Important Business News 1st July, 2019

Important Business News

1st July, 2019

S.# Description Pg #            Source
 

1.

Amnesty scheme deadline extended by only 3 days

The government has announced three-day extension in the date of Asset Declaration Scheme till July 3 and appealed to the people to avail this opportunity as the newly constituted Benami Commission would swing into action against undeclared assets.

https://epaper.brecorder.com/2019/07/01/1-page/789080-news.html

 

1

 

Business Recorder

 

2.

Benami Transactions (Prohibition) Act

Federal government has established the Adjudicating Authority under Benami Transactions (Prohibition) Act-2017. A notification for the appointment of Jamil Ahmed, a retired Pakistan Administrative Officer as Chairperson of the Adjudicating Authority has been issued. In the same notification, Muhammad Tanvir Akhtar, a retired Inland Revenue Officer and Khaqan Murtaza, an officer of Pakistan Administrative Officer are appointed as members Adjudicating Authority. The Adjudicating Authority will start functioning w.e.f. 1st July, 2019.

https://epaper.brecorder.com/2019/07/01/1-page/789082-news.html

 

1

 

Business Recorder

 

3.

FBR chief optimistic about collection target

Chairman Federal Board of Revenue (FBR) Shabbar Zaidi has said that the revenue collection of the Federal Board of Revenue (FBR) would cross Rs 3,842 billion during 2019-20.

When Business Recorder Sunday asked FBR Chairman whether FBR collection in 2019-20 would reach last fiscal year collection figure of Rs 3,842 billion, FBR Chairman said that yes the collection in 2019-20 would cross Rs 3,842 billion during 2019-20.

https://epaper.brecorder.com/2019/07/01/1-page/789083-news.html

 

1

 

Business Recorder

 

4.

GST on POL products increased

The government has maintained prices of petroleum products at current level and revised upward the General Sale Tax (GST) rate on POL products during July 2019.
On Sunday, Ministry of Finance stated that the government has decided not to increase in the prices of petroleum products for the month of July and the existing price of June 2019 will remain unchanged for the month of July.

https://epaper.brecorder.com/2019/07/01/1-page/789085-news.html

 

1

 

Business Recorder

 

5.

New sale price of gas notified

The Oil and Gas Regularity Authority (OGRA) has notified on Sunday new sale price of gas up to 198 percent with effect from July 1, 2019.

The government increased the tariff above the recommended gas tariff of OGRA for current financial year as government was anticipating that the OGRA’s tariff can generate a total revenue of Rs 397 billion leaving behind a revenue shortfall of Rs 144 billion for financial year 2019-20.

https://epaper.brecorder.com/2019/07/01/1-page/789086-news.html

 

1

 

Business Recorder

 

6.

Train fares to go up from today

Pakistan Railways (PR) will increase the fares of passenger and inter-city passenger trains from 2 percent to 8.5 percent from July 1st.

According to a PR spokesman, the increase in the fares has been done through a rational way after the careful study of the fares of road and air transport.

The current increase in the fares would reduce the additional burden of deficit being faced by Pakistan Railways, he added.

https://epaper.brecorder.com/2019/07/01/13-page/789179-news.html

 

13

 

Business Recorder

 

7.

Fish exports shrink 4.11pc to $406m

The exports of fish and its preparations decreased by 4.11 percent during the fiscal year 2018-19 as compared to the corresponding period of last year.

The seafood exports during July-May (2018-19) were recorded at $406.565 million against the exports of $423.977 million in July-May (2017-18), showing negative growth 4.11 percent, according to Pakistan Bureau of statistics (PBS).

https://epaper.brecorder.com/2019/07/01/13-page/789182-news.html

 

13

 

Business

Recorder

 

8.

Support for economic policies

The Chief of Army Staff, General Qamar Bajwa, speaking at a seminar organised by the Institute of Strategic Studies, Research and Analysis held at National Defence University, came out strongly in support of the government’s economic policies that are sourced to the implementation of four ‘prior conditions’ agreed in the 12 May staff-level agreement with the International Monetary Fund (IMF). Support by the armed forces (widely regarded as a neutral umpire accounting for their inclusion in all matters of national importance including in Joint Investigation Teams in issues relating to corruption as well as their role in supervising elections) was indeed very timely for the new economic team as the four prior conditions gave rise to considerable criticism.

https://epaper.brecorder.com/2019/07/01/14-page/789190-news.html

 

14

 

Business

Recorder

 

9.

Beijing opens more sectors to foreign investment

China will soften or lift restrictions on foreign investment in new sectors from July 30, authorities announced Sunday, after Beijing and Washington decided to restart negotiations in their trade war.

Foreign investors in China have long complained of unfair treatment, with restrictions covering sectors including maritime transport, gas pipelines, cinema, entertainment and telecommunication services, according to the Ministry of Commerce and the NDRC, the powerful economic planning committee.

https://epaper.brecorder.com/2019/07/01/16-page/789200-news.html

 

16

 

Business

Recorder

 

10.

Vietnam and EU sign ‘milestone’ free trade agreement

The European Union and Vietnam on Sunday signed a long-awaited free trade deal that will slash duties on almost all goods, an agreement that pushes back against a rising tide of global protectionism and hailed as a “milestone” by Brussels.

The signing comes amid worldwide trade turmoil, with a dragging US-China row and Britain’s impending exit from the European Union casting a dark cloud over global growth.

https://epaper.brecorder.com/2019/07/01/16-page/789202-news.html

 

16

 

Business

Recorder

 

11.

Iran announces visa waiver for Chinese tourists

Iran will no longer require Chinese visitors to obtain visas, state media reported Sunday, as the sanctions-hit country attempts to boost tourism in the face of an economic crisis.

“The cabinet has agreed to waive visa requirements for Chinese nationals entering the Islamic Republic of Iran,” state news agency IRNA said.

Tourism board chief Ali Asghar Mounesan told IRNA that “we aim to host two million Chinese tourists per year using our country’s numerous attractions.”

https://epaper.brecorder.com/2019/07/01/16-page/789203-news.html

 

16

 

Business

Recorder

 

12.

Zero-rated regime

The government decision to bring five zero rated sectors under standard sales tax rate of 17 percent from July 1, 2019 may lead to 20-30 percent decline in exports, informed sources in industry told Business Recorder.

The imposition of 17 percent sales tax on local sales would reduce domestic demand, given large scale smuggling across our porous borders, and consequently compel industry to reduce its output, export sectors pointed out.

https://epaper.brecorder.com/2019/07/01/16-page/789204-news.html

 

16

 

Business

Recorder

 

13.

Import of coal likely to surge by 2020

Pakistan’s coal imports may surge to 20 million tons per annum by 2020 due to the planned expansion of cement manufacturers and coal-based power plants scheduled to come online in a couple of years.

The country is handling coal import as per global standards at Pakistan International Bulk Terminal (PIBT), which is the only dirty bulk cargo terminal with state-of-the-art mechanised system having capacity to handle 12 million tons/annum and will further expand to handle the increase in coal import, sources said, adding that transportation of this much coal from PIBT and other terminals to different destinations across the country through trucks is a major challenge.

https://epaper.brecorder.com/2019/07/01/5-page/789107-news.html

 

5

 

Business

Recorder

 

14.

Toyota to invest $2bn for developing electric vehicles in Indonesia

Toyota Motor Corp plans to invest $2 billion to develop electric vehicles (EVs) in Indonesia over the next four years, starting with hybrid vehicles, Indonesia’s coordinating ministry for maritime affairs said.

“From 2019 to 2023, we will progressively increase our investment to 28.3 trillion rupiah ($2 billion),” Toyota president Akio Toyoda was quoted as saying in a statement released by the ministry on Thursday.

https://epaper.brecorder.com/2019/07/01/9-page/789152-news.html

 

9

 

Business

Recorder

 

15.

Petroleum prices to stay unchanged

Petroleum prices will remain unchanged for the month of July as the government has made adjustments in tax rates, according to an official announcement.The decision was taken to provide relief to the consumers, said a statement issued by the finance ministry. It said the government had decided not to increase the prices of petroleum products for July 2019.

https://www.dawn.com/news/1491422

 

1

 

Dawn

 

16.

PBC to observe black day on July 2 to protest references against judges

The Pakis­tan Bar Council (PBC) will observe July 2 as a black day during the hearing by the Supreme Judicial Council (SJC) of two references against Justice Qazi Faez Isa of the Supreme Court and Justice K.K. Agha of the Sindh High Court (SHC).

The PBC urged lawyers’ fraternity to ensure their presence at the building of the Supreme Court during the hearing of the two references.

https://www.dawn.com/news/1491433/pbc-to-observe-black-day-on-july-2-to-protest-references-against-judges

 

1

 

Dawn

 

17.

Opposition rejects hike in gas prices

The opposition on Sunday slammed the government over its decision to increase prices of gas and electricity terming it another “anti-people” step at the behest of the International Monetary Fund (IMF) and warned against a possible public agitation.

According to the sources, first meeting of the Rehbar Committee formed by the opposition at the recent Multi-Party Conference to devise the future strategy for launching an anti-government movement and to find a suitable candidate for the office of the Senate chairman would be held in the next few days in Islamabad.

https://www.dawn.com/news/1491435

 

3

 

Dawn

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>