Tag: Reforms

LAHORE - Punjab Board of Investment and Trade (PBIT) has implemented Real Estate Investment Trust (REIT) tax policy reform through the Punjab government. REITs are mutual funds that utilise the pooled capital of a large number of investors to purchase develop and manage real estate assets. Units of a REIT fund are listed and traded on stock exchanges.
The REIT constitutes an ideal vehicle for small savers and other individuals wishing to invest in real estate while accessing the

ISLAMABAD - The committees formed by Prime Minister Yousaf Raza Gilani and Pakistan Muslim League-Nawaz (PML-N) chief Nawaz Sharif to implement the PML-N's reforms agenda will have their first formal meeting in the
next few days.
In response to the PML-N's four-member committee, Gilani had also formed a committee last Thursday comprising federal ministers Babar Awan, Naveed Qamar, Pervez Ashraf, Abdul Hafeez Shaikh and Raza Rabbani which in collaboration with the PML-N team

ISLAMABAD - The government has decided to start implementing revenue and power sector reforms by doing away with all exemptions under the general sales tax and subsidies on power tariff and petroleum products from February 1.
Official sources said the political leadership made the decision after the economic team informed it in clear terms that the national exchequer was left with no fiscal space to continue bearing Rs 20 billion per month in power tariff differential subsidy and

KARACHI - The jail reforms proposed by President Asif Ali Zardari - Benazir Prison Reform Package - seem to have hit a snag as the Sindh government has not made any progress on the plan even after the passage of more than two years.
Well-placed sources told Pakistan Today that the Finance Department has not released a single paisa for the proposed reforms despite repeated attempts by the prisons department for the release of funds.
In October 2008, President Zardari had

LAHORE - Punjab Education Minister Mian Mujtaba Shuja-ur-Rehman has stated that the provincial government under the sagacious leadership of Chief Minister Mr. Shahbaz Sharif has for the first time in the country's history introduced far-reaching reforms in education sector for improving quality of education and literacy rate to radically uplift socio-economic conditions of people.
He was addressing participants of one-day seminar on "Regional Economic Cooperation in South Asia"

KARACHI - The Securities and Exchange Commission of Pakistan (SECP) is holding talks with stakeholders as the apex regulator intends to amend the Code of Corporate Governance 2002.
Some of the proposed amendments in the code touch upon the representation of independent and executive directors, the role of chairmen and chief executives, the number of total directorships in listed companies held by an individual, self-evaluation of the boards, the directors' education, training,

ISLAMABAD - Pakistan will have to move fast on the reforms process after the approval of the nine-month extension of $11.3 billion Stand-By Arrangement programme by the International Monetary Fund (IMF), a senior official of the Ministry of Finance said on Tuesday.
He said the IMF had only given an extension in the programme but the release of the remaining amount of $3.6 billion would depend on the completion of the fifth review, which would be held only after the

ISLAMABAD: The Parliamentary Committee on Constitutional Reforms (PCCR) is considering two options to incorporate the Supreme Court's recommendations on Article 175-A, which deals with the mechanism for the appointment of judges.
In its meeting on Tuesday, the committee discussed options that included a constitutional amendment and a resolution to be adopted in the joint session of parliament to give effect to the recommendations of the Supreme Court.
Talking to reporters

ISLAMABAD: Prime Minister Yousaf Raza Gilani on Monday asked donors to give more time to Pakistan to carry out structural reforms including expanding the tax base.
Addressing the plenary session of the Pakistan Development Forum (PDF), the prime minister also said his government was willing to take unpopular decisions to meet the long term challenge of flood reconstruction, institutional and structural reforms for a glorious tomorrow. "We are prepared to take political risks for

LAHORE: University of Health Sciences (UHS) shall conduct a single and unified entrance test from next year for intermediate candidates interested in taking admission in medical and dental institutions of the Punjab, UHS Vice Chancellor Prof Malik Hussain Mubashar said on Thursday.
Addressing a press conference, Malik said the decision of conducting single entrance test was made keeping in view the best international practices. He said that entry test shall be held soon after FSc

LAHORE: The business community and traders of the provincial capital has spurned the reformed General Sales Tax (GST) and 10 percent Flood Surcharge. Criticism of the new tax regime has mounted as business leaders claim that the government is putting additional burden on the existing taxpayers instead of widening the tax net.
Speaking to the Pakistan Today, SAARC Chamber of Commerce and Industry Vice President Iftikhar Ali Malik said that imposition of the reformed GST and a 10

ISLAMABAD: Parliament's Special Committee for Constitutional Reforms on Wednesday reviewed the rules framed by the National Judicial Commission, besides discussing various constitutional options available to amend Article 175A.
Talking to reporters after chairing the meeting, Raza Rabbani said the Supreme Court had referred the Article 175A of the 18th Amendment to the parliamentary committee for further evaluation, however, the committee cannot give any timeframe to finalise its

ISLAMABAD: The US has warned Pakistan that its failure to go for the much-needed stringent economic reforms, including the expansion of tax base, will result in loosing Washington's backing for Islamabad's efforts to seek financial assistance from international financial institutions (IFIs) and the developed countries.
The current economic crisis confronting Pakistan, US main ally in counter-terrorism efforts, has deeply perturbed the Obama administration and especially

KARACHI: The International Monetary Fund (IMF) has expressed concern over slow implementation in Pakistan of energy sector reforms and a revised general sales tax, officials said on Tuesday.
Pakistani and IMF officials are meeting to discuss the release of the sixth tranche of an $11 billion emergency loan agreed in November, 2008, which has kept the economy afloat. "Though things are not very good, it is still too early to say whether the sixth tranche is in danger," said a

ISLAMABAD: The government on Monday assured the International Financial Institutions (IFI) that the power sector reforms will be completed within the next eight months.
Minister for Water and Power Raja Pervez Ashraf provided this assurance to a joint delegation of the International Monetary Fund, the World Bank and Asian Development Bank in the federal capital.
According to an official statement issued by the Power Ministry, the joint delegation of IFIs was led by IMF

ISLAMABAD: The Parliamentary Committee on Constitutional Reforms Monday decided to reconsider the judges' appointment procedure in line with the Supreme Court's interim order.
The committee meeting, chaired by Senator Mian Raza Rabbani, examined the interim order passed by the Supreme Court (SC) and said that the decision was an important step in recognizing institutional jurisdiction.
It decided to review the rules to be formulated under clauses 8 and 14 of the Article

GYEONGJU
The G20 finance ministers are likely to reach an outline agreement on reformation of the International Monetary Fund (IMF) at their meeting ending on Saturday, a reliable source said.
"We are extremely optimistic about the IMF reform as everyone has shown goodwill," the source told AFP. Ministers from a group of 20 leading economies are preparing for a summit to be held in Seoul next month.
The summit would discuss IMF reforms and address the issue of providing