Iran says its economy not at ‘dead end’ from US sanctions

 

LONDON (Reuters): Iran said on Saturday it would resist the pressures of U.S. sanctions by relying on its natural and human resources, as Washington pushes allies to cut economic ties with Tehran. “It is a critical moment for our economy, but we are not in a dead end,” Vice President Eshagh Jahangiri was quoted as saying by the state news agency IRNA. “This country has plenty of human and natural resources that can rely on.” “The size of our oil and gas resources is number one in the world. In minerals and metals we are among the top 10 countries,” Jahangiri said. Washington has withdrawn from a deal that had lifted sanctions on Tehran in return for curbs on its nuclear programme. Sanctions imposed in August target Iran’s trade in gold and other precious metals, its purchases of U.S. dollars and its car industry. U.S. President Donald Trump has said a new round of sanctions will be imposed in November, targeting Iranian oil sales. Iran’s Supreme Leader Ayatollah Ali Khamenei last week rejected Trump’s offer of talks.

Iran’s rial currency has lost about half of its value since April, driven mainly by heavy demand for dollars among ordinary Iranians trying to protect their savings.

 

SAARC Chamber sees herald of prosperous era

 

ISLAMABAD (APP): The SAARC Chamber of Commerce and Industry (SCCI) Senior Vice President, Iftikhar Ali Malik Saturday felicitated Pakistan Tehrik-e-Insaf (PTI) Chairman Imran Khan for assuming portfolio of Prime Minister and expressed the hope that his induction would usher in an era of economic prosperity. In a statement issued here today, Malik said that all developed countries follow guidelines by the business community for launching economic and business policies and hoped the PTI government would also adopt a rational and pragmatic approach in this regard. He said that industry in the country facing energy crisis, adding the newly elected party should take steps for ensuring uninterrupted supply of electricity and gas for sustainable economic growth. He said PTI government would protect fiscal and monetary policies through legislation.  He said Pakistan's public debt remained high and on the other hand, the perception of corruption hurting its prospects to grow.

Unfortunately, for wrong policies of the previous government, Pakistan was fast heading towards another bailout package to meet the grave situation of current account deficits. He was of the view that defaulting to foreign loans would be more destructive for the country. "This is why I suggest the government extend the existing amnesty scheme and provide more facilities to oversee Pakistanis convincing them to transfer assets to Pakistan,” he remarked.

He also highlighted the need of better diplomacy to pull the country out from grey list of Financial Action Task Force (FATF).

He also expressed hope that Imran would take measures to boost Pak-India trade and bilateral relations.

 

FCCI to provide 5,000 plants to FMU every season

 

FAISALABAD (APP): FCCI will provide five thousands full grown plants to Faisalabad Medical University (FMU) during every season to make this institution a model in terms of tree plantation. These views were expressed by Chaudhary Muhammad Boota, Chairman FCCI Standing Committee on Development of Faisalabad and Chairman Green World Foundation while handing over first lot of plants to Professor Dr. Zafar Chaudhary Vice Chancellor FMU. He said that 37 different kinds of trees would be provided to ensure diversity of plantation. He said that instead of planting saplings, he had decided to provide full grown trees which would have less mortality rate as compared to the budding plants. He further told that shady, flowering, fruit bearing, aromatic and medicinal plants have been selected for tree plantation. "Some of these will have life span of 100 to 500 years," he added. Prof Dr Zafar Chaudhry, Muhammad Boota and Saith Muhammad  Iftikhar of Foundry Owners Association also planted trees in  the lawns of the VC office.

A large number of faculty members and students also attended this function.

 

 

 

Fair taxation system needed for ‘Naya

Pakistan’: RITBA

 

RAWALPINDI (INP): President of Rawalpindi Islamabad Tax Bar Association (RITBA) Syed Tauqeer Bukhari has said a new and equitable tax system is imperative for a successful Naya Pakistan. In a statement issued here on Saturday, Syed Tauqeer Bukhari said that balanced and progressive taxation system is needed to promote the tax culture, reduce mistrust between the taxpayers and collectors, and reduce the widening divide between rich and poor. He said, “We will not only fully cooperate with the new government but also give the implementable recommendation to address wider disparities of wealth between rich and poor.” We welcome the commitment of the new government to provide economic justice to the masses as people have pinned high hopes on the economic managers of PTI, the President RITBA added. Syed Tauqeer Bukhari said that the current tax system has failed to deliver which must be replaced with a new system or fundamental changes should be introduced in the existing system which opposes progress.

The current tax system is tilted in favour of rich, it is in conflict with ground realities, and it is pushing people into abject poverty which can become a national security issue, he observed.

The dependence of the system on indirect taxation has reached almost ninety percent making life difficult for the poor which must be reversed, he observed.

The President of RITBA said that taxation system should not be focused on promoting interests of nobility. It should not divert resources to moneyed class on the cost of poor, rather it must ensure the welfare of the ordinary people.

He said that foreign experts must be kept out of the reform process as they have only helped to make taxation system more complicated and cumbersome pushing prospective taxpayers away.

Lauding the vow of PM Imran Khan for ruthless accountability, the President RITBA hoped that the new government will take concrete steps for the welfare of the masses discounting the practice of tall claims and doing nothing as practiced by the many past governments.