OICCI supports govt in increasing revenue collection

KARACHI (STAFF REPORTER): The Overseas Investors Chamber of Commerce and Industry  voiced strong support to the govt in its efforts to increase revenue.  Asad S. Jafar, President OICCI, appreciated the ongoing engagement initiative of the FBR Chairman with key stakeholders like OICCI whose members contribute over Rs700b annually revenue. He stressed that OICCI recommendations consider restructuring taxation system to facilitate investment, facilitate the honest tax payers through timely settlement of issues, that all types of income are subject to tax, SRO’s are judicially eliminated and documentation of the economy be accelerated without any compromise.

Abdul Aleem, CE/Secretary thanked the FBR Chairman for meeting a key demand of the Chamber by issuing the approval notification for offsetting provincial sales tax against FBR sales tax liability. Aleem presented the World Bank’s Ease of Doing Business (EODB) Index rating where Pakistan has sharply slipped from being 75 in 2010 to 110 in 2014 which has considerable negative implications in attracting FDI in the country.

One of the key irritant in EODB has been the complications on paying taxes, including provincial and local taxes. OICCI highlighted concern on the frequent use of tax amnesty schemes as a disincentive to regular tax payers, he added.

The Overseas Investors Chamber of Commerce and Industry (OICCI), a business chamber representing nearly 200 multi-national companies operating in Pakistan, is a very important stakeholder and contributor to the economy of the country.



SBP extends deadline for FICF

proposals to April 25

KARACHI (Staff Reporter): State Bank of Pakistan has extended the deadline up to April 25 for submission of proposals under financial innovation challenge fund’s (FICF) 2nd challenge round on “ promoting rural and agricultural finance in Pakistan.”  The 2nd challenge round was unveiled on March 6, 2014 in Islamabad , said a SBP statement here on Monday.  FICF is component of the larger financial inclusion program being implemented by State Bank under the funding assistance of the UK Aid. The objective of the 2nd round is to pilot innovative products and delivery channels through development of new technological and infrastructure solutions in the areas of rural and agricultural finance.




China keen to boost rice trade

with Pakistan

LAHORE (STAFF REPORTER): Guangdong Provincial Grain Association of China has shown keen interest to enhance volume of trade in rice with Pakistan, besides offering processing technology exchange for the benefit of the two countries. This was decided in a meeting of REAP and Guangdong Grain Association which met here and signed an agreement to promote co-operation in grain trade including rice, processing and technology transfer.  Guangdong Provincial Grain Association VC Chen Yihe, said that their visit to Pakistan was at exploring the trade between the two countries, especially in rice, and also to carry out research in rice trade, growing techniques, processing and trading.

Speaking on the occasion, REAP Chairman Ch Masood Iqbal said that Pakistan exported 0.362 million metric tons of rice worth $162 million to China in year 2011-12 which increased to 0.59 million metric tons worth $244 million in 2012-13.  According to the agreement, Guangdong Provincial Grain Association would carry out business activities in Pakistan with REAP and its recommended enterprises.

The Association would organise visit of Chinese companies to Pakistan and study the investment environment and policies in Pakistan about grain trade, production, processing, technology and explore investment co-operation.




Wapda plants 70,000 saplings around Tarbela, Mangla dams

LAHORE  (STAFF REPORTER): Wapda has planted 40,000 saplings at Tarbela Dam and about 30,000 saplings at Mangla Dam by March 31. The Prime Minister, during his visit to Tarbela Dam Project on the occasion of ground-breaking of the 1410-MW Tarbela 4th Extension Hydropower Project, had directed Wapda Chairman for maximum tree plantation in  area of Tarbela and Mangla dams.  In line with the Prime Minister’s direction, project managements of Tarbela and Mangla dams were asked by Wapda to launch enthusiastic tree plantation campaign in their respective projects. A target of planting 40,000 saplings at Tarbela and 30,000 saplings at Mangla was set for the  March.

 in this regard. Subsequently, vigorous tree plantation campaigns were launched at both the projects under the leadership of Wapda Chairman.

With concerted efforts of the projects’ management and active involvement of the employees, the targets set forth have successfully been achieved. Besides planting the saplings, allied arrangements have also been made at the two projects including periodical watering and looking after the plants etc. About 30,000 saplings have also been planted on other Wapda projects. In compliance with the Government’s policy, tree plantation at both projects will help make the country green and environment friendly.




21st HVAC&R ExPo from April 03

LAHORE (STAFF REPORTER): Lahore is going to be host of 21st HVAC & R Exhibition and Conference from April 03 to April 05, 2014 at Expo Center showcasing latest developments and technological advancements taking place in the field of Heating, Ventilation, Air Conditioning and Refrigeration. “This exhibition is of great importance and an opportunity for all those attached with the HVAC & R sector to take advantage of experience of seasoned consultants and experts from their own community to learn from them,” said HVAC&R Society Lahore Chapter Chairman Muhammad Boota and Convener of HVAC&R Expo & Conference Safdar Ali Mughal while addressing theLEJA members here on Monday.

Senior HVAC&R consultant Khalid Mahmood, Nucon Engineers CEO Mustafa Khalid and COO Abuzafar Mahmud, Lahore Economic Journalists Association (LEJA) President Ashraf Mehtab and Secretary General Mian Shahid Nadeem were also present at the conference.