PM for concerted efforts to explore oil, gas reserves,
ISLAMABAD_The Federal Cabinet, in a meeting, on Tuesday approved restructuring and digitization of the Federal Board of Revenue (FBR), on the recommendations of the Revenue Division. The approval was accorded in a meeting chaired by Caretaker Prime Minister Anwaar-ul-Haq Kakar.
Under these reforms, a Federal Tax Policy Board would be constituted in the Revenue Division that would be tasked to formulate tax policy, fixation of revenue targets and work for coordination among the stakeholders. The federal minister for finance would head the Federal Policy Board.
Under the new scheme, Customs and Inland Revenue departments would be separated and work under specific director generals in the relevant cadres who would also enjoy complete authority over the administrative, financial and operational matters.
Both the officials would ensure digitization of their relevant departments and implementation of globally recognized practices for transparency and addressing complaints. These departments would have separate oversight boards with the federal secretaries of ministries from finance, revenue, trade, chairman NADRA and relevant experts as its members whereas, minister for finance would head them.
The prime minister directed that clash of interests should be avoided during the appointment of experts from the private sector.He also asked that under the cabinet committee’s recommendations for reforms, a draft should be presented for necessary legislation ad approval in the upcoming session of the newly elected parliament. On the occasion, the caretaker prime minister and the cabinet members appreciated the untiring efforts of the ministers concerned , chairman FBR and other relevant authorities for the preparation of these reforms.
While,
Anwaar-ul-Haq Kakar on Tuesday pointing to the abundant natural resources in the country, underlined the need for the concerted efforts to explore onshore and offshore oil and gas reserves. He was addressing the Petroleum Conference 2024 here as a Chief Guest. Chief of Army Staff, General Syed Asim Munir, was the guest of honour at the Conference.
The prime minister affirmed the government’s readiness to contribute in infrastructure development, logistics, and security to bolster exploration and production efforts.
He further stated that the conference reflected a collective commitment to fully utilise the immense mineral potential of Pakistan, so as to ensure energy self-sufficiency and transform the Country into a regional exporter of energy. PM appreciated the Special Investment Facilitation Council (SIFC) and the Federal Ministry of Energy for fostering an investor-friendly environment by streamlining regulations and procedures.
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Country Manager, Kuwait Foreign Petroleum Exploration Company Ali Taha Al-Temimi appreciated unrelenting efforts of the government of Pakistan in bringing the stakeholders together for formulating policy recommendations and boosting investment in the petroleum sector. Provincial Chief Ministers, Minister for Energy, Secretary Petroleum, Government representatives, policy makers, foreign and domestic investors from the Energy and Petroleum (E&P) sector and international delegates also attended the conference.
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