Important Business News 5 February, 2018

Important Business News

5 February, 2018

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PM inaugurates Golen Gol Hydropower Project

Prime Minister Shahid Khaqan Abbasi on Sunday inaugurated the Golen Gol Hydropower Project in Chitral. The project will add 36 megawatt of electricity to the national grid.
While addressing the inauguration ceremony, Abbasi said that progress in the country will continue if democracy is allowed to flourish uninterrupted.

1 Business Recorder

1Q provincial development spending declines by 7.4pc

The provincial development spending fell 7.4 percent during the first quarter (July-Sep) of fiscal year (FY18). The trend is against the persistent increase recorded during three previous years.
According to State Bank of Pakistan (SBP) in contrast to the trends in recent years, provincial current expenditures increased while development spending declined. Probably, lower receipts from federal revenue might have affected provincial development spending, it added.

16 Business Recorder
  International Business News    

Iran irked by IP pipeline project delay

Iranian Petroleum Minister Bijan Zangeneh announced Sunday Iran is to begin legal proceedings against Pakistan in a protracted IP gas pipeline project.
Iran has laid the pipeline upto Pakistan’s border, but the neighbouring country has neglected to take due measure on its soil, Zangeneh said at a press briefing, here. So, the Petroleum Ministry is to take the issue to the court, he said.

1 Business Recorder

Sri Lanka eyeing longer talks with China on FTA

Sri Lanka wants a longer-time period to negotiate a free trade agreement with China as it is concerned about the economic impact of a rushed deal on their small country, the Sri Lankan ambassador said on Sunday.
There has been rising concern in the South Asian nation about Chinese investment, a key part of Beijing’s Belt and Road initiative to create a modern-day Silk Road across Asia.

16 Business Recorder



Sales tax on services

Sindh government, the trailblazer in this regard, registered a growth of 17 percent with respect to collections under sales tax on services during the past seven months and a whopping 47 percent during January 2018 – from 6 billion rupees collected in January 2017 to 9.5 billion rupees collected in January 2018. Chairman Sindh Revenue Board (SRB) Khalid Mehmood claimed that the rise in collections was due to the recovery of outstanding arrears as well as widening the tax net to include those who had hitherto been avoiding paying the sales tax.

14 Business Recorder

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