Mr. Asad Umar chaired meeting of National Executive Committee (NEC).

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Finance Minister, Mr. Asad Umar chaired meeting of National Executive Committee (NEC). The NEC is high level body established to oversee both policy and implementation matters of the Anti-Money Laundering and Counter Financing of Terrorism regime. The purpose of the meeting was to discuss and review progress in AML/CFT areas of the relevant stakeholders especially implementation status of FATF Action Plan. Different stakeholders presented progress in their respective areas on Action Plan and other AML/CFT areas. During discussion, the Finance Minister emphasized to put more efforts to meet the compliance of AML/CFT regime with international standards. The Finance Minister was of the view that the Action Plan may be seen as an opportunity rather than a challenge and this Action Plan will set directions for a robust AML/CFT regime in Pakistan as per international standards. The Minister emphasized the need to work hard and achieve the desired action well before the agreed time lines as it is in the interest of the country.

APTMA delegation calls on Finance Minister

A delegation of APTMA led by Mr. Aamir Fayyaz Sheikh, called on the Federal Minister for Finance, Revenue and Economic Affairs, Asad Umar. Mr. Abdul Razak Dawood, the Advisor to Prime Minister on Textile, Commerce, Industry and Production, and Investment was also present on the occasion.

The delegation congratulated the Finance Minister on assuming charge of the Ministry of Finance and said that the Industry hopes that the new government will take decisions in the interest of the Industrial sector after incorporating the feedback from the respective sectors.

The Finance Minister told the delegation that it is his foremost priority to support in any way possible the export oriented sectors of the industry and in this regard all possible cooperation will be provided from the Government.

APTMA discussed various issues regarding gas and electricity pricing, proposed withdrawal of customs duty and sales tax on import of raw materials, sales tax refunds, extension of duty drawback scheme for 5 years and maintaining market based exchange rate.

The Finance Minister assured the delegation of his full support to uplift this export oriented sector on the condition that the sector will fulfill its obligations for increasing exports bringing in much needed foreign exchange and will not in any case be helpful to anyone involved in tax evasion. The Minister said that the news relating to increase in gas and electricity tariff has been misreported in the media so far no such decision has been taken by the government. The Minister stated that the Ministry of Finance will fully support the recommendations of Advisor Textile and Commerce in all Industry related matters.

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