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Thursday, 21 September, 2012
FTO traces its zenith New heights for Federal Tax Ombudsman ISLAMABAD
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APP
He Office of Federal Tax Ombudsman (FTO) in the year 2011 made a sum of Rs 7.89 billion refunds to the taxpayers as compared to Rs 7.08 billion during 2010. According to the Office of FTO statement, 2011 had been a historic year in several respects for the Office of the Federal Tax Ombudsman (FTO) Pakistan. “The exceptional achievements of the FTO have added new milestones to its history”, it added. These included refunds amounting to Rs 606 million in 455 income tax cases, Rs 570 million in 107 sales tax cases, and Rs 81 million in 15 customs cases. The highest amount of refund issued in a single income tax case, sales tax case and customs case was Rs 143.31 million, Rs 143.7 million and Rs 40.19 million respectively. The statement further said that the taxpayers also received a sum of Rs 6.16 million in compensation for delayed payment of refunds in 81 cases. In addition, under his suo moto jurisdiction, the FTO got settled 181,880 duty draw-back customs cases involving refunds of Rs 6.63 billion during 2011 as against 194,056 duty draw-back cases involving refunds of Rs 4.9 billion in 2010. It was worth noting that Rs 7.89 billion that the taxpayers received due to the intervention of FTO during 2011 was almost 4 times of the total amount that they got during 2000-2009, and 36 times of the average per annum the taxpayers received during the same ten-year period.
Cement export posts 20.38% growth ISLAMABAD APP
Cement export from the country during the first two month of current financial year posted growth of 20.38 percent as compared to the same period of last year. According to data of Pakistan Bureau of Statistics (PBS), about 1,154,554 metric ton cement worth $ 91.356 million was exported during the period from July to August 2012 as against the export of 1,457,677 metric tons costing $ 75.891 million in same period of last year Cement export from the country recorded 11.80 percent during the month of August as compared to export of last month as about 609,429 metric ton cement valuing $ 45.159 million during the period under review as compared to the export of 545,125 metric ton worth $ 46.197 million during the month of July 2012. During the period from July-August 2012, the export of gems and jewelry registered growth of 35.34 percent and 156.45 percent respectively as about 2 metric tons of gems worth $ 0.540 million exported as against 1 metric tons valuing $ 0.339 million of same period last year, it revealed. Meanwhile, jewellary worth $ 339.76 million exported during the first two months of current financial year as compared to $ 132.48 million during same period of last year. However, the export of furniture remained on down track and decreased by 29.35 percent during the first two month of current financial year where as handicraft exports remain stagnant. The data further revealed that the export of molasses registered 7.29 percent growth as 1,923 metric tons of molasses costing $ 0.265 million exported as against 2,025 metric tons of $ 0.247 million same period last year.
Another milestone that the FTO was able to achieve during 2011 was in terms of disposal time of complaints. The average time taken to decide a complaint was exceptionally brought down to 60 days, as compared to 67 days for 2010 and 117 days for 2009. There was no Ombudsman office in the world which had achieved such a high level of efficiency in handling taxpayers’ complaints. Under his thematic approach, FTO declared 2011 as the ‘year of implementation’. With exceptional effort, FTO’s decisions in as many as 760
cases got implemented by the Federal Board of Revenue during 2011, as compared to 331 cases during 2010 and 170 cases during 2009. In other words, the number of decisions got implemented during 2011 was 2.3 times as much as for 2010. More specifically, the implemented decisions pertained to recommendations issued in 2011 (222), 2010 (425), 2009 (48), 2008 (52), 2007 (6), 2006 (2), 2005 (2), 2003 (1) and 2002 (2). In 2011, the FTO received 1390 individual taxpayer complaints of which 706
(50.80%) pertained to income tax, 349 (25.10%) to customs, 328 (23.60%) to sales tax, and 7 (0.50%) to Federal excise Duty. Of these, 1218 (87.63%) complaints were decided by 31st December 2011. Of the decided complaints, 1053 (86.45%) ended up in favor of taxpayers. For the first time in the history of FTO, the taxpayers’ grievances in as many as 370 complaints filed during 2011 were got redressed during the investigation phase. The focus was shifted to getting the disputes resolved, from issuing Recommendations at the end of investigation. Out of Recommendation issued in 683 complaints during 2011, FBR implemented 222
cases and filed representations in 211 cases. In addition, 184 complaints pending from 2010 were also disposed of by March 31, 2011. In early 2011 the FTO submitted the `Container Scam’ investigation report to the Supreme Court.
The scam turned out to be `mother of all scams’. The ongoing follow-up investigation led to detection of at least 28,802 commercial containers and a further 3,542 containers imported in the name of ISAF/NATO that went `missing’ during the period January 2007 to October 2010, and the numbers are still rising. While the security-related aspects of the scam are yet to be quantified, the colossal loss of revenue, assuming that these containers carried the usual smugglingprone items, was estimated at over Rs 60 billion. The impact of FTO investigation on local industry, which was dying due to flood of `duty-free’ smuggled items, had been phenomenal. Not only had the transit-related `smuggling’ registered a staggering drop of 60 percent, the investigation was yielding over Rs 1 billion per month in additional revenue due to diversion of smuggling-prove items to regular import channels. In a 2011 study conducted by the Islamic Countries Society of Statistical Sciences (ISOSS), a Lahore-based independent research organization, over 90 percent of the respondents who had actually interacted with FTO rated FTO as most helpful and most clean public sector organization in Pakistan. The advisors and staff of FTO deserve generous appreciation for having achieved so high. One of the four organizations that contributed in improving Pakistan’s rank in 2011 was FTO Office, the other three being Public Accounts Committee of Parliament, Judiciary, and the Ministry of Defence for applying PPRA rules.
Serious food for thought Food imports decrease by over 9% in two months ISLAMABAD APP
Food imports into the country witnessed decrease of 9.02 percent during the first two months of the current fiscal year as compared to the corresponding period of last year. The food imports into the country were recorded at $818.011 million during July-August (2012-13) against the imports of $899.062 million recorded during July-August (2011-12), according to the data of Pakistan Bureau of Statistics released here. The major products that contributed in negative growth included tea, imports of which decreased by 24.72 percent during the period under review. Tea imports into the country were recorded at $42.541 million in July-August (2012-13) against the imports of $56.512 million during July-August
(2011-12). Imports of spices decreased by 8.71 percent by falling from $14.863 million to $13.568 million whereas the imports of palm oil decreased by 12.22 percent by going down from $466.360 million to $409.360 million. Imports of sugar were recorded at $1.334 million during the period under review against the imports of $6.160 million last year, showing negative growth of 78.34 percent. On the other hand, the food items that witnessed positive growth included milk, cream and milk food for infants, imports of which increased from $28.602 million last year to $34.545 million during current year, showing growth of 20.78 percent. The imports of dry fruits and nuts increased by 6.48 percent by growing from $15.767 million to $16.788 million whereas the imports of soyabean oil increased from $24.343 million to $29.755
million, showing increase of 22.23 percent. Similarly, the imports of pulses (leguminous vegetables) increased from $83.823 million to $93.293 million, showing increase of 11.30 percent. Meanwhile, the imports of all other food items decreased by 12.73 percent by going down from $202.632 million in July-August (2011-12) to $176.827 million in July-August (2012-13), the PBS data revealed. Meanwhile, during the month of August 2012-13 the food imports into the country witnessed decrease of 12.71 percent and 11.50 percent when compared to the imports of August 2011 and July 2012 respectively. Food imports in August 2012 stood at $384.064 million against the imports of $439.965 million and $433.947 million in August 2011 and July 2012 respectively.
7th phase of Indo-Pak secretary level talks underway ISLAMABAD STAFF REPORT
Pakistan and India started seventh phase of secretary trade talks in Islamabad on Thursday. Indian delegation headed by SR Rao secretary of trade met with Pakistani delegation headed by Muneer Qureshi, secretary of ministry of commerce and trade. They agreed to promote good trade relationship between both countries. Both the countries agreed to start the air service between Islamabad and New Delhi. Muneer Qureshi said that conditions have been changed between both the countries. “Both countries have made progress to solve trade related and other issues. During two days talks we will discuss how to end tariff and nontariff trade barriers, how to expand trade related infrastructure and how to overcome hurdles to start trade relations”, he said we would also discuss the pathway to allow banks of two countries to allow open branches in both countries. Head of Indian delegation SR Rao said on the occasion that according to WTO and World Bank analysis in near future regional trade especially in South Asia would progress.”Asia makes 50 percent of total population of the world. We have been striving hard to promote trade between both countries”, he said both India and Pakistan were emerging economies and this is our aim to bring the traders of both countries closer. Detailed discussed three agreements including agreement of cooperation and mutual assistance in customs matter, bilateral cooperation agreement between Pakistan Standards and Quality Control Authority of Science and Technology and Butreau of Indian Standards ministry of Custom Affiar, Food and Public Distribution and Agreement on Redress of trade grievances, would be signed today(Friday).
POL completes project for oil, gas production KARACHI ONLINE
Pakistan Oilfields Ltd (POL) notified that it had completed Bela-1 located in Meyal/Ucheri area that will produce around 100 barrels per day and 4-million-cubic-feet-per-day of oil and gas, respectively. According to company’s management, work over the project resulted in additional hydrocarbon flows coming from new zones of Chorgali and Sakessar. It worthy mentioning here that discovery from Bela was previously announced on March 16, 2010, when the field came into production stage but later faced operational issues.
Fahim wants more trade with Mauritius… and Turkmenistan ISLAMABAD APP/ONLINE
Federal Minister for Commerce Makhdoom Amin Fahim Thursday stressed the need for enhancing PakistanMauritius relations, particularly trade ties to benefit both the countries. Talking to the Deputy High Commissioner of Mauritius D. Prabhakar Gokulsing, the minister said that relations between the two countries were important and urged that both the sides should meet regularly to enhance these ties and boost trade. He said that although both the countries were enjoying good trade relations but there was still more scope which needed to be tapped and observed that trade should
not be restricted to a few subjects. The minister termed the meeting as important and referred to high level exchanges between the two countries which had been useful in creating better understanding between government and people Pakistan and Mauritius. On the occasion, Prabhakar Gokulsing, said that building a relationship based on mutual respects was a fundamental need. He said that Mauritius provided good opportunities for investors as about one million tourists visit Mauritius every year, making the country a potential market. ‘PAKISTAN TURKMENISTAN CAN BOOST TRADE TIES’: Federal Minister for Commerce Makhdoom Amin Faheem said that there was much room for enhancing trade volume between Pakistan and
Turkmenistan. He was speaking to the Ambassador of Turkmenistan Atadjan Movlamov who called on him at his office here on Thursday The Federal Minister said that relations between Pakistan & Turkmenistan were important and they should meet regularly to enhance ties and trade. He said that though we have good trade relations but there was still more scope. He cited this meeting to be very important. The Federal Minister also referred to high level exchanges between both the countries and said that they were very useful in creating better understanding between government and people Pakistan & Turkmenistan. Ambassador said that future relations between Pakistan & Turkmenistan should be based on market access and trade especially in context of
Turkmenistan as a transit country for Pakistani products. Federal Minister and the Ambassador exchanged views on Joint Government Committee Meeting to be held between the two countries later this year in Pakistan.
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‘Improved Indo-Pak trade to boost South Asian morale’ ISLAMABAD
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ONLINE
He leadership of SAARC Chamber of Commerce & Industry (SAARC CCI) has hailed the Government of Pakistan and India for exhibiting strong commitment to boost socio-economic cooperation by convening series of talks on politico-economic level, which will help boost the morale of entire South Asia. Vikramjit Singh Sahney, the President of SAARC CCI termed the recent and fast track development as a reflection of the seriousness of the leadership of both countries, which will ensure the accelerated economic cooperation between India and Pakistan. “For last two years, much improvement has been witnessed on political and economic fronts,
which has broken the inertia and re-energized South Asia to take coordinated efforts for the economic well-being of the people” said Sahney and hoped that by end of the current year, the Government of Pakistan will grant MFN Status to India and adopt negative list approach allowing import of all items from India. He urged for immediate implementation of the crucial trade agreements signed between two countries on September 21, 2012. Tariq Sayeed, former President of SAARC CCI and FPCCI also lauded the efforts of the both the Governments and reiterated for continuation of talks and dialogues, regarding them as the strongest tools to address both softer and core
issues. “Last two years are the golden years of the history of both countries as many milestones have been achieved i.e. considerable improvement in list of imported item from India from 1938 to 5600, ICP at Wagha Border, allowing investment to Pakistani enterprises by India, new Visa Policy and above all signing of trade agreements” said Sayeed. Iftikhar Ali Malik, Vice President SAARC CCI said that implementation of the agreements related to customs cooperation, mutual recognition of required standards and the mechanism to
address grievances will help boost trade between the two countries manifold and new Visa Policy will help deepen socio-economic integration of the society. Iqbal Tabish, Secretary General, SAARC CCI said that the complete phasing out of the negative list and removal of non-tariff barriers (NTBs) by India will provide level play filed for both countries, however, based on comparative and absolute advantage Indian exporters will be greatly benefitted.” No harm in open trade with India , as it would save $ 1.50 billion if such products not manufactured at all in Pakistan are imported from India ” said SG, SAARC CCI and added that discussion on issues of phasing out of a negative list and preferential arrangements under South Asia Free Trade Area (SAFTA) would help foster regional economic cooperation.
EaSy doES it Asian markets eased back ahead of China data HONG KONG AFP
Asian markets eased back on Thursday after the previous day’s impressive gains, while eyes were on the release later in the day of China manufacturing data. Also weighing on sentiment in Japan were figures showing the economy recorded its second straight monthly trade deficit in August owing to slipping exports caused by a worldwide slowdown. Tokyo fell 0.45 percent, Hong Kong slipped 0.35 percent, Sydney lost 0.28 percent, Seoul was 0.37 percent lower and
Shanghai gave up 0.55 percent. Global indices climbed on Wednesday, with Tokyo and Sydney hitting four-month highs, after the Japanese central bank said it would extend an asset-purchase scheme as it tries to jumpstart the domestic economy. The move followed similar bond-buying plans by the US Federal Reserve and the european Central Bank, which helped send equities soaring. However, investors stepped back Thursday, with no fresh news to spur buying, as they await the preliminary purchasing managers index (PMI) on Chinese manufacturing activity from HSBC.
The figures will be keenly watched as they will provide an updated outlook on the Chinese economy, which has suffered a slowdown this year owing to tightening demand for its exports in the crucial european and US markets. In forex markets the dollar — which briefly topped 79.00 yen after the BoJ announcement before easing to 78.36 yen by the end of New York trade — bought 78.35 yen Thursday in Asia. The euro was at $1.3034 from $1.3049 and at 102.14 yen from 102.24 yen. It had surged to 103.50 yen at one point after the
Business 02 Major Gainers COMPANY OPEN Nestle Pakistan Ltd. 4100.00 Siemens Pakistan 919.07 Colgate 1066.99 Bata (Pak) Limited 950.51 Island Textile 280.00
HIGH 4150.00 954.99 1101.00 995.00 294.00
LOW 4150.00 954.99 1066.99 950.02 294.00
CLOSE CHANGE 4150.00 50.00 954.99 35.92 1100.00 33.01 977.75 27.24 294.00 14.00
TURNOVER 20 50 300 650 300
4397.00 221.20 263.00 438.00 327.00
4397.00 210.97 255.60 429.80 323.00
4397.00 211.05 256.50 430.70 325.65
-54.44 -11.02 -10.64 -7.96 -7.50
5,020 3,500 2,400 983,600 2,300
19.90 7.77 2.80 1.22 2.73
18.95 6.65 2.61 0.85 2.20
19.02 6.65 2.63 1.05 2.58
-0.85 -1.00 -0.01 0.20 0.41
16,150,000 14,559,500 13,618,500 5,450,000 4,725,000
Major Losers Rafhan Maize Prod. Pak Gum & Chemical Atlas BatteryXDXB Pak Oilfields Exide (PAK)
4451.44 222.07 267.14 438.66 333.15
Volume Leaders P.T.C.L.A K.E.S.C. NIB Bank Limited Invest Bank IGI Inv.Bank
19.87 7.65 2.64 0.85 2.17
Interbank Rates US Dollar UK Pound Japanese Yen Euro
94.5118 152.9768 1.2095 122.2888
Dollar East BUY US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
BoJ move Wednesday. Japan had a trade deficit of 754.1 billion yen ($9.6 billion) in August, smaller than the year-before deficit of 777.5 billion yen but bigger than the deficit of 518.9 billion yen for July. “The size of the deficit was within expectations, but it increased from the previous month and underlines the difficult economic environment overseas,” said Junko Nishioka, chief economist at RBS Securities Japan, according to Dow Jones Newswires. On Wall Street Wednesday shares climbed after the National Association of
SELL
94.50 121.56 152.17 1.1964 95.71 12.00 25.63 25.12 97.28
95.00 122.52 153.33 1.2054 96.94 12.16 25.80 25.25 99.48
Realtors announced existing home sales across the country leaped 7.8 percent from July to a two-year high, and were up 9.3 percent from a year ago. The Dow added 0.10 percent, the S&P 500 rose 0.12 percent and the tech-heavy Nasdaq added 0.15 percent. Oil prices rose, with New York’s main contract, light sweet crude for delivery in October, adding 11 cents to $92.09 a barrel and Brent North Sea crude for November delivery gaining 43 cents to $108.62. Gold was at $1,771.55 at 0210 GMT compared with $1,772.41 on Tuesday.
CORPORATE CORNER Renowned cosmetic company introduces New Graphique Eyeliner and Pro Dip Eyeliner
New car buyers put Porsche 911 in first place
LAHORE: Color Studio professional, continues its product expansion with the launch of its graphique eye liner and Pro Dip eye liner, which comes in essential and wearable shades.
Fair & Lovely Fairness Experts Program launched in Karachi
KARACHI: In its latest survey, J.D Power and Associates, the American market research institute, has issued a solid-gold certificate again to Porsche.
KARACHI: USF, Former CeO, Pervez Iftikhar presented his ideas regarding “Information Communication Technology (ICT) For Schools”. He delivered his presentation at 12th ITCN Asia Int’l exhibition and Conferences, Telecom Strategy Summit.
Ayesha Khurram eyes bridal market
UBL Omni offers service for the first time in Pakistan
“Bramerz Pakistan, in association with Google and Ufone, organized a Prelaunch Olaround, VP Business and Partner, Amer Sarfraz, Google Representative in Pakistan Badar Khushnood along with Jana Levene and William Fitzgerald from Google, were seen at “Preview Ceremony” to introduce the first online, “Location-based Loyalty Service” in Pakistan, called Olaround, that runs on mobile devices.
KARACHI: United Bank Limited’s Branchless Banking Division, Omni introduced a unique service for the first time in Pakistan which enables a customer opening an Omni account to get an ATM Card instantly right at the time of account opening.
Ufone’s exciting offer for cricket lovers
Early completion of water, power projects priority: WAPDA Chairman KARACHI: Pakistan’s leading fairness cream Fair & Lovely recently launched Fair & Lovely Fairness experts, a program with successive workshops to create awareness and educate mid tier level beauty parlor owners on solutions for skin problems and their treatments.
Etihad Airways sponsored “This is My Life” fundraiser concert held in Islamabad on September 15 to coincide with International Aids Day. Renowned Romanian music singer Vika Jigulina and her team performing at the concert.
LAHORE: Besides initiating new projects in water and hydropower sectors, completion of the underconstruction projects in shortest possible time was the foremost priority of the present management of the Pakistan Water and Power Development Authority.
JS Investments Limited, CEO, Rashid Mansur hosted a lunch event in honor of the Ambassador of the Republic of Turkey, Mustafa Babur Hizlan, State Bank of Pakistan, Governor, Yaseen Anwar and SECP, Chairman, Muhammad Ali.
Thinking outside the telecom box
LAHORE: Renowned designer Ayesha Khurram whose pop-art inspired kurtas and Marilyn Monroe design have catapulted her into popularity is now turning her sights towards the bustling bridal market and launching a full fledge bridal studio, the first of its kind in Lahore.
From left to right: McDonald’s Pakistan, President & CEO, Amin Mohammed Lakhani, McDonald’s Pakistan, Director Marketing & Development, Jamil Ahmed Mughal at the inauguration ceremony of McDonald’s Restaurant at Caltex Gas Station on Korangi Road, DHA Phase 1.
ISLAMABAD: Ufone recently launched a new offer for the cricket loving nation. The offer comes filled with tons of minutes along with tons of runs, to be enjoyed in the T20 World Cup to be hosted in Sri Lanka.
Annual LACAS SONDHI debating challenge goes international!
LAHORE: The annual Sondhi Debating Challenge of LACAS was the first Parliamentary debate competition that followed the World School style debating format. This year, LACAS became the first school in Pakistan’s history to introduce the national debate circuit on an international platform through participation from our neighbors across both sides of Pakistani borders.
Friday, 21 September, 2012