TMA HEAD OFFICE
NEWS CLIPPINGS
DATE 25-04-2014
Low tax-to-GDP ratio: decrease in 17 percent ST rate ruled out
The government has ruled out any possibility of a decrease in 17 percent sales tax due to low tax-to-GDP ratio that
raises legitimate concerns that any reduction in sales tax will have serious negative implications on the overall
revenue collection.
MFN status: exclude agriculture sector, Senate body recommends
A Senate body on Thursday recommended to the government to exclude agriculture sector while granting mostfavoured nation (MFN) status to India and negotiate agriculture sector under a special arrangement. The Senate
Standing Committee on National Food Security and Research asked the government to adopt a clear policy
regarding granting MFN status to India.
Japan intends to provide $52 million soft loan for energy sector: envoy
The Government of Japan has expressed its intention to provide concessional loan of approximately $52 million to
Pakistan for supporting Pakistan's energy sector reforms. Hiroshi Inomata, Ambassador of Japan conveyed this
message during his recent call on Senator Ishaq Dar, Minister of Finance, Revenue, Economic Affairs, Statistics and
Privatisation.
Power outages: SHC seeks comments from K-Electric
Sindh High Court (SHC) on Thursday directed K-Electric to submit detailed comments on a petition against
unannounced prolonged power outages being carried out by it in the city. The petitioner NGO, United Human
Rights Commission of Pakistan, has moved the court. Rana Faizul Hassan, NGO's general secretary, submitted in
his petition that the power entity was conducting unannounced load shedding from 10 to 12 hours daily in the city,
which was taking heavy toll on the citizens.
EU wants to enhance trade relations with Pakistan: Gunnar
Ambassador of European Union (EU) Lars Gunnar Wigemark said EU wants to enhance trade relations with
Pakistan. While talking to the office-bearers of the Lahore Chamber of Commerce and Industry, the Ambassador
said liberalisation of trade with India would bring the prices of commodities down and the consumers will benefit
from increase in trading relations.
Textile industry exports: GSP plus status showing positive results: EU envoy
EU Ambassador Lars Gunnar Wigemark said the GSP Plus facility to Pakistan showing positive results to increase
textile industry exports. He has expressed the hope that other sectors of Pakistan economy will also be benefited
from the GSP Plus status accordingly. He said this while speaking to APTMA members during his visit to APTMA
Punjab on Thursday.
Contracts worth Rs 344 million awarded: PSDF launches 'Skills for
Garments' Scheme
Punjab Skills Development Fund (PSDF) on Thursday awarded contracts worth Rs 344 million to various vocational
training service providers from public, private sector and garments industry under its new scheme "Skills for
Garments." It is expected that Skills for Garments scheme will provide ancillary support for provision of required
manpower to garments sector.
Pakistan sixth in world: 'direct debit service' to be launched in July
Pakistan is the sixth country in the world, which is ready to launch the 'Direct Debit Service' (DDS) in electronicbanking domain in July this year. "The service will enable customers to direct their banks to pay on pre-defined
dates the utility bills, education fees, monthly instalments for their car and home, etc, from their bank accounts to the
beneficiaries," said Faisal Ejaz Khan, Chief Executive Officer, 1Link Guarantee Limited while speaking at 12th
International E-Banking Conference, here on Thursday.
APTMA urges government to provide uninterrupted energy supply
Muhammad Yasin Siddik, Chairman All Pakistan Textile Mills Association (APTMA) has urged the government to
provide uninterrupted energy supply to the textile industry specially to those mills located in the Punjab to avoid
large scale closure of the export oriented textile mills earning about 55 percent of foreign exchange through exports.
Cash withdrawal from banks: PBA proposes to abolish 0.3 percent WHT
Pakistan Banks Association (PBA) has strongly proposed to the government to abolish 0.3 percent withholding tax
on cash withdrawal from banks in budget (2014 -15). It is learnt here on Thursday that the PBA has submitted
budget proposals (2014-15) pertaining to the section 231 A and 231AA of the Income Tax Ordinance.
PBA budget proposals: FBR urged to abolish income support levy
Pakistan Banks Association (PBA) has proposed the Federal Board of Revenue (FBR) to abolish income support
levy introduced through Finance Act, 2013. According to the budget proposals of the PBA for 2014-15, a new law
has been promulgated through Finance Act 2013, which requires payment of income support levy @ 0.5 percent of
net movable assets exceeding Rs 1 million. The law being discriminatory should be abolished.
KCCI invites President to open My Karachi exhibition
The Karachi Chamber of Commerce and Industry (KCCI) has invited President of Pakistan, Mamnoon Hussain, to
inaugurate its 11th flagship International "My- Karachi, Oasis of Harmony Exhibition 2014" to be held on June 20,
2014 at Expo Centre Karachi. Addressing a press conference President KCCI, Abdullah Zaki, said that that My
Karachi is an annual exhibition of the chamber, co-hosted by the Sindh government, for the last 10 years.
OTHER VOICES: Pashto Press: Misuse of Technology
THE need for internet, mobile phones, social media [etc] is increasing with each passing day and these things have
become essential in routine life. For some people such things are unavoidable as their entire business activities and
social life depend on them,
Reserves hit 12-month high at $11.75bn
KARACHI: Foreign exchange reserves of the country rose to 12-month high after inflow of $2 billion through
the sale of Eurobond, the State Bank of Pakistan (SBP) reported on Thursday.
ADB approves $400m for energy
ISLAMABAD: The Asian Development Bank (ADB) on Thursday approved a $400 million loan to Pakistan
to support ongoing reforms to tackle the energy crisis.
EU for trade liberalization
LAHORE: Ambassador of European Union (EU) Lars Gunnar Wigemark has said that libralisation of trade will lead
to lessening of tension between India and Pakistan.
ADB to give $400m for power sector
ISLAMABAD: The Asian Development Bank (ADB) has approved $400 million to help Pakistan end of crippling
power crisis.“Under this loan programme, Pakistan will undertake reforms in power sector including rationalising of
tariff and avoiding piling up of the monster of circular debt as well as improving governance in this sector,” official
sources confirmed to The News here on Thursday.
PM to open power plant today
ISLAMABAD: Prime Minister Nawaz Sharif will inaugurate the power plant in Uchh Sharif on Friday (today).
ADB approves $400 million loan for energy sector
ISLAMABAD: The Asian Development Bank (ADB) has approved a $400 million loan to support the government
of Pakistan’s ongoing reforms to tackle the country’s chronic energy crisis.
Japan likely to give $52m soft loan
ISLAMABAD: The government of Japan has expressed its intention to provide a concessional loan of $52 million to
the government of Pakistan for supporting energy sector reforms.
Govt likely to withdraw SROs
KARACHI: The government is likely to withdraw Statutory Regulatory Orders (SROs) and allow reduced duty/tax
rate across the board for selected sectors or commodities, sources said on Thursday.
1Link to roll out new service in July
KARACHI: Pakistan is rolling out an innovative e-banking service in July, which will enable bank accountholders
to direct their banks to pay utility bills on pre-defined dates.
‘Thar power project to bring energy security’
KARACHI: Thar Power Company Chief Executive Officer (CEO) Shamsuddin Ahmed Shaikh on Thursday said
that Thar mining and power project will bring energy security in the country, a statement said.
‘Islamic banks can play major role in reducing energy crisis’
KARACHI: State Bank of Pakistan (SBP) acting governor Ashraf Mahmood Wathra has said that the Islamic
banking industry can play a vital role in reducing the energy crises. Therefore, the Islamic banks should take
appropriate measures to provide customers with financing for the installation of solar panels.
Forex reserves rise to $11.75bn
KARACHI: Pakistan’s foreign exchange reserves increased to $11.753 billion during the week ended April 18,
following receipts from the issuance of sovereign bonds in the international capital markets and other official source,
the central bank reported on Thursday.
Textile exporters reap benefits of GSP Plus facility
LAHORE: EU Ambassador Lars-Gunnar Wigemark said the GSP Plus facility for Pakistan was moving in the right
direction in terms of textile industry exports. He has expressed the hope that other sectors will also benefit from the
facility accordingly.
Pakistan Show in Amritsar in May
LAHORE: Pakistan’s High Commissioner to India Abdul Basit has appreciated the Lahore Chamber of Commerce
and Industry (LCCI) for deciding to hold Pakistan Show 2014 in Amritsar, India on May 8 to 12.
‘Indian trade to benefit Pakistani consumers’
LAHORE: The ambassador of the European Union to Pakistan said on Thursday that liberalisation of trade with
India would benefit Pakistani consumers by bringing down the prices of commodities.
KE signs accord with SSGC on stable gas supply, repayment of arrears
The K-Electric has signed an accord for stable gas supply and repayment of long outstanding arrears with the Sui
Southern Gas Company (SSGC), spokesperson of the power utility said on Wednesday.