Investment Treaties
During today’s meeting, the Federal Cabinet approved the negotiation of bilateral investment treaties with Saudi Arabia and Qatar based on the Investment Board’s recommendation, as per a press release.
The cabinet, upon the Federal Board of Revenue’s recommendation, sanctioned a 40% tax on windfall profits earned by banks from foreign exchange transactions in 2021 and 2022.
Amendments to the Hajj Policy 2024 were also approved, allowing the return of unused sponsorship quota and implementing a monitoring system for financial arrangements in accordance with Saudi government laws. The new policy permits children under 10 to perform Hajj and relaxes attendant requirements for those over 80 in private Hajj schemes.
Additionally, the Federal Cabinet approved a reduction in the hardship Hajj quota and allocated 50% of the quota for local assistants to Pakistani students studying in Saudi Arabia.
On the Ministry of Commerce’s recommendation, the Cabinet decided to hear appeals against trade organizations’ regulatory orders and relaxations in Import and Export Policy Orders 2022.
The inclusion of the Democratic Republic of Congo, Malawi, Zambia, Zimbabwe, and the Kyrgyz Republic in the business visa list was approved, along with the removal and addition of names to the Exit Control List (ECL) based on the Federal Ministry of Interior’s recommendation.
The Cabinet endorsed the Jammu and Kashmir State Property Budget for 2023-24, and on the Ministry of Maritime Affairs’ suggestion, approved the signing of the Hong Kong International Convention for the Safe and Environmentally Friendly Recycling of Ships 2009.
Moreover, the Cabinet, on the Cabinet Secretariat’s recommendation, granted exemption from specific rules to the Trading Corporation of Pakistan for purchasing 200,000 metric tons of urea from the international market.
