Potato support price to
The support price for potato crop 1999-2000 will remain unchanged in
Official sources said the ministry of food, agriculture and livestock
has sent a summary to the Economic Coordination Committee (ECC) to keep the support price
of potato for size 40 mm at the level of Rs 145 per 40 kg.
This support price was fixed by the ECC in 1997-98. Thus, no increase
will be made in the price for the last three years.
Official sources said earlier increase in support price of potato in
1997-98 by the ECC had led to increase in area under the crop. As in 1998-99, the areas
under potato increased to 269 thousands acres from 259 thousands acres an increase
of 3.9 percent over the previous year 1997-98.
'Truck industry on verge of collapse'
Truck industry in Pakistan is on the verge of collapse as its sales
have gone down to one fourth of its annual production, industry sources said.
Hino Pak's annual sales of trucks which ranged between 3500 to 4000,
have come down to 300 to 400, about one truck daily. National Motors is practically closed
and Gandhra Nissan is also in depressing situation.
Hino Pak which was making profit of around Rsl60 minion annually, has
so far lost Rs500 minion due to the slump, Kunwar Idress, chairman of Hino Pak told.
Development outlay of KESC cut by Rs3.457m
The development expenditure of Karachi Electric Supply Corporation
(KESC) was cut to Rs3 billion during 1998-99 against the original capital outlay of
Rs3.457 billion, primarily due to financial constraints.
The capital expenditure of the KESC has been falling since the last
three years as it was Rs9 billion in 1996-97 and Rs6.3 billion in 1997-98.
Bus service in urban areas declared industry
Bus services in urban areas and their buying has been declared as
industry for the purpose of assessment of tax by the Income Tax department.
Through a Central Board of Revenue notification No C. 1-167 (1)
ITP/99-EC, dated July 27, 1999, CBR says: The bus operation/buying has been declared an
"industy". A new category 'F' has, therefore, been added in rule 5A of the Third
Schedule in order to provide for First Year Allowance (FYA) @ 100% subject to the
condition that the buses continue to ply in the urban areas throughout their running life.
The provisions of sub-section (5) of section 50 shall also not apply to one Completely
Built Unit (CBU) bus imported under the Non-repatriable Investment (NRI) Scheme.
The new clause also exempts motor cars imported under the flxed customs
duty scheme, from withholding tax under section 50(5).
The notification also announces the following: A new clause (b) has
been added in rule 5, in the Fourth Schedule, to clarify that any expenditure, allowance,
reserve or provision in excess of the limits laid down in Insurance Act 1938 (R of 1938)
is not an admissible deduction from profits in computing the income from business of
insurance other than life insurance under the Fourth Schedule.
In order to facilitate cross matching of information available with
various wings of CBR, help detect non-filers of tax returns and create linkages between
parallel tax datab ases, a scheme of common taxpayer identifier (CTI) has been introduced
which makes it obligatory for the taxpayers to quote 'CTI' in all tax-related transactions
and documents and display it at their business premises. The legal sanction for the scheme
has been provided under section of 20 of the finance act 1999.
New legislation for substandard seeds supply proposed
Punjab has asked the federal government to undertake new legislation to
punish companies and individuals supplying low quality, or diseased, seeds to farmers.
Sending to Islamabad its findings and recommendations on this issue
recently, the provincial government lamented that present punishments against such an
offence were far from adequate and as a result culprits were openly trading in substandard
The situation, it pointed out, was alarming in the cotton-belt
districts where the Punjab Seed Corporation was able to meet only 30 per cent of the
market demand for high quality certified seeds and cotton growers had to rely on other
seeds supplied by various agencies and individuals.
Spinners start buying old crop
Spinners have started buying unsold stocks of old crop lint cotton from
the ginners, ending the two-month old deadlock.
During the last two sessions, spinners have purchased about 5,000 bales
from the ginners along with the new crop. "We need no more imports as the local stuff
is enough to meet our demand," a spinner said.
These are some of the deals recorded here but leading brokers claim the
figure is much bigger as most of the leading spinners virtually made panic buying at the
BD offered help to grow cotton
Pakistan has offered in helping scientists of Bangladesh in evolving
suitable cotton varieties and cotton production technology that may lead towards increase
in cotton production in that country.
The offer was extended during Bangladesh parliamentary delegation visit
to Pakistan Central Cotton Committee (PCCC) and the Pakistan Cotton Standards Institute
The Punjab government has decided to set up two industrial estates, one
each in Faisalabad and Gujranwala, which would start operating within the next couple of
This was disclosed by managing director, Punjab Small Industries
Corporation (PSIC), Danial Qasoori, while addressing the members of the Faisalabad Chamber
of Commerce and Industry (FCCI).