PEW appeals PM to intervene in resolving WHT dispute

ISLAMABAD (INP): The PEW on Friday asked Prime Minister Nawaz Sharif to intervene to diffuse tensions between government and business community over imposition of withholding tax (WHT) on banking transactions. It is responsibility of the Government to save existing policy of improved revenue generation from failure, it said. In past all the policies to increase government’s income had backfired due to overdependence of the govts on the tax bureaucracy which is not aware of the ground realities, said Dr. Murtaza Mughal, President PEW. In a statement issued here today, he said that determination of Finance Minister Ishaq Dar on the issue of WHT is laudable but some reservations of wholesalers and retailers must be taken into account.

Mughal said that FBR has always preferred indirect taxation while avoiding income tax which is not in the national interest. He said that apart from whole sellers and retailers, the textile sector is also uneasy over imposition of taxes in the recent budget which has resulted in closure and shifting of industrial units. Government should consider reversing the new taxes otherwise situation of investment, exports and labour market will receive a blow.

SECP initiates action against 23 INGOs

ISLAMABAD (INP): In line with the National Action Plan to scrutinise working and accounts of local and foreign NGOs, the SECP has initiated action against 23 international NGOs (INGOs) to strike their names off the register of companies. They have failed to file their audited accounts despite several notices, and therefore are presumed to be dormant. At present, 33 INGOs are registered with SECP. In this regard, show-cause notices were issued to all defaulting INGOs, which have not filed annual accounts and other required returns. In response to the notices, 23 INGOs were found non-compliant. Now, legal action in terms of section 439 of the 1984 Companies Ordinance to strike names of these INGOs off the register of companies has been initiated.

Upon completion of the process, the names of these INGOs will be struck off the register.

The list of defaulting INGOs has been shared with the EAD and Ministry of Interior for their information and any possible action against them.

Besides, a high level committee formed by the government has deliberated on new policy for registration and monitoring of INGOs. It is expected that it would require signing of MoUs between the INGOs and the Ministry of Interior and registration of INGO would involve submission of electronic application and forms to the ministry. Earlier, the policy required registration with the EAD through an MoU, but lacked detailed information.

PTA conducts raids to curb DECT 6 cordless phones sale

ISLAMABAD (Staff Reporter): PTA in its ongoing efforts to eradicate illegal sale and use of DECT 6.0 Cordless Phones, conducted 8 successful raids in twin cities of Rawalpindi/ Islamabad against the illegal DECT 6.0 phone sellers along with anti smuggling squad, Customs. According to a handout, huge stocks of illegal DECT 6.0 phones were confiscated during the raids. Action has been initiated against the illegal sellers in the light of prevailing Law. PTA has termed the use of Digital Enhanced Cordless Telecommunications (Dect) 6.0 cordless phones illegal, as it interfere with the signals of mobile phone operators. According to the authority, this operation is only against sale and use of DECT 6.0 and Cordless Phones operating in licensed bands.

PTA once again warns all the illegal importers, distributors, sellers and users of DECT 6.0 cordless phones, to refrain from such illegal activity otherwise legal action shall be taken against them.

DECT (Digital Enhanced Cordless Telecommunications) is a digital wireless telephone technology, which has made cordless phones much more common in both businesses and homes. In Pakistan also, this devise is available at many electronics outlets and a large number of consumers are adopting it due to its ease, voice quality and wide coverage area.

Cost is another major factor, which has made this device popular; the consumers only pay the cheap cost of fixed line calls, while enjoying mobility and portability of an expensive mobile gadget.

Our technical team has found that the strong signals of Dect 6.0, interfere with the signals of mobile phone operators, that’s why we have banned the cordless in the country and sought law enforcing agency’s help in eliminating use of this particular device, said PTA official.

KATI lauds Rangers, police role

KARACHI (Staff Reporter): Korangi Association of Trade and Industry (KATI) has applauded the role of Rangers and police in Karachi for restoration of peace in the metropolis. In a statement issued on Friday acting President Tariq Malik said that the law enforcement agencies brought down the crime rate in city compared to the last many decades. He said that Sindh Rangers and police play pivotal role in controlling target killing, extortion, kidnapping for ransom and other criminal activities and succeeded largely to bring peace in the economical hub of the country. He further said that in last decade, business activities became nightmare in Karachi because of heinous criminal activities, but the ongoing targeted operation in the city has restored the sense of security in the business community.

and citizens as well, this is the only reason that the Eid shopping in Karachi broke 10 years record and reached the level of Rs70 billion during the holy month of Ramadan and afterwards.

He also paid tribute to the martyrs of Pakistan Army, Rangers, Police and other law enforcement agencies who embraced the martyrdom in the line of duty and their sacrifices revive peace and harmony.

Tariq Malik further said that military courts will be helpful to toggle down terrorist, target killers and criminal elements and will strengthen justice system of country.

The acting President of KATI suggested DG Rangers Sindh and IG police to make more effective efforts for maintain peaceful environment in the city.

Oil dips at end of turbulent week

LONDON (AFP): Oil prices eased on Friday at the end of a week in which they hit multi-month lows, extending a prolonged losing run caused by a global supply glut. US benchmark West Texas Intermediate (WTI) for delivery in Sept dipped three cents to $44.63 a barrel compared with Thursday's close. Brent North Sea crude for September shed 30 cents to stand at $49.22 a barrel in London afternoon deals. A glut of crude oil supply is seen as the main driver for a sharp decline in oil prices that has seen crude slump by more than 50 percent from mid-2014 levels. Brent on Thursday hit a six-month low at $48.88 a barrel, when WTI struck a 4.5-month trough at $44.20. Crude oil prices continue to trade under significant pressure owing to ample global supplies and an unimpressive demand outlook," Kash Kamal, senior analyst at Sucden Financial Research, said on Friday.

The United States is producing oil from shale rock at high levels and output by the Organization of Petroleum Exporting Countries continues to exceed the cartel's quota of 30 million barrels a day as OPEC seeks to maintain market share.

Investors also are looking ahead to additional supplies of oil coming onto the market as part of last month's historic deal between six major powers and Iran over its nuclear programme.

In exchange for curbing its suspected nuclear activities, Tehran will see the lifting of sanctions, which have slashed its oil exports.