THE ASSETS DECLARATION (PROCEDURE AND CONDITIONS) RULES, 2019 — They shall come into force at once. Value of assets means value as per Section 5 of the Ordinance as on the date of declaration. Where the asset declared by the declarant is only beneficiary owned by the declarant or is owned by a Benamidar of the declarant, the name and identification of the legal owner or Benamidar shall also be declared.

By |2019-10-22T04:37:21+00:00October 22nd, 2019|Federal|0 Comments
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UPDATION / REVISION OF RECRUITMENT RULES OF VARIOUS POSTS OF MINISTRIES / DIVISIONS / DEPARTMENTS UNDER THE FEDERAL GOVERNMENT — Federal Public Commission has observed that each year a significant number of posts remain vacant / unfilled due to non-availability of suitable candidates from respective quotas and fields of education. The Commission has further noticed that during the personal hearings of the candidates, who file representation against rejection of their candidature on account of not meeting the advertised qualifications, that the recruitment rules of various Ministries / Divisions / Departments were either outdated or were not aligned with the new qualification / titles / nomenclature of closely related disciplines/degrees available in the market. The Commission feels that we lose good talent available in the market due to the weaknesses in existing recruitment rules.

By |2019-10-18T05:30:24+00:00October 18th, 2019|Federal|0 Comments
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COMPILATION OF ORDERS RELATING TO VARIOUS SCHEMES OF PAY SCALES, ALLOWANCES AND FRINGE BENEFITS FROM 1972 TO 2017 (FEDERAL GOVERNMENT) — Basically, this book is only a compilation of orders on the subject of Pay Scales issued by the Government of Pakistan from time to time. In order to facilitate the Federal Government offices and the employees in getting information regarding the revisions, made by the Federal Government, in the Pay, Allowances and fringe benefits, from time to time, Finance Division had earlier compiled the orders of the Federal Government relating to Pay Scales, Allowances etc. in 1984. Necessity for compilation of such an updated book on Revision of Pay Scales, Allowances and fringe benefits was being felt for quite some time. Finance Division, therefore, initiated an exercise in this regard and has now compiled updated document up to 2017.

By |2019-10-09T05:23:47+00:00October 9th, 2019|Federal|0 Comments
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CASH MANAGEMENT & TREASURY SINGLE ACCOUNT POLICY 2019 – 29 — The efficient treasury is a vital instrument for better Public Finance Management (PFM). The key objectives of this modern cash management are timely availability of cash to meet obligations, economizing on cash within the government to save costs and reduce risk, management of government’s short-term cash flows efficiently (both cash deficits and cash surpluses) in such a way as to benefit debt management and monetary policy. The cash management practices have also transformed like other aspects of treasury functions. This cash management policy will focus on efficient cash management with ability to forecast daily cash flows across the TSA. It shall result into smooth cash flows with lower average cash balances, reduced borrowing costs, lower interest on cash balances than interest on marginal borrowing and less pressure on monetary policy operations.

By |2019-09-29T04:42:16+00:00September 29th, 2019|Federal|0 Comments
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ACCOUNTING CODE FOR SELF ACCOUNTING ENTITIES — This Manual is issued to set out the accounting principles and financial reporting responsibilities in accordance with which the accounts of Self Accounting Entities shall be kept, in pursuance of article, 170 of the Constitution of Islamic Republic of Pakistan. The effective date for application of this Manual is the date of issue of this Manual by the Auditor-General. All accounting entities will have up to two financial years (commencing from 1 July subsequent to the effective date of release) to be in full compliance with this Manual. An accounting entity is any unit of Government (e.g. ministry, division, and department), whose principal source of funding is an appropriation from the Federal and Provincial Governments, which prepares input to the accounting system and which is not an Exempt Entity as set out at 1.2.3.7 of this Section. This manual commences with detailed guidelines on the financial reporting responsibilities applicable to Self Accounting Entities and the accounting principles to which they must adhere. This Manual also provides guidelines for Self Accounting Entities who are in a transitionally phase (as they may be in the process of aligning their financial reports and accounting principles as prescribed by this Manual).

By |2019-09-26T04:36:52+00:00September 26th, 2019|Federal|0 Comments
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COMPILATION OF GENERAL ORDERS RELATING TO ALLOWANCES (OTHER THAN TRAVELLING ALLOWANCE) OF FEDERAL GOVERNMENT — This Compilation incorporates all important General Orders relating to Allowances other than Travelling Allowance. Compilation of General Orders Relating to Allowances (Other than Travelling Allowance) was last prepared in July, 2002. Since then a number of orders have either been deleted, amended, updated or replaced by the Government, necessitating its revision. The clarifications and amendments, issued from time to time since 2002, have been incorporated. While latest orders have also been placed in the new edition.

By |2019-09-19T05:20:21+00:00September 19th, 2019|Federal|0 Comments
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SYSTEM OF FINANCIAL CONTROL AND BUDGETING (SEPTEMBER – 2006) AS UPDATED UP TO OCTOBER, 2018 — The New System of Financial Control and Budgeting was introduced with effect from 1st July, 2000. It has been decided to review the system with a view to delegating more powers to administrative Ministries/Divisions and bring it in line with the Chart of Accounts (CoA) as laid down by the Auditor General of Pakistan. The procedures and financial limits laid down in this O.M shall take with immediate effect. The Secretary shall be the Principal Accounting Officer of the Ministry / Division, Attached Departments and Subordinate Offices in respect of the expenditure incurred against the budget grant (s) of the Ministry/Division. The term Secretary shall include the Principal Secretary, the Acting Secretary, the Additional Secretary Incharge or the Senior Joint Secretary/Joint Secretary Incharge of a Division.

By |2019-08-31T04:15:19+00:00August 31st, 2019|Federal|0 Comments
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FINANCE ACT, 2019 – EXPLANATION OF IMPORTANT AMENDMENTS MADE IN THE INCOME TAX ORDINANCE, 2001 — Finance Act, 2019 has brought about certain amendments in the Income Tax Ordinance, 2001. The term “offshore asset” has been defined by inserting a new clause (38AA) in Section 2 which includes any movable or immovable asset held, any gain, profit or income derived, or any expenditure incurred outside Pakistan. Every person, other than a company, receiving profit on debt from persons are separately taxed. Income from Property derived by an individual or an association of person is separately taxed on the gross amount of rent. The holding period for taxation of capital gain of open plots has been increased to eight years and for constructed properties, it has been increased to four years. Where the holding period does not exceed one year, the total amount of gain will be taxed.

By |2019-08-21T13:10:35+00:00August 19th, 2019|Federal|0 Comments
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