#1241
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Bro, you should visit FPSC office Lahore as soon as possible. Lahore center series has reached almost 60000
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#1242
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World Bank asked to rectify error about loan payable by Pakistan ISLAMABAD: Insisting that its external repayment obligations stand at $18 billion for the current year, Pakistan has asked the World Bank (WB) to rectify its ‘error’ that put external obligations at $31bn. “The matter has been taken up with the World Bank to rectify the error,” said the finance ministry on Sunday after a meeting presided over by Finance Minister Ishaq Dar. The meeting reviewed first quarter performance of the national economy — including revenue collection, imports, exports, remittances etc — and noted that “external inflows are expected to be sufficient to meet repayment obligations”. In a recent report, the World Bank has estimated Pakistan’s current year international repayment obligations at $31bn, raising public concern that the country may not have enough resources to meet these targets. In a report, Bank has estimated country’s current year international repayment obligations at $31bn The finance ministry, however, said the World Bank had erroneously included portfolio investment worth $13.8bn for its estimates that were not part of the repayment obligations. “As per the international reporting standards, portfolio investment is not included while calculating the gross financing needs of a country”, it said. The meeting was briefed about the estimates of gross external financing needs during the current fiscal and noted that the World Bank report had “erroneously indicated Pak*istan’s gross external fina*ncing needs at $31 billion for the current fiscal year”. The finance ministry said the report was based on “misinterpretation” of standard definition of the gross financing needs of the country. Based on the international reporting standards, Pakistan’s actual gross financing need for FY 2017-18 is estimated at $18bn (5.3 per cent of GDP) and not $31bn (9pc of GDP). The meeting was informed that exports and remittances had improved and imports had slowed down during the first two months of the current fiscal. Finance Minister Dar directed his ministry to proactively work with the World Bank to ensure correct reporting of economic data. The meeting expressed satisfaction that efforts were in hand to ensure that the strong fiscal performance of the first quarter of the fiscal was maintained during the second quarter and beyond. It was also briefed on the progress in taxpayer’s outreach programme launched by the Federal Board of Revenue for broadening of tax base, including workshops on e-filing of returns for members of tax bars, professional bodies and chambers of commerce and industry. Large corporate employers have been approached to ensure the filing of returns by all employees receiving taxable salary and help desks have been established in tax offices throughout the country to facilitate return filing. The meeting noted that efforts for taxpayer’ facilitation were yielding results and up to more than 352,000 returns had been received as on Oct 13 against 162,000 returns received up to the same date last year. Published in Dawn, October 15th, 2017 The tricky tangle of security and business Politics is not their business but the risk-averse private sector of Pakistan, aware of the country’s power dynamics, lets its instincts guide it’s positioning in turbulent times. Blaming the civilian leadership for the hostile business environment, in a seminar, it stopped short of calling the supreme commander to assume charge. Chief of the Army Staff Qamar Javed Bajwa speech was insightful. Did it reflect a fresh security doctrine? It is hard to say in the absence of credible information. However, the concluding remarks of Gen Bajwa contrasted both in content and formulation from the thrust of a daylong seminar. Was it meant to appear this way? Again, it is hard to be certain. Commenting on the seminar later, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Zubair Tufail, who co-hosted the seminar with the Inter-Services Public Relations (ISPR), was uncomfortable with many observations of the writer. “We would like to manage better next time by broadening the speaker base and more carefully managing organisational details. The general sat with us for lunch and gave us a patient hearing. He promised to take up some of our concerns with Prime Minister Abbasi,” he said. Gen Bajwa in his speech made a case for centrality of security in the framework of economic progress in a post-modern, Trumpian world. “The need for realisation of, and respect for, the security-economic connect was never as great as it is today”. While the COAS’s speech made a case for centrality of security in the framework of economic progress, the presentations and the conduct of most speakers appeared to be hinged on the traditional mindset However, the presentations and the conduct of most speakers appeared to be hinged on the traditional mindset. Speakers all through the day rang alarm bells, some going as far as predicting the wrap-up of the CPEC in March 2018 under IMF pressure. They believed that circumstances would force the country to request a bailout if the current set-up was allowed to continue. They crossly blamed the wobbly civilian government for a “horrid economic scenario with debt rocketing, exports plunging and reserves bleeding; threatening the viability of not just the economy but the country”. In his prepared remarks, the general snubbed the private sector for being too demanding without being sufficiently responsible. He mentioned the low tax-to-GDP ratio and meagre direct tax component within revenue collection. He hammered the need to change that. The security situation has improved, he said, calling on the business community to start afresh to expand the economic base. “…The ball is in your court now,” he added. Gen Bajwa flatly dismissed the alarmist economic outlook and drew the attention towards gains achieved in growth and infrastructure, particularly energy. He projected the CPEC as a “complete development platform with the potential to act as a powerful springboard for shared progress in the region”. Gen Bajwa saw ‘security’ as a prerequisite for the CPEC. He promised to deliver external and internal security so the economic agents may realise their growth potential. Instead of focusing on threats from eastern and western neighbours, he justified his stance on the centrality of ‘security’ for economic advancement thus: “...in the past two decades, we have seen a reappearance of age-old fault lines and a reassertion of ancient parochial passion of race, language, religion and identity, hence security has once again become the foremost business and task of the state.” He lamented that the circumstances (volatility in the region) did not allow the country the luxury to choose between economic viability and national security. He asserted that striking the right balance between the two is an intricate business and a viable balance needs to be evolved. The seminar, held last week in Karachi, on the interplay of economy and security gathered the stars of retired Gen Musharraf’s economic dream team as speakers to share its assessment of the current economic situation and the vision for the future. Former finance secretary Dr Ashfaque Hasan Khan, former State Bank governor Dr Ishrat Husain and former finance minister Dr Salman Shah — of the Musharraf/Shaukat Aziz team — were flanked by Dr Farrukh Saleem, Senator Mushahid Hussain Syed and Lt Gen Frontier Works Organisation. They highlighted the lack of institution building, centralisation of power in the Ministry of Finance, inefficiencies and misplaced priorities for the current crisis-like situation. Dr Saleem’s presentation, loaded with data, showed how missteps of the government had worsened the business environment for the private sector, mentioning multiple cost components of business. He also highlighted how the government has neglected the security needs while military spending as a percentage of GDP in Pakistan has dipped. The audience responded to Dr Ashfaque’s engaging narrative, who blamed the government paralysis for downward heading economic indicators without elaborating on factors that de-stabilised the system. He thought the creation of a CPEC authority could address challenges in an already top heavy bureaucratic set up. S.M. Munir, former TDAP chief, was too occupied hailing hosts to explain the trade authority’s role in the widening trade balance. Office-holders of chambers and trade bodies from all across the country representing second-tier businessmen and traders were in attendance. Executives of multinational companies and corporate heads of leading business houses were not invited. A few such as Hussain Dawood of Dawood Group of companies and Bashir Ali Muhammad of Gul Ahmed Textiles who turned up were lost in the back of the hall while commanders and AKDs of the world occupied the front row and the limelight. Published in Dawn, The Business and Finance Weekly, October 16th, 2017
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“What we need in this country today is more courage and more belief in the things that we have.”- Thomas J. Watson |
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#1243
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Bank investments rise by 13.07pc According to the weekly statement of position of all scheduled banks for the week ended September 29, deposits and other accounts of all scheduled banks stood at Rs11,979.886 billion after a 2.64 per cent increase over the preceding week’s figure of Rs11,671.125bn. Compared with last year’s corresponding figure of Rs10,510.703bn, the current week’s figure was higher by 13.98pc. Deposits and other accounts of all commercial banks stood at Rs11,902.00bn against preceding week’s deposits of Rs11,598.109bn, showing a rise of 2.62pc. Deposits and other accounts of specialised banks stood at Rs77.887bn, higher by 6.67pc against previous week’s figure of Rs73.016bn. Total assets of all scheduled banks stood at Rs16,861.462bn, higher by 2.11pc over preceding week’s figure of Rs16,513.192bn. Current week’s figure is higher by16.97pc compared to last year’s corresponding figure of Rs14,415.369bn. Total assets of all commercial banks stood at Rs16,600.876bn, higher by 2.12pc over previous week’s figure of Rs16,256.809bn, while total assets of specialised banks at Rs260.587bn, were higher 1.64pc over the previous week’s Rs.256.383bn. Borrowings by all scheduled banks increased in the week under review by 1.34pc Gross advances of all scheduled banks stood at Rs6,136.882bn, higher by 1.47pc over the preceding week’s figure of 6,048.241bn. Compared with last year’s corresponding figure of Rs5,120.011bn, current week’s figure is higher by 19.86pc. Advances by all commercial banks increased to Rs5,965.019bn from previous week’s Rs5,876.637bn indicating a rise of 1.50pc, whereas advances of specialised banks stood at Rs171.864bn against previous week’s 171.604bn. Borrowings by all scheduled banks increased in the week under review. It rose by 1.34pc to Rs2,733.731bn against previous week’s Rs2,697.557bn. Compared to last year’s corresponding figure of Rs1,925.813bn, current week’s figure is higher by 41.95pc. Borrowings by commercial banks in the week at Rs2,647.965bn were higher by 1.57pc against previous week’s Rs2,606.977bn. Borrowings by specialised banks stood at Rs85.767bn against the previous week’s Rs90.580bn. Investments of all scheduled banks stood at Rs8,337.973bn against preceding week’s figure of Rs8,337.838bn. Compared to last year’s corresponding figure of Rs7,373.881bn, current week’s figure is higher by 13.07pc. Investments by all commercial banks stood at Rs8,277.335bn, higher by 0.01pc against preceding week’s figure of Rs8,276.210bn, whereas investment by all specialised banks stood at Rs60.638bn against preceding week’s figure of Rs61.628bn. Cash and balances with treasury banks of all scheduled banks increased over the week and stood at Rs1071.002bn against previous week’s Rs961.164bn, showing a rise of 11.43pc. Current week’s figure increased by 10.45pc compared to last year’s corresponding figure of Rs969.633bn. Cash and balances of all commercial banks stood at Rs1,066.695bn, larger by 11.47pc over previous week’s Rs956.947bn. Cash and balances of all specialised banks were higher by 2.13pc at Rs4.307bn against the preceding week’s Rs4.217bn. Published in Dawn, The Business and Finance Weekly, October 16th, 2017 How we can nourish food SMEs SUSTAINABLE growth of the food processing industry and its alignment with value-addition chain of global food markets are required to give a boost to small and medium enterprises (SMEs) in the food sector. Adopting better and more dependable approaches in manufacturing and marketing of food products is also a must to make food industries responsive to changing local and export market dynamics. SMEs in Pakistan are classified into three categories, i.e. manufacturing, services and trade. Food SMEs fall in all three categories. The enterprises in agricultural and food processing, dairy and livestock, and food and beverages are in the manufacturing category; hotels and restaurants are in services; whereas wholesalers and retailers of food items are in the trade category. Therefore, it is difficult to keep track of food SMEs and no credible data regarding them is available. But since the food and beverages sub-sector carries 12.4 per cent weight in large-scale manufacturing (LSM) — the second highest after textiles with 21pc — the importance of food sector SMEs can be well understood. The bulk of all food business in Pakistan is carried out through hundreds of thousands of SMEs, including those that come in the supply and value-addition chain of food industries in LSM. A large number of rice and maize processing and wheat milling units are in the SME sector. The same is true for cooking oil and spices manufacturing industries. And it goes without saying that thousands of bakeries, hotels, motels, restaurants and eateries are all but SMEs. Many food sector SMEs are also direct exporters and many more are in the supply chain of leading food export houses. Without revamping and revitalising food sector SMEs, we cannot think of rebuilding our food economy. But the question is how? Though some healthy developments are taking place, a lot more needs to be done. Chinese investment in the agriculture sector should be sought on a priority basis. As part of the China-Pakistan Economic Corridor (CPEC), Beijing is keen on investing in our agriculture sector as well. Officials say Pakistan is seeking Chinese investment also for the capacity-building of SMEs in the agriculture sector. Officials of the Small and Medium Enterprises Development Authority (Smeda) say there is also enough scope for joint ventures between Pakistani and Chinese SMEs in logistics, trucking, warehousing (that can promote food sector SMEs), fisheries, horticulture, food processing, dairy and livestock, cold storage and supply chain business, etc. After a recent visit of a Chinese business delegation to Lahore and their subsequent meetings with Pakistani officials and businessmen, chances for early interaction for developing the SME sector have brightened. Our markets remain flooded with Indian food products throughout the year (except when political tension heightens between the two neighbours). This is proof that in addition to growing imports of food items from across the border, food products of India are also freely smuggled into our markets. Therefore, the smuggling of food items from India or from Iran and other countries has to stop if our food-sector SMEs are to flourish. Moreover, Pakistan’s ranking in the World Bank’s ease of doing business indicator dropped from 77th in 2007 to 141st in 2017. This is discouraging for local and foreign investors. Unless we score better on this indicator, organising or reshaping food-sector SMEs in particular and fast-moving consumer good companies in general, or attracting foreign investment into them is just too difficult. A major reason for our low score in the ease of doing business is that businessmen have to deal with numerous federal and provincial agencies. Tackling this issue honestly and efficiently can help boost the SME sector. Furthermore, the cost of doing business in Pakistan still remains high due to net effective rates of power tariff, shortage of water, broken chain of value addition and supply chains, poor logistics, high incidence of total applicable taxes and corruption. Higher taxation and the requirement to deal with multiple agencies have led to a phenomenal growth of SMEs in the informal sector. As for SMEs manufacturing food, prices of raw materials (especially food grains, fruits, veggies, chicken, etc) often show unusual volatility which makes cost projections quite difficult. In case of red meat, seafood and spices and other raw materials, guaranteeing uninterrupted supply of high-standard, hygienic stuff remains an issue. Provincial governments are working on plans to improve grain storage and to cut pre- and post-harvest losses besides improving farm-to-market road infrastructure. This may keep prices of perishables from going too volatile at times. Lastly, food companies, large or small, now need to get innovative and invest in capacity-building and modernisation. Published in Dawn, The Business and Finance Weekly, October 16th, 2017
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“What we need in this country today is more courage and more belief in the things that we have.”- Thomas J. Watson |
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BrianTheGooch (Tuesday, October 17, 2017), kaka88 (Friday, October 20, 2017) |
#1244
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@hmkashif
No interview sharing for some days
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"If we don't stand for something, we may fall for anything." |
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hmkashif (Tuesday, October 17, 2017) |
#1245
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Candidate No 1:
Muhammad interview Peshawar centre. BBA. HONS What is difference between competitive advantage and comparative advantage Monetary and fiscal policy. Sedy hokar bethen ap interview men aye hen doston men nahin. Sales tax income tax A company earns 20 million profit in 2015 15 million in 2016 I say 2016 is better performance how give 3.4 reasons Job description of iir. Candidate No 2: My interview experience 1:Tell me about kahror pakka(my home town) 2:southern punjab province k baaray mn views 3: our MNA .. Then jahangir tareen 4: about constitution Art 10A Art 25 5: kinds of tax 6: withholding tax 7: CCI Candidate No 3: 1st qustion was WTO and head office of WTO 2nd small company 3rd zero rated and exmept supply 4rth can we tax Govt. Some qustion about company where i am employee . Candidate No 4: Today My interview in Quetta center, 2 p.m , When i Was entering the room of interview, A staff member of commission commented, You (means me jamal) look like a commissioner already as for his opinion. As i entered a person by name Farooq Ahmad member of the panel told me to have a set on a chair before the panel and they felt don't need to introduce myself before them. At first the person commented in a critical way on my CGPA as i have 2.57 (68% marks in my MBA degree) and he started by saying, let to check you. he asked about my family and wanted to know about my priorities in life. i dealt with it in a good way and noticed his satisfaction and asked one question about management and strategic management. He referred me to the commissioner for further. The commissioner asked about withholding taxes and about the time of filing withholding statements by agents, and also asked who these withholding agents are and what they do. He further asked about sales tax and filing of sales tax return and income tax return. After Mr Khattak asked questions and i am quoting his statement, China is doing trade, India is doing trade and both are running through trade deficit and Indian trade deficit is increasing year by year but they (indian) continue to expand trade to compete china although their trade deficit is increasing. as it is an open statement and i explained it in a well organized way and compared it with united states and also inform them about deficit balance as it is not so much deteriorating for economy as we all are perceiving and also told them that india wants to increase their market share by employing dumping strategy as was utilized by Chinese in their economy. Mr khattak further questioned me which was related to Pashtu, Urdu and english literature, the question was about pashtu poet Khushal khan khattak, Mirza ghalib and sheikhs spare as famous people in their respective background and he further added why as a people of our time in our respective languages and backgrounds we couldn't provide sons/daughters like Khushall, Ghalib and sheikhs spare? It was almost a general interview with some specifications and i had a wonderful time with them and they were very polite and friendly. Further i am not an artist of discussion to draw the whole picture of the process. overall it was a nice interview and i was able to defend myself and make them satisfied. Candidate No 5: Today my interview in Lahore .. Qualification MS Management Medium English ( but to other candidates they also asked questions in Urdu) As i am from Jhang ,they asked me about famous things of Jhang GDP growth rate and GDP size Remittance number and major contribution of Wich region ( gulf countries ) Remittance is decreasing or increasing ? Why decreasing? FBR member What is minimum tax What is withholding tax and on what commodities ? What is universal self assessment scheme?? Can it be amended ?? Best of luck for remaining candidates Candidate No 6: Interview (karachi centre) 10.10.2017 Name of Two ladies in europe which are leading their countries? Sales tax and its ratio Income tax and its ratio How income tax base can be expanded? Defense expenditure Fiscal defict percentage Withholding tax Advance tax and how it is calculated? And what is the due date Your interest is in which subject? Explain how marketing can be done by fbr? Taxyear Candidate No 7: Salaam, this was my interview today in khi my qualification is M com and Acca Tarar sir was in the panel he asked following questions My name, qualification, experience WTO, its year its location and its predecessor organization import export gap, how to reduce the gap Remittance factor in economy foreign exchange reserves amount The other member asked advance tax and its dates zero rated and exempt supplies difference withholding tax third member asked inland revenue members total appellate authorities under income tax ADRC overall it was a friendly experience hope for the best .
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“What we need in this country today is more courage and more belief in the things that we have.”- Thomas J. Watson |
The Following 3 Users Say Thank You to hmkashif For This Useful Post: | ||
BrianTheGooch (Tuesday, October 17, 2017), kaka88 (Friday, October 20, 2017), Waqar Afzal (Tuesday, October 17, 2017) |
#1246
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Why gov't exempt some items and zero rate others. If gov't objective is reducing prices of items then it can use any one of these methods then why both methods are used.
also some one write names of zero rated items. As I know exempted items are agriculture goods ffisheries stone queries and other income. What are zero rated items. thanks in anticipation. |
#1247
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Interview Questions FPSC Islamabad
My interview was at Islamabad FPSC HQ, 19th Oct
The questions: 1. The maximum tax is collected by which branch of IIR? 2. Taxpayers in Pakistan? (Number) 3. Tax Filers (Number) 4. Filers as a percentage of total population? 5. What is FED? Where is it levied? 6. How will you do a tax survey of blue area? 7. What will be the steps involved? 8. Where is single entry system used? 9. What should an illiterate businessman do for maintaining accounts? 10. Who is a literate by definition? 11. What is deferred tax? Where is it written in the balance sheet? 12. What is the difference between amortization and depreciation? 13. How to calculate amortization of Goodwill? 14. Who invented the double entry system? Thanks |
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BrianTheGooch (Friday, October 20, 2017), hmkashif (Sunday, October 22, 2017), kaka88 (Friday, October 20, 2017) |
#1248
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bcorrect budget outlay
I came across two different outlay of budget 2017-
18, why to diifferent numbers are written in silent feature one is 5103 billion rupees other is 4.7 trillion rupees kindly some one explan which i have quotet at interview if they ask? |
#1249
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Candidate No 1:
Salaam, this was my interview today in khi my qualification is M com and Acca Tarar sir was in the panel he asked following questions My name, qualification, experience WTO, its year its location and its predecessor organization import export gap, how to reduce the gap Remittance factor in economy foreign exchange reserves amount The other member asked advance tax and its dates zero rated and exempt supplies difference withholding tax third member asked inland revenue members total appellate authorities under income tax ADRC overall it was a friendly experience hope for the best . Candidate No 2: My interview Questions Dated 18-10-2017 Types of Taxpayers Heads of Income CVT FED Is FBR collecting Foreign tax Previous collection of FBR taxes and next year expected?? Tax Rates of Non-Salaried person? Minimum turnover to be liable for registration of Manufacturer??
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“What we need in this country today is more courage and more belief in the things that we have.”- Thomas J. Watson |
The Following User Says Thank You to hmkashif For This Useful Post: | ||
kaka88 (Friday, October 27, 2017) |
#1250
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Quote:
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