Important Business News 11 May, 2018

Important Business News

11 May, 2018

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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.
By including Rs.46.895 billion of foreign projects assistance and Rs.15 billion of foreign grants, the total development outlay of the province comes to Rs.343.911billion for the next fiscal against Rs.344.67 billion of current financial year registering a slight decrease of Rs.0.04 percent. The total development outlay figures however showed growth against the revised estimates of current fiscal year, which stood at Rs.282.373 billion.
The slight decline in total development outlay caused due to expected low transfer of federal grants and foreign projects assistance during the next financial year.
https://epaper.brecorder.com/2018/05/11/28-page/716301-news.html

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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.
“Commercial importers have been neglected in the Federal Budget 2018-19 and tax rate has further increased instead of much-needed reduction,” he said, talking to the commercial importers and business community.
Terming them backbone of the industry, he called for required incentives for commercial importers so that they can equally benefit like industrial importers and the industrial sector may further flourish with installation of new and latest equipment and machinery.
https://epaper.brecorder.com/2018/05/11/22-page/716249-news.html

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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.
The Commerce Minister said that there exists a great potential between Azerbaijan and Pakistan but existing trade does not reflect this. He said that trade volume between the two countries has declined from $ 58.26 million in 2015-16 to $ 26.88 million in 2016-17 and a concerted effort is needed on both sides to increase the trade volume and economic cooperation.
“The decrease in Pakistan’s exports to Azerbaijan in 2016-17 is mainly due to decline in export of rice to Azerbaijan from $ 45 million to $ 21.1 million”, he added.

https://epaper.brecorder.com/2018/05/11/12-page/716173-news.html

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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.
The meeting of the standing committee was held under chairmanship of Mohsin Aziz which discussed in detailed “The Gas Infrastructure Development Cess (Amendment) Bill, 2018.
Earlier, Senator Mohsin Aziz’s name was proposed by Senator Mir Kabeer Ahmed Shahi for the chairmanship of the committee. While chairing the Committee he said that the Committee will deal with petroleum related issues of less developed areas in Balochistan and Khyber Pakhtunkhwa on priority basis.

https://epaper.brecorder.com/2018/05/11/7-page/716126-news.html

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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.
According to the provisional foreign trade figures, imports during this period also showed 14 percent growth and rose to $ 49.45 billion from $ 43.331 billion.
Trade deficit also grew by 14 per cent – to $ 30.245 billion during this period as compared to $ 26.436 billion during the comparable period of 2016-17.
Exports stood at $ 2.1328 billion in April 2018 as compared to $ 1.798 billion in April 2017, showing an increase of 19 per cent, whereas imports registered an increase of 3 per cent to $ 5.1095 billion from $ 4.962 billion in corresponding month 2017. The trade deficit stood at minus 6 per cent during this period.

https://epaper.brecorder.com/2018/05/11/7-page/716130-news.html

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6. Rationalising taxation

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).

https://epaper.brecorder.com/2018/05/11/9-page/716138-news.html

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                                                  EDITORIAL    
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.

https://epaper.brecorder.com/2018/05/11/9-page/716136-news.html

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