Air Force War College Delegation Visits Wapda House

Lahore: Pakistan Water and Power Development Authority (WAPDA) is implementing a number of projects in water and hydropower sectors. These projects, on completion, will not only help increase water storage capacity but also decrease electricity deficit in the country.

This was stated by WAPDA Member (Water) Syed Raghib Abbas Shah while addressing a delegation of Pakistan Air Force (PAF) Ware College, Karachi. The delegation, headed by PAF War College Commandant Air Vice Marshal Azher Hasan, today visited WAPDA House. WAPDA Secretary Imtiaz Tajwar and the senior officers concerned were also present on the occasion.

The Member (Water) said that initiation of Diamer-Basha Dam, the largest project in the history of Pakistan, is a major breakthrough in water resource development in the country. The project alone will store 8.1 million acre feet (MAF) of water to supplement irrigation supplies besides generating 4500 megawatt (MW) of low-cost hydel electricity.

Some other mega projects, currently in various stages of their implementation, include 7100-MW Bunji, 1410-MW Tarbela 4th Extension, 4500-MW Dasu and 740-MW Munda Hydropower Project, he added. The Member (Water) further said that a programme of constructing small and medium-sized dams in all the four provinces is underway for socio-economic uplift of the backward areas.

Earlier, WAPDA Hydro Planning General Manager Hasnain Afzal and PEPCO Chief Engineer Farasat Zaman briefed the delegation about water and power sector respectively.

The delegation was informed that another 20 million acres of virgin land can be cultivated subject to availability of water. The delegation was briefed that five hydropower projects with cumulative generation capacity of about 400 MW will start contributing to the National Grid by 2012.

The delegation was apprised of the new initiatives of WAPDA related to canal lining, treatment of saline water, application of high efficiency irrigation system, inland water transportation etc.

The delegation was also informed about current situation of the power sector including the reasons for electricity load-shedding, measures being taken to mitigate power shortages as well as receivables and payables of PEPCO.

Later, WAPDA Member (Water) and Commandant PAF War College exchanged the souvenirs as memento to the visit.

For more information, contact:
Muhammad Abid Rana
Director Public Relations
Water and Power Development Authority (WAPDA)
G-32, WAPDA House, Lahore
Tel: +9242 9920 2633 and +9242 9920 2211 -2033 -2029
Cell: +92333 445 8293
Email: mabidrana@gmail.com

Securities and Exchange Commission of Pakistan finalizes revisions to the Code of Corporate Governance

Islamabad: The Securities and Exchange Commission of Pakistan (SECP) held a meeting with the Pakistan Institute of Corporate Governance (PICG) task force to finalize the proposed revisions to the Code of Corporate Governance. The meeting was held at the SECP office in Karachi on Monday.

The meeting was attended by the SECP team led by the Chairman, Muhammad Ali, and the task force members including the Chairman of the task force, Ebrahim Sidat. Some of the prominent members of the task force included Zafar Ali Khan, Moin Fudda, Fuad Hashmi, Sadia Khan, Lubna Farooq, Pervez Ghias and Masoud Naqvi.

The meeting was held to finalize the code in consultation with the task force members and in light of recommendations received from different stakeholders. The meeting deliberated on different revisions proposed to the code and issues raised by the stakeholders at the roundtables and meetings held for the purpose in Karachi and Lahore. The revised code will be implemented after approval of the SECP in November.

For more information, contact:
Shakil Ahmad Chaudhary
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +9251 921 4005 or 921 4009 (Ext. 378)
Fax: +9251 920 6459
Cell: +92302 855 2254
E-mail: shakil.chaudhary@secp.gov.pk

Warid Supports National Breast Cancer Awareness Drive

Lahore: Continuing to fight against one of the most fatal female cancer in Pakistan, Warid Telecom is again supporting National Breast Cancer Awareness Drive this year in collaboration with Pink Ribbon, Pakistan.

Marking October 2011 a Pink Month company-wide, a series of pink activities are planned for both employees and general public to create awareness. A workshop for Warid female staff was organized with the mission to train the attendees so they can take care of themselves and can also volunteer to further educate others in their surrounding communities.

Warid Customer Service staff at Business Centres in Lahore, Islamabad, Rawalpindi and Karachi are volunteering in distributing awareness material on the fatal Cancer and the importance of its early diagnosis. Company’s official website carried awareness material for web surfers while a text awareness message was also broadcasted to Warid customers.

Battling cancer is one of the most devastating experiences for a woman and her family. They never say and are never told they are cured – only in remission. Doing its part earnestly by searching new and creative ways to help local community, Warid Telecom has always shown strong commitment towards the well being of the society.

NOTE: To spread the word and to volunteer for the cause visit http://pinkribbon.org.pk/ or write friends@pinkribbon.org.pk

For more information, contact:
Shahzad Ahmad
Public Relations Department
Warid Telecom (Pvt.) Limited
Phone: +92 322–4257777
Email: pr@waridtel.com
URL: www.waridtel.com

Withdrawal of unnecessary amendments in Tax Return Filing demanded

Karachi: Karachi Chamber of Commerce and Industry (KCCI), President, Mian Abrar Ahmad has demanded to withdraw the unnecessary amendments made in Sales Tax, Federal Excise and Income Tax Return Filing via recently introduced return filing system and the relevant form.

In a letter to Chairman Federal Board of Revenue he has urged that Business and Industrial Community cannot accept the Amended Return in its present form and consequently the tax payers are unable to comply.

The KCCI demands all such amendments be withdrawn with immediate effect or otherwise Karachi Chamber be contacted for immediate consultation to resolve this issue. President KCCI has voiced that the Business and Industrial Community cannot and will not move forward in this form.

Therefore, it is in the interest of the Business and Industrial Community and Government Exchequer to settle this issue as soon as possible.

President KCCI has stated that numerous complaints were received from members newly issued Income Tax, Sales Tax and Federal Excise Returns and this is very unfortunate that major changes have been made without consultation with the leadership of the business and industrial community which has made it practically impossible to file the tax returns and will only result in reduction of tax revenue and would force genuine tax payer’s to operate outside the tax net.

President KCCI has pointed out some major changes that have been brought into the tax returns and need to be eliminated:-

For Sales Tax Returns, the FBR have made submission of CNIC and NTN mandatory for all purchases made by any registered person. Reporting of complete details of every purchase, Debit Note and Credit Note is practically not possible when one has to segregate on the basis of rate, H.S. Code and other parameters defined in the Note of Annex-A. The column of Input Credit Not Allowed is ambiguous.

The Annexure H (stock statement) of new form requires complicated calculations and maintenance of various ledgers for the different types of products and items. This cannot be maintained by the small business being run by uneducated entrepreneurs.

The amount of work required to submit this information will not allow the tax payer to efficiently run the business. The business community is striving to meet the ends and cannot act as an unpaid accountant for the FBR. This form should be withdrawn.

In sales tax return annexure “F” have been incorporated where details of carried forward input tax in relation to closing stock on monthly basis wef. 01-07-2011 has to be provided. This form requires complicated calculation and maintenance of various ledgers for the different types of Inputs on Domestic Purchases, Imports and Value Addition Tax.

This exercise is cumbersome and require additional manpower, no small business house will be able to fulfil as a result will refrain from filing and avoid.

Under the Income Tax Return, in Annexure “D” have been incorporated requiring businessmen to furnish details of expenses incurred, including education/spouse/self travelling/telephone and mobile bills/ internet and so on.

This is against the spirit of self assessment, where genuine tax payer’s come forward voluntarily and submit their claim, unfortunately through the arm twisting and increasing the work load of industries and traders, will only have negative impact on business climate which is already suffering, beside it is next to impossible, to handle such complicated exercise.

Businessmen are paying substantial taxes on advance stage simply to avoid underhand dealing and to operate with peace of mind, and least possible documentation. Similarly related to income tax return is the calculation of flood surcharge, where the payer’s are expected to calculate 15% surcharge to be exact on 108 days of their annual income which is complicated, unproductive and simply a hassle.

Mian Abrar Ahmad, President KCCI has urged that FBR should stop creating such resistance and opening avenues for corruption and should involve its own tax machinery to increase the tax net and leave the Business Community alone to concentrate on its business, and enhance income and as a result the tax revenue.

For more information, contact:
M. Shafiq Baig
Public Relations Officer
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road,
Shahrah-e-Liaquat, Karachi-74000
Tel: +9221 9921 8001 -09
Fax: +9221 9921 8010
Email: pro@kcci.com.pk, pro2@kcci.com.pk
Website: http://www.kcci.com.pk/

Government of Pakistan and the Government of Guatemala have agreed to establish diplomatic relations as of 14 October 2011

Islamabad: Government of the Islamic Republic of Pakistan and the Government of the Republic of Guatemala have agreed to establish diplomatic relations as of 14 October 2011. In a ceremony held at Pakistan Mission today, H.E. Mr. Abdullah Hussain Haroon, Permanent Representative of Pakistan to the UN, and H.E. Mr. Gert Rosenthal, Permanent Representative of Guatemala, signed a Joint Communiqué for the establishment of diplomatic relations between the two States, says a press release received here today from New York.

Both States undertook to develop friendly relations and cooperation in political, economic, cultural, humanitarian and other fields. It was agreed that diplomatic relations between the two countries would be based on the principles and norms of the United Nations charter and international law, particularly Vienna Convention on Diplomatic Relations of 18 April 1961.

Both Permanent Representatives also exchanged views on modalities of expanding cooperation in economic and political fields among the two countries. They said that there was a potential for cooperation in the field of trade and commerce between the two countries and the establishment of diplomatic relations today would go a long way in realizing it.

In addition, both Ambassadors also highlighted the need to establish cross regional issue based alliances to strengthen international peace and security. Pakistan’s embassy in Mexico is likely to be accredited to Guatemala.

For more information, contact:
Haji Ahmed Malik
Principal Information Officer
Press Information Department (PID)
Tel: +9251 925 2323 and +9251 925 2324
Fax: +9251 925 2325 and +9251 925 2326
Email: piopid@gmail.com

The summary was moved by Ministry of Industries.

Economic Coordination Committee Discusses Different Agenda of National Importance

Islamabad: The Economic Coordination Committee of the Cabinet (ECC) met here today with the Federal Minister for Finance and Economic Affairs, Dr. Abdul; Hafeez Shaikh in the chair. At the start of the meeting the committee reviewed the implementation status of the ECC decisions held on 16th and 23rd August 2011 and the key economic indicators prevalent in the country during last three months.

In the key economic indicators area the Secretary Finance Dr. Waqar Masood briefed the committee about the fertilizer situation and said that there is a balance of 122,000 M/ tons of fertilizer for the coming Rabi crop.

The Secretary briefed the committee that the stock of the wheat as on October 10 was 8.6 million tons showing sufficient quantity of local wheat to be released by provincial food departments and PASSCO to flour mills. Worker’s remittances were to be Rs.3.3 billion that is showing 25% growth, the ECC was informed.

Tax collection for the period July-September stood at Rs.369 billion as compared to Rs.294 billion of the last year in the same period. There is a positive growth of 26% in net tax collection. The meeting was also informed the fertilizer situation that 122,000 metric tons is under loading/voyage and expected to arrive by the end of this month and one vessel of DAP is under handling at KPT.

The ECC discussed at length the summary of the Ministry of Commerce asking for ban on export of live animals. The Ministry of Commerce contended in summary that it was approached by the Pakistan Tanners Association and Federation of Pakistan Chambers of Commerce and Industry and others involved in the export of value added leather export products, have reported that there is an acute shortage of raw material which is leading to increase in the price of livestock at exorbitant rate.

If the present situation persists, the Ministry of Commerce stresses, Pakistan’s major export for finished leather and value added leather products will substantially decrease. The ECC after having different views from members directed the Ministry of Commerce to resubmit the summary after having detailed consultations with two provinces, Balochistan and Khyber Pakhtunkhwa where the cattle breeding is the one of the major source of their income.

The ECC also asked the Ministry of Commerce to check the smuggling of the cattle to neighbouring countries and regulate the mechanism for the proper implementation of government policies for the livestock export.

The ECC has approved the enhancement of the mark up on the loans of Zarai Taraqiati Bank Limited (ZTBL). The ECC allowed removal of the cap on subsidized lending (mark-up rate of 8-9%) by ZTBL and allowed the bank to effect gradual increase in the mark-up rate to current level in three year period.

The summary was moved by Internal Finance Wing of Finance Division.

The ECC has allowed to import one lakh tons of sugar instead of the proposed quantity of seven lakh tons by the Utility Stores Corporation to maintain the stability in the market and ensure sugar availability. The ECC also constituted a committee to deliberate upon the import of urea for Rabi 2011-12 whose summary was moved by the Ministry of Industries and discussed the two scenarios for meeting requirement.

Scenario one depicts import of 0.7 million tons for Rabi 2011-12. 0.3 million tons to reach end of October and 0.4 million tons end of November 2011 and scenario two depicts import of 1.2 million tons for Rabi 2011-12. 0.4 million tons to reach end of October and 0.4 million tons end of November 2011 and 0.4 by end December 2011.

The committee was constituted comprising Ministers for Production and that of Petroleum and Natural Resources including Secretary Finance and the committee will meet the senior Minister for Industries in this regard. The ECC has also approved the grant of further two years extension to M/s ENI Pakistan limited to retain area “B” of Badhra Development and Production Lease.

At the start of the meeting it was stated that 27 ECC meetings have been held during the 15 month tenure of the last Finance Minister, Mr. Shaukat Tarin in which 237 decisions were implemented out of 242 decisions. Five decisions were under implementation.

In the same way total 25 ECC meetings were held during the 18 months tenure of the present Finance Minister, Dr. Abdul Hafeez Shaikh in which 231 decisions were implemented out of 253 decisions and 22 decisions are under implementation.

For more information, contact:
Haji Ahmed Malik
Principal Information Officer
Press Information Department (PID)
Tel: +9251 925 2323 and +9251 925 2324
Fax: +9251 925 2325 and +9251 925 2326
Email: piopid@gmail.com

Benazir Income Support program is playing vital role in poverty eradication: Jiand Khan Jamaldini Director General Benazir Income Support program Sindh

Karachi: Benazir Income Support program Director General Sindh Mr Jiand Khan Jamldini said that Benazir Income Support Program (BISP)was launched after the inception of democratic government of Pakistan People’s Party, as a means to provide financial assistance to the poorest of the poor adversely affected by the high inflation and the impact of the international economic crisis.

However, now BISP is being developed into a comprehensive social safety net by provision of Monthly Cash Grant, Vocational & Technical Training, Micro Finance for gainful self-employment and Health, Accident & Life Insurance.

He further said that besides provision of cash grant as life-line, BISP has planned to bring about real change in the life of these downtrodden families. One of such initiative, Waseela-e-Haq, is aiming to break the vicious cycle of poverty through interest free financial assistance.

This step would enable selected families to initiate businesses and entrepreneurship; thus, helping them to come out of poverty circle. The selection of these families is being done by computerized transparent balloting process.

The step is basically designed to promote self-employment among women beneficiaries or their nominees to improve their livelihood. It offers Rs.300, 000 long term interest free financial assistance to randomly selected beneficiaries. It is based on personal trust instead of any collateral and is a completely interest free financial assistance.

Premise is that marginalized families have skills, which remain unutilized and untapped. The facility is alternative to the conventional banking system, which rejects the poor after classifying them on non-creditable. these training are provided in collaboration with SAFWCO & ECI for the deserving and eligible families of BISP.

Director Hyderabad Mr Abdul Majeed Soomro said that today 60 beneficiaries are participating for Waseela-e-Haq Training. So far 792 beneficiaries are trained in different trades and they are running their businesses successfully.

In training workshop Director Lyari Mr Ghulam Nabi Babar, Director HQ Pervaiz Iqbal, Media Officer Shafquat Ali and other officials of SAFWCO and ECI were present.

For more information, contact:
Shafquat Ali
Assistant Media Officer
Benazir Income Support Programme (BISP) – Sindh
Cell: +92333 239 4466