Important Business News 06 April, 2018

Important Business News

06 April, 2018

S.# Description Pg # Source
1. PM declares tax amnesty on the eve of elections

ISLAMABAD: Without placing it before the Parliament for debate and discussion, the government has announced Economic Reforms Package (amnesty scheme) to legalize undisclosed assets and income of Pakistanis held abroad or at home at a time when less than one-and-a-half months is left in the tenure of the present government.
https://epaper.brecorder.com/2018/04/06/1-page/708992-news.html

 

1 Business Recorder
2. Sanctuaries in Pakistan: Narrative is not acceptable, PM tells world

Prime Minister Shahid Khaqan Abbasi on Thursdaysaid that Pakistan emerged victorious in war against terrorism, where the world failed to cope with the challenge and it’s time for them to ‘do more’ as Pakistan has played its due role.

https://epaper.brecorder.com/2018/04/06/3-page/709016-news.html

 

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4. Illegal tax amnesty scheme: TI-Pakistan seeks suo motu action against untaxed/black money

Lahore High Court has declared FBR “Tax Incentive Scheme” of 2013, as illegal and without lawful authority (Annex-A), and requested to take suo-moto action against untaxed/black money whitened by notification S.R.O 1065 – Financial NRO (Tax Amnesty) at the cost of public exchequer, declared illegal by LHC.

https://epaper.brecorder.com/2018/04/06/23-page/709173-news.html

 

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5. Economic Issues: Government criticized for not taking parliament into confidence

Members of National Assembly Standing Committee on Finance have stated that the country is heading towards the IMF doorsteps for another bailout package, and protested against the government for not taking Parliament into confidence over economic issues.

https://epaper.brecorder.com/2018/04/06/24-page/709176-news.html

 

24 Business Recorder
6. Thar Coal: $5bn investment mobilized for exploration: Ahsan

: Federal Minister for Planning, Development and Reform, Ahsan Iqbal has said that $ 5 billion investment has been mobilized for exploration of Thar coal and it has capacity to generate 50,000 megawatts of electricity for four hundred years.

https://epaper.brecorder.com/2018/04/06/24-page/709180-news.html

 

24 Business Recorder
7. 152 bureaucrats conceal dual nationality facts

In a latest development to tighten the noose around dual nationality holder bureaucrats, the Federal Investigation Agency (FIA) on Thursday informed the Supreme Court that 152 bureaucrats had concealed their dual nationality.

https://epaper.brecorder.com/2018/04/06/24-page/709180-news.html

 

24 Business Recorder
8. GDP Growth will be adversely affected if inflation goes beyond 6pc

GDP growth has closed link with inflation and if inflation goes beyond 6 percent it adversely affects the growth.
According to State Bank of Pakistan (SBP) Working Paper Series “Threshold inflation in Pakistan”, written by Muhammad Farooq Arby and Amjad Ali, inflation below 5.67 percent may be favourable for economic growth and inflation above 6.05 percent can hurt growth.

https://epaper.brecorder.com/2018/04/06/5-page/709027-news.html

 

5 Business Recorder
9. TUF Scheme: Textile markers, exporters seek PM’s help for funds release

The Textile markers-cum-exporters have sought the prime minister’s help for funds release under the TUF Scheme of Textile Policy 2009-2014, saying that the investors have not received any claims for the last two years despite following the procedures.

https://epaper.brecorder.com/2018/04/06/5-page/709029-news.html

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10. Foreign reserves on declining path

he country’s total liquid foreign reserves continued to decline and further fell $152 million during the last week.
According to State Bank of Pakistan (SBP) weekly report, Pakistan’s total liquid foreign reserves stood at $17.796 billion as on March 30, 2018 as compared to $17.948 billion as on March 22, 2018.

https://epaper.brecorder.com/2018/04/06/5-page/709031-news.html

 

5 Business Recorder
11. All-out efforts needed to achieve Rs 100 billion revenue target: Murad

Sindh Chief Minister Syed Murad Ali Shah has said the provincial government pursues a progressive tax policy with low tax rate as its cardinal component.
Consequently, no new tax was levied in the budget 2017-18, announced on June 5, 2017, maintaining the standard rate at 13 percent, the lowest in any tax domain in the country,” he said, talking to SRB chairman Khalid Mahmood who presented him SRB annual report-2016-17.

https://epaper.brecorder.com/2018/04/06/7-page/709039-news.html

 

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12. Budget to aim at sustaining growth: PM

he government on Thursday said that upcoming budget 2018-19 will aim at sustaining economic growth and emphasized that measures for fiscal consolidation need to be continued.

https://epaper.brecorder.com/2018/04/06/8-page/709043-news.html

 

8 Business Recorder
14. ICAP chief for bringing agri, real estate sectors under tax regime

To get rid of local and foreign loans, the government needs to bring agriculture and real estate sectors under tax regime, broaden tax net and ensure transparency in tax systems.

https://epaper.brecorder.com/2018/04/06/13-page/709096-news.html

 

13 Business Recorder
15. Kharif season not likely to face urea shortage

An inter-provincial meeting presided over by Additional Secretary Ministry of Industries and Production (MoI&P) has confirmed adequate stock of urea for crops of Kharif 2018 and rejected a proposal of corruption tainted NIFL regarding import, well informed sources told Business Recorder.

https://epaper.brecorder.com/2018/04/06/13-page/709097-news.html

 

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16. Slow activity on cotton market

Recently, global cotton prices had also declined but buyers reportedly picked up some cotton to push up the ICS cotton futures later on Thursday.

https://epaper.brecorder.com/2018/04/06/20-page/709140-news.html

 

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13. Currency exchange rates

 

Countries

 

U.S.A

U.K

EURO

CANADA

SAUDIARABIA

Selling TT&OD

115.40

162.49

141.72

90.41

30.77

Buying TT Clean

115.20

162.21

141.48

90.26

30.72

Buying OD/T.CHQ

114.96

161.87

141.19

90.02

30.64

11 Business Recorder

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