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PAKISTAN’S FIRST INDEPTH NEWSPAPER ON CUSTOMS
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Karachi, Mon May 22, 2017
KARACHI
WAQAR ANSARI
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hief Collector Enforcement M a n z o o r Memon has directed all customs collectors and deputy collectors to take stern action against smugglers. He has also directed them to be vigilant during the holy month of Ramazan. Sources told Customs Today that Chief
Collector Enforcement Manzoor Memon has expedited efforts against the movement of smuggled goods ahead of Ramadan as influx of smuggled goods multiplies during this time of the year. Manzoor Memon had information that unscrupulous elements had found new routes to transport smuggled goods given strict vigilance by customs authorities. Manzoor Memon tasked Collector Pre-
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ventive Saifuddin Junejo, Collector Gwadar Feroz Alam Junejo, Collector Quetta Saeed Jadoon, and collector Hyderabad Akhlaq Khattak to expedite actions against smugglers and information network should be strengthened. Overall, Pakistan Customs is convinced that smuggling is the biggest challenge facing authorities as influx of smuggled goods pose multiple threats to the society as well as the economy.
Collector Manzoor Memon tells collectors to take stern action against smugglers
Promises of Rs 2.5tr for deve lopment as polls loom
FBR’s notified rates of evaluation equally apply on constructed plots
3 foresters among 12 suspended for smuggling timber from Sundarbans
Budget 2017-18: Dar directs FBR to early finalize budget work
Collector Manzoor has directed all collectors stern action against smugglers | SEE PAGE 01 |
The NEC approved country’s consolidated development budget | SEE PAGE 02 |
The FBR IR withholding zone, has clarified thattheFBR’snotifiedratesfortheevaluation | SEE PAGE 04 |
The Forest Department has suspended 12 people, including 3 foresters | SEE PAGE 07 |
Dar has instructed FBR officials to finalize their budget work as early as possible | SEE PAGE 08 |
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‘LPG demand is to jump up to 7,000 metric ton during Ramadan’ Monday May 22, 2017
Business
ISLAMABAD: Regional Chairman LPG Standing Committee of FPCCI Irfan Khokhar Thursday said the LPG demand, which is at present over 3000 metric ton per month would jump to 7000 metric ton during Ramadan, leading to increase in prices. He said the government made earnest efforts to enhance supply of the LPG through imports, however, he claimed state owned terminal company created hurdles by blocking the LPG imports. He said he held a meeting with high ups of the company which was chaired by SSGC managing director.
Promises of Rs2.5tr for development as polls loom ISLAMABAD
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he National Economic Council (NEC) approved country’s consolidated development budget of Rs 2.5 trillion for the upcoming Minancial year 2017-18, showing the highest-ever increase in the overall national outlay. Addressing a press conference after the NEC meeting, Federal Minister for Planning Ahsan Iqbal said that the allocation included Rs 1,001 billion Federal Public Sector Development Programme (PSDP), Rs 1,112 billion provincial PSDP while Rs 400 billion would be spent by various corporations to carry out
SECP clarifies declaration of assets LAHORE
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their development projects. The minister said that Rs 411 billion would be spent on infrastructure development, Rs 43 billion for different projects of Railways, Rs 404 billion for energy while Rs180 billion would be spent on projects
Bosan for bringing mark up rate on agriculture loans down to single digit
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ecurities and Exchange Commission of Pakistan (SECP) has clarified that proposed companies bill does not require all overseas Pakistanis to file the return of their offshore assets. It is totally in disregard to the requirements of the said provision, i.e. section 452 of the proposed law. The said provision only requires disclosure by Pakistani nationals whether residing in Pakistan or abroad and either holding substantial shares (10 percent) in a company registered in Pakistan.
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related to China-Pakistan Economic Corridor (CPEC). The minister said that Prime Minister Nawaz Sharif during the NEC meeting advocated for devising a mechanism for providing funds to Azad Jammu and Kashmir
(AJK), Gilgit-Baltistan and Federally Administered Tribal Areas (FATA) to help their development at par with other areas of the country. Ahsan Iqbal said that the funding for AJK block in the upcoming PSDP has been enhanced from Rs 12 billion to Rs 22 billion, for Gilgit-Baltistan from Rs 9 billion to Rs 12 billion while an additional package of Rs 3 would also be provided for Gilgit-Baltistan, hence taking the total funding to Rs 15 for this region. He said that the development funding for FATA has also been increased from Rs 21 billon to Rs 24.5 billion. The minister said that the social sector was given importance in the development budget, financing for which has been increased from Rs 90 billion to Rs 153 billion.
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ISLAMABAD
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inister for National Food Security and Research, Sikandar Hayat Khan Bosan suggested bringing mark up rate on agriculture loans down to single digit in the upcoming budget to provide maximum relief to the farmers. He said by decreasing the mark up rate would not only help growers to expand their cultivation area but it would also reduce the role of middlemen who exploit the poor farm-
ers in giving loans on high mark up rates. Speaking on point of order in National Assembly, the minister commended the role of Zarai Taraqiati Bank (ZTBL) in providing relief to the farmers; however he pointed out that the bank had too short resources to expand its loaning capacity.He also proposed provision of extra funds to the bank, saying that currently, ZTBL only relied upon the funds that were recovered from the previous loans. Earlier, responding to a calling attention notice raised by Rana Muhammad Hayat Khan, Parlia-
mentary Secretary for Finance, Rana Muhammad Afzaal rejected the perception that ZTBL was charging over 16 per cent interest rate on agriculture loans and clariMied that the average lending rate of ZTBL is 13.1 per cent.He said the ZTBL was operating as a commercial bank and it could not provide loans on noproMit no-loss basis. “At present, the bank has 454 branches, out of which 138 branches were going in loss due to being located in the far flung areas and high operational costs”, he informed.
Govt releases Rs779.150m for agri research ISLAMABAD
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he government has so far released Rs 779.150 million for various research and developmental projects of Ministry of National Food Security and Research under its Public Sector Development programme (PSDP) 2016-17 for the uplift of agriculture and livestock sectors in the country. The government had allocated Rs 1520.521 million in its annual development programme for the fiscal year 201617 for research and development of agriculture sector in the country. Under PSDP, 2017-18, the government has released Rs 195.447 million for research for agriculture development projects as against the total allocation of Rs 200 million for the current fiscal year. Meanwhile an amount of Rs 109.200 million was provided for up gradation of arid research institute and establishment of new adaptive research cum demonstration institute at Seakach, Miranshah, North Waziristan Agency and Tank. An amount of Rs 273 million had been allocated for the above mentioned projects in order to exploit the true agriculture and live stock potential existing in tribal areas of the country as well as to alleviating the poverty through development of the sectors.
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Pakistan Turkmenistan to promote banking channels KARACHI
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anking channels between Turkmenistan and Pakistan are being developed on strong lines so as to facilitate trade between the two countries, said Atadjan Movlamov, Ambassador of Turkmenistan to Pakistan here. During a visit Wednesday to the ofMice of Federation of Pakistan
Chambers of Commerce and Industry he said close trade relations between the two countries was need of hour. “We can collaborate in trade, energy, agriculture & livestock, science & technology, education, health, sports and tourism sectors,” said the Ambassador. He in this context suggested exchange of delegations, single country exhibition and road shows to further streamline the efforts being made to strengthen the endeavour.
Talking to Alamgir Firoz, Chairman, FPCCI Standing Committee on Diplomatic Affairs and Maher Alam Khan, FPCCI Secretary General (Acting) he said Turkmenistan was providing no less than 16 crucial facilities, free of cost, to the investors. Atadjan Movlamov said his country, with 100% literacy rate, is particularly interested to collaborate with Pakistan in health and education sectors. Referring to MoUs signed between the two countries, he said the two are not
only interested in expanding trade and economic relations” but also share similar views on matters related to regional peace and stability. Maher Alam Khan said under China-Pakistan Economic Corridor, Pakistan has Minalised land routes meant to provide access to Central Asian states, such as Turkmenistan to Pakistan. Both Turkmenistan and Pakistan are members of the Economic Cooperation Organization, he said mentioning Ashgabat Agreement between the two coun-
tries will enable Pakistan to import natural gas. Maher Alam Khan also referred to the Lapis Lazuli corridor designed to facilitate trade between the two and also the commitment made by Pakistan to support Turkmenistan in its endeavor for sustainable transport system. “Regional connectivity and economic integration are key pillars of Pakistan’s foreign policy,” said Alam and proposed formation of Joint Business Council between Pakistan and Turkmenistan.
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ISLAMABAD
M FAIZAN
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he Federal Board of Revenue Inland Revenue, withholding zone, has clarified that the FBR’s notified rates for the evaluation of residential and commercial properties are equally applicable on the constructed and un-constructed plots. The withholding zone has issued a clarification to all development authorities regarding the rates of immovable property and application of sections 236C, 236K and 236w of the Income Tax Ordinance 2001. According to the clarification, the Federal Board of Revenue Inland Revenue has urged all the development authorities that income tax is required to be deducted under sections 236C and 236K of the Income Tax Ordinance 2001 on value of immoveable property as notified by the FBR through SRO in the true letter and spirit. The FBR also clarified that section
236W is applicable where FBR notified value of property is greater than the registered value of the immovable property. FBR cleared that notified rates are applicable for the purpose of Federal Taxes only which means that taxes under the head stamp duty and other provincial taxes shall be calculated as per rules framed by the
provincial government. CVT or any other provincial tax being provincial issue shall be calculated upon the DC rates and not upon the FBR notified rates. Meanwhile, Member Administration and FBR’s Chief Coordinator Budget 2017-18 Majid Qureshi has inaugurated the printing, sorting & binding facility for the upcoming federal budget exercise at the FBR House. The Member cut the ribbon to inaugurate the facility which boasts modern equipment and machines to be used for the printing, sorting and binding of budget documents during the upcoming federal budget exercise at the FBR House. Senior FBR officers, e who have been asr a es signed supervision of ed rat fi i t l o era at n d h e f core activities ret f d o se l e a re lated to the budget s purpo e FBR c e x h a t at t for h t e exercise, were also l s b n a ea applic present on the ocy and hich m t u w d y l on mp a s t e casion. s x f a o t e
ead all b the h xes sh a t l a under i c y the med b provin a r r e f h s t e o er rul ent d as p e t a l ernm v u o g l c alc cia provin
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Monday, May 22, 2017
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Founder & Chairman Zulfiqar Ali Editor Rahil Yasin editor@customsbulletin.com.pk For advertising & subscription marketing@customsbulletin.com.pk www.customsbulletin.com Phones: 042-35781643-4, Fax: 042-35781645 Address: 627, Siddiq Trade Centre, Gulberg, Lahore
EDITORIAL
Emerging market status
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he MSCI World Index has upgraded the Pakistan Stock Exchange to the emerging markets status, paving the way for international investors to have their share in $1.7 trillion equity market of the country.With achievement of the status, the fund managers and market experts are hoping that the global players could invest up to $500 million in the market through the emerging market index funds. The MSCI World Index is part of the modern index strategy and a broad global equity benchmark which represents the performance of large and mid-cap equity across 23 developed markets economies. The leading index, which provides international investment decision support tools, covers nearly 85 percent of the free float-adjusted market capitalization in each country under review. The MSCI World benchmark does not offer exposure to emerging markets. In its May 2017 Semi‐Annual Index Review, in which the bench has upgraded Pakistan as an emerging market from a frontier market status, suggest that the investment from international players will flow through the market. The reclassification of the market will be effective from June 1. Earlier, the world media reports highlighted and branded the performance of the Pakistan Stock Exchange better than the equity markets of India and China and hoped that the new status would ensure greater inflows of funds from global investors.Experts believe nearly 20 percent out of the total funds tracking the MSCI emerging market, at least $300billion are passive funds with expected weight of 0.1 percent in the emerging market index. It is due to the fact that the country’s equity market emulated the reaction of some Gulf States markets, which gained much attention after their inclusion in MSCI in June 2014. Experts hope an inflow of half a billion dollars in the stock exchange whereas Pakistan’s weight in the index lost nearly 0.10 percent against original 0.19 percent proforma weight which was calculated at the time of the decision to reclassify the country as the emerging market. The private sector companies, qualified for the main index, include United Bank, Habib Bank, Lucky Cement, Oil and Gas Development Company, MCB and Engro Corporation whereas Hub Power, Pakistan State Oil and Fauji Fertilizer are re-located to small-cap stocks. The stock exchange of a country is considered the barometer of the economy and the inclusion of the Pakistan Stock Exchange in the emerging market domain is a good omen for the country’s economy.
Agriculture economy T
LAHORE
DR AFTAB AFZAL
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he agriculture sector accounts for 20 percent of the gross domestic product and employs nearly 50 percent of the labour force, but its potentials are not fully utilized. Punjab is the biggest province of the country and has lion share in the agricultural economy as well. It produces 83 percent of cotton, 80 percent of wheat, 97 percent of Mine aromatic rice, 63 percent of sugarcane and 51 percent of maize to the national food production. Punjab is also a major fruits basket as it gives 66 percent mango production, more than 95 percent citrus fruit, 82 percent guava and 34 percent dates of
the country.The agriculture sector is the largest sector of the province and a driving force for growth and development, employing over 65 percent labour force in rural areas.Punjab also has the lion share in the rice exports and produces more than 95 percent of basmati rice. The country’s rice export earning stands at $2 billion. The government concentrates on introducing more varieties of the aromatic rice to increase foreign exchange earnings. However, experts believe that the agriculture produces which are excess to the country’s needs should be exported and the nation should not be deprived of major food products. There are several other ways to enhance exports which include exports of horticulture products. The rose pro-
duction of Pakistan can bring a huge foreign exchange if properly managed. The latest trend of Saffron production needs to be encourage as KP and Gilgit-Baltistan have fertile lands suitable for the products. So far, Pakistan earns $650 million by exporting horticulture products which could be increased to billions of dollars. However, the agriculture authorities of the central and provincial governments need to work in tendon to produce not only saffron, but also Mlowers. According to experts, unless corporate sector takes interest in the agriculture sector, the desired level of progress would be hard to achieve. After achieving the provincial autonomy, the provinces have failed to prepare themselves to make prudent
industrial and agriculture policies. The population of Punjab is more than that of Turkey, Iran, Egypt and Britain, but the volume of its economy is nowhere near those countries. The provinces still look toward the federal government for help and have failed to devise their own economic policies. After the 18th Amendment to the Constitution, agriculture has become a provincial subject, but provinces are still struggling to make their own policies.The country’s share in the global horticulture exports is nearly 0.3 percent and this should be a point to ponder for the policymakers. Unless the provinces learn to live without the help of the central government, the economic situation will not be improved.
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DP World signs MOU to develop India logistics infrastructure Monday May 22, 2017
World
DUBAI: Dubai’s DP World and the National Investment and Infrastructure Fund (NIIF) will collaborate to develop logistics infrastructure in India, as per a MoU that the two organisations have signed. The MoU was signed during the recent India Integrated Transport and Logistics Summit 2017. His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces of the United Arab Emirates, and Sultan Ahmed bin Sulayem, DP World group chairman and CEO visited India in February 2016, and the MOU was signed following discussions that began during that trip. Sultan Ahmed Bin Sulayem, DP world’s group chairman and CEO said, “We have been a part of India’s growth story for nearly two decades now, and we are delighted to further strengthen this relationship with the National Investment and Infrastructure Fund (NIIF).
3 foresters suspended for smuggling timber
Terengganu Customs seizes 1.2m sticks of ciggies KUALA TERENGANU
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DHAKA
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he Forest Department has suspended 12 people, including 3 foresters, over allegations of smuggling Sundari timber from the Sundarbans East Zone. The allegations include felling and smuggling of Sundari timber under the guise of Golpata, a type of palm tree foraged with permission from the FD, from Swarankhola range and smuggling of about 1,000 cubic foot Sundari timber from the Jongra patrolling camp of Chandpai range. Khulna Circle Conservator (CF) of Forests Muhammad Amir Hossain told the Dhaka Tribune on Monday that they had temporarily suspended the 12 over the allegations. The suspended are Forester Abdur Rouf of Jongra camp under Chandpai range, Forest Guard Bidhan Chandra Haldar, Ali Ahammad,
HSBC unveils first solar tram shelter in Hong Kong SBC and Grey Group Hong Kong have partnered to unveil Hong Kong’s first solar-driven tram shelter, as part of the belt-and-road initiative (BRI) a blueprint for global economic development. Transforming a traditional channel into an innovative statement, solar panels were installed on the tram shelter roof outside the HSBC main building, absorbing sunlight during the day. At night, more than 60 light bulbs will be supported by solar power energy. Taking the iconic public transport of Hong Kong as a symbol of the transformation, HSBC embraced the idea of sustainable development for a greener future to lead Hong Kong further into the concept of green economy, as well as playing the monumental role of a significant partner to help move the belt-and-road initiative (BRI) forward. –CB Report
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boatman Sultan Hawladar, Forester Amzad Hossain of Golpata Kup (Zone) under Swarankhola range, Forester Mobarak Hossain of Dhansagar camp under Swarankhola range, Forest Guard Harun-ur-Rashid, Abdul Awal, Muhammad Badshah Sheikh, Abdur Rashid Shikdar, boatman Selim Sarder and Nurul Islam. CF Amir said they had received allegations against 15 people on April 15 and formed two separate committees, one headed by Khulna
Circle Deputy Conservator of Forests Bashirul Mamun and the other by Swarankhola Range Assistant Conservator of Forests Mohammad Hossain, to probe the incidents. Both of the committees submitted their reports on mentioning that charges against 12 of the 15 accused were found to be true. The accused ofMicials have been withdrawn from their respective workstations, said the Khulna Circle CF, adding that divisional steps would be taken against them.
Singapore Customs seeks public feedback on proposed Customs Act
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he Ministry of Finance (MOF) and Singapore Customs are inviting the public to provide feedback on proposed amendments to the Customs Act. This includes proposed changes to cut down on data submission requirements for vessels, airplanes or trains arriving in or departing from Singapore. “This amendment helps Singapore Customs better manage the compliance requirements on freight companies, and preserves
Singapore’s attractiveness as a transhipment/ transit hub,” said a statement released on Tuesday Other proposed changes include tweaks to the regulations governing special taxes on motor vehicles using heavy fuel oil. A special tax is imposed on motor vehicles equipped with engines using heavy oil, liquefied petroleum gas or any other gas as fuel or fitted with producer gas or other gas attachments. –CB Report
erengganu Customs Department uncovered a cigarette smuggling syndicate following the discovery of a van loaded with 1.2 million sticks of cigarettes in Kampung Petaling, Kuala Nerus. Its director Aidid Tajuddin said further inspection on the abandoned one-tonne van at 10am led to the discovery of 6,000 cartons of contraband cigarettes bearing the brands ”Red” and ”Green League” worth RM864,960 including taxes. He said the seizure came after the department’s enforcement team gave a Mive-kilometre high-speed chase following surveillance over the past two weeks. “The van driver managed to escape upon realising the presence of the authorities. We believe the driver was in hiding for several days at the border before
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continuing (his) journey,” Aidid told a press conference Wednesday. He said the team had initially detected the van last Friday but the driver managed to go into hiding. Aidid said the modus operandi used was different from before, namely embarking on the journey at night so that the supply would arrive in the wee hours of the morning and using the East Coast Highway (LPT) as a shortcut rather than other alternative routes. “We believe all the cigarettes were obtained from a neighbouring country to be marketed in the south. There is no manufacturing date on the packs. We’re closing in on the driver and initial investigation revealed that the van is registered under a company,” he said. Malaysian Customs officials have seized 330 exotic tortoises worth an estimated US$277,000 after smugglers attempted to bring the creatures through Kuala Lumpur International Airport (KLIA).
French unemployment dips he job market in France is picking up. The latest figures show that at the start of this year unemployment reached its lowest level in almost five years. The jobless rate fell to 9.3 percent of the workforce for mainland, or metropolitan, France between January and March from 9.7 percent at the end of last year. Including France’s overseas territories the rate was 9.6 percent, down from 10 percent between October and December 2016. The number of unemployed in metropolitan France fell by 115,000 to 2.7 million. Unemployment among 15 to
24 year-olds also dipped though it remains high at 22.3 percent, down from 23.7 percent in the previous quarter. The number of people on temporary contracts increased to 7.8 percent of the workforce, up 0.3 percent quarter-on-quarter and up 0.5 percent year-on-year. In the final months of President Francois Hollande’s term the jobless totals were close to when he took office in 2012. As the first quarter job numbers were released, incoming head of state Emmanuel Macron held his first cabinet meeting. According to a government spokesman. –CB Report
Bank of Ireland hosts Brexit briefing for Galway SMEs
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he g Hotel Galway will play host to a Bank of Ireland economic breakfast brieMing titled, ‘Managing and Growing Business in a post Brexit Economy.’ The event is part of Bank of Ireland’s 16th National Enterprise Week which will see the Bank
host over 40 networking events nationwide from May. The brieMing is taking place on Thursday 18 May from 8am. Speakers will include Bank of Ireland’s Chief Economist Dr. Loretta O’ Sullivan, Global Head of Trading, Garret Grogan, and Director of Business Banking, Mark Cunningham. The brieMing, including a buffetstyle breakfast, will give attendees an overview of recent economic trends
and likely future developments with a speciMic Brexit related focus. The broad range of speakers will cover many concerns for local businesses in Galway including business conMidence and how ambitious local businesses can grow in the future. Mary Regan, Head of Business Banking, Galway city, Bank of Ireland said; “We are delighted to play host to this special economic breakfast which will
cover a range of issues of relevance to businesses. The event will provide insights and practical guidance for local SMEs and particularly those trading in the UK and other overseas markets, as well as their Minancial advisers. “The business community in Galway continues to thrive and as Ireland’s largest lender, Bank of Ireland strongly supports businesses to grow and develop.
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Faisalabad ASO confiscates generators, Mazda truck FAISALABAD: The Anti Smuggling Organization (ASO) has seized foreign origin imported generators. The market value of the seized generators is Rs40,00,000 involving customs duty and taxes worth Rs12,51,818. Sources told Customs Today, that Deputy Collector Usman Tariq received tip off about the lying of smuggled generator on an identified place transported from Lahore to Faisalabad. The party headed by Superintendent Dilawar Hussain intercepted Master Mazda mini truck bearing registration no: FSC-9648 and recovered the said used diesel generator having (275-KVA).
Monday, May 22, 2017
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Budget 2017-18: Dar directs FBR to early finalize budget work ISLAMABAD CUSTOMS BULLETIN REPORT www.customsbulletin.com
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inance Minister, Senator Ishaq Dar has instructed Federal Board of Revenue (FBR) ofMicials to Minalize their budget work as early as possible according to the prescribed timeline. The Minance minister chaired a preparatory meeting with the FBR ofMicials for the upcoming budget for Fiscal Year 2017-18. Special Assistant to Prime Minister on Revenue, Haroon Akhtar Khan, Minance secretary, FBR chairman, and senior ofMicials of FBR and the Ministry of Finance also attended the meeting. Minister of State for IT & Telecom, Anusha Rehman Khan, secretary IT & Telecom, and senior ofMicials of the Ministry of IT & Telecom, also joined the meeting brieMly to discuss tax-related proposals of the IT and Telecom sector, a press release said. FBR chairman informed the Minance minister that FBR’s budget preparations are in their Minal stages, and will be completed in a timely manner as per the directions. The finance minister highlighted the 5.28% GDP growth rate achieved by Pakistan during FY
2016-17, which is a ten-year high, and the target for the next fiscal year is 6% growth.
He emphasized that strong revenue generation will play a crucial role in achieving the targets for eco-
nomic growth. He highlighted that great strides have been made in tax collections
under the present government, and the aim is to generate even higher revenues in the coming Miscal year.
Real estate sector proposes cut in WHT for filers KARACHI
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eal estate industry has urged the government to reduce withholding tax to one percent from the existing two percent on the purchase of immovable property by income tax return Miler. In case of sale of property, the withholding tax rate should also be reduced to 0.5 percent from the
existing one percent, it suggested. Pakistan Real Estate Investment Forum (PREIF) submitted its proposals for the upcoming budget 2017/18 to the National Assembly’s standing committee on Minance and said the existing rates for non-Milers should be kept intact. Shaban Elahi, president of PREIF, in a statement issued on Thursday, appealed the government for further facilitation of real estate sector by enabling businessfriendly environment so that the local and foreign investment could further be increased. Demanding friendly federal
budget for the real estate sector, he also urged the provincial gov-
ernments to reduce provincial taxes such as stamp duty, capital
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value tax (CVT), town tax and registrar fee in order to minimise transactions costs. “It will not only benefit the consumers, but a large number of people will opt for documented transactions, instead of resorting to general power of attorney, which prompts disputes,” he added. At present, the rate of provincial taxes on stamp duty is two percent, CVT is 2.5 to three percent, town tax one percent and tax on registrar fee is also one percent. “Total rate of taxes in the province is around seven percent, which needs to be brought down,” he added.