Important Business News 11th April, 2018

Important Business News

11th April, 2018

S.# Description Pg # Source
1.       Amnesty and tax relief package

The four ordinances providing the cover to the amnesty and tax relief package announced by the Prime Minister were promulgated in the morning of Monday when the Senate was meeting in the afternoon. Cutting so finely the timing of the ordinances could jeopardize their fate in the Senate.

https://epaper.brecorder.com/2018/04/11/22-page/710088-news.html

1 Business Recorder
2.       Xi pledged to open economy further

Chinese President Xi Jinping promised on Tuesday to open the country’s economy further and lower import tariffs on products like cars, in a speech seen as an attempt to defuse an escalating trade dispute with the United States.
While much of his pledges were reiterations of previously announced reforms that foreign businesses say are long overdue, Xi’s comments sent stock markets and the US dollar higher on hopes of a compromise that could avert a trade war.

https://epaper.brecorder.com/2018/04/11/22-page/710092-news.html

1 Business Recorder
3.       Audit policy-2017 approved Cases for TY16  to be selected on parametric basis

The Federal Board of Revenue (FBR) has approved the Audit Policy-2017 pertaining to Tax Year 2016 under which computer ballot would be conducted on parametric basis for selection of 7.5 percent cases for audit out of the total filers, after exclusions of certain categories, from income tax, sales tax and Federal Excise Duty (FED) returns.

https://epaper.brecorder.com/2018/04/11/22-page/710089-news.html

1 Business Recorder
4.       Amendments on oil rules approved by cabinet

The federal cabinet has approved amendments in Pakistan oil (refining, blending, and transportation, storage and marketing) rules, 2016 on the recommendations of Cabinet Committee for Legislative Cases (CCLC), well-informed sources told Business Recorder.

https://epaper.brecorder.com/2018/04/11/22-page/710094-news.html

1 Business Recorder
5.       Nepra forms body to examine KE-SSGCL dispute

The Cabinet Committee on Privatisation (CCoP) recently approved issuance of National Security Certificate (NSC) to K-Electric subject to clearance from the federal cabinet, aimed at facilitating smooth sailing of 66.7 per cent shares of M/s Abraaj to M/s Shanghai Electric Power Company(SEP).

https://epaper.brecorder.com/2018/04/11/22-page/710095-news.html

1 Business Recorder
6.       Regional connectivity, open trade vital to promoting tolerance: PM

Prime Minister Shahid Khaqan Abbasi on Tuesday said regional connectivity, open trade and increased economic growth were the key to promote tolerance and deny space to extremism.
Addressing the opening ceremony of the Boao economic forum in China’s Hainan province, the Prime Minister said Sino-Pakistan relations found no parallel in the annals of history.
“In every sense, we are iron brothers. In our region, our friendship is the bedrock of strategic stability.”

 https://epaper.brecorder.com/2018/04/11/22-page/710093-news.html

1 Business Recorder
7.       The other side of amnesty

A country like Pakistan has weak institutional mechanisms to unearth its citizens’ undeclared assets and funds at home and abroad, much less bring them into the formal fold. A tax amnesty may be the best technical alternative available to achieve the same objective, provided it is done through a balance of carrots and sticks, its timing is right, people anticipate that the scheme would be one-time in a long time, and the scheme makes everyone file a declaration letter.

https://epaper.brecorder.com/2018/04/11/21-page/710081-news.html

2 Business Recorder
8.       Employees contributory funds draft rules unveiled

Every company, constituting a fund or trust, shall within one month of the close of every six months of the financial year of such fund or trust submit financial information of the fund or trust duly endorsed by the chief executive officer of the company or head of trustees in case of trust.

https://epaper.brecorder.com/2018/04/11/18-page/710061-news.html

5 Business Recorder
9.       PM invites Chinese firms for developing county’s power sector

Prime Minister Shahid Khaqan Abbasi on Tuesday invited Chinese investors and companies to participate in the development of Pakistan’s power sector with promising returns and incentives.
The prime minister stated this while talking to Administrator of National Energy Administration (NEA) of China, Nuer Baikeli, who called on him on the sidelines of BOAO Forum for Asia, a statement issued by the PM House here said.

https://epaper.brecorder.com/2018/04/11/18-page/710066-news.html

5 Business Recorder
10.    Rs 59.35 billion proposed for 19 dams in FY2018-19

A total of Rs59.35 billion have been proposed in the financial year 2018-19 for construction of large/medium dams all over Pakistan, including Rs25 billion for construction of Diamer-Basha Dam.
According to Annual Plan 2018-19 (Water Sector) available with Business Recorder, Rs9.3 million have been proposed for small/check and delay action dams across the country, besides the amount for large and medium dams.

https://epaper.brecorder.com/2018/04/11/2-page/709916-news.html

21 Business Recorder
11.    New Islamabad airport to open on 20th

Adviser to the Prime Minister on aviation Sardar Mehtab Ahmed Khan Abbasi is likely to visit Islamabad International Airport today to finalize the arrangements for inaugural ceremony of the new airport scheduled to take place on 20th April.

https://epaper.brecorder.com/2018/04/11/2-page/709917-news.html

21 Business Recorder
12.    Experts remit $ 14.6bn in nine months

According to State Bank of Pakistan (SBP) overseas Pakistani workers remitted over $14.606 billion in July to March of this fiscal year (FY18) compared with $14.105 billion received during the same period in the preceding year, showing a growth of 3.56 percent.

https://epaper.brecorder.com/2018/04/11/1-page/709906-news.html

22 Business Recorder
13.    PYMA concerned over increase in yarn prices

Central Chairman, Pakistan Yarn Merchants Association (PYMA) Khurshid A. Shaikh, Zonal Chairman, Muhammad Aslam Moten & Zonal Vice Chairman, Muhammad Khalid Gader have expressed deep concern over continuous increase in prices of yarn and urged government to take immediate notice.

https://fp.brecorder.com/2018/04/20180411359680/

22 Business Recorder
14.    Early presentation of budget may linger in caretaker govt’s tenure: Rabbani

Former Chairman Senate Raza Rabbani on Tuesday cautioned that by presenting the next federal budget early, the incumbent government is giving an opportunity to upcoming caretaker setup to prolong its tenure.
Taking part in a debate in Senate regarding Constitution Day of Pakistan, he also said that “fractionalization” of political parties is being made to engineer the next general elections by some hidden hands.

https://epaper.brecorder.com/2018/04/11/11-page/709989-news.html

12 Business Recorder
15.    Govt urged to highlight adnavtages of CPEC’s mega projects

Chief Coordinator of Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) Ijaz A Khokhar has said the mega project of China Pakistan Economic Corridor (CPEC) will bring revolutionary changes in every sphere of life not only in Pakistan but also in the entire region.

https://epaper.brecorder.com/2018/04/11/10-page/709972-news.html

13 Business Recorder
16.    Shahbaz says committed to demand of creation of new provinces

Pakistan Muslim League-Nawaz (PML-N) President and the Punjab C.M Shahbaz Sharif on Tuesday said they are committed to the demand of creation of new provinces.
The PML-N got approved resolutions from the Assembly for setting up of southern Punjab province and restoration of defunct province of Bahawalpur,” he said while talking to the PML-N parliamentarians belonging to Southern Punjab, here at Model Town on Tuesday.

https://epaper.brecorder.com/2018/04/11/10-page/709977-news.html

13 Business Recorder
17.    Punjab govt, USAID to make Potohar region an ‘Olive Velley’

The Punjab government has launched an initiative worth Rs279.88 million in collaboration with the USAID to turn the Potohar region in to ‘Olive Valley.’
A meeting of 10th Olive Development Group (ODG) was held at Barani Agriculture Research Institute, Chakwal to review progress on this project and to resolve emergent problems of olive grower.

https://epaper.brecorder.com/2018/04/11/10-page/709978-news.html

13 Business Recorder
18. The legal cover

As promised, the Presidential ordinance providing legal cover to the fourth amnesty scheme during the past five years announced by Prime Minister Shahid Khaqan Abbasi on Thursday was promulgated during the weekend. The most widely hailed component of the scheme by the business community is the bond issuance at 3 percent payable in rupees and, at the time of the payment of interest and/or principal, at the then prevalent dollar-rupee parity.

https://epaper.brecorder.com/2018/04/11/3-page/709918-news.html

20 Business Recorder
19. Currency exchange rates

 

Countries

 

U.S.A

U.K

EURO

CANADA

CHINA Yuan

SAUDIA ARABIA

Selling TT & OD 115.40

163.07

141.09

90.92

30.77

18.78

Buying TT Clean

115.20

162.78

141.84

90.76

30.72

18.75

Buying OD/T.CHQ

114.96

162.45

141.55

90.52

30.64

18.70

 11 Business Recorder

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