentiality of tax information.

    Read more: Cabinet approves tax exemption for Saudi-funded projects

    The finance minister directed the SAPM on Revenue Mr. Tariq Mehmood Pasha to personally lead an immediate investigation into the violation of tax law and breach of FBR data, affix responsibility and submit a report within twenty-four hours.

    According to the FBR laws, the details, documents or declarations of the taxpayers should be kept confidential and leaking them is a violation of the law.

  • Pakistan’s economy extends losses during PM Shehbaz Sharif govt

    Pakistan’s economy extends losses during PM Shehbaz Sharif govt

    ISLAMABAD: Economic condition of Pakistan has turned upside down in the last seven months since the new government came into power, ARY News reported, quoting well-placed sources.

    According to details, the ouster of Imran Khan has brought economic turmoil as the sources say that $730 million have been withdrawn from Naya Pakistan Certificate, while the investment has also decreased by 46%.

    Sources say that the foreign exchange reserves of the State Bank decreased by 27%, in the last 7 months, reserves of the State Bank decreased by $2.8 billion to $7.9 billion, the foreign exchange reserves of commercial banks also decreased by 6 per cent to 340 million dollars.

    According to sources, the total foreign exchange reserves of the country decreased by 19%. After the decrease of 3.2 billion dollars, the reserves stand at $13.7 billion.

    Read more: PAKISTAN RECEIVED $5665.8MN IN AID, LOANS FROM APRIL-SEPT 22, NA TOLD

    Furthermore, during the last seven months, the rupee devalued by 40.3 against the US dollar and reached 223.2 rupees.

    Inflation has also doubled in the last seven months’ rule of the incumbent government, the inflation rate has increased from 13.4 to 26.6%. Petrol has become expensive by Rs 35 to Rs 225 per litre while diesel has become expensive by Rs 85 to Rs 235 per litre. 

    Exports in April 2022 were 2.7 billion dollars, while exports in October 2022 shrunk to $2.3 billion, textile exports were $1.76 billion in April 2022, which decreased to 1.42 billion dollars in October 2022.

    In April 2022, the remittances of overseas Pakistanis were $3.1 billion, which also shrunk to $2.2 billion in October 2022.

  • ‘IMF to help Pakistan in coping with post-flood economic challenges’

    ‘IMF to help Pakistan in coping with post-flood economic challenges’

    The Resident Representative to Pakistan – International Monetary Fund (IMF), Esther Perez Ruiz has said that the global financial institution will also help Pakistan face post-flood economic challenges, ARY News reported on Sunday.

    While talking to ARY News, the IMF Resident Representative Esther Perez Ruiz said that the institution was aware of the difficulties being faced by Pakistan and standing alongside the flood victims.

    Ruiz said that the IMF along with other relief institutions will continue assisting flood-hit Pakistan. She added that IMF was aware of the estimated loss to Pakistan due to flood disasters.

    The IMF resident representative said that the institution will also assist Pakistan to face post-flood economic challenges.

    READ: IMF DEMANDS GAS TARIFF INCREASE OF 45-53% AHEAD OF WINTERS

    Earlier in the month, the Pakistani government hinted at reaching out to global lenders including International Monetary Fund (IMF), World Bank (WB), Asian Development Bank (ADB) and others for monetary assistance to deal with devastating floods in the country.

    According to sources privy to the matter, the global lenders will be conveyed a joint report of NDMA, finance and planning and development ministries over losses during the floods.

    “A report on initial losses has been prepared and it highlighted a loss of US$10 billion to the national economy owing to the devastating floods,” they said, adding that it included damages to infrastructure and harvest.

    The report, according to sources, shared that 33 million population and one million homes were affected due to the floods. “IMF will be asked to give monetary assistance under rapid finance instrument while other global lenders will also be asked to release funds for disaster management,” they said.

    READ: PAKISTAN FLOODS: UN CHIEF TO TAKE UP DEBT SWAPS ISSUE WITH IMF, WB

    State Minister for Finance Aisha Ghous Pasha confirmed the development and said that international lenders will be approached for the rehabilitation of flood-affected areas. “We will complete estimates of damages from floods in two days,” she said.

    According to a report, Pakistan has also approached G-20 countries for relief in debt payments as the country faces devastating floods that have killed more than 1,000 people and displaced millions.

    According to sources privy to the matter, six agreements with Japan, Italy and Spain will be finalized during the ongoing month for debt relief and it will help in deferring payments of US$189.5 million.

    READ: IMF SETS TOUGHER TARGETS FOR PAKISTAN

    During the third session, G-20 countries have deferred debt payments of US$947 million and after agreements with the three countries, the sources said that the relief will reach US$1.13 billion.

    The sources within the Economic Affairs Division (EAD) said that the relief will include deferment of the US$3.1 million debt from Spain, US$1.1 million from Italy and US$180 million from Japan.

    Moreover, UNSG António Guterres also announced that the UN will strongly advocate for ‘debt swaps’ with IMF and World Bank through which developing countries like Pakistan instead of paying a debt to foreign creditors would make payments to finance climate projects at home.

  • Pakistan may not be able to achieve Rs7.47 trillion tax target amid floods

    Pakistan may not be able to achieve Rs7.47 trillion tax target amid floods

    ISLAMABAD: Pakistan may not be able to achieve tax collection target of Rs7,470 billion as the country faces worst devastation from record monsoon spell that has resulted in flash floods nationwide, ARY NEWS reported.

    According to sources within FBR, it would be near impossible to achieve tax collection target as stable growth and policy and tax reforms are required for the purpose.

    The finance ministry has revised growth rate for the country at 3.3 percent following floods which was previously set at 5 percent.


    “The growth rate will slowdown in the ongoing fiscal year following flash floods,” the sources said, adding that it would vastly affect large scale manufacturing and per capita income.

    A Finance ministry document has revealed that the economic growth in the country could fall below to 2.3 percent in the ongoing fiscal year 2022-23 after floods caused losses of overRs2,000 billion which included damages to lives, infrastructure, crops and livestock in the affected areas.

    According to sources in the ministry, a new strategy would have to be developed to move forward while keeping in view the losses and devastation from the floods.

    The economy has suffered an Rs2,000 billion losses owing to floods and the inflation is likely to remain between 25 to 27 percent, the report said. It highlighted that the growth rate was set at 5 percent for FY2022-23 however, it seems difficult to achieve targets set in the annual development plan.

    The growth in key crops could likely fall to 0.7 percent from an expected target of 3.9 percent, growth in industrial sector could drop to 1.9 percent from an expected 5.9 percent while growth in services sector could decline to 3.5 percent from an estimated 5.1 percent in the ongoing fiscal year.

    Read More: MIFTAH ISMAIL SAYS ‘INFLATION RATE EXPECTED TO GO UP DUE TO FLOODS’

    It shared that economy which is already facing issues regarding balance of payment and debts will be hurt further from floods and it could result in hike in inflation. Assistance from friendly countries, and global development partners would be required to give a helping hand to the economy, the report added.

  • Qatar investments ended financing gap in Pakistan: Miftah Ismail

    Qatar investments ended financing gap in Pakistan: Miftah Ismail

    ISLAMABAD: Finance Minister Miftah Ismail said Thursday that the financing gap in Pakistan has ended after Qatari investments in different sectors, ARY News reported.

    While talking to ARY News, Miftah Ismail said that Qatar offered $3 billion in investments in Pakistan. Foreign investment from Qatar has ended the financing gap in the country. “IMF [International Monetary Fund] has been informed about the Qatari investments.”

    “Qatar shows interest in making investments in Haveli Bahadur Shah and Balloki power plants. Qatar is also willing to make investments at airports. Qatar will make investments at Karachi and Islamabad airports, and solar power projects,” the finance minister added.

    READ: ‘PUBLIC-OWNED QATARI COMPANIES TO RUN ISLAMABAD, KARACHI AIRPORTS’

    “Qatar would make investments in the freight cargo terminal of Port Qasim. Doha is also willing to make investments in shares of the stock market. Moreover, Qatar is mulling over giving employment to 200,000 Pakistanis,” said Miftah Ismail.

    Roosevelt Hotel’s shares

    Pakistan is expected to sell shares of the Roosevelt Hotel in New York’s Manhattan to Qatar in return for the Doha investment in the aviation sector, sources told ARY News.

    During Prime Minister Shehbaz Sharif’s visit to Qatar, a massive investment is likely to be made in Pakistan’s aviation sector by Doha. Sources said that Qatar expressed interest in making investments in the airport and hotel sectors.

    It was learnt that the federal government will hand over administrative affairs of Islamabad International Airport to Qatar, whereas, a Qatari company will provide the relevant services of the airport’s terminal and cargo.

    READ: PM SHEHBAZ LEAVES FOR PAKISTAN AFTER CONCLUDING QATAR VISIT

    Sources said that the Qatari government will be given shares of the Roosevelt Hotel in New York’s Manhattan financial centre in return for the investment. The investment will be received through state-to-state agreements between Pakistan and Qatar.

    The Roosevelt Hotel, established in 1924, is among the historic hotels in the United States and is situated in the luxurious downtown area of Manhattan.

    PIA had acquired the 19-storey building in 1979 on the partnership, from its own profits and as a part of PIA’s diversification strategy.

    In October 2020, PIA-owned Roosevelt Hotel in New York had announced to permanently close its doors after nine decades due to massive financial losses.

  • Lack of oil refinery policy stopped Saudi investment, PAC told

    Lack of oil refinery policy stopped Saudi investment, PAC told

    ISLAMABAD: The lack of an oil refinery policy has stopped the federal government from making progress on $8 billion investments by Saudi Arabia, ARY News reported on Wednesday.

    It was revealed during the session of the Public Accounts Committee (PAC) by the concerned officials that Pakistan failed to make progress on Saudi Arabia’s $8 billion investment plan due to a lack of an oil refinery policy.

    Saudi Crown Prince Mohammed bin Salman had announced to establish an oil refinery during his visit to Pakistan in February 2019.

    Oil refinery policy, PAC, Saudi Arabia investment, Pakistan

    READ: GOVT ANNOUNCES TO INTRODUCE NEW REFINERY POLICY

    The additional secretary of the Petroleum Division apprised the PAC that Saudi Arabia had announced to establish oil refineries in Hub and Gwadar. A draft oil refinery policy was prepared last month after the efforts of over one year, whereas, two more months are required to finalise it, the PAC told.

    According to the chairman of the Oil and Gas Regulatory Authority (OGRA), the last oil refinery had been established in Pakistan in 2002. The concerned officials briefed that Pakistan was importing up to 70 per cent of fuel resources including petrol and diesel due to lacking the capacity of the oil refinery.

    The Petroleum Division officials said that only 30 per cent of finished products were being acquired from the refineries. The additional secretary of the Petroleum Division said that the country used to receive only crude oil on deferred payments from Saudi Arabia but not petrol and diesel.

    READ: SAUDI ARABIAN REFINERY TO REDUCE OIL IMPORT BILL BY $1.2 BN: PETROLEUM MINISTER

    It was also learnt that India could continue cheap oil purchases at 100 per cent discounted rates due to the old agreements, whereas, there was no agreement signed between Pakistan and Russia for oil purchases.

    During Saudi Crown Prince Mohammed bin Salman’s visit to Pakistan in 2019, Saudi Arabian investors showed keen interest to invest in Pakistan’s petroleum sector besides pledging investments worth billions of dollars in different sectors.

    Pakistan and Saudi Arabia had also agreed to establish a Joint Working Group (JWG) for setting up an $11 billion oil refinery and petrochemical complex at the Gwadar Port.

    The establishment of the refinery and petrochemical complex in Pakistan would help cut down the annual oil import bill by $1.2 billion.