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Pakistan's forex reserves are at the highest level of twenty-three billion dollars right now-Dar

Finance Minister Ishaq Dar says Pakistan has made visible strides in terms of improvement in the economy over the last three years. He was talking to a delegation led by Chief Executive Officer of Multilateral Investment Guarantee Agency of the World Bank, Keiko Honda in Islamabad. The Minister said Pakistan's forex reserves are at the highest level of twenty-three billion dollars right now while revenue collection of 3112 billion rupees also shows sixty percent increase compared to three years ago. He said number of measures have been taken in the current budget to encourage exports, agriculture and industry.

Automated system developed for verification of Sales Tax Registration and deduction

An automated system has been developed for verification of Sales Tax Registration Number and deduction of applicable rates of sales tax from the vendors' claims submitted at accounting offices. It has been developed by Controller General of Accounts with the assistance of Federal Board of Revenue. The successful implementation of the project will ensure correct deduction of sales tax. Under the system, deduction of applicable rates of 10%, 20% and 100% of the sales tax would be made through the automated system.

E-commerce to reach $1 billion by 2020

Commerce Minister Khurram Dastgir Khan addressed the 14th meeting of United Nations Conference on Trade and Development (UNTCAD) in Nairobi, Kenya. Commerce Minister Khurram Dastgir Khan says that the size of e-commerce in Pakistan is expected to reach $1 billion by 2020. The government has already tasked a committee of ministers to formulate a national policy on e-commerce. He was one of the three speakers from developing countries. The Unctad e-commerce readiness index for the developed world is 77 and for developing Asia it is 41. While Pakistan’s index stands at 36, it is marginally higher than the SAARC average.

Telecoms received $7 billion in five years

President Mamnoon Hussain says Pakistan has received over $7 billion foreign investment in flourishing telecommunication sector during last five years. He said this during a meeting with a delegation of International Telecommunication Union (ITU), led by its Secretary General, Houlin Zhao, which called on him at the Presidency. Minister of State for Information Technology Anusha Rahman was also present on the occasion.

 


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