The
meeting of the Federal Cabinet was held today in Prime Minister’s Office with
Prime Minister Shahid Khaqan Abbasi in chair.
The
Federal Cabinet approved a proposal by Aviation Division to grant exemption to
Pakistan International Airlines Corporation Limited (PIAC) from fee payable @
0.1% to the Pakistan Stock Exchange Limited (PSX) and supervisory fee payable @
10% to Securities and Exchange Commission of Pakistan of PSX fee on issuance of
additional shares.
Establishment
of Insurance Tribunal at Lahore and Multan was also approved.
The
Cabinet approved appointment of Air Marshal Ahmer Shahzad as Chairman Pakistan
Aeronautical Complex Board Kamra.
Extension
in contract appointment of Mr. Omar Arshad Hakeem, Judicial Member (BS-21) Customs
Appellate Tribunal, Bench II Lahore for a further period of two years was
allowed by the Cabinet.
The
Cabinet approved a proposal of Law and Justice division for repatriation of Mr.
Manoo Mal Khagaija, Judge Banking Court-I Hyderabad to Sindh High Court and
appointment of Syed Nasiruddin Shah, District and Session Judge as Judge
Banking Court -I Hyderabad.
The
Cabinet also ratified recommendations of the Cabinet Committee for disposal of
legislative cases held on 22-09-2017. Decisions taken by Economic Coordination
Committee of the Cabinet in its meeting held on 14-09-2016 were ratified by the
Cabinet.
Proposal
of Economic Affairs Division for signing of Financial Cooperation Agreement
(FCA) 2015 with Germany was approved.
The
Cabinet allowed signing of MoU between Intellectual Property Organization (IPO)
of Pakistan and State Intellectual Property Office (SIPO) of China.
The
enhanced cooperation between IPO-Pakistan and SIPO-China would enable both the
organizations to learn from each other’s experiences.
IPO-Pakistan
would also learn from China’s rich experience in using the IP system in a
balanced and flexible manner that promotes national development and trade while
protecting IP rights.
The
Cabinet ratified the Statute of the ECO Regional Centre for Cooperation of the
Anti-Corruption Agencies and Ombudsmen (RCCACO).
On
agreement between the Government of the Russian Federation and the Government
of Pakistan on cooperation for the construction of 600MW natural gas combined
cycle Power Plant at Jamshoro, the Cabinet authorized Power Division to
negotiate the details of draft Framework Agreement and bring the agreed version
before the Cabinet. It would also finalize the terms and conditions of the loan
in consultation with EAD and Finance Division.
The
Cabinet approved proposal of Revenue Division to amend the Convention of the
Avoidance of Double Taxation between Pakistan and Korea.
Amendment
to the existing Convention between Pakistan and Qatar for the avoidance of
double taxation and Prevention of Fiscal Evasion with respect to Taxes on
Income for Updation of Article on Exchange of Information
was approved by the Cabinet.
Furthermore,
the Cabinet approved amending the existing Convention between Pakistan and
Canada for the Avoidance of Double Taxation and Prevention of Fiscal Evasion
with respect to Taxes on Income for Updation of Article on Exchange of
Information.
The
Cabinet approved amendment in SRO 1125(I)/2011 dated 31.12.2011 allowing
reduction in rate of sales tax from 17% to 6% on ready to use imported finished
articles of textile and leather, in line with WTO regulations.
Amendment
in Import Policy Order with regard to import of beef was approved.
In order to clarify the said commodity in Import Policy Order, the word MBM
would be incorporated after the word “meat and bone meal” in the said Policy
Order.