Paynoneer initiates wire transfer

services for Pakistani banks

ISLAMABAD (APP): Paynoneer, the global payment processing system, has now opened its wire transfer services for banks in Pakistan. Anyone with a Payoneer account will be able to transfer funds from their Payoneer account to a local bank account in Pakistan. This is essentially going to help Pakistani freelancers who face trouble in charging their foreign clients; especially when other popular services don’t work in Pakistan, according to a statement. A Payoneer account can accept payments from anyone in the world. Earlier Freelancers used to withdraw their funds through Payoneer ATMs, which was an expensive sport, since there’s notable transaction charge of Rs750 attached with every transaction users do with Payoneer ATM withdrawals. Now Payoneer users can simply add their Pakistani bank accounts and request for a withdrawal. The Payoneer account can be used with a MasterCard-enabled prepaid card, so the users are able to draw money from local ATMs that support MasterCard.

In Pakistan, the card is known to work with ATMs of MCB, Standard Chartered, and Faysal Bank. You can check with your local banks and confirm, if this card can be used in their ATMs. Payoneer also gives you the option to withdraw amount directly to your bank account. Apart from transferring money to one’s own bank account, cross transfers between two Payoneer accounts can also be made which are totally free of costs.

Govt urged to bring 3.5 million non-filers into tax net

ISLAMABAD (APP): United Business Group (UBG) has called upon the government to bring at least 3.5 million non-tax fillers identified by the Federal Board of Revenue (FBR) into the tax net who were registered with the department to reduce burden on existing tax payers. This was revealed by UBG Central Chairman and SAARC Chamber of Commerce and Industry Vice President Iftikhar Ali Malik while talking to a delegation of traders from Gujrat, Sialkot and Gujranwala, which was led by Haji Arfan Yousaf. Sialkot Chamber of Commerce and Industry (SCCI) Executive Member Abdul Ghafoor Butt represented the trader delegation from Sialkot district. Iftikhar stressed the urgent need of revamping tax system in Pakistan. “There is a factor called paying taxes, which contributes in determining the overall ranking of a country in terms of ease of doing business,” he said adding that Pakistan’s ranking in paying taxes declined 16 notches to 172 as compared to 156 last year.

He said instead of burdening existing taxpayers, the government should widen its tax net by imposing tax on non-filers. “Federal Board of Revenue (FBR) should concentrate on finding new taxpayers through an extensive taxpayers outreach programme which would be helpful to get a significant number of additional taxpayers,” he added.

There are 47 different types of taxes in Pakistan as compared to 13 in India. The time consumed to pay these 47 taxes is 311 hours in Pakistan as compared to 168 hours in Sri Lanka for the same number of taxes. He said that the government should offer special package of power and gas tariffs for rapid industrial growth on the pattern of China.

OGDCL’s crude oil production up by 6pc in first quarter

ISLAMABAD (APP): Crude oil production of the Oil and Gas Development Company (OGDCL) has reached 42,529 barrels per day (bpd) in first quarter of the current fiscal year as compared to the same period of the corresponding year 2016-17, showing 6 percent growth. “Similarly, production of Liquefied Petroleum Gas (LPG) witnessed 73 percent surge during the period under review." The production has increased from 342 tons per day (tpd) to 590 tpd,” official sources told APP. The company drilled two new development wells namely Mela-6 and Qadirpur HRL-14, while it made two oil and gas discoveries in districts Sukkur and Hyderabad in Sindh. Answering a question, they said the company earned Rs17.009 billion profit as compared to Rs14.631 billion in same period of the last year. According to financial results announced by the OGDCL Board of Directors, the company’s net sales revenue increased to Rs43.962 billion as compared to Rs39.565 billion in the corresponding period of last year.

“While, OGDCL’s profit after tax stood at Rs17.009 billion as compared to Rs14.631 billion in the same quarter,” the sources said. They said the company had announced first interim cash dividend of Rs1.75 per share (17.5pc), which would be payable to the shareholders whose names would appear in the Register of Members on Tuesday, December 12.

 Energy shortfall still a threat to economy

ISLAMABAD (INP): The Pakistan Economy Watch (PEW) has said energy situation has improved but its scarcity is still a threat to the economy. The government is too much focused on new energy projects while it should also promote efficient use of electricity, it said. Losses due to loadshedding is still eating up a sizable share of the GDP as average power shortfall remains 4,000 megawatt while average gas shortfall is at 2,000 cubic feet translating into losses of Rs15 billion per annum, said PEW President Dr Murtaza Mughal. Weaknesses in the transmission and distribution system have resulted in the losses of Rs250 billion within last seven years as domestic demand continue to increase by 10 percent annually. 60 percent households are using UPS costing them Rs30 billion annually. There are almost 1.4 million tube wells and pumps in the country of which 90pc are in the Punjab. Energy shortage would be greatly reduced because of the energy projects under CPEC, which was creating positive effects in Pakistan and it would change the fate of countries and people along the routes, he noted.

He said that 11 out of the 17 priority energy projects were under construction while other energy projects of thousands of megawatt are in pipeline but some internal and external factors can delay their completion, which must be discouraged.