Islamabad, July 13, 2024 – The International Monetary Fund (IMF) and Pakistan have announced a staff-level agreement for a $7 billion Extended Fund Facility (EFF). However, the disbursement of these funds awaits approval from the IMF’s executive board.
(more…)Author: Shahnawaz Akhter
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Shipping Companies to Operate on Saturdays for DO Issuance
KARACHI, July 12, 2024 – In line with the Prime Minister’s recent decision to establish a regulatory authority for the shipping sector, a crucial meeting was held under the supervision of Chairman Karachi Port Trust (KPT), Syed Syedain Raza Zaidi.
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SITE Industries Forced to Halt Production Amid Water Crisis
Karachi, July 12, 2024 – The water crisis in Karachi’s largest industrial area, SITE, has worsened significantly, leading to a cessation of water supply to industries and severely affecting production.
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Monsoon Woes: KATI Seeks Action on Drainage, Traffic Flow
KARACHI, July 12, 2024 – With monsoon rains on the horizon, the Korangi Association of Trade and Industry (KATI) is urging local authorities to implement a comprehensive plan to mitigate potential disruptions.
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FBR Directs BS-21 Officers to Submit Asset Declaration
Islamabad, July 12, 2024 – The Federal Board of Revenue (FBR) has directed all BS-21 officers to submit their asset declarations and performance evaluation reports (PERs). This directive applies to officers in the Inland Revenue Service (IRS) and Pakistan Customs Service (PCS).
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OCAC Demands End to Tax Exemption on Petroleum Products
Karachi, July 12, 2024 – The Oil Companies Advisory Council (OCAC) has thrown a wrench into the government’s recent tax plan, urging the removal of the sales tax exemption on petroleum products.
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SMAP Urges Government to Define Axle Load Limits
KARACHI, July 11, 2024 – The Salt Manufacturers Association of Pakistan (SMAP) has called on the government to clearly define and enforce axle load limits for truck carriage. The current ambiguity and lack of strict enforcement have led to increased extortion from traders, significantly raising transport costs and severely impacting export activities.
Qasim Yaqoob Paracha, Chairman of SMAP, has made a direct appeal to Prime Minister Shahbaz Sharif and Federal Minister of Communications Abdul Aleem Khan to address the escalating issue of transporter extortion. Paracha emphasized the urgent need for strict adherence to the Ministry of Communication’s axle load regulations, ensuring that charges for goods transportation are fair and regulated.
“The enforcement of axle load regulations has inadvertently provided an opportunity for exploitation by transporters,” SMAP chairman stated. “Transport mafia are exploiting loopholes in the axle load limits, charging traders for loads well beyond the regulated limits of 30 to 32 tons, citing unnecessary fines and causing delays during deliveries.”
This unfair practice has led to inflated transport costs, which not only affects the salt industry but also other sectors reliant on efficient and cost-effective transportation. The increased costs ultimately hamper Pakistan’s export activities, reducing the competitiveness of Pakistani goods in international markets.
SMAP chief highlighted the need for the government to take immediate action to curb these exploitative practices. He urged the government to define and enforce axle load limits for truck carriage nationwide, mandating that transporters adhere strictly to government-regulated charges based on the stipulated load limits.
“Clear definitions and stringent enforcement of axle load limits are crucial to prevent exploitation and ensure that the transportation of goods is carried out efficiently and fairly,” Paracha added. “This will not only benefit the salt industry but also other sectors facing similar challenges,” SMAP Chairman added.
The SMAP chairman’s call to action underscores the importance of regulatory clarity and enforcement in maintaining the integrity of Pakistan’s transportation sector. Addressing these issues promptly will be vital in safeguarding the interests of traders and exporters, thereby supporting the overall growth and stability of the country’s economy.
The government’s response to this appeal will be closely watched by industry stakeholders, who hope for swift and effective measures to address the concerns raised by SMAP and ensure a fair and transparent transportation system.
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Pakistan’s Weekly Forex Reserves Rise by $72 Million
Karachi, July 11, 2024 – Pakistan’s weekly foreign exchange reserves have experienced a notable increase of $72 million, the State Bank of Pakistan (SBP) reported on Thursday. This positive trend is a promising indicator of the country’s economic stability.
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SBP Relaxes Conditions for IT Companies to Invest Abroad
Karachi, July 11, 2024 – The State Bank of Pakistan (SBP) has announced a relaxation in conditions for IT sector companies regarding equity investments abroad. This move, unveiled on Thursday, aims to facilitate export-oriented companies in expanding their international presence and boosting the country’s exports.
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FBR Clarifies SRO 350 After Taxpayer Concerns
Karachi, July 10, 2024 – The Federal Board of Revenue (FBR) has responded to concerns raised by taxpayers, businesses, and tax professionals regarding complications arising from SRO 350(I)/2024, a regulation impacting sales tax return filing.
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