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INDUSTRY

August 01, 1999

  1. International
  2. Finance
  3. Industry
  4. Policy
  5. Trade

Potato support price to stay

The support price for potato crop 1999-2000 will remain unchanged in 1999-2000.

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 seeds.

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 offered prices.

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 (PCSI).

Industrial estates

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 years.

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).