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Last update: Sun, 31 Jul 2016 02pm

Business & Economy

Pakistan - Business & Economy

KCA for waiving duties & taxes on import of cotton KARACHI: The Karachi Cotton Association (KCA) has expressed its concern over the levy of 3% Customs Duty, 1% Additional duty and 5% sales tax on import of cotton.In a statement here on Saturday the KCA said that in view of cotton crop shortfall the local textile mills are `compelled to import raw cotton from aboard to meet their requirements of basic raw material'.However, the KCA maintained that due to levy of Customs Duty and Sales Tax on import of cotton, the cost of doing business of the local textile mills has increased which makes them `uncompetitive in the international market'.In order to make the local textile mills competitive in the international market and ensure their due role in the growth of country's economy, the KCA asked the Government to waive all duties and taxes on import of cotton so that the local industry is able to meet its requirement of ...

Pakistan - Business & Economy

Call to withdraw regulatory duty, reduce custom duty on sugar, hydrogen peroxide KARACHI: President of the Karachi Chamber of Commerce & Industry (KCCI) Younus Muhammad Bashir has called upon the Federal Ministry of Finance and Federal Board of Revenue (FBR) to withdraw Regulatory Duty on numerous imported raw materials, particularly sugar and hydrogen peroxide with a view to reduce the cost of doing business.In a statement issued here on Saturday he maintained that high duties not only affect the industry but also create problems for the common ...

Pakistan - Business & Economy

Businessmen urged to increase economic activities ISLAMABAD: Governor Punjab Malik Muhammad Rafique Rajwana has lauded role of business community in the national development and called for increased economic activity to generate jobs and revenue.He said the government is aware of the problems of the business community including those surfaced recently.Speaking at a reception hosted in his honour at the residence of President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Abdul Rauf Alam here, the Governor Punjab said the private ...

Pakistan - Business & Economy

Khadim-e-Punjab Kisan Package to strengthen agro based economic infrastructure: Iqbal Channer BAHAWALPUR: Provincial Minister for Cooperative, Malik Muhammad Iqbal Channer has said that Rs. 100 billion Khadim-e-Punjab kisan package would strengthen agro based economic infrastructure in the rural areas of 36 districts of Punjab.He was addressing as a chief guest at the public awareness seminar regarding Khadim-e-Punjab Kisan Package held at Ghulam Muhammad Ghotvi hall Islamia University Bahawalpur.He further said that this would institutionalize fiscal intervention which is aimed to provide soft loans, subsidized electricity for ...

Pakistan - Business & Economy

Export of spices increase 15pc in FY16 ISLAMABAD: The exports of spices from the country witnessed increase of 15.02 percent during the fiscal year 2015-16 compared to the exports of the same period of last year.The overall exports of spices from the country were recorded at $76.160 million during July-June (2015-16), compared to the exports of $66.216 million in July-June (2014-15), according to Pakistan Bureau of Statistics (PBS).In terms of quantity, the exports increased by 8.29 percent by going up from 6,713 ...

Pakistan - Business & Economy

Weekly inflation goes down ISLAMABAD: The weekly inflation for the week ended on July 28, for the combined income group witnessed a decrease of 0.09 per cent as compared to the previous week.The Sensitive Price Indicator (SPI) for the week under review in the above mentioned group was recorded at 219.77 points against 219.96 points registered in the previous week, according to data released by Pakistan Bureau of Statistics (PBS) here on Friday.As compared to the corresponding week of ...

Pakistan - Business & Economy

Agreements exist for road trade with Central Asian states, China, India, Iran: Senate told ISLAMABAD: Minister for Parliamentary Affairs Sheikh Aftab said Friday Pakistan had already signed agreements with Central Asian States, China, India and Iran for facilitating transportation of goods and passengers.Speaking during question hour in the Senate, the minister said agreements and protocols covered the adequate arrangements, however, security situation, delays in issuance of visas by Member States to the drivers, non availability of guaranteeing mechanism for transit goods etc. were the major challenges which were raised ...