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Showing posts with label Pak_Economy. Show all posts
Showing posts with label Pak_Economy. Show all posts

Sunday, July 21, 2019

Only 300 companies paying 70-pc tax in Pakistan: PM Imran Khan

Only 300 companies paying 70-pc tax in Pakistan: PM Imran Khan

Only 300 companies paying 70-pc tax in Pakistan: PM Imran Khan

ISLAMABAD: Around 70 percent of Pakistan’s tax comes from 300 companies, says Prime Minister Imran Khan. He said FBR chief Shabbar Zaidi gave him this figure. The premier was speaking to members of the Gujranwala Chamber of Commerce an Industry in Islamabad on Wednesday.

He said the service sector accounts for over 20% of the economy, but only 1% pays tax. The agriculture sector makes a contribution of 20% to 25% to the GDP, but again, its tax contribution is a mere 1%, he said. The premier reiterated his arguments in favour of setting up a governance system using Madina as a model.

It had justice and mercy, he sad. The governance system took responsibility for all, including the poor, marginalised and elderly.

They didn’t have money, but there was justice and rule of law, PM Khan said, explaining how Madina’s model of governance was important and can be used by Pakistan. The country needs to move forward, he said, repeating his appeal to the public to come into the tax net.

Speaking about the treatment given to prisoners in Pakistan, PM Khan said those who have looted billions of rupees are provided ACs in jail while the poor man who has committed a small crime rots in a small cell.

He again spoke about taxing the rich and spending on the poor. The West refers to this technique as progressive taxation, the premier said.

“I don’t have any properties or bank balance outside of Pakistan. I live for Pakistan and this is where I will die so everything I do [for the country] is also or myself,” he said.

“He told the business community that he needed them to be on his team, which is why he was sharing Pakistan’s situation with them.

The tax we collected over one year last year, half of it went into paying off the interest on our loans, he said, emphasising that Pakistan can’t go on like this.

Saturday, July 13, 2019

Chinese firms to invest $5 billion in 3-5 years, PM told (via Dawn)

Chinese firms to invest $5 billion in 3-5 years, PM told (via Dawn)

Chinese firms to invest $5 billion in 3-5 years, PM told (via Dawn)


ISLAMABAD: Leading Chinese companies on Friday assured Prime Minister Imran Khan that they would invest $5 billion in different sectors in Pakistan in the next three to five years.

The assurance was extended to the prime minister by a Chinese delegation, comprising more than 55 executives and heads of leading Chinese companies, during a meeting at the Prime Minister Office (PMO).

FederalMinisterforPlanning Makhdoom Khusro Bakhtiar, Adviser to the PM on Finance Dr Abdul Hafeez Shaikh,Adviser to the PM on Commerce Abdul Razak Dawood, Board of Investment chairman Syed Zubair Haider Gilani and Federal Board of RevenueChairman Syed Shabbar Zaidi, besides Chinese Ambassador Yao Jing, were also present.

An official press release issued by the PMO said that theChinese business executives expressed conndence in the business-f riendly policies of the government and committed to investing $5bn over a period ofthree to five years in various small and medium size industrial sectors.

The delegation represented various sectors including construction, machinery, glass, automobile, power, transportation, information technology and technological research.

The visit of the largest ever Chinese delegation to Pakistan is said to be a follow-up of the prime minister`s recent visit to China and inking of agreements to enhance bilateral cooperation in dif ferent areas.

Prime Minister Khan welcomed the Chinese delegation and said China has always been a trusted partner of Pakistan.

The prime minister was quoted as saying that the sagacity, wisdom and vision of the Chinese leadership for peace and development, good governance and poverty alleviation was impressive and worth emulating.

`The interest of Chinese com-panies in investment and relocating business and industrial units to Pakistan reflects the trust of Chinese side in the growing economy of our country and a strong desire to translate Pak-China equation into a win-win economic p artnership, he added.

`Our government is facilitating investors and reducing impediments to doing business.

Partnership with Chinese companies and their investment will yield multiple benefits for both the countries, including employment generation, transfer of technology and economic growth,` the prime minister said.

Talking about the ChinaPakistan Economic Corridor, he reiterated that CPEC would prove to be a game-changer project in respect of enhancing trade activities and further cementing bilateral relations. `Fast-track implementation of the CPEC projects is our priority and a special unit set up in the Planning Division is overseeing implementation of various projects,` he added.

The Chinese ambassador said that investors from his country had observed fundamental improvement in government policies andcementing bilateral relations. `Fast-track implementation of the CPEC projects is our priority and a special unit set up in the Planning Division is overseeing implementation of various projects,` he added.

The Chinese ambassador said that investors from his country had observed fundamental improvement in government policies andfacilitation of foreign investors in Pakistan.

`The Chinese government would extend all possible support towards realising the vision of a strong, stable and prosperous Naya Pakistan,` he said.

The planning minister and Mr Dawood briefed the meeting about the CPEC projects and various steps being taken to facilitate business and improve ease of doing business. 

Friday, July 5, 2019

IMF Approves $6 Billion Loan For Pakistan

IMF Approves $6 Billion Loan For Pakistan

IMF Approves $6 Billion Loan For Pakistan

The International Monetary Fund (IMF) has given Pakistan a $6 billion, three-year loan requested by Prime Minister Imran Khan's government to help resuscitate the country's ailing economy.

With the IMF board's approval, the fund on July 3 released a $1 billion tranche immediately to Pakistan, saying in a statement that the program aims to "support the authorities' economic reform program" and to help "reduce economic vulnerabilities and generate sustainable and balanced growth."

The fund will review Pakistan's performance on a quarterly basis, phasing release of the additional aid over the next 39 months.

The loan will contribute to "reducing imbalances in the economy" while protecting those most vulnerable, Pakistan's finance minister, Abdul Hafeez Shaikh, said on Twitter.

"IMF Board approved a $6 billion Extended Fund Facility (EFF) for Pakistan to support our economic reform program. Our program supports broad based growth by reducing imbalances in the economy. Social spending has been strengthened to completely protect vulnerable segments," Shaikh tweeted.

Islamabad last month agreed on the loan conditions and announced plans to reduce civil expenditures and freeze military spending.

The government also pledged to substantially raise revenues to stop a yawning fiscal deficit and said it was aiming to collect $36 billion in taxes. Tax collection has long been a challenge for Pakistan's fiscal authorities.

Discontent is simmering in the country following repeated devaluations of the national currency -- the rupee -- soaring inflation, and increasing utility prices.

"Pakistan is facing a challenging economic environment, with lackluster growth, elevated inflation, high indebtedness, and a weak external position," the result of a "legacy" of uneven policies, IMF mission chief Ernesto Ramirez Rigo said in a statement in June.

An IMF mission led by Rigo had visited Islamabad from April 29 to May 11 to discuss a bailout package.

This is Pakistan's 13th IMF program, and it includes a primary budget deficit target of 0.6 percent of gross domestic product (GDP) -- excluding debt service costs.| Follow on Twitter | Facebook and visit website myvoicetv .

Thursday, July 4, 2019

PM Imran Khan says won’t give NRO to opposition leaders even at kings’ requests

PM Imran Khan says won’t give NRO to opposition leaders even at kings’ requests

PM Imran Khan says won’t give NRO to opposition leaders even at kings’ requests

RAWALPINDI (4th Jul, 2019): Prime Minister Imran Khan said on Wednesday that he would not give an NRO to the opposition leaders regardless of whichever king they get to request for them.

The premier said that he didn’t initiate cases against Zardari and Nawaz Sharif. “They were embroiled in old cases. As leaders are accountable in a democracy, I presented myself before the courts for as many as 10 months when they filed cases against me and did not run away to London,” he said.

PM Imran said that he was declared credible and trustworthy by the Supreme Court, unlike his political opponents. “I can completely understand what the nation is going through. They (opposition) have become billionaires, they have foreign properties,” the premier added. 

“If Zardari and Sharif family bring half of their looted wealth in the country dollar will come down against rupee.”

The premier said that Naya Pakistan was in the making as no one before him dared to arrest looters, and only the poor were nabbed by law enforcement authorities. (GeoNes) Follow on Twitter | Facebook and visit website myvoicetv .

Thursday, June 13, 2019

LCCI inks MOU with Commissioner, PHA for much-needed plantation

LCCI inks MOU with Commissioner, PHA for much-needed plantation

LCCI inks MOU with Commissioner, PHA for much-needed plantation

Lahore, June 12, 2019: The Lahore Chamber of Commerce and Industry on Wednesday inked a Memorandum of Understanding (MOU) with Commissioner, Lahore Division and Parks and Horticulture Authority (PHA) for much-needed plantation. LCCI President Almas Hyder, Commissioner Lahore Division Dr. Mujtaba Paracha and Chairman PHA Yasir Gilani inked the accord. LCCI Vice President Faheem-ur-Rehman Saigal, Convor LCCI Standing Committee on Environment Engineer Khalid Usman and EC Member Mian Zahid Javed were also present on the occasion.

According to the Memorandum of Understanding, the Lahore Chamber of Commerce and Industry will provide 50,000 trees to the Commissioner Lahore Division and 50,000 trees to Chairman PHA for plantation within the Lahore Division.

The commissioner Lahore Division and Parks and Horticulture Authority will be responsible for maintenance of plants/trees ensuring their healthy growth. The Commissioner and Chairman PHA will carry out the afforestation drive using the trees provided by LCCI focusing on any area within Lahore Division. The Afforestation Area may include area along the Lahore Ring Road spanning over a stretch of 85 km. The office of the Commissioner will be responsible for monitoring the implementation of the afforestation drive.

LCCI President Almas Hyder said that Pakistan is one of those countries where deforestation and lack of awareness about plantation is leading to the climate changes and this issue should be taken very seriously. “Trees combat climate change, clean the air, cool the weather, conserve energy, save water, help prevent water and air pollution, prevent soil erosion and create economic opportunities”, the LCCI President added.

Almas Hyder further stated that forests are equally important for the economic safety of the country. We have to recognize that forestry is an integral feature of sustainable economic development. He said that by developing forestry as a commercially viable sector, the country can make the agriculture sector stable and valuable for economy.

He informed the house that the task has been given to Engineer Khalid Usman who is a dynamic person and have the abilities to complete the task successfully. He hoped that MOU between Lahore Chamber, Commissioner Lahore Division and PHA will go a long way and will ensure clean and green Lahore besides creating awareness about the importance of plantation. Commissioner Lahore Division Dr. Mujtaba Paracha lauded the gesture of the Lahore Chamber of Commerce and Industry. He said that other government machinery and departments would be involved to maximize the result of afforestation drive.

The Commissioner said that deforestation is leading to environmental disorder therefore joint efforts from public and private sectors are need of the hour. He said that around 75% trees in Lahore are finished during the last 10 to 15 years. He said that to curb pollution and defeat smog menace in Lahore there is a need to grow dense tree plantation on massive level instead of ornamental plants and cooperation of Lahore Chamber of Commerce and Industry is of utmost importance.

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