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Thursday, 8 November, 2012
Pakistan, Qatar agree on cooperation in energy, trade DOHA
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APP
AKISTAN and Qatar Wednesday agreed to collaborate in energy and trade sectors and discussed ways to resolve formalities for import of Liquefied Natural Gas (LNG) to Pakistan. President Asif Ali Zardari and Qatar’s Prime Minister Sheikh Hamad bin Jassim bin Jabar Al Thani met here at the Emiri Diwan -the office of Qatar’s Prime Minister, and discussed ways to further promote trade and investment ties, to add substance to their bilateral relations. Both leaders discussed diverse issues including joint development of hydropower sector, identification of sources of financing, exploration of investment opportunities in energy sector and rehabilitation of existing hydropower plants. Foreign Minister Hina Rabbani Khar later told APP that the meeting was significant as the leadership of two countries reiterated to enhance cooperation particularly in development projects and investment in energy sector. She said the talks focused on import of Liquefied Natural Gas (LNG) from
Qatar to Pakistan and said the project was a natural win-win potential for both the countries. She said President Zardari expressed satisfaction that the Qatar Gas had signed a Pact with two Pakistan-based gas companies. The Pact has been signed between the Qatar Gas with two Pakistani gas companies - Sui Southern Gas Company Limited and Sui Northern Gas Pipelines Limited, for the supply of LNG upto 3.5 mtpa (million tons per annum). The Foreign Minister said President Zardari apprised Qatar’s Emir about Pakistan’s most generous incentive regime through the petroleum exploration and production policy 2012. Khar said the two sides stressed enhancing airline linkages between the two countries by increasing frequency of flights of Pakistan International Airlines and the Qatar Airways, between Islamabad and Doha. Pakistan also offered opening of branches of Qatari banks. Dr Asim Hussain, Advisor to Prime Minister on Petroleum and Natural Resources told APP that the meeting focused on early finalization of formalities on LNG import. He said the two sides were keen to sort out the details at the earliest. He called upon the Qatari petro-
leum and gas companies to take advantage of the new policy and invest in Pakistan’s oil and gas exploration and production sector. On the finalization of transnational formalities to LNG import at the earliest, he said Pakistan was interested in importing 77 million tonnes per annum of LNG. The imported LNG will be initially provided to the power houses in Pakistan to generate 2,500 megawatt electricity. President Zardari urged Sheikh Hamad Bin Jassim to absorb Pakistani skilled and semi-skilled labour in Qatar
and added that already 90,000 Pakistani expatriates were efficiently contributing to Qatar’s economy. He mentioned that more Pakistanis could effectively fulfil part of Qatar’s demand of two million workforce for its infrastructure projects for FIFA 2022 World Cup to be held in Doha. He also stressed the need for diversifying the trade potential between the two countries. He expressed satisfaction over the remittances from Qatar that had increased to US$ 354 mln in 2010 as compared to US$ 339.51 mln in 2009. The President mentioned that a high
fee of Qatari visa was a deterrent to export of manpower from Pakistan and hoped it would be reviewed. He proposed the visit of a ministerial-level delegation from Qatar to Pakistan to discuss modalities of export of manpower for Qatar’s future needs. The meeting was attended by Minister for Foreign Affairs Hina Rabbani Khar and Advisor on Petroleum and Natural Resources Dr Asim Hussain, Members of National Assembly Munir Orakzai and Amer Ali Khan Magsi and Ambassador Sarfraz Ahmad Khanzada.
FTO directs NBP quick off the blocks FBR to revisit drug Establishes brisk resolution strategy to cope with ATM flaws agency’s IT returns ISLAMABAD APP
ISLAMABAD APP
The Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to revisit its assessment of Income Tax returns of Zeenat Drug Agency Narowal as its audit was not conducted as per law. “Invoke revisionary jurisdiction under Section 122A of the Ordinance to revisit the assessment made under Section 122(4) of the Ordinance, as per law; and submit compliance report within 30 days.” The FTO directed the FBR. According to FTO findings, the audit of a return not formally selected by the competent authority is contrary to law and tantamount to maladministration under Section 2(3) of the FTO Ordinance. The protracted delay in finalization of audit was also tantamount to maladministration, it added. According to details, Muhammad Umer Farooq, Proprietor Zeenat Drug Agency Katchery Road Narowal had made complaint against illegal assessment under section 122(4) of the Income Tax Ordinance 2001 (the Ordinance) in FTO on 10 August 2012. The Complainant’s income tax Return for Tax Year 2007 was selected for audit by the Commissioner IR, Audit Division, RTO, Sialkot, vide letter No.1223 dated 27.06.2008. The Complainant revised the Return for Tax Year 2007 twice, however,
the assessing officer continued with the original audit proceedings, as if no revision of Return had taken place. The audit was concluded on 28.06.2012, after a lapse of 4 odd years and the complainant’s total Income for Tax Year 2007 was determined at Rs3,657,737 as against declared Rs272,513 and an additional tax liability of Rs914,434 was raised. The Complainant assailed the treatment accorded by the department as harsh, illegal, oppressive and whimsical and took strong exception to the conduct of audit with reference to the original Return, ignoring the revised returns. He said that when the revised Returns were admitted by the department and taken on record, for the audit proceedings to continue legally a fresh audit selection order was required to be made after each revision. The complainant has also pointed out that stay against arbitrary selection of his return was granted by the LHC but the department continued the audit proceedings after expiry of six months on the ground that this being a revenue matter stay could continue only for a six-month period. The complainant further drew the attention to the fact that the department having accepted declared turnover and gross profit as per the second revised return was not justified to make arbitrary additions in the manner done by the assessing officer.
The National Bank of Pakistan (NBP), Islamabad region has established brisk resolution strategy to cope with the Auto Teller Machines (ATMs) faults and problems, bring the ATM-related complaints to nominal level, a senior official of the Bank told APP. “We have 24x7 check up of their ATMs through our Regional Data Centre’s surveillance and the errors are immediately taken up by the respective quarters for their ready solutions’, Tariq Zafar Iqbal Regional Head of the NBP, said here Wednesday. He said that NBP’s regional management in Islamabad always responds to the customers’ calls and there have been witnesses of on the spot rectifications and problem resolutions in this regard. “It is imperative that we must appreciate their service and dedication which has made it possible for the metropolitans to meet their demands in cash around the clock”, he remarked. Mr. Iqbal further said that the National Bank of Pakistan is the flag-bearer of service in the financial sector of the country. The scope of its service, he said was not limited to only domestic operations but it is also globally appreciated and acknowledged as one of the Re-
gion’s best banks as accredited through high ratings by the international financial rating agencies as well as by virtue of having won many international accolade and awards over the years. “Might it be the pension payments to the senior citizens or the government revenue collections and salary disbursements to the public sector, the NBP is committed to deliver the service with a passion for the Nation’s service, being the Nation’s Bank”. He explained that the NBP started its ATM service in Islamabad in June 1996 when it inaugurated its first ATM in Super Market Branch, F-6, Islamabad. Over the years, the number of NBP’s ATM has increased to 21 in the metropolis. “These ATMs are spread over the length and breadth of the Federal Capital, including Melody, Super Market, Aabpara, G-9, Pak. Secretariat, i.e. B
Block, D Block, S-Block and K-Block, G10, Airport, A.I.O.U, Foreign Office, F-8 Markaz, Industrial Area, Marriott Hotel, Nilore, P.M. Secretariat and Aiwan-eSadder”,Iqbal remarked. He said that the NBP caters to around 150,000 accounts in Islamabad alone and the number of ATM transactions carried through NBP’s ATM surmount to nearly 90,000 in a month which is a huge number by all means, as evidenced by the data collected by the scribe. Tariq Zafar Iqbal added that the NBP has turned its entire network of branches to online operations across Pakistan. “It provides an opportunity to its clients to collect their cash at one touch of a button from any one link ATM. By virtue of NBP’s one link facility, the ATM card holders of all the Bank’s operating in Pakistan can use NBP’s ATM facility”, he remarked. “It is certainly established that the volume and scale of ATM operations being handled by NBP Islamabad is really magnanimous as compared to all other commercial banks in the country”, he added. The Regional Head of NBP added that there have been occasional complaints of hard-ware problems, dispenser issues, audit & consumer rolls errors and communication link breakdowns.
Government to release Rs100m for industrial uplift KARACHI: The development work in Koarngi industrial area is due to start very soon as the initial Rs100 million funds for the purpose would soon be released by the KMC, said Town Administrator Korangi A Sami Khan. This he stated while executing CPLC-Neighborhood Care project initiated by the industrialists of Sector 23 led by CEO Maple Pharma Shafiuddin Feroz. Khan said that the construction of Road 5000 would start very soon followed by carpeting of Road 2000. He said the town administration was awaiting funds from the Annual Development Plan following which several projects relating to infrastructural development would be taken up. Khan appreciated the initiative of Sector 23’s industries to establish CPLC-NC project for their security. Chairman KATI Zubair Chhaya said as the Governor Sindh was very keen to establish the projects in industrial areas, KATI was supporting and assisting its members to contribute in such projects so that the ever-increasing crime in KIA could be curbed. He said though KATI members were contributing towards CPLC-NC and various civic works in their areas but the KMC and town administration’s support was mandatory. The administrator said the industrialists were ready to pay the KMC’s infrastructure development tax provided the KMC take up development works and complete the ongoing projects. CEP Maple Pharma Shafiuddin Feroz said the industries were suffering due to crime incidents in the area where the infrastructure was extremely poor. He said industries in KIA were exporting goods worth hundreds of millions of dollars yet they were deprived of basic civic facilities. He urged the government to take up development works in KIA. STAFF REPORT