Last update: Wed, 25 Jan 2017 04am

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US President Donald Trump formally withdrew the United States from the Trans-Pacific Partnership trade deal on Monday, distancing America from its Asian allies as China's influence in the region rises. Fulfilling a campaign pledge to end American involvement in the 2015 pact, Trump signed an executive order in the Oval Office pulling the United States from the 12-nation TPP.

The Federal Board of Revenue (FBR) has exempted sales tax on the import of machinery (not manufactured locally) by textile units registered with the Ministry of Textile Industry from January 16, 2017 till June 30, 2018. In this connection, the FBR has amended SRO 1125(1)2011 through an SRO 36(1)/2017 issued here on Monday.
The Federal Board of Revenue (FBR) has exempted customs duty and additional customs duty on the import of 13 items including cotton, artificial staple fibre and other types of cotton during January 17, 2016 and June 30, 2018. In this regard, the FBR has issued SRO no 38(I)/2017 and SRO No 39(I)/2017 here on Monday.
The Federal Government has decided to conduct a census of industries across the country including economic, environmental and infrastructural aspects, well informed sources in Ministry of Industries and Production (MoI&P) told Business Recorder. The census planned by Pakistan Bureau of Statistics (PBS) will start from January 26, 2017. Federal departments, provincial governments and FPCCI would play their role in execution of the census.
The Federal Board of Revenue (FBR) will charge reduced rate of 0.4 percent withholding tax on the bank transactions of non-filers under Section 236p of Income Tax Ordinance up to March 31, 2017. Through an SRO issued here on Monday, the rate of tax withholding u/s 236p of the Income Tax Ordinance 2001 has been reduced to 0.4 per cent from 0.6 per cent on the bank transactions.
The Economic Coordination Committee (ECC) of the Cabinet has allowed the export of 0.3 million tons of urea and decided to continue a Rs 200 subsidy on each bag of urea fertilizer for the remaining six months of the current fiscal year. The subsidy on urea fertilizer was discontinued after a subsidy of Rs 27.96 billion in the form of cash and taxes announced by the Finance Minister in his budget speech was consumed during the first six months of the current fiscal year.
The fertilizer importers have announced to suspend import of DAP due to non-payment of over Rs 5 billion subsidy by the federal government. Industry sources said that huge outstanding amount of subsidy prevent the DAP importing companies from more import of DAP fertilizer that may engender shortage of DAP fertilizer in Pakistan for the sugarcane and corn crops that are sown in the months of February and March. Around two months are required to arrange fresh imports. Out of 2.2 million tons of DAP off takes during current financial and around 64 percent was supplied to farmers through imports.