【Daily】31 Dec. Brief of Pak BizNews
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‘Mini-budget’ approved by Cabinet
Federal cabinet on Thursday approved a supplementary budget that plans to end exemptions on sales tax and levy new duties as part of fiscal tightening measures aimed at winning funding from the International Monetary Fund (IMF).
Govt tables Supplementary Finance, SBP bills
Amid ruckus and uproar by opposition parties, Finance Minister Shaukat Tarin on Thursday laid the Finance (supplementary) Bill, 2021 and State Bank of Pakistan (Amendment) Bill, 2021 in National Assembly.
SBP bill aimed at insulating officials from actions
The Pakistan Tehreek-e-Insaf (PTI) government amid the opposition protest introduced “the State Bank of Pakistan (Amendment) Bill, 2021” to protect the SBP officials for all actions undertaken in good faith, to exclude provisions related to the government borrowing as well as the quasi-fiscal operations of the State Bank, to facilitate financial institutions with appropriate checks and balance and to abolish the Monetary and Fiscal Coordination Board.
Forex reserves down $359m
The country’s total liquid foreign exchange reserves fell by $359 million during the last week.
Loan for Sui gas companies: MoF urged to extend Rs24.19bn sovereign guarantee
Petroleum Division has requested Ministry of Finance (MoF) to extend sovereign guarantee amounting to Rs. 24.188 billion in favour M/s Habib Metropolitan Bank Ltd (HMPB) and a syndicate of two banks led by United Bank Limited (UBL) along with Faysal Bank in favour of Sui gas companies, official sources told Business Recorder.
CPEC projects in Gwadar: Implementation status reviewed
The 6th meeting of the Joint Working Group under China-Pakistan Economic Corridor (CPEC) reviewed the implementation status of the CPEC projects in Gwadar and deliberated upon the future course of action with regard to development of Gwadar city, port, and the free zone.
Finance (Suppl) Bill: 17pc GST proposed to be levied on over 150 items
The government has proposed to impose 17 percent sales tax worth Rs343 billion on over 150 items including imported plant and machinery, luxury items, dairy products, meat/poultry, pharmaceutical raw materials, beauty products/food supplements, computers, baggage of overseas Pakistanis, cotton/sunflower/canola seeds, mobile phones (exceeding US$200), branded iodized salt, energy saver lamps/tube lights, and imported re-meltable scrap.
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