Engineering goods export up 11.7pc

 ISLAMABAD (APP): The export of engineering goods during July-April (2017-18) increased by 11.78 percent to $160.75 million as compared to the export of $143.8 million during first 10 months of previous fiscal year. The auto parts and accessories' export witnessed an increase of 31.2 per cent as it rose to $14.03 million in first 10 months of current fiscal year from $10.7 million worth of export during July-April 2016-17, latest data released by Pakistan Bureau of Statistics (PBS) said. Similarly, the export of machinery specialized for particular industries also soared to $35.8 million during the period under review as compared to the export of $20.4 million during same period of previous year, thus showing an increase of 75 percent. The export of electric fans, however declined by 4.61 percent from $21.3 million to $20.337 million in 10 months of current fiscal year. Likewise, the export of transport machinery also decreased by 15.42 per cent from $7.8 million in July-April (2016-17) to $6.6 million in same period of current fiscal year.

On year-on-year and month-on-month basis, the export of engineering goods in April 2018 increased by 7.16 percent and 12.2 percent when compared to the export during April 2017, and March 2016 respectively. The export rose from $17.4 million in April 2017 and $16.7 million in March 2018 to $18.7 million in April 2018.

Continued devaluation a recipe for disaster, says small traders’ body

ISLAMABAD (INP): Islamabad Chamber of Small Traders (ICST) on Wednesday said rupee has been eroded by thirteen percent during the last six months pushing tens of millions of people below the poverty line. However, targets like a substantial increase in exports and reduction in imports cannot be achieved while continued erosion in the exchange rate has exposed the vulnerability of the economy, it said. Those who claimed to make the country an Asian Tiger borrowed trillions in the garb of development and now some economic managers consider devaluation an alternative to the reforms, said patron Islamabad Chamber of Small Traders Shahid Rasheed Butt. Masses continue to pay for the inefficiency and greed of the economic managers while policy to keep masses and the business community in the dark about important economic matters is fanning uncertainty. Shahid Rasheed Butt said that erosion in the exchange rate will not reduce imports and increase exports significantly but it will slow down the economy and hit GDP.

The central bank would increase interest rates which will add to the miseries of the business community.

He said that the former government continued to claim economic turnaround which was largely cosmetic while the IMF, World Bank and dozens of other international institutions lauded the economic policies of PML-N which proved wrong hitting their credibility.

Pakistan can never experience economic stability as long as it obeys the dictates of western institutions, he said.

The business leader said that the caretaker setup should take needed steps without delay as leaving critical matters to the next government may prove harmful for the country.

Business community must avail Tax Amnesty Scheme 2018: LCCI

LAHORE (APP): LCCI on Wednesday urged the business community to avail Tax Amnesty Scheme 2018 by the end of June. LCCI President Malik Tahir Javaid said that it was a golden opportunity for the business community to give legal status to their undeclared assets by paying five percent tax only. Income tax has been reduced to make tax payment more sustainable. He said that under the Tax Amnesty Scheme 2018, CNIC number had been given the status of National Tax Number. People would now be able to use their CNIC number to file taxes by simply filling in a form. People having income up to Rs 1.2 million annually had been given tax exemption. The previous maximum income exempt from income tax was Rs 400,000 only. People who make between Rs 1.2m to Rs 2.4m will be liable to pay five per cent income tax, he added. He said that people having foreign exchange could purchase bonds from the government on which three percent annual profit would also be given.

, adding that people with undeclared assets within the country would be able to bring them in the tax net by simply paying a five per cent penalty.

He added that people who held undocumented assets outside the country would also be able to declare them through the new amnesty scheme. Foreign exchange could be brought back to the country by paying a two percent penalty. He said that beneficiary of Tax Amnesty Scheme would be given protection from NAB, FBR and FIA.

Mian Anjum meets industrialists

LAHORE (APP): Caretaker Minister for Investment, Commerce and Trade (IC&T) Mian Anjum Nisar said on Wednesday that caretaker government was fully aware of its responsibilities and it would utilise all resources to address the problems faced by the industry. He expressed these views in a meeting with delegation of Quaid-e-Azam Industrial Estate headed by Chairman LTIA Dr Shafiq A.Naqi. The delegation comprised former chairman LTIA Mian Shafaqat Ali, former chairman Mian Shahryar, vice chairman hafiz Imran Hameed and EC members of LTIA. Chairman Dr Shafiq congratulated the provincial minister for assuming new responsibility and informed him about the problems related to the industry. He said that every year in Ramazan a schedule of loadshedding was issued to face electricity shortage but this Ramazan, the situation was critical. Due to continuous tripping on feeders caused problems for industrialists, there were more than 100 export units in the industrial estate were also badly affected and ratio of export falling day by day.

Provincial Minister Mian Anjum Nisar assured the delegation that he would resolve the matter for maintenance of electricity supply in the Industrial Estates. He also assured that he would talk to the LESCO chief about emergency-based arrangements to further improve the supply.