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Government decided to maintain the prices of petroleum products

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ISLAMABAD:(APS)August 31, 2016-The Federal Cabinet has decided to maintain the petroleum products prices at existing level during the next month and introduce Pakistan Commission of Inquiry Bill 2016 in the National Assembly in the coming session.

Its meeting was held in Islamabad on Wednesday with Prime Minister Nawaz Sharif in the chair.

Later, briefing newsmen on the decisions of the cabinet along with Minister for Information Pervaiz Rashid,  Finance Minister Ishaq Dar said the meeting has approved a system for any change in petroleum prices.  He said under the system Ogra will move a summary to Ministry of Petroleum and the Petroleum Ministry will sent it to Ministry of Finance Ministry after review.  The Minister of Finance after reviewing its impact on the people will sent the summary to the Prime Minister who will take the final decision.

Finance Minister said under the Pakistan Commission of Inquiry Bill 2016, the inquiry commission will be empowered in the light of the letter by Supreme Court Chief Justice.

The Federal Cabinet approved Prime Minister’s Sustainable Development Goals Programme.  It also ratified decisions of Cabinet Committee on Restructuring and Cabinet Committee on Privatisation.

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Ishaq Dar said it also approved a scheme for medical treatment of poor and deserving citizens suffering from fatal diseases including kidney, liver, bone-marrow and cancer.

The Cabinet approved introduction of ten rupee coin and change of five rupee coin’s metal composition.

It approved publication of tax directoris and extension of reduced withholding tax rate for non-filers upto 31st of December this year.

He said the meeting approved signing of initial draft for revision of Convention between Pakistan and Swiss Confederation for avoidance of double taxation. It accorded to third protocol to agreement with China for avoidance of double taxation.

He said the meeting ratified decisions taken by ECC in its latest meeting.  It included that 0.4 percent withholding tax on non-filers will continue from 1st to 31st December.

He said Pakistan is going to sign multilateral convention of Organization for Economic Cooperation and Development on 14th of next month.  He said under this convention Pakistan will be able to exchange information about bank accounts.

To a question, Ishaq Dar said he has tried his best to convene a meeting of TOR committee through National Assembly Speaker.

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