A local TV reports that the apex tax collection body had to launch TTS in five sectors in order to keep check on production of the sugar sector and from fertilizers, tobacco, and cement and beverages sectors.
ISLAMABAD: Pakistan has achieved its highest ever export target set for the outgoing fiscal year, with an 18 percent increase from the previous year, ARY NEWS reported quoting Information Minister Fawad Chaudhry. Taking to Twitter, Advisor to Prime Minister on Commerce and Investment Abdul Razak Dawood said: “Our exporters have done it!! It gives me immense pleasure to share that our exports of Goods during FY 2020-21 stand at USD 25.3 billion. These are the highest-ever exports of Goods in the history of Pakistan. The previous highest was USD 25.1 billion in 2013-14,”. Fawad Chaudhry also said that if the services sector was also included, then Pakistan’s exports crossed over the mark of US$31 billion. “For the next years to come, Pakistan’s exporters will be a pillar in the economic stability of the country,” the information minister shared in a message on micro-blogging site. It may be mentioned here that the finance ministry released an economic outlook report for the month of June 2021, highlighting an increase in exports, imports, remittances, and production of large-scale manufacturing (LSM) during the outgoing fiscal year.
ISLAMABAD, (APP – UrduPoint / Pakistan Point News – 1st Jul, 2021 ) :The Securities and Exchange Commission of Pakistan (SECP) Thursday accorded approval for registration of the first Shariah Compliant Developmental Real Estate Investment Trust (REIT) Scheme in Pakistan under the revamped REIT regulatory framework. Earlier this year, SECP had significantly revamped the REIT Regulation, 2015, said a press release issued here. This signifies that the amendments introduced after an exhaustive stakeholder consultation process have proven to act as the much-needed catalyst for the REIT sector. The REIT sector was previously relatively dormant, with the launch of only one REIT Scheme since 2008. Amendments to the REIT Regulations in 2015 only yielded launch of one rental REIT Scheme, whereas successive amendments in 2018 could not provide desired outcome of mobilizing further REIT Schemes within the country. The REIT Scheme envisages investment in un-developed land in Karachi, aiming to uplift the area and develop the real estate, including construction and sale of apartments and commercial units by REIT Management Company for generating income for unit holders. Pursuant to registration of the REIT Scheme and approval for issuance of units, the REIT Scheme can raise funds through offer of units to Private Investors for acquisition and development of the proposed real estate. Growth in the REITs sector will be led to better documentation, formalization, governance, transparency and investor protection in the real estate sector and provide opportunity to small investors to benefit from growth inthe real estate sector.
The Institute of Tax Accountants Pakistan™ is the leading global representative and educational body for Pakistan’s Certified Tax Accountants™ (CTA) and is the country’s only professional body exclusively dedicated to tax accounting.
©2020.The Institute of tax Accountants Pakistan All Rights Reserved.
Developed By : New Vision Technologies
