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Cabinet approves tax exemption on profits gained through Euro, Sukuk, Panda Bonds

F.P. Report

ISLAMABAD: The Federal Cabinet, under the second schedule of the Income Tax Ordinance 2001, Tuesday approved tax exemption on the profits gained through Euro Bonds, dealings in International Sukuk issued under the government’s medium term notes and Panda Bonds, issued in the Chinese market.

The cabinet, which met here with Prime Minister Imran Khan in the chair, also gave a go-ahead to the Ministry of National Health Services and Regulation to directly make a five-year agreement with the National Database and Registration Authority (NADRA) for data verification of Sehat Sahulat Programme.

The cabinet, which was given a briefing on the issue of Broadsheet, a UK asset recovery firm, decided to constitute a committee to be headed by a retired judge of the Supreme Court or High Court to investigate the matter.

The meeting was briefed in detail about the measures taken during the last six months with respect to civil service reforms.

It was told that civil reforms had been done in the decades’ old rules in line with the current era requirements, transparency, performance and accountability.

It was further told that the civil service reforms had been done keeping in view the timelines and results, and identifying the complications of previous rules relating to discipline, performance, promotions, retirement and other issues.

About amendments in PPRA (Public Procurement Regulatory Authority) Rules, the cabinet was told that besides detailed explanation of the rules, quality, facilitation of public and private sectors and high international standards had been taken care of in the amendments.

The prime minister while appreciating the measures taken regarding the civil service reforms and amendments in the PPRA Rules, said the ministries and divisions, in line with the reforms, should take steps regarding improved performance of the ministries and further ensuring the ‘ease of doing business’.

The cabinet, under the Public Sector Companies (Corporate Governance) Rules 2013, approved the appointment of Ali Mehdi as Chief Executive Officer (CEO) of Pakistan Development Fund Limited.

It also approved six months’ extension in the implementation of Pakistan Essential Services (Maintenance) Act 1952 on all levels of employment under the administrative control of Pakistan Petroleum Limited.

The cabinet approved the grant of financial award for the members of core committee constituted under the Power Division for their services towards saving the country from big financial loss in the light of investigations in Rental Power Project.

It also approved the nomination of members of Karachi Dock Labour Board under the Ministry of Maritime Affairs.

The constitution of the Board of Directors of the National Transmission and Dispatch Company under the Power Division was also approved by the cabinet.

The meeting endorsed, in the light of few directions, the decisions taken by the Cabinet Committee for Law Cases during its meeting held on January 7, 2021; by Cabinet Committee for Energy during its meetings held on January 7 & 14, 2021; and by Cabinet Committee for Institutional Reforms during its meeting held on December 31, 2020.

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