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Govt endorses avoidance of double taxation agreement with HK

Govt endorses avoidance of double taxation agreement with HK

ISLAMABAD: The federal cabinet has ratified agreement between Pakistan and Hong Kong for the avoidance of double taxation and the prevention of fiscal evasion with respect of taxes on income.

The approval was given at the federal cabinet meeting chaired by Shahid Khaqan Abbasi in Islamabad.

At the meeting the prime minister apprised the members about recent visit to Karachi and said Rs25 billion for Karachi and RS. 5 billion for Hyderabad under a comprehensive package for the development of both the cities were announced by him during his visit last Saturday.

He said that the development package will be implemented by the federal government under the policy and administrative supervision of the Governor Sindh; with fixed time lines and costs.

While elaborating the package for Karachi city, the prime minister said that one hospital and one medical college for Karachi, extension of green line metro to other areas, additional resources for new water projects, 50 fire tenders for KMC, series of underpasses and bridges to reduce the traffic mess will be constructed.

The prime minister further said that under the package one university and one medical college for Hyderabad, grant for Hyderabad Municipal Cooperation and up-gradation of infrastructure of all industrial states will be carried out. These projects will be executed within the stipulated time, cost and transparently, said the Prime Minister.

The prime minister stated that record funds have been disbursed to the federating units under the PML-N’s government. The prime minister also informed about the meeting he chaired during Karachi visit on law and order; in the wake of recent surge in street crimes in Karachi.

He said that the provincial government has been asked to play its due role in the development work in the province in general and Karachi in particular. He reaffirmed all out support to the provincial government from the federal government in the development and ensuring peace and security in Sindh. The cabinet lauded the announcements from the PM during his visit to Karachi. The federal cabinet approved the development package for Karachi and Hyderabad.

While referring to the recent presentations given to him on WAPDA and NHA that lasted for several hours, but remained incomplete due to paucity of time, the Prime Minister said that so much development work and energy initiatives have been taken under the PML-N government that were difficult to summarize even in detailed presentations.

The PM informed that all the development and energy security initiatives have either been completed or are in final phases of completion, which speaks volumes of the development and energy security endeavors bearing fruit of the initiatives taken during the PML-N’s government since 2013, and which are unmatched if compared with those planned from 1999 to 2008.

The Federal Secretary Interior briefed the cabinet on laws relating to weapons licensing.

The federal cabinet discussed the proposal in detail. The PM constituted a Committee to be chaired by himself and Minister of Interior, Minister of CADD, MoS M/o Information & Broadcasting and National Security Advisor as its members. The members will collect proposals of cabinet members put forward today and bring the agenda item again.

The PM directed Ministry of Interior to revalidate data regarding licenses issued. 90 days grace period will be given to all license holders of prohibited weapons for registration with NADRA.

The cabinet approved amendment in Rule 27 of Drug Rules 1976 and Amendment in Schedule – II and Schedule – III of Drug Rules 1976.

The cabinet approved initiation of negotiation on Inter-Government Agreement between Ministry of Petroleum & Natural Resources, Government of Islamic Republic of Pakistan and National Development & Reforms Commission of the People’s Republic of China for supply of POL Products and Liquefied Natural Gas (LNG).