Important Business News 10th July, 2018

Important Business News

10th July, 2018


S.# Description Pg # Source
1. Amnesty scheme: Country fetches $300m as tax so far: Bajwa

Governor State Bank of Pakistan (SBP) Tariq Bajwa said on Monday that so far $300 million as tax have been received under the Tax Amnesty Scheme launched on April 10, 2018 to legalize undisclosed assets and income of Pakistanis held abroad and home.
Responding to media persons’ questions after speaking as chief quest at an award ceremony of Citi-Pakistan Poverty Alleviation Fund, he stated that Federal Board of Revenue (FBR) had the data of local tax received under local tax collection. Bajwa further stated that rules of dollar dominated bonds are ready and are being issued.

1 Business Recorder
2. Names of Zardari, sister placed on ECL

Following the directives of Supreme Court, Ministry of Interior has placed names of former president Asif Ali Zardari and his sister on Exit Control List (ECL).
Sources said that the Ministry of Interior named Zardari and Faryal in ECL in connection with an ongoing suo motu case concerning an investigation into fake accounts and fictitious transactions worth billions of rupees conducted through several mainstream banks. The fake accounts were allegedly used for channeling funds received through heavy bribes and kickbacks.

1 Business Recorder
3. 20pc supply to tariff areas: Condition waived for users of DTRE scheme

The Federal Board of Revenue (FBR) has abolished a major condition of supply of 20 percent of the total production to tariff areas for different export schemes including Export Processing Zone (EPZ) under SRO 492(I)/2009, Duty & Tax Remission for Exporters (DTRE) scheme, Manufacturing Bond scheme or Export Oriented Units schemes.
Sources said that amended Customs Rules 2001 notified through an SRO 831(I)/2018 have waived off the said condition for users of DTRE scheme, Manufacturing Bond scheme and Export Oriented Units schemes.

1 Business Recorder
4. SC order not to affect Summit Bank depositors: SBP

The State Bank of Pakistan (SBP) said on Monday that Supreme Court’s order will not affect Summit Bank depositors.
The Supreme Court of Pakistan during the proceedings of Human Rights Case No. 39216-G of 2018 had made an Order dated July 8, 2018. The instructions provided in the order in no way pertain to the regular operations of the Summit Bank and affects the depositors money, SBP said in a statement issued on Monday late night.

1 Business Recorder
5. Construction of dams: SBP gears up banks for collection of donations

The State Bank of Pakistan (SBP) has advised SBP Banking Services Corporation (SBP BSC), National Bank of Pakistan (NBP) and all the scheduled & microfinance banks, both domestic and overseas, to receive the donations/contributions for Diamer Basha Dam and Mohmand Dam.
The government of Pakistan has established a fund, namely, the “Diamer Basha and Mohmand Dam Fund-2018,” for raising funds for construction of the two dams in the country.
The donations will be part of the public account of the federal government, separate from the Federal Consolidated Fund, and will be used exclusively to defray the expenditure to be incurred on the construction of the dams.

7 Business Recorder
6. Aptma demands withdrawal of duty on cotton import

All Pakistan Textile Mills Association (Aptma) has urged the caretaker government to withdraw custom duty and additional custom duty on the import of cotton.
Zahid Mazhar Senior Vice Chairman Aptma commenting on the issuance of S.R.O. 847(I)/2018 dated 4th July 2018 rescinding the exemption of custom duty, additional custom duty and sales tax @ 3 percent, 1 percent and 5 percent, respectively and re-imposing of custom duty and additional custom duty @ 3 percent and 2 percent on import of cotton with effect from July 15, 2018, said that this is the last nail in the coffin of the ailing textile industry.

7 Business Recorder
7. Non-payment by power sector: SNGPL, SSGCL facing default like situation against int’l suppliers

Sui Gas Companies – SNGPL and SSGCL are reportedly facing default like situation against international suppliers of RLNG due to delayed or non-payment by the power sector, well informed sources in Petroleum Division told Business Recorder.
Power Division has been providing RLNG demand of power plants since 2017 based and LNG is being imported to cope with the demand for electricity generation.
Public sector Generation Companies (Gencos), National Transmission and Despatch Company (NTDC) / National Power Control Centre (NPCC), Private Power and Infrastructure Board (PPIB) and Central Power Purchasing Agency – Guaranteed (CPPA-G) are working under the administrative control of Power Division which implies that demand for fuel for power generation – whether furnace oil, gas or RLNG – is provided by the Power Division. As such, Petroleum Division cannot directly demand fuel from entities under the control of Power Division.

8 Business Recorder
8. With raft of deals, China and Germany swear to keep trade free

Germany and China signed a raft of commercial accords worth some 20 billion euros ($23.51 billion) on Monday, with their leaders reiterating commitments to a multilateral global trade order despite a looming trade war with the United States.
The deals, involving German industrial giants such as Siemens, Volkswagen and BASF, come with the two leading exporting powerhouses being forced into an unlikely alliance in defence of the open global trade on which both their economies depend.

9 Business Recorder
9. Monsoon rains likely to commence this week

Spokesman of Met Office has informed that monsoon currents from the Arabian Sea and the Bay of Bengal have started to penetrate north-eastern parts of the country.
These currents are likely to intensify from Thursday. A westerly wave is also expected to prevail over the upper parts of the country from Wednesday.
Under the influence of these meteorological conditions, the monsoon rains are likely to commence over Kashmir, upper Punjab and upper KP in next 48 hours.

13 Business Recorder
10. Cotton market

Prices hit season’s high on strong demand

Prices toughed season’s high on the local cotton market on Monday in the process of improved business activity, dealers said.
The official spot rate, after a short break, started showing it’s muscles, picking up Rs 100 to Rs 8200, they added. Prices of seed cotton in Sindh gained Rs 200 to Rs 4000-4250, in the Punjab, rates were also higher at Rs 3700-4400, they said.
In ready session, 3000 bales of cotton finalised between Rs 8300-Rs 8400, they said.

18 Business Recorder
11. PBIF chief for building new dams

Pakistan Businessmen and Intellectuals Forum (PBIF) president Mian Zahid Hussain has said that approximately 14 billion gallons of water go waste annually in Pakistan, which can be saved if the storage facility is increased by building new dams.
“It will help Pakistan overcome the water scarcity problem and will help farmers to irrigate their lands on cheaper rates thus benefiting the country and the people associated with agriculture,” he said.

21 Business Recorder
12. Construction of two dams to begin in FY19: PM

Prime Minister Nasir-ul-Mulk Monday said that construction work on Diamer-Bhasha and Mohmand Dams will be started in fiscal year 2018-19.
After a briefing from Wapda Chairman Lt Gen Muzammil Hussain (Retd) about the issues of water and hydropower sectors in the country, the Prime Minister expressed satisfaction over the measures being taken by Wapda for implementation of its projects in water and hydropower sectors. He was of the view that concerted efforts are needed to overcome the impending water crisis.

22 Business Recorder
13. PBC unveils 100-day economic agenda

The Pakistan Business Council (PBC) Monday unveiled its 100–day economic agenda to guide incoming government to set Pakistan on a strong and sustainable growth trajectory.
In his presentation on the 100–day economic plan, Ahsan Malik, Chairman PBC said an incoming government will need to manage the external account and the fiscal deficit.
He suggested the incoming government to correct the balance between “control” and ”support” in polices and address the bias against businesses.

22 Business Recorder


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