Business articles

Dissent against proposed tax ‘reforms’ resounds throughout Punjab

Dissent against proposed tax ‘reforms’ resounds throughout Punjab

LAHORE: The business community and traders of the provincial capital has spurned the reformed General Sales Tax (GST) and 10 percent Flood Surcharge. Criticism of the new tax regime has mounted as business leaders claim that the government is putting additional burden on the existing taxpayers instead of widening the tax net.
Speaking to the Pakistan Today, SAARC Chamber of Commerce and Industry Vice President Iftikhar Ali Malik said that imposition of the reformed GST and a 10

Pakistan expects good pickings when it comes to citrus

LONDON: The citrus growing areas of Pakistan have been largely left unscathed by floods; experts are of the view that this season will register a good harvest of the tasty and tangy fruit.
In Pakistan citrus fruits are the most important crop grown on the area of 160,000 hectares. Citrus fruit is grown in all four provinces of Pakistan but Punjab produces over 95 percent of the total crop because of favourable conditions and adequate water supply.
Citrus is divided into

POL to benefit the most from Tal block production

KARACHI: Pakistan Oilfields Limited (POL) will be the chief beneficiary by dint of its low equity and production base as it has a 21 percent stake in the Tal block production.
The production from Tal is expected to reach 8,600 BOPD of oil and 367 MMCFD of gas by December 2011 as compared to 3,700 BOPD and 190 MMCFD recorded in the financial year 2010.
Oil and gas production of the company is expected to boost at a five-year compound annual growth rate of 9.4 percent from

PEC wants unregistered firms to obtain licences

KARACHI: The Pakistan Engineering Council (PEC) has issued strong instructions that unregistered local and foreign construction firms be registered with the council. In addition, the unregistered firms must obtain a license for the purpose of proper performance evaluation, Pakistan Today has learnt.
The PEC has recently issued a letter No PEC/Const/07/10 (Policy) to the Sindh Board of Revenue senior member, heads of the federal government departments, public corporations,

India likely to lift ban on sugar export

NEW DELHI: India may soon permit unrestricted exports of sugar, in a move that could push New York futures from 30 year highs by eliminating uncertainty over the exportable surplus of the world’s second largest producer of the sweetener.
World markets are waiting for exports from India to fulfill rising demand from countries such as Pakistan, Indonesia and Russia, particularly when output from Brazil promises to be lower due to concerns over the weather. On Wednesday, the

PSM awaits budget approval

KARACHI: The proposed budget of the Pakistan Steel Mills for the current fiscal year is yet to be approved by its board of directors as PSM is still operating on adhoc basis. Pakistan Today has reliably learnt that administration of mills has failed to attain approval for the annual budget of mills from the board.
Mills have reported losses of approximately six billion rupees in the four months of the current fiscal year. Total sales recorded from July to October this year stand

APTMA demands removal of trade barriers on PSF

LAHORE: All Pakistan Textile Mills Association (APTMA) Chairman Gohar Ejaz has demanded the immediate withdrawal of six percent import duty and anti-dumping duty imposed on the import of Polyester Staple Fiber (PSF) to allow the textile industry to manufacture competitive blended textile products for both domestic and export markets.
An APTMA delegation, led by central Chairman APTMA, called upon the federal minister for textile industry and made a detailed presentation on the

Textile profits shoot up 295pc

KARACHI: The net profit of the textile sector zoomed grew by an astounding 295 percent in the first quarter of FY11 compared to the same period last fiscal year.
The textile sector garnered Rs 7.206 billion in net profits during the first quarter of FY11 in comparison to figures of Rs 1.823 billion last year. Revenues of the textile sector posted growth of 39 percent amassing Rs 84.643 billion relative to last year’s figures of Rs 61.07 billion in the same period last year.

Issuing licences for oil exploration provincial subject, Senate told

ISLAMABAD: Federal Minister for Petroleum and Natural Resources Naveed Qamar told the Upper House on Wednesday that issuing new licences for oil and gas exploration in the country was a provincial subject now and the federal government had stopped giving licences for new blocks since the passage of 18th Amendment.
Replying to a question on the matter, the minister said the government would cancel the licenses of all those companies that did not start work despite obtaining the

Pakistan accepts Spanish railway offer

ISLAMABAD: Pakistan has accepted the Spanish government’s offer to sell its refurbished railway engines and an agreement is to be signed after railway officials of both countries conduct mutual visits.
Sources at the Ministry of Railways said that the Spanish ambassador, during his meeting with Railways Minister Ghulam Ahmad Bilour, pledged Spain’s assistance in the restoration of Pakistan railways.
He also offered to provide used railway engines to support railway system

PEPCO determined to meet industry’s power needs, says MD

LAHORE: The Managing Director of Pakistan Electric Power (PEPCO) Rasul Khan Mahsud has said that the industry is not suffering from load-shedding and their entire power requirements are being met by PEPCO.
He was talking to an eleven member delegation of Steel Melters Association led by Masood Gul, who called on him at the WAPDA house today.
Dilating on the present power situation in the country, the MD PEPCO expressed the need to realistically deal with the crisis and

World should eradicate fossil fuel subsidies: IEA

LONDON: Eradicating fossil fuel subsidies would boost the global economy, environment and energy security, the International Energy Agency said on Tuesday, referring to a pledge by G20 countries.
G20 leaders committed in Pittsburgh in 2009 to phase out over the medium-term inefficient fossil fuel subsidies which encouraged wasteful consumption. A G20 meeting in Seoul this week may update progress on fossil fuels.
“Eradicating subsidies to fossil fuels would enhance energy

Sindh seeks EU help to develop Thar coal

KARACHI: The Sindh government has decided to approach the European Union (EU) to benefit from the Research Fund for Coal and Steel (RFCS) in its quest to develop the Thar and Badin coalfields and overcoming the persistent energy crisis, Pakistan Today has learnt.
It would also seek the latest research data and information on the underground coal gasification technology from the EU that would assist in harnessing the coalfields.
Direct funding from the RFCS is restricted to

Warid offers free incoming SMS on international roaming

LAHORE: Warid Telecom has offered free incoming SMS to both prepaid and postpaid subscribers while roaming on any affiliate network in the world.
According to a press release issued here on Tuesday, the step was taken during the Hajj season with the vision to facilitate roaming pilgrims who are on travelling to Saudi Arabia.
Hoping to assist the pilgrims and their families, Warid formulated the free incoming SMS offer. In tandem it is providing the best calling rates to

UK trade offensive yields Rolls-Royce deal

BEIJING: British Prime Minister David Cameron’s efforts to double trade with China by 2015 received a boost on Tuesday when engine manufacturer Rolls-Royce won a $1.2-billion order from China Eastern Airlines.
Cameron, making his first visit to China since taking office in May, has aimed for annual trade of more than $100 billion with the world’s second-largest economy within five years.
The prime minister told British reporters he would bring up human rights issues with

Saudi Haj officials fine PIA 2.4m riyals

KARACHI: Saudi Arabia’s Haj officials have fined the PIA 2.4 million riyals for not providing pilgrims with ED forms and also for the delay and cancellation of flights, Pakistan Today has learnt.
According to sources in the national carrier, PIA is now trying to settle the matter with the Saudi officials and has offered them gifts to have the fine waived off.
There was a shortage of ED forms provided by the Ministry of Religious Affairs to the pilgrims, who are supposed to

SBP’s Ijara fundraising goes beyond target

KARACHI: Analysts smell a rat as the State Bank of Pakistan despite global and domestic economic slowdown was able to raise Rs 51.84 billion ($608 million) by selling three-year Islamic bonds in the local market.
Last month, the central bank targeted a rise of Rs 80 billion by selling the three-year Government of Pakistan Ijara Sukuk, for which the first auction was held on Monday (November 8) with settlement on
November 15.
The second auction is scheduled on the 13th