Export sector gets Rs41.6bn
The export sector received Rs6 billion more in refunds/rebate this year
in July-March period than what was paid under this facility in the corresponding period
The CBR's final tax collection statement obtained on Thursday reveals
that refunds/rebate (Rs41.6 billion) payments left CBR with a net collection of Rs241
billion this year. Last year, Rs35.6 billion were paid to exporters, leaving a net
collection for three quarters at Rs203.7 billion.
The Income Tax department paid exporters a sum of Rs7.72 billion this
year (net Rs74.38 billion) against Rs6.62 billion last year (net Rs68.78 billion). The
department increased its net collection by Rs5.60 billion while paying more Rsl.02 billion
The Sales Tax department this year paid refunds of Rsl8.72 billion
against Rsl6.14 billion, registering an increase of Rs2.58 this year. Last year, the ST
department had collected in July-March a net amount of Rs81 billion against Rs 47 billion
achieving an increase in net by Rs34 billion82.9% .
The Customs department paid a sum of Rsl5 billion in rebate, against
Rsl2.6 billion (increase Rs2.4 billion). Last year's net Customs Duty in July-March was
Rs45.26 billion, this year Rs46.29 billion (difference Rsl.03 billion).
The Central Excise department's rebate amount last year stood at Rs279
million, this year at Rsl42 million. Last year's net CED was Rs42.47 billion, this year
Rs39.44 billion (decrease of Rs3 billion).
The CBR authorities say that since CED is a fast shrinking revenue
resource for 1999-2000, depletion in net collection would continue.
MoU on rice export to Iran soon
The government of Iran has agreed to sign a memorandum of understanding
(MoU) with the Rice Exporters Association of Pakistan (REAP) for the supply of 0.4 million
tons of rice to Iran.
This understanding was reached during the meeting between Iranian
delegation headed by the Deputy Minister of Commerce and Chairman CSDC, Saeed Nejad and
the Minister of State and chairman Export Promotion Bureau (EPB), Tariq Ikram here on
Prompt disposal of cargo urged
Around 0.4 million packages of detained and confiscated cargo of
various categories are lying at Karachi port for the last several years, port users
Such packages which are normally disposed of by the customs through
auction are not only fast losing the value of their contents because of exposure to
climatic conditions but are also occupying space in the port area, they added.
$450m orders for machinery import
Textile industry has placed import orders for textile machinery and
equipment worth $450 million to undertake extensive programme of balancing, modernization
and replacement (BMR) in spinning and weaving sectors, industry sources said.
Sources said that some leading textile groups have also opened letters
of credit for import of around 0.4 million spindles to upgrade their manufacturing
operations and move into production of higher count yarn.
"Many leading textile groups have already opened up letters of
credit worth $400 million for import of machinery to upgrade their spinning and weaving
units," a leading textile tycoon said.
Presently around 8.3 million spindles are installed in the country but
a large number of this capacity has become obsolete and requires urgent and early
Industry sources say that around 60 per cent of the installed capacity
of spindles is over 25-year old and the balance of 40 per cent was installed about 15
years back. However, presently around 7 million spindles are operative giving a monthly
production of 143 million kilogram of yarn. Up to last year only 6.6 million spindles were
operative due to the shortage of raw cotton.
TCP accepts Turkey's bid
The Cotton Trading Corporation accepted one bid of Baltas of Turkey for
10,000 cotton bales of 'Afzal' type at 42 cents a pound.
Chairman TCP and Chief of Price Evaluation Committee, Javed Ashraf
Hussain, said here that eight foreign merchants had participated in the ninth bidding.
He said the TCP was still making profit at 42 cents.
3,360 tons sugar imported
The private sector has imported 3,360 metric tons of sugar during the
last nine months of the current fiscal, an official of the Ministry of Food and
Agriculture said here on Tuesday.
Sources said that presently the international prices of sugar are low
as compared to the domestic prices.
Meanwhile, Sugar Mills Association has demanded of the government to
monitor figure of import of sugar and increase the import duty to save the local industry.
They are of the view that large quantity of import of sugar and any cut in the import duty
will hit the domestic industry.
Pakistan, Egypt sign accords
Pakistan and Egypt on Sunday agreed to enhance their trade and economic
cooperation through realisation of encouraging business climate and greater bilateral
activity in these spheres.
The two sides, led by Chief Executive General Pervez Musharraf and
Prime Minister of Egypt Atef Ebeid, held indepth talks vowing to further boost their
cooperation to the benefit of both countries.
The two sides later also signed two agreements: i) on the Protection of
Investment and, ii) on Mutual Cooperation on Trade Promotion.
The first agreement was signed by Pakistan's Commerce Minister Abdul
Razak Dawood and Egypt's First Under Secretary, Ministry of International Cooperation,
Ahmed Ragaei Bakry.
The second agreement was signed by Commerce Minister Abdul Razak Dawood
and Egyptian Minister for Economy and Foreign Trade Dr Yousef Boutros