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Home / Author Archives: Saleem Jadon (page 23)

Author Archives: Saleem Jadon

‘SROs affecting Sialkot export industry’

SIALKOT: Chairmen of trade unions representing all five zero-rated export-oriented sectors and Sialkot Tax Bar Association have discussed the negative effects of SROs 505(I)/2013 and 98(I)/2013 on export industry with Sialkot Chamber of Commerce and Industry (SCCI) President Sheikh Abdul Majid in a meeting. The SCCI President told the chairmen that he had pointed out the problems regarding the said ... Read More »

APTMA to hold road shows in European states, US

LAHORE: All Pakistan Textile Mills Association (APTMA) Chairman Gohar Ejaz has said that the association will hold international road shows in the European states and the United State. He said this while talking to the delegation of Lahore Economic Journalists Association (LEJA). APTMA Vice Chairman Wisal Monnoo, APTMA Punjab newly-elected Chairman SM Tanveer, newly-elected Senior Vice Chairman Ali Ahsan and ... Read More »

No proof of weapon smuggling found; Commission submits report in SC

KARACHI: A commission, established by the Apex Court, has found no proof of arms smuggling from Karachi port. The Supreme Court set up the commission headed by former Member Customs Ramzan Bhatti to probe into the matter of disappearance of Nato weapon shipments from Karachi port after the director general Rangers had told the court on August 30 that around ... Read More »

Trade deficit reduces 11.45pc in August

LAHORE: Pakistan’s trade deficit narrowed by 3.07 per cent during the first two months of the current fiscal year as exports expanded by 3.66 per cent while imports witnessed nominal increase of 0.54 per cent as compared to the same period of last year. On year-on-year basis, the trade deficit decreased by 11.45 per cent in August 2013 when compared ... Read More »

Tokyo, Islamabad ties cordial: Ishaq Dar

ISLAMABAD: Minoru Kiuchi, Japanese Parliamentary Vice Minister for Foreign Affairs called on Finance Minister Ishaq Dar. Welcoming the Japanese vice minister, Senator Ishaq Dar termed the relationship between the two countries as close and cordial. He thanked Japan for extending assistance in time of need and support for development projects in Pakistan. Senator Ishaq also thanked Japan for supporting the ... Read More »

Textile industry growing even in economic, energy crisis: APTMA

LAHORE: Amir Fayyaz, head of All Pakistan Textile Mills Association (APTMA) committee on international trade, has said that the textile industry has shown its resilience through 30 per cent export growth even in economic and energy crisis. Addressing an APTMA luncheon, Fayyaz pointed out that Pakistan is the most efficient value-added textile chain supplier in the world after China. “More ... Read More »

PTBA suggests changes in tax return draft

KARACHI: Pakistan Tax Bar Association (PTBA) has suggested several changes to the draft of Income Tax Return for Tax Year 2013. The bar, in a letter, has urged Federal Board of Revenue (FBR) Chairman Tariq Bajwa to rectify the illegal practice as rejecting income tax return without wealth statement is not permissible under the law. PTBA President Munawwar Husaain Shaikh ... Read More »

FTO directs tax officials not to intervene

LAHORE: The Federal Tax Ombudsman (FTO) has directed all the tax officials not to entertain tax-related issues which have already been addressed by the FTO under the Federal Ombudsmen Institutional Reforms Act (FOIRA) 2013. In this regard, the FTO registrar has issued written instructions to the FBR chairman and asked him to make sure that the legal position is communicated ... Read More »

Sialkot exporters irked by flaws in WeBOC system

SIALKOT: All Pakistan Dry Ports Association (APDPA) Chairman Mohammad Ishaque Butt expressed his deep concern over the serious functional flaws in WeBOC (Web Based One Customs) system. In a press statement, he said that due to long registration process, just 25 per cent exporters had yet been registered with WeBOC. The former FBR chairman, on his visit to Sialkot Dry ... Read More »

PTAA wants postponement of new tax form

ISLAMABAD: The Pakistan Tax Advisers Association (PTAA) has asked the Federal Board of Revenue (FBR) to postpone the draft amended income tax return form till 2014 as the form likely be finalised on Tuesday. PTAA Chairman Javed Iqbal Qazi said that the FBR should extend the last date for submission of returns by at least 75 days to compensate the ... Read More »

FBR chief directs Lahore RTO officers to achieve target

LAHORE: Tariq Bajwa, Chairman of Federal Board of Revenue (FBR), has ordered the Regional Tax Office (RTO) Lahore officers to try their best to meet the budgetary target. He issued these directives while chairing a meeting of the Chief Commissioners of RTO-I, RTO-2, Large Tax Payer Unit (LTU) and other high officers. The meeting discussed changes made in this fiscal ... Read More »

FBR reviews SRO regime

KARACHI: The Federal Board of Revenue (FBR) has finalised process to rationalise the statutory regulatory orders (SROs) regime as per the International Monetary Fund’s (IMF) conditions on new loan programme, and will announce it by the end of 2013. According to the sources, the exemptions and concessions will be rationalised and such facilities will be given to only export-oriented industries. ... Read More »

Govt urged to review FED on ship-breaking industry

KARACHI: A newly-constituted group of steel makers, Pakistan Steel Manufacturer Association (PSMA), has urged the government to review federal excise duty (FED) on the ship-breaking industry. The PSMA members said that hike in power tariffs had further widened the price difference between steel products and other production created by the ship-breaking industry. Amreli Steels Chief Executive Abbas Akberali said that ... Read More »

Dastgir given additional charge of Commerce Minister

ISLAMABAD: Privatisation Minister Engineer Khurram Dastgir Khan has assumed the additional charge of Ministry of Commerce and Textile, according to the notification issued by Cabinet Division. Khurram Dastgir understands the problems of Ministry of Commerce and its attached departments as he has worked as Chairman Standing Committee of Commerce during the tenure of Pakistan People’s Party. Khurram wants to investigate ... Read More »

PIAF-Founders Alliance wins woman seat unopposed

LAHORE: PIAF-Founders Alliance won one seat reserved for women unopposed in LCCI elections as no other candidate filed the nomination papers against the Alliance candidate. With this unopposed victory, the strength of the Alliance will reach 17 in the 32-member House, while the elections on remaining seats will be held on September 23 and 24 as per schedule. According to ... Read More »

Forex reserves slip below $10b

LAHORE: Foreign exchange reserves of Pakistan have dropped below $10 billion to $ 9,998.3 million. Foreign exchange reserves held by the State Bank of Pakistan fell to $4,822.9 million while net foreign reserves held by banks stood at $5,175.4 million. The IMF has approved $6.64 billion bailout package for Pakistan for three years that would strengthen the reserves. The Fund ... Read More »

LCCI calls for proper utilisation of Export Development Fund

LAHORE: Lahore Chamber of Commerce and Industry (LCCI) President Farooq Iftikhar said that the under-utilisation of Export Development Fund (EDF) is hitting the exports hard. Therefore, a new mechanism should be put in place to ensure its proper spending. The LCCI president was speaking at the launching ceremony of report on “Proper Utilisation of Export Development Fund” here at Lahore ... Read More »

Siraj Teli seeks foolproof security for business community

KARACHI: Businessmen Group Chairman and former KCCI president Siraj Kassam Teli demanded the Prime Minister of Pakistan to provide security and safety to the business and industrial community as well as the Karachiites from the criminal elements. In a meeting chaired by Prime Minister Mian Nawaz Sharif at Governor House Karachi, Kassam Teli said, “Karachi is a goose laying golden ... Read More »

Customs intelligence detains 5 busses full of illegal goods

LAHORE: Customs Intelligence and Investigation has detained five buses loaded with illegal goods worth millions of rupees. Sources said that the busses were en route from Peshawar to Lahore when a team of Customs Intelligence nabbed the drivers of the busses and confiscated illegal foreign-made cloth, antibiotic medicines, auto parts, shampoos and miscellaneous goods worth Rs 15 million. Sources said ... Read More »

Expected hike in discount rate to attract high yields in T-Bills

LAHORE: State Bank of Pakistan (SBP) is likely to hike discount rate in the coming policy announcement due on next week for next two months as it has been showed by rising inflation trend in the country which may benefit high realised amount of T-Bills in the subsequent auction. Market participants are expecting higher cut-off yields in T-bill auction as ... Read More »