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COVER STORY

THE INSURANCE INDUSTRY

The persistent downturn of economy has been adversely affecting the insurance sector. Gross underwritten premium has been on the decline. Cover story discusses the performance of the sector and issues being faced by the industry through interviews of CEOs of some of the leading companies. It covers performance of insurance sector during 1998, impact of downturn of economy, persistent bearish trend in capital market, law and order situation and possible implications of proposed Insurance Act.

 


 

CIGARETTE

An agreement, signed between the Central Board of Revenue (CBR) and six Mardan-based cigarette manufacturers to pay a fixed monthly tax, is deemed discriminatory against two other major local manufacturers. The question is: Can there be two sets of taxation laws for the same industry and wouldn't the agreement undermine the fairplay at the cost of the two biggest manufacturers who contributed over Rs 17 billion in taxes and duties to the exchequer last year?

CAPTIVE PLANTS

The ban on captive power plants, proposed by the Water and Power Development Authority (WAPDA) is contradictory to the government's policy of the privatization of power sector programme in Pakistan. The government has already divided WAPDA into various power companies to accelerate the pace of privatization while the KESC, another major power generating corporation, has already been placed on top of the privatization plan.

APPLE

Pakistan Industrial Development Corporation (PIDC), in collaboration with the private sector, has chalked out a plan to boost apple exports. Pakistan produces over 500,000 tonnes of good quality apples, however, the bulk producer is Balochistan which alone produces over 400,000 tonnes. The processing plant being set up in Balochistan is expected to help increase apple exports.

 

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