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Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts

Monday, July 22, 2019

Pakistan’s exports to increase to $36 billion in 5 years: IMF

Pakistan’s exports to increase to $36 billion in 5 years: IMF

Pakistan’s exports to increase to $36 billion in 5 years: IMF


ISLAMABAD  (APP):  The International Monetary Fund (IMF) has projected that Pakistan’s exports will increase to US $ 36.7 billion in five years by the year 2023-24.

The pressure of current account deficit on the country will also ease out gradually from its peak US $ 19.9 billion in 2017-18 to as low as $6.95 billion in current fiscal year while US $ 5.49 billion in 2020-21, the IMF said in its recently published staff report on Pakistan.

The trade deficit would also decline to US $ 24.9 billion in current fiscal year from US $ 29.46 billion in 2018-19, however it will further go up to US $ 26.8 billion mainly on the back of growing import needs in coming years.

Meanwhile the report also estimated that due to policy measures committed by the Pakistan authorities, the Federal Board of Revenue (FBR) is likely to collect around Rs 5.5 trillion during current fiscal year which would increase to Rs7.001 trillion in next year while in 2021-2022 the revenues would reach Rs8.3 trillion and Rs9.48 billion in the subsequent year.

The overall revenues of the country will surge to Rs7.165 trillion in 2019-20 followed by Rs8.9 trillion in 2020-21, Rs10.6 trillion in 2021-22, Rs12.12 trillion in 2022-23, and Rs13.37 billion in 2023-24.

With less than 1.5 million taxpayers filing tax returns and tax compliance generally very low, tax policy and tax administration measures will center on broadening the tax base while maintaining a low tax rate, aiming to ensure progress of the tax system, it added.

Staff and the authorities concurred that an additional 4-5 percentage points of GDP in additional tax revenues could be achieved by the end of the program, bringing Pakistan tax ratio in line with peer Emerging Markets.

In the near term, measures include removing exemptions and preferential treatment to reduce distortions in the tax system and broaden the tax base. These include the removal of GST exemptions and preferential rates, except for basic food and medicines, a measure that would significantly improve revenues, the report added. Greater inter-provincial harmonization and coordination of GST will also simplify filing procedures and increase compliance.

Canadians urged to invest in Pakistan


Pakistan High Commissioner to Canada Raza Bashir Tarar has said that Pakistan is a promising market of 220 million people and Canadian businessmen should take benefit of investment opportunities available in the country.

Addressing a launching ceremony of Canada-Pakistan Affiliated Chambers of Trade (CPACT) in Ottawa, he said that the incumbent government of Pakistan had reinvigorated the Board of Investment to develop a close coordination mechanism with the foreign missions abroad and local chambers and business houses to increase the flow of Foreign Direct Investment (FDI) to Pakistan.

The high commissioner assured the Canadian Chambers and businesses of extending all possible support and assistance in bringing together business delegations and traders from the two countries to participate in joint ventures and benefit from existing profit-making opportunities, a press release on Sunday said.

The high commissioner said despite visa and adverse travel advisory related obstacles Pakistan-Canada bilateral trade has increased to C$ 1.5 billion.

He highlighted that Pakistan’s investment policy was one of the most liberal in the region and provided a conducive environment for attracting FDI.

“Canadians can benefit from investment opportunities in food processing, automobiles, Information Technology, Conservation of forests, recycling industry and services sectors which are priority areas for the government of Pakistan,” he added.

Referring to energy demands in the country, the high commissioner underlined that Canada’s expertise in hydel, renewable and clean technology power generation could be the areas where the two countries could further cooperate for mutual benefit.

Earlier, Abdul Hayee Bokhari, Founder CPACT gave a detailed presentation on roadmap of the chamber’s deliberations to bring together business community of both the countries to discuss possibilities of joint ventures.



Saturday, July 20, 2019

Fertilizer Industry Lends Support To Govt And Farmers

Fertilizer Industry Lends Support To Govt And Farmers

Fertilizer Industry Lends Support To Govt And Farmers


Islamabad: 19 July 2019 - The fertilizer industry has voluntarily held back the impact of recent gas price increase, in order to prevent  backlash of recent gas price hike from farmers. This was agreed on request of Advisor Industries, MrRazzaqDawood. The Advisor has assured the industry about settlement of GIDC effective 01 July to mitigate the loss to industry due to increased cost of production. 

The industry is optimistic regarding the GIDC settlement as agreed by MrAsadUmer in January this year to reduce the rates by 50% since inception and prospectively as well. The fertilizer industry has already paid Rs 127 Billion on account of GIDC upto 2015, unlike other sectors withholding the bulk of GIDC  payment. The industry expected settlement of outstanding Rs 20 Billion on account of subsidy as well as GST refund to the tune of 24 Billions in the process.  The industry expected redressal of cashflow challenge through GIDC settlement.

The fertilizer industry has shown its full confidence in the leadership of MrRazzaqDawood, who fully appreciated the contribution of industry to national economy and food security and expressed his appreciation for the gesture.

The industry has been making major contribution towards the national exchequer. Last year the fertilizer industry contributed in the economic growth of the country being one of the highest tax payer. It paid Rs. 45 billion in taxes which are virtually equal to the net profit the industry had earned. The industry has passed on Rs. 527 Billion benefit to the farmers in terms of lower prices against gas subsidy of Rs. 127 Billion during past 9 years. Furthermore, the industry has been offering its extensive support in uplifting the masses through different  CSR related projects.

Understanding the Government’s current  situation witnessing protests against economic measures that it can’t afford to open another front, the fertilizer industry has decided to give its maximum support to the government on the prevalent price issue. The rise in Feed Gas (62%) and in Fuel Gas (31%) prices which, as a result, impacted the cost of production by Rs. 210 per bag. However, the industry has decided to increase the price by only token of Rs 10 per bag, in anticipation of GIDC settlement. The industry expected the Government to help it by providing sustained supply of gas at affordable prices to enable it play a significant role in the development of the economy and national food security.



Friday, July 19, 2019

Fertilizer industry Comes Forward To Support The Government

Fertilizer industry Comes Forward To Support The Government

Fertilizer industry Comes Forward To Support The Government 


Islamabad: 18 July 2019 - The fertilizer industry, in order to prevent adverse situation that could cause Government serious problems, has been providing its major contribution towards the employment and the national exchequer. It fully supports the Government nonetheless anticipates that to receive a positive gesture from GOP regarding the Gas Infrastructure Development Cess (GIDC) settlement.  

Last year the fertilizer industry contributed in the economic growth of the country and became the highest tax payer as it paid Rs. 45 billion taxes which are virtually equal to the net profit the industry had earned. The industry has passed on Rs. 527 Billion benefit to the farmers in terms of lower prices against gas subsidy of Rs. 127 Billion since last 9 years. Furthermore, the industry has been offering its extensive support in uplifting the massed through different social projects.

Understanding the Government’s current situation that it can’t bear the additional burden, the fertilizer industry has decided to give its maximum support to the government on the prevalent price issue. The rise in Feed Gas (62%) and in Fuel Gas (31%) prices which, as a result, influenced the fertilizer prices by Rs. 210 per bag. On the other hand the industry has decided not to pass on the full impact of gas prices on the fertilizer to reduce the burden of high prices from the farmers. As these factors play a significant role in the development of the economy.

The industry is optimistic regarding the GIDC settlement as it is significant and help in determining the relief to the industry. This is only possible through GIDC settlement in order to circumvent adverse effect on agriculture sector.  However, the fertilizer industry has shown its full confidence in his leadership and hope the members of cabinet will appreciate the contribution of industry to national economy and food security.



Tuesday, July 16, 2019

CNIC condition not applicable on purchases below Rs 50,000 - say KTBA ex president

CNIC condition not applicable on purchases below Rs 50,000 - say KTBA ex president

CNIC condition not applicable on purchases below Rs 50,000 - say KTBA ex president


KARACHI: The condition of providing CNIC details is not applicable on purchases up to Rs50,000 by a person, said Zeeshan Merchant, former vice president of Karachi Tax Bar Association (KTBA).

He highlighted key changes to sales tax law made through Finance Act, 2019 at a seminar organized by KTBA on Thursday.

He said the condition of CNIC has been waived where retailers supply goods to ordinary consumers for own consumption with transaction value not exceeding Rs50,000, including sales tax.

He said that obtaining CNICs of unregistered buyers had also been postponed till August 01, 2019.

It has also been expressly provided that the supplier will not be penalized for the wrong declaration of CNIC number by the buyer in case of sales made in good faith.

He said that through Finance Act, 2019 the threshold for cottage industry had been increased up to Rs3 million from Rs2 million.

The Finance Act, 2019 relaxed certain conditions in order to cater sales to registered sector, the condition for CNIC had been done away with provided the buyer’s NTN is mentioned on the invoice.



Asif Haroon, Senior tax practitioner while highlighting key changes to Income Tax said that various sectors of the economy had been brought under minimum tax regime.

These sectors include: commercial imports, brokerage and commission, non-resident persons for certain services, local supply of goods, execution of contracts and income from CNG stations.

He pointed out another change through which the concept of filer and non-filer had been abolished.

He said that a new Tenth Schedule has been introduced to Income Tax Ordinance, 2001 where rate of withholding tax had been enhanced by 100 percent for persons not appearing on the Active Taxpayers List (ATL).

He termed the introducing tenth schedule was another effort for documenting the economy.

Late filers can become part of ATL by paying surcharge at the applicable rates. On filing of returns, the taxpayers can claim refund of tax withheld in excess of the actual tax liability.

The period during which the names of such persons do not appear in ATL, refund will not be issued during that period.

Moreover, the said period will also not be considered for the purposes of additional compensation for delayed refund, he added.

Immunity allowed under Section 111(4) of Income Tax Ordinance, 2001 has been reduced to Rs.5 million from Rs10 million for foreign remittance through banking channels.

Further displaying of business license by every person engaged in any business, profession or vocation, even where they are not required to obtain NTN.

The tax authorities have also introduced simplified tax regime for small businesses, construction businesses, medical practitioners, hospitals, educational institutions and any other sector specified, he added.




Wednesday, July 10, 2019

Lucky Cement Awarded Environment Excellence Award 2019

Lucky Cement Awarded Environment Excellence Award 2019

Lucky Cement Awarded Environment Excellence Award 2019 


Karachi, July 10, 2019: Lucky Cement Limited (psx: LUCK) won the Environment Excellence Award at the 16th Annual Environment Excellence Awards 2019, organized by The National Forum of Environment and Health (NFEH). The award ceremony was held at a local hotel on 09 July 2019.

Lucky Cement received the award in recognition to its commitment towards energy conservation and contribution towards protecting the overall environment for a greener Pakistan. The Annual Environment Excellence Awards are the benchmark for environmental standards in Pakistan.

Speaking of the occasion, Mr. Amin Ganny, Chief Operating Officer, Lucky Cement Limited, said, “At Lucky Cement, we are committed to make efforts in keeping our operations sustainable and environment friendly.” 

He further added “We are actively incorporating different practices including the use of environment friendly alternatives to fuel for energy conservation. This has not only helped us in preserving the environment but also allowed us to drastically decrease the carbon emissions”.

Sustainable development forms a significant part in Lucky Cement’s business strategies and is one of the key factors that have led the company towards progress and growth. Lucky Cement holds the prestigious ISO 14001 certification for environment management, ISO 9001 certificate for its quality management system, and OHSAS 18001 for its occupational health and safety. 

The National Forum for Environment & Health was established in 1999 and is a non-profit organization with the aim to facilitate and promote environmental, healthcare and educational awareness amongst the masses. The NFEH is accredited NGO with United Nation Environment Program (UNEP) and its activities have appreciated & supported by the Prime Minister of Pakistan, Governor of Punjab, Federal & Provincial Ministries of Environment.





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