Important Business News
11 May, 2018
|1.||Rs282bn set aside for ADP
Sindh has allocated Rs.282 billion for Annual Development Plan (ADP) in the financial year 2018-19, compared to Rs.274 billion in the current fiscal year, showing a three percent increase.
|2.||Govt urged to help solve commercial importers’ issues
President of Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain, has urged the federal government to sort out grievances of commercial importers as they are raw material providers to the export-oriented industries which play cardinal role in economic and industrial development of the country.
|3.||Concrete steps needed to increase trade with Azerbaijan: minister
Azerbaijan ambassador Ali Alizada and Romanian ambassador Nicolae Gola on Thursday called on the Federal Minister for Commerce and Textile, Pervaiz Malik.
|4.||Senate body approves GIDC(Amendment) Bill, 2018
Senate Standing Committee on Petroleum Thursday approved “the Gas Infrastructure Development Cess (Amendment) Bill, 2018 with amendments to enable the CNG stations to clear outstanding amount of Rs 12 billion of the GIDC.
|5.||Jul-Apr exports post 14pc growth
Pakistan exports posted 14 percent growth – to $ 19.207 billion during the first 10 months (July-April) of 2017-18 from $ 16.895 billion in the corresponding period of 2016-17.
Unfortunately no serious effort has been made by the successive governments, civil and military alike, to devise a rational tax policy for encouraging industrialisation through corporatization of business leading to documentation of economy. The Finance Bill 2018 presented on April 27, 2018 before Parliament by Dr Miftah Ismail, an unelected Finance Minister, testifies to this beyond any doubt. The sole stress on squeezing the existing corporate entities and shifting the main incidence of taxes to the weaker sections of society, e.g., unprecedented taxes on mobile subscribers, has reaffirmed the already- proven pro-rich tilt of the Pakistan Muslim League (Nawaz).
|7.||NAB and politics
Prime Minister Shahid Khaqan Abbasi, in righteous anger, addressed a poorly-attended National Assembly session on Wednesday on National Accountability Bureau (NAB’s) press release issued on Tuesday indicating that it has begun the verification process (undertaken prior to formal approval to investigate by NAB Chairman) of whether former prime minister Nawaz Sharif was involved in sending $4.9 billion to India, based on a “fake” news item appearing in a section of media. Abbasi termed this “pre-poll rigging” which is ironical as he himself engaged in pre-poll rigging by announcing a budget whose applicability will begin a month after the end of his tenure and in which he extended massive income and sales tax benefits, to the tune of 185 billion rupees, while raising taxes by only 93 billion rupees, leaving a revenue decline of 91 billion rupees for next fiscal year that will further widen the budget deficit.