ISLAMABAD: Chairman Federal Board of Revenue (FBR) Syed Muhammad Shabbar Zaidi has sent the draft Memorandum of Understanding (MoU) on cooperation between FBR and China’s State Administration of Taxation in order to share taxation data between both the countries. The draft MoU has been sent through a letter addressed to Pakistan’s Ambassador in China Ms. Naghmana A Hashmi, said a press release issued by FBR here on Monday.
In this regard, Pakistan’s Ambassador in China has been authorized to sign the MoU on behalf of FBR. The Chairman FBR in his letter has stated that the signing of the MoU will enable the Taxation Authorities of both the countries to share data and learn from each other’s best practices. The MoU will promote improvement in trade and investment in both countries.
Meanwhile, Oil and Gas Regulatory Authority has issued around 98 different permits to streamline matters related to LPG sector, including its smooth supply in every nook and corner of the country throughout the year. The regulator granted nine licenses for establishing new oil marketing companies, which would bring investment of around 4.5 billion rupees for construction of oil storage infrastructure over the next three years.
Besides, permission was granted to six companies to initiate marketing of petroleum products after fulfilling their obligation of constructing oil storage infrastructure. The authority said new entrants into the marketing arena will increase competition, which will ultimately benefit the consumers.
Similarly, it granted permissions to the OMCs and other companies for operating their newly constructed oil storages and terminals at different locations including Sahiwal, Habibabad, Mehmoodkot, Machike, Daulatpur, Port Qasim, Shikarpur, Kotlajam and Pattoki. It said the addition of new oil storages will strengthen the oil supply infrastructure and backup storage system.
Liquefied Petroleum Gas (LPG) Distributor Action Committee announced to go on strike from Friday in Karachi against the unnecessary crackdown of police officials on LPG distributors, ARY News reported on July 17. Addressing a press conference in Karachi, Ishaq Khan, the LPG distributor action committee member said that police have launched an unnecessary crackdown against distributors from last 10 days. The strike of LPG supply will be for an indefinite period against the unnecessary crackdown by the police, added Ishaq Khan.