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Over two dozen public sector entities refusing audit - Pakistan

Senate panel to debate resistance from public sector entities, ministries to constitutionally mandated scrutiny of their accounts. ....

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Senate Panel Passes Amendment Bills on Commercial Agriculture, Banking Services and Financial Entities

Senate Panel Passes Amendment Bills on Commercial Agriculture, Banking Services and Financial Entities
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Minister seeks proposal to strengthen SME Bank's balance sheet

Minister seeks proposal to strengthen SME Bank’s balance sheet
Business
June 4, 2021
ISLAMABAD: Minister for Finance and Revenue Shaukat Tarin on Thursday directed Special Assistant to the Prime Minister on Finance and Revenue to assess the requirements and prepare a proposal for strengthening the balance sheet of the SME Bank.
The finance minister was informed about the equity requirement of the SME Bank during a meeting to review the progress on the privatisation of the bank.
The meeting was informed that pre-bidding process for proposed privatisation of the SME Bank had been complete and interested parties had been shortlisted. The privatisation commission board has also completed initial discussion / consultations with the shortlisted bidders to facilitate them in the completion of their due diligence process. ....

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Tax exemptions withdrawal bill lands in NA secretariat - Newspaper

The Federal Board of Revenue (FBR) has submitted a bill to the National Assembly secretariat proposing a string of amendments to withdraw around 36 tax exemptions. Dawn/File
ISLAMABAD: The Federal Board of Revenue (FBR) has submitted a bill to the National Assembly secretariat proposing a string of amendments to withdraw around 36 tax exemptions and streamline other corporate tax exemptions, which will come into effect from July 1, 2021.
The corporate income tax reforms are in line with recommendations of the International Monetary Fund (IMF). The Fund estimates it will generate revenue of Rs140 billion. The bill, which will be called the income tax (second amendment) bill 2021, will be introduced in the next session of the lower house, whenever convened. ....

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Fauji Foundation Plans to Acquire Major Stake in Silk Bank

Fauji Foundation Plans to Acquire Major Stake in Silk Bank
Fauji Foundation has officially approached Silk Bank seeking an interest to acquire a major shareholding in the bank, according to the official notification issued to Pakistan Stock Exchange (PSX).
The management of the Silk Bank has informed its shareholders that its board of directors decided to give in-principle approval to Fauji Foundation to conduct due diligence to evaluate the information and operation details of the bank.
However, a green signal is required from the State Bank of Pakistan to carry out the exercise of due diligence to Silk Bank.
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