Traders seek further extension to amnesty scheme
LAHORE (Staff Reporter): The FPCCI on Friday said victory of PTI in the general elections has improved confidence of the business community. Stock and money market has started improving before the installation of the new government which is heartening, it said. The new government will boost investment and pace of work on the developmental projects while improving the image of the country, said Karim Aziz Malik, VP FPCCI. Speaking to the business community, he said that as coming prime minister Imran Khan will improve relations with neighbouring countries, investment climate in the country, help poor and farmers, and bring a change in critical sectors of health and education. The working of government departments including PIA, Steel Mills, Railways and energy companies would be improved while lawlessness, unemployment and corruption will be reduced. Karim Aziz Malik said that tax amnesty scheme is a good move under which assets over a trillion rupees have been declared.
Many businessmen could not get the benefit of the scheme due to elections, therefore, it should be extended for another month.
FBR suspends officer on misconduct in amnesty drive
ISLAMABAD (Staff Reporter): Federal Board of Revenue (FBR) has suspended a BS-17 officer following an inquiry into an act of misconduct committed by him during an official matter falling under the Tax Amnesty 2018. Saleem Hussain, an officer of the Inland Revenue Service posted as Assistant Commissioner-IR, Regional Tax Office, Sahiwal, was reported for irregularity and misconduct in an issue falling under the domain of ongoing Tax Amnesty 2018. The matter was investigated and the officer was placed under suspension for a period of three (03) months with immediate effect by the competent authority in exercise of powers conferred under section 5(1)(i) of Government Servants (Efficiency & Discipline) Rules, 1973. FBR has made it clear that it would not brook any act of official misconduct or irregularity, and zero tolerance would be shown in the event of any instance where the due process under Tax Amnesty in case of any individual is illegally obstructed.
ABAD wants economic revival
KARACHI (APP): Association of Builders and Developers of Pakistan (ABAD), Chairman Arif Yousuf Jeewa said that the economy will flourish if Pakistan Tehreek-i-Insaf (PTI) leadership sincerely pursues the party manifesto. Welcoming the PTI's victory in the general election-2018, he said "PTI government will deliver what they have promised. But, the people will have to be patient. I believe, there will be a visible change within one year," he observed in a statement issued by ABAD House here Friday. ABAD Chairman said PTI's plan to build five million affordable low-cost housing units was achievable. It would create thousands of jobs and to give boost to over 70 allied industries. He recalled that Muhammad Nawaz Sharif had promised to construct half a million low-cost houses but did nothing to meet this easily achievable target.
Chairman ABAD said that Asad Umar would prove a successful finance minister as he is the man of vision. He suggested restructuring of Federal Board of Revenue (FBR) as mentioned by Imran Khan in his victory speech on Thursday.
Arif Jeewa said reduction in tax rates was needed to expand the tax net and increase tax revenue.
IRSA releases 265,400 cusecs water
ISLAMABAD (APP): Indus River System Authority (IRSA) on Friday released 265,400 cusecs water from various rim stations against inflow of 509,600 cusecs. According to the data released by IRSA total water storage in the reservoirs has also increased to 5.262 million acre feet (MAF). Water level in the the Tarbela Dam was 1503.59 feet, which was 107.59 feet higher than its dead level of 1,386 feet. Water inflow in the dam was recorded as 277,000 cusecs against outflow of 80,000 cusecs.The water level in the Mangla Dam was recorded as 1144.00 feet, which was 104.00 feet higher than its dead level of 1,040 feet and water inflow and outflow was recorded as 57,200 cusecs and 10,000 cusecs respectively. The release of water at Kalabagh, Taunsa and Sukkur was recorded as 148,500, 180,900 and 86,200 cusecs respectively. Similarly from the Kabul River, 78,100 cusecs of water was released at Nowshera and 64,000 cusecs from the Chenab River at Marala.