FBR delaying payments to

exporters

ISLAMABAD (INP): President PBIF, All Karachi Industrial Alliance (AKIA) and former provincial minister Mian Zahid Hussain on Monday said FBR has been delaying cheques to exporters despite issuance of Refund Payment Orders (RPOs) which is injustice. Business community is already reeling under many problems therefore it should not be made to pay for low tax collections and budget deficit which is not their fault, he said.  Talking to a delegation of exporters, he said that delay of nine months on the part of FBR in releasing refunds has compromised ability of many exporters to get new orders, some have simply become uncompetitive while a good number have no option but to find financing on high interest rates to fulfil their commitments.

FBR should issue cheques within one week on issuing RPOs but it has not been observed since September last year which is not only disappointing but amounts to hurting exports.

Mian Zahid Hussain also indicated the software used by the tax authorities which has reduced efficiency of the already sluggish system but raising wrong objections which are based on wrong data entry by clerks. Business community has to brave all the mistakes of FBR which needs to evolve a mechanism for the distinction between good and bad taxpayers. He said that FBR should have such a database for clean taxpayers who should enjoy swift processing as a reward for their honesty.

The veteran business leader said that government always seek payment of taxes and duties well in time but delay refunds, adding that taxpayers should undergo only one audit as multiple audits increases cost of doing business.

Farm-to-market road plan to plug wastage of production      

MULTAN (APP): Pakistan annually produce around 15 million ton fruit and vegetables, however, nearly 20-40 per cent of it is wasted due to poor transportation, a problem that can be addressed by Chief Minister's Rs 150 billion rural roads plan once it is completed sometime in 2018. Agriculture spokesman Naveed Asmat Kahlon said in a statement on Monday that the Punjab contributed approximately over 60 per cent of the total 15 million ton national production of fruit and vegetables and better transportation facilities in the province would cut this wastage to a greater extend. He said farm to market or rural road plan was expected to complete in three years.

The spokesman also advised farmers to adopt proper post harvest techniques in handling fruit and vegetables and added that their packing should match the international standards to ensure that the production of perishable items should reach the end consumer in clean, good shape and size and healthy manner to attract premium price.

Biologically, fruit and vegetables are living things. They breathe like living things and excrete carbon dioxide, water and heat and this life cycle continues till they are consumed.

Proper packing secures their life cycle and minimize chances of damage.

Fruit and vegetables should also be protected against germs and insects and advice of agriculture officials be implemented in this connection.

Packing has been improved these days through utilization of fibre glass, plastic, thermophore, and contracting plastic, the release concluded.

Govt committed to revive

carpet sector      

LAHORE (APP): The Punjab government fully committed to revive the labour intensive carpet sector as carpet industry is the largest cottage industry of the country. Minister Excise & Taxation Punjab, Mujtaba Shuja-ur-Rehman said this talking to delegations of cottage industry and investors of carpet sector here on Monday. He said employment for 500,000 additional workers in Punjab Carpet Industry was on top priority of the Punjab government, aimed at enhancing the export of carpet. He said export of carpet was a handsome source of earning foreign exchange and government was taking steps for the blooming of the carpet industry.

He said Rs 3 billion interests free loan had been provided to 168,000 people through Punjab Small Industries Corporation so that to provide employment through Cottage Industries and the Punjab government was also providing Rs 3 billion interests free loan during current fiscal year whereas Islamic Development Bank would also provide 140 million dollars cooperation for this purpose.

Govt committed to revive

carpet sector      

LAHORE (APP): The Punjab government fully committed to revive the labour intensive carpet sector as carpet industry is the largest cottage industry of the country. Minister Excise & Taxation Punjab, Mujtaba Shuja-ur-Rehman said this talking to delegations of cottage industry and investors of carpet sector here on Monday. He said employment for 500,000 additional workers in Punjab Carpet Industry was on top priority of the Punjab government, aimed at enhancing the export of carpet. He said export of carpet was a handsome source of earning foreign exchange and government was taking steps for the blooming of the carpet industry.

He said Rs 3 billion interests free loan had been provided to 168,000 people through Punjab Small Industries Corporation so that to provide employment through Cottage Industries and the Punjab government was also providing Rs 3 billion interests free loan during current fiscal year whereas Islamic Development Bank would also provide 140 million dollars cooperation for this purpose.

Polish company explores

gas in Kirthar

ISLAMABAD (APP): Polish Oil and Gas Company Pakistan (PGNiG) has discovered gas in Kirthar block located 52 km from Dadu city while drilling and testing of Rizq-1 Exploratory Well. According to a statement issued here on Monday, besides PGNiG, Pakistan Petroleum Limited (PPL) is also having thirty percent working interest in the block. Rizq-1 well was spudded on Oct 10, 2014 and drilled up to total depth of 3173 meters. On the basis of evaluation made through electric logs, geological and drilling data, the production testing was undertaken on May, 12 2015. During initial testing Rizq-1 well could not produce commercial volume of gas, however it delivered up to 10.7 MMSCFD Gas from Pab formation of Cretaceous age.

Kirthar block Joint Venture will shortly commence the process of preparing evaluation work programme which would be implemented for the purpose of declaring commercial discovery over the Rizq discovery Area.     The joint venture intends to fast track the development of this discovery which besides providing cash flow to the joint venture would also result in substantial payments to the government by way of statutory payments including royalty and taxes.

It is worth mentioning here that this is the second discovery in the block, first being Rehman discovery made in year 2012.

Additional, PGNiG has been active in Pakistan since 1997 and Kirthar JV has so far invested approximately US$ 108 million in Pakistan which includes Rehman-1 and Rizq-1 exploratory wells and seismic acquisition in Kirthar Concession.     The present success in Kirthar block would trigger more investment in petroleum exploration and development in Pakistan.