ISLAMABAD: The federal Cabinet on Tuesday approved exemption to the Pakistan International Airlines Corporation (PIAC) from fees payable to the Pakistan Stock Exchange (PSX) and the Securities and Exchange Commission of Pakistan (SECP) on issuance of shares.
The Cabinet approved a proposal by the Aviation Division to grant exemption to the PIAC from the 0.1 per cent fee payable to the PSX and 10% of the PSX fee payable to the SECP on issuance of additional shares.
During a meeting, presided over by Prime Minister Shahid Khaqan Abbasi, the Cabinet also approved the setting up of insurance tribunals in Lahore and Multan.
An extension in the contract of Omar Arshad Hakeem as judicial member (BS-21) of the Customs Appellate Tribunal, Bench II, Lahore, for two years was allowed. The Cabinet approved a proposal of the Law and Justice Division for the repatriation of Hyderabad Banking Court-I Judge Manoo Mal Khagaija and the appointment of District and Sessions Judge Syed Nasiruddin Shah in his place.
It approved the appointment of Air Marshal Ahmer Shahzad as Chairman of the Pakistan Aeronautical Complex Board.
It ratified the recommendations of the Cabinet committee for the disposal of legislative cases and the decisions taken by the Economic Coordination Committee on September 14. The signing of the Financial Cooperation Agreement (FCA) 2015 with Germany was also approved.
The Cabinet allowed the signing of an MoU between the Intellectual Property Organisation (IPO) of Pakistan and the State Intellectual Property Office (SIPO) of China to enable them to learn from each other’s experiences, especially China’s rich experience in using the system in a balanced and flexible manner that promotes national development and trade while protecting IP rights.
It ratified the statute of the ECO Regional Centre for Cooperation of Anti-Corruption Agencies and Ombudsmen.
The Cabinet authorised the Power Division to negotiate details of a draft framework agreement for the implementation of an understanding reached between Pakistan and Russia on cooperation for the construction of a 600MW natural gas combined cycle power plant in Jamshoro. The terms and conditions of the loan would be finalised in consultation with the finance and economic affairs divisions.
It approved an amendment to SRO 1125(I)/2011, allowing reduction in sales tax from 17% to 6% on ready-to-use imported finished articles of textile and leather in line with the World Trade Organisation regulations.
It approved amendments to the conventions for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income with Qatar and Canada for updating the article on exchange of information.
A proposal of the Revenue Division to amend the convention with South Korea was also approved. Insertion of the word ‘MBM’ after the mention of “meat and bone meal” in the Import Policy Order for clarification was also approved.
