Sindh Governor for coordination between ITC, TDAP

KARACHI (APP): Sindh Acting Governor Agha Siraj Durrani on Tuesday sought close coordination between International Trade Centre (ITC) and Trade Development Authority of Pakistan (TDAP) for promotion of exports from Pakistan. In a reception hosted by him in the honour of ITC Executive Director Arancha Gonzalves, the Sindh governor highlighted relevance of technical support and assistance to Pakistan for development at grass root level. The reception was also attended by Sindh Chief Minister Syed Murad Ali Shah, Pakistan Representative to World Tarde Organisation (WTO) Syed Tauqir Shah, TDAP Chief Executive SM Munir and office bearers of different trade and commerce chambers scattered across the country. Agha Siraj Durrani said the contribution of ITC in economic development of developing countries is appreciable and Pakistanis in general are keen to avail off their support and guidance.

He suggested that special care be extended in providing technical assistance to small and mid level entrepreneurs. The ITC chief executive assured the governor and officials of every technical assistance prerequisite for economic well being of Pakistan.

 Senate body to hold in-camera discussion on GIDC issues

ISLAMABAD (APP): The Senate's Special Committee on Tuesday decided to hold an in-camera discussion with the members on issues related to Gas Infrastructure Development Cess (GIDC), espcially the settlement of CNG sector dues. The committee meeting, which met here to discuss Report on Implementation of Gas Infrastructure Development Cess Bill-2015, was chaired by Ilyas Ahmad Bilour. The body observed that it hold a closed-door meeting on February 6 to look into the settlement amounts offered by both the govt and CNG sector. The chairman observed that the committee had asked the representatives of CNG association to hold meetings with concerned officials of the Ministries of Finance, Petroleum and Natural Resources to reach an amicable settlement point, but the sittings remained inconclusive. Now, he said, the committee would give its recommendations after holding a thorough debate with its members. The CNG stations had collected the GIDC as per notified tariff of OGRA, but did not pay to the govt.

Around Rs40 billion, including the LPS (Late Payment Surcharge), were pending against the CNG sector. The Ministry of Petroleum was of the view that it could not waive of any tax on its own as any settlement regarding recovery of outstanding GIDC and it could only be made in the Parliament in a constitutional manner.

 FTO holds workshop to create awareness among taxpayers

MULTAN (APP): The office of Federal Tax Ombudsman (FTO) on Tuesday organised a workshop to create awareness among taxpayers about dispute resolution mechanism for small-scale enterprises. FTO Director General Administration Muhammad Asif shed light on historical perspective of the Ombudsman office and said that the workshop was an attempt to engage taxpayers, to instil confisdence among them and to create awareness on an on-going project of FTO titled 'Public Awareness and Advocacy About Dispute Resolution Mechanism of FTO'. He said that there were almost 150 offices of Ombudsman in the world and the Ombudsman office was established in Pakistan in 1983. Elaborating mechanism of complaint filing procedure and other available facilities provided by the FTO to aggrieved taxpayers, he said that mandate of the FTO was to ensure prompt and inexpensive redress of tax payers' genuine grievances against the maladministration by the tax employees of FBR/Revenue Division.

 SECP launches CRS for companies registered in GB

ISLAMABAD (INP): The Securities and Exchange Commission of Pakistan (SECP) has launched Companies Regularisation Scheme (CRS) for the companies registered in Gilgit Baltistan to file their overdue returns on payment of normal fee as prescribed under sixth schedule of the Companies Ordinance, 1984. The purpose of the scheme is to provide relief to the companies registered in Gilgit Baltistan and were not regular in filing of statutory returns. All the companies registered in Gilgit Baltistan are advised in their own interest to benefit from this golden opportunity to regularise their statutory record by filing the overdue returns/annual accounts with normal filing fee. The scheme shall be applicable to all companies and would remain operative for a period of three months from February 1, 2017 to April 30, 2017. After the closure of the scheme, necessary legal action shall be initiated against the non-compliant companies.