Important Business News 27th May, 2020

S.# Description Pg # Source
01. Remittance data via ITRS SBP tells ADs to report original country of remitter  In order to bring more clarity in the home remittances’ data, the State Bank of Pakistan (SBP) has strictly advised authorized dealers to report the original country of remitter while reporting home remittance data through International Transaction Reporting System (ITRS). https://epaper.brecorder.com/2020/05/27/1-page/838341-news.html 01 Business Recorder
02. Punjab govt urged to collect agri tax on net income basis  The Overseas Investors Chamber of Commerce and Industry (OICCI) in its budget proposals for the financial year 2020-21 has urged the Punjab government to collect the agriculture tax on net income basis instead of landholding basis. https://epaper.brecorder.com/2020/05/27/1-page/838335-news.html 01 Business Recorder
03. Pace of Ehsaas Program termed slow Many families not to receive cash transfer before mid-June: Dr Pasha  With the current pace of the Ehsaas Program, there are many families that would not receive the cash transfer before mid-June over two months of the commencement of the disbursement process, said renowned economist and former finance minister Dr Hafiz Pasha.  https://epaper.brecorder.com/2020/05/27/1-page/838336-news.html 01 Business Recorder
04. APTPMA urges govt to support textile processing industries   Central Chairman All Pakistan Textiles Processing Mills Association (APTPMA) Muhammad Pervaiz Lala demanded to support textile processing industries and employment, government should pick two regulatory costs to employers, namely SESSI and EOBI as Pakistani competitor – India also provides such type of support. Therefore, Government should waive payments of EOBI, SESSI/PESSI and taxes & levies for export sectors for March to June 2020. https://epaper.brecorder.com/2020/05/27/7-page/838385-news.html 07 Business Recorder
05. There’s no shortage of petrol: PD The Petroleum Division (PD) while rejecting a news item appearing in a section of electronic media about shortage of petrol said sufficient fuel stock was available in the country to meet for 13-day needs. https://epaper.brecorder.com/2020/05/27/8-page/838396-news.html 08 Business Recorder
06. AMCs, REIT MUFAP for abolition of 8pc minimum tax  The mutual fund industry has proposed the government to abolish eight percent minimum tax on Asset Management Companies (AMCs) and real estate investment trust (REIT) Management Companies licensed by the Securities and Exchange Commission of Pakistan (SECP) in the coming budget (2020-2021). https://epaper.brecorder.com/2020/05/27/8-page/838398-news.html 08 Business Recorder
07. $500m AIIB loan to mitigate Covid-19 impact The Asian Infrastructure Investment Bank (AIIB) will provide budgetary support worth $500 million to Pakistan to mitigate the significant negative economic and social impacts caused by Covid-19, it was learnt here on Tuesday. https://epaper.dawn.com/DetailImage.php?StoryImage=27_05_2020_003_002 03 Dawn
08. Exporters expect fresh orders  Fresh orders are being anticipated by country`s exporters who say the global slowdown, due to the coronavirus pandemic and subsequent lockdown in many countries, has created space for Pakistani exports. https://epaper.dawn.com/DetailImage.php?StoryImage=27_05_2020_009_004 09 Dawn
09. New tariff policy to reduce duties, says Razak With eyes fixed on the upcoming budget, the Ministry of Commerce has evolved a comprehensive tariff policy including reducing customs and regulatory duties on raw materials and semi-finished products. https://epaper.dawn.com/DetailImage.php?StoryImage=27_05_2020_009_003 09 Dawn
10. `Lack of geo-spatial zoning hampers agricultural productivity` The country`s agriculture production is suffering due to lack of rapid decision-making and planning by the relevant authorities, found a joint study conducted by the Pakistan Agriculture Research Council (PARC) and the International Maize and Wheat Improvement Centre (CIMMYT). https://epaper.dawn.com/DetailImage.php?StoryImage=27_05_2020_009_008 09 Dawn
11. OICCI calls for tax reforms in Punjab Investorshave demanded tax reforms in Punjab to improve the ease of doing business and restore the competitiveness of firms operating in the province. https://epaper.dawn.com/DetailImage.php?StoryImage=27_05_2020_009_006 09 Dawn
12. `Govt can earn Rs44bn extra by regulating tobacco trade` The government could collect Rs44 billion additional tax revenue annually by regulating rapidly growing illicit tobacco tradein the country through strict enforcement of the law, claims Roman Yazbeck, the managing director of multinational tobacco firm Philip Morris Pakistan. https://epaper.dawn.com/DetailImage.php?StoryImage=27_05_2020_177_003 14 Dawn
13. Shoppers go online THIS has been the strangest of all Ramazans. Little to no street cricket, no sehri plans and, much to the dismay of the chief justice, no markets flooded with eager buyers either (initially at least). https://epaper.dawn.com/DetailImage.php?StoryImage=27_05_2020_601_001 27 Dawn
14. Eid economy recuperates EID amid the pandemic was expected to be different in Pakistan. However, after the lockdown ended on May 18 following the Supreme Court`s order, the holy festival ended up being not as private or simple as projected earlier. https://epaper.dawn.com/DetailImage.php?StoryImage=27_05_2020_601_002 28 Dawn
15. The Week Taking serious note of rising prices of essential items in urban areas, the National Price Monitoring Committee seeks the support of the Competition Commission of Pakistan to check anticompetitive practices. https://epaper.dawn.com/Advt.php?StoryImage=27_05_2020_601_004 28 Dawn
EDITORIAL
  Tax refunds Surely, the government understands well enough that it does itself no favours by announcing timely relief measures, giving hope to employers and employees alike in these uncertain times, and then not following up on one promise after another. https://epaper.brecorder.com/2020/05/27/6-page/838379-news.html 06 Business Recorder
  The GDP growth rate The Pakistan Bureau of Statistics (PBS) has revealed the final estimate of the GDP growth rate for 2018-19 and the preliminary estimate of the GDP growth rate for 2019-20. https://epaper.brecorder.com/2020/05/27/6-page/838381-news.html 06 Business Recorder

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