Important Business News 25th June, 2019

Important Business News

25th June, 2019

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PM says Amnesty deadline won’t be extended

Prime Minister Imran Khan Monday said that the government would not extend the deadline of the tax amnesty scheme ending on June 30, 2019 and appealed to the people to declare their assets or face confiscation and punishment.
Talking to a private TV channel, the prime minister said the government had collected unprecedented data that had never been done by any government in the past.




Business Recorder



Qatar will invest $3bn in Pakistan

Qatar is making $3 billion worth of new investments in Pakistan, in the form of deposits and direct investments, the Qatari state news agency QNA said on Monday.

Following this investment, the economic partnership between Qatar and Pakistan will reach $9 billion, the agency reported, quoting Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman al-Thani.




Business Recorder



Crackdown to be launched against hoarders of sugar

The government has decided that a crackdown in collaboration with provincial governments would be launched against sugar mills involved in hoarding of sugar for profiteering which led to a considerable increase in the price of sugar in the domestic market. This was stated by Minister of States for Revenue Hammad Azhar on Monday while briefing the Special Committee on Agriculture, chaired by Speaker National Assembly Asad Qaiser.




Business Recorder



PM sets up body to improve regulatory system

Prime Minister Imran Khan has decided to set up a Steering Com-mittee on ‘Pakistan Regulatory Modernisation Initiative’ to improve regulation and develop the regulatory system on modern lines to facilitate the business segment. On Monday, the Prime Minister chaired a meeting on Pakistan Regulatory Modernisation Initiative and noted that multiple NOCs, new terms and conditions and various regulatory stages open ways for corruption and impact the foreign investment as well as small and medium industries.




Business Recorder



Pakistan lauds UN’s decision

After the United Nations’ restoration of Islamabad’s status as a family station for its international staff, several multilateral organizations are considering following suit while a few Western foreign missions, other than the US, have already restored the same status.

The United Nations’ office of the International Civil Service Commission, on June 20, 2019, announced that it has restored Islamabad’s status as family station for its international staff based on the improvement of security situation, effective from June 14, 2019.




Business Recorder



Automated system to be effective from July 1

Federal Board of Revenue has announced that the automated system for sales tax registration will be effective from 1st July, 2019.The following procedure is proposed and the same shall replace the one as prescribed in sub-rules (2) to (8) of rule 5 of the Sales Tax Act, 1990. The applicant having NTN/income tax registration shall, using his login credentials, upload following information/documents:




Business Recorder



Afghan transit trade damaging domestic industry: Dawood

Prime Min-ister’s Advisor on Commerce, Textile, Industries and Prod-uction and Investment, Abdul Razak Dawood has reportedly termed Afghanistan Pakistan Transit Trade Agreement (APTTA) as anti-domestic industry, saying it is damaging Pakistan’s domestic industry.

He made these remarks at a meeting convened on Monday to discuss and prepare a strategy for trade talks with the Afghan delegation headed by President Ashraf Ghani which is scheduled to visit Pakistan on June 27 and 28.








KCCI report sees IMF imprints in federal budget 2019-20

A report of KCCI has declared the federal government’s financial budget for 2019-20 an IMF budget that totally ignored how badly it would affect common man and wreak havoc with the industries.

That is the gist of the report ‘A Stranglehold on the Economy’ prepared by Research and Development wing of Karachi Chamber of Commerce and Industry (KCCI).








Govt set to jack up gas prices from next FY

The federal government is all set to jack up the prices of gas for both domestic and commercial/general industrial consumers from the next financial year 2019-20.

Sources said that the Petroleum Division has proposed the government to allow both Sui gas companies – Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Ltd (SSGCL) – to generate revenue of Rs 540 billion for the next financial year 2019-20 to meet their revenue requirements








Trump signs order imposing sanctions on Iran supreme leader

US President Donald Trump signed an executive order on Monday targeting Iranian Supreme Leader Ayatollah Ali Khamenei and other senior Iranian officials with financial sanctions.

The sanctions follow Iran’s downing of a US surveillance drone worth over $100 million over the Strait of Hormuz last week. Trump pulled back from the brink of retaliatory strikes on Iran last week, but appears to be continuing to ratchet up his “maximum pressure” campaign.







Senate seeks abolishment of amnesty scheme, minimum wage at Rs30,000

The Senate on Monday adopted all of the 61 recommendations of its standing committee on finance and revenue, asking the National Assembly to delete the much-talked Asset Declaration Scheme, the Stamp Act of 1899 and West Pakistan Motor Vehicles Taxation Act 1958 from the Finance Bill 2019-20.

The upper house praised the committee headed by Dr Farooq H. Naek for completing its task within a tight schedule and making comprehensive recommendations.







Head office not being shifted to Islamabad: PIA

In what appears to be a vague attempt to allay concerns about the likely shifting of the head office of the national flag carrier from Karachi, the Pakistan International Airlines (PIA) said on Monday that the transfer of its employees to Islamabad did not “by any way [means] transferring the airline’s head office”.

Pilots, cabin crews, engineers and dozens of other staffs working at the PIA head office and settled in the provincial metropolis for decades have been transferring to Islamabad ever since Air Marshal Arshad Malik took control of the national carrier as its chief executive.





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