LAHORE (PR): The Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) and ACCA have signed an MoU to promote and deliver International Public Sector Accounting Standards (IPSAS) Qualification in Pakistan. The IPSAS Qualification will help public sector organisations manage their finance function in a more efficient manner by strengthening and standardizing their financial reporting capabilities. This certified qualification will be available, face to face and online, to members of both accounting bodies as well as to other professionals from within and outside of the public sector who wish to build and upgrade stronger and more relevant Public Financial Management (PFM) and Financial Reporting (FR) skills.

This capacity building will contribute to improvement in accountability and transparency of public funds which will not only benefit individuals taking IPSAS qualification with their professional profiles but also allow public sector organizations to implement IPSAS for greater visibility and decision support which will ultimately help Pakistan in its road to economic development.

ICMA Pakistan and ACCA will form a joint committee which will oversee promotion and delivery of IPSAS certification. A Pakistan specific scheme of study will be developed for the face to face teaching through expert faculty members of ICMA Pakistan.

RCCI stresses overhauling of sales tax structure

RAWALPINDI (Staff Reporter): RCCI President Mian Humayun Pervez has urged the FBR to reform the sales tax structure. In a statement issued here on Monday, he said there was a dire need for bringing changes in the existing structure of sales tax as Pakistan’s economy was taking a huge turn. “The key export-oriented sectors like textile, leather, surgical goods, sports goods and carpets required big changes in their sales tax structures, and these changes ought to be included in the upcoming budget, 2016-2017,” he stressed. He said currently the FBR was charging 3pc on industrial raw material, 5pc on the locally made finished textile items, while the imported finished textile articles were chargeable to sales tax at the rate of 17pc.

“Similarly, retailers of textile sector are chargeable to 5% and commercial importers are paying sales tax at 1 percent on value addition in addition to 3 percent,” he elaborated.

He said the issue of discrimination between commercial importers and industrial importers always led to a heated debate.

RCCI president said that exporters were already in agony on the issue of sales tax refunds. “They are facing problems due to nonpayment of refunds (sales tax, duty drawback), and this has to be addressed on priority basis,” he urged.

Pak-Qatar Takaful Group posts net profit of Rs 84.7m

LAHORE (Staff Reporter): The Pak Qatar Takaful Group recently held its board meeting to review the group’s performance and the strategy for the year 2016. Pak-Qatar Takaful Group, which comprises Pak-Qatar Family Takaful and Pak-Qatar General Takaful, has posted a net profit of Rs.84.7 million in 2015. At the same time, Participant Takaful Fund generated the net consolidated surplus of Rs.196 million. The financial statements of both companies were reviewed and approved during the Board meeting held at the head office of Qatar International Islamic Bank, in Doha. The meeting was chaired by the chairman of Group, Sheikh Ali Abdullah Al Thani.

The chairman of Pak-Qatar Takaful Group - Sheikh Ali Abdullah Al-Thani praised the group’s “remarkable performance” in 2015, and stated; “The participants of the board meeting have appreciated that Pak-Qatar Takaful Group has registered “an immense growth” during the preceding year, with an aggregate turnover of 7.4 billion rupees.”

Chinese company to set up steel plant in Punjab

ISLAMABAD (APP): A Chinese company has expressed interest in establishing a steel mill with a million tonne capacity in Punjab province. A ten-member delegation of Ansteel International Trading Company showed its interest in its meeting with the PBIT, according to sources in EDB. Ansteel, with presence in Australia, Spain and Italy, showed interest in setting up a mill in Chiniot or Kalabagh as these areas have iron ore and coal deposits. The officials assured the delegation of safety and security of investment and personnel. The company has been promised easy access to raw materials such as water, limestone and coal as well as a steady supply of labourers and skilled workers who will be trained as per Ansteel's requirements.

The company would also be given a 30-year lease in a mineral rich area with an easy option to keep extending the lease in 10-year installments.

BoG meeting of CUST held

ISLAMABAD (PR): The first meeting of BoG of Capital University of Science & Technology was held here Monday. Chancellor of the university, Mian Amir Mehmood, presided over the meeting. Dr. Samar Mubarakmand, renowned scientist, Saeed Mehdi, former federal secrerary Wahaj us Siraj, CEO Nayatel, Prof. Dr. Mansoor, VC CUST Prof. Dr. Zubair Shaikh, President, MAJU Karachi, Deans of the CUST and other members of the BoG participated in the meeting. The VC CUST gave detailed presentation regarding the new federal charter of the university and briefed the Board regarding the major activities of the university, says a press release. The members of the BoG congratulated the management of the university for having new Federal Charter for which the President of Pakistan gave assent on 18-09-2015.

The members hoped that the university will grow day by day and provide educational corridors and avenues to the new generation of the country. The BoG discussed the agenda and gave approval for the degree programs and constitution of Committees for smooth functioning of academic and administrative business.