ISLAMABAD: Ahead of the Pakistan Tehreek-i-Insaf`s planned `lockdown` of Islamabad, the government has decided not to raise the prices of petroleum products, is planning to table a bill that would make it mandatory for directors and shareholders of all companies to declare their stakes at home and abroad and has offered talks for a law in the light of information released in the Panama Papers.

Speaking at a news conference on Monday, Finance Minister Ishaq Dar laid fears of a possible governor`s rule in Khyber Pakhtunkhwa at rest, but said that it was an option laid out in the Constitution. While the international credit rating agency, Standard & Poor`s, had upgraded Pakistan`s rating to a positive stable outlook, `it is ironic that an opposition party is causing the economy irreparable loss,` he said.

The summary for a raise in prices of petroleum products, moved by the Oil and Gas Regulatory Authority (Ogra), was earlier shown to the prime minister. In line with his instructions, the prices for November will remain at the existing level `to provide maximum relief to the consumers`, Mr Dar said. The decision, he added, would have a cumulative impact of Rs12 billion since the government had not changed oil prices since April this year despite a hike in the international market. The government had so far absorbed an impact of Rs8 billion between April and October while another Rs4 billion would be added to the loss in November.

The products will continue to be sold at the existing prices: petrol at Rs64.27 per litre, HighSpeed Diesel (HSD) at Rs72.52, kerosene at Rs43.25 and light diesel oil (LDO) at Rs43.34 in November. He said sales tax collection was currently lower for all petroleum products, except for high speed diesel, than in 2013.

Transparency and disclosures The finance minister said the federal cabinet would meet on Wednesday to approve two decisions regarding financial transparency and tax evasion.

In the first case, he said, the cabinet would clear the ratification of the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters, an anti-tax evasion treaty, which Pakistan had signed in July 2016.

He said this was a manifestation of the government`s commitment to fight tax fraud and indicative of Pakistan`s pledge to exchange information under the automatic exchange provisions of the convention.

The convention would enable availability, on a reciprocal basis, of banking and related information about its residents and those from other countries party to the convention. It would have to be ratified by the president and the instrument of ratification would have to be deposited with the OECD, along with the required annexure.

Secondly, he said, the cabinet would approve a draft Companies Bill 2016, finalised after extensive consultations with all stakeholders.

The bill to amend the Companies Ordinance 1984 would be submitted for legislative process to the national assembly in the coming session.

The draftwillincludeadisclosureregimefor officers and members of those companies.Stringent penalties have been introduced in cases of false or non-disclosure.

It also introduces reforms such as the simplification of the memorandum of association, passing members` resolution through circulation, and the amalgamation of wholly owned subsidiaries in the holding company without approval. It will also introduce the Agriculture Promotion Company, created to promote the agriculture sector.

He said due process had been completed for the issuance of sales tax refunds, amounting to Rs25 billion, for Refund Payment Orders (RPOs) issued up to June 30, 2016. He said payment of the refunds would be made to the recipients in the coming week. He said it was for the first time that refunds would be paid directly into the accounts of the refund recipients.

The State Bank of Pakistan would transfer the refund in the respective bank accounts of claimants. In case of any difficulty, complainants can contact the focal person at FBR by writing to strefund@f br.gov.pk.

Responding to a question regarding partial treatment to religious parties at a recent public meeting while a crackdown on PTI workers was under way, Mr Dar said it was unfair to compare the two as the gathering planned by the former party was a peaceful one.

He said the joint parliamentary committee investigating the Panama Papers leaks was moving in the right direction. `We are ready to hold talks on a common bill that would probe into offshore holdings at nine tax heavens including Panama and Bahama.` He said the brouhaha would end in days if the two parties sat together with the honest intention of solving matters.