Resistance to bank tax

promoting parallel banking

ISLAMABAD (INP): The stalemate between government and business community over imposition of withholding tax on bank transaction can transform into a major crisis any time, a business leader said Monday. The issues of bank tax must be resolved as it continues to hit banking industry while promoting parallel banking system which is adding to black economy, said President Pakistan Businessmen and Intellectuals Forum (PBIF) and former provincial minister Mian Zahid Hussain. Talking to representatives of traders, he said that many in the business community have printed receipt book matching cheque book which are being used for transactions which will flourish parallel banking.

Moreover, Mian Zahid Hussain said that businessmen are preferring business through lockers and increasing using dollars which is not good for economy.

According to SBP, deposits have been reduced by 5.2 percent in July while another report says that deposits have been hit by 38 percent since June while currency under circulation has increased by 158 percent.

At the occasion, trade representatives said that we are willing to pay taxes if rulers become an example in the first place and bring holy cows in the tax net. A common man is paying over 15 percent tax on internet and mobile and 30 percent tax on power bills. Senior citizens are made to pay 10 percent WHT on saving schemes which is injustice.

Agri dept introduces SMS facility for crops management

MULTAN (APP): Punjab Agriculture department has decided to disseminate crops related information alongwith weather forecast among farmers through short message service (SMS) primarily for better crop management. Additional Secretary Task Force on Agriculture, Ahmed Ali Zafar while talking to APP during his visit here said that the department had provided Android phone sets to field assistants for better working in agriculture sector. He said the field assistants were paying farm to farm visits for guidance as well as registration of farmers. The official said that registration of farmers was meant to impart certain information to them only for the sake of better crops management.

He added that 850,000 farmers had been registered and it was ongoing process.

He said for this purpose the department was monitoring performance of field assistants on daily basis by taking the benefit of Geographical Positioning System (GPS) facility provided in their Android phone sets.

“Farmers must contact agriculture department for soil analysis as balanced use of fertilizers would offer them economic benefits not only by reducing use of fertilizers but also enhancing crops”, he concluded.

FFC Report gets prestigious award

ISLAMABAD (PR): The FFC Annual Report 2014 has been awarded top position in the Corporate Reporting and Sustainability Awards jointly organised by the Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Cost and Management Accountants of Pakistan (ICMAP). The Report was adjudged sector best, overall first and also first in sustainability by the evaluation board, says a press release. On the occasion, CE&MD FFC Shafqaat Ahmed (congratulated the management of the company for achieving this honour. He especially acknowledged and appreciated the finance and corporate teams for their exemplary professionalism and diligence in compiling the report.

The FFC has always displayed high standard of governance, compliance to statutory obligations, conformity and adherence to international financial reporting standards. The award winning Annual Report reflects high standards of transparency, controls, disclosures, commitment, fairness, accountability and good board practices.

The Fauji Fertilizer Company greatly values its shareholders, who have always trusted the company’s leadership and strives to enhance their confidence through best returns, greater protection of their rights and investments and best utilisation of their money for growth of the company.

Local firm starts business

in digital cash

WAH CANTT (Staff Reporter): A Pakistani firm deals in pumps industry has become first Pakistani enterprise which has joined LEO coin community by starts business in digital cash which is also called Crypto Currency. Engineer Motasim Khan of IMEC Solutions Pvt Limited while talking to newsmen here on Monday said that the firm which deals with world famous KSB Pumps has said that the firm has got distinction by becoming first pump company of the world which has starts business in Digital Cash. He was of the view that this initiative would bring trade and opportunities in our country. He suggested that other enterprises should study LEO coin and start this new payment system.

In his explanation, he said that LEO coin was launched on 22-6-2014 by Learning Enterprise Organization Ltd UK. The Eco system of LEO coin is being managed by LEO coin Foundation. And after one year it has gained attention around the globe and 32 thousand merchants in 120 countries have accepted it as Payment System. He said that since the beginning of human history for buying and selling there has been different payment systems, in ancient times there was a barter trade system person to use to exchange goods with other goods.

Malik Mohammed Yousaf Director LEO, Pakistan Chapter while briefing on this occasion has said that there was an era when gold and other metal coins came in as a new payment system. He added that then came the currency notes which were printed against gold or silver and with the start of 21st Century the concept of Plastic money came as new and modern payment system where you buy things while using the Credit cards. He said in 2009 Staoshi Nakamotoo invented the Digital Cash like Crypto Currency named as Bitcoin. This became very popular with the passage of time, now-a-days people are very familiar with it around the world.

Meanwhile Zia Aftab Khan Shakoori, a prominent and professional Hakeem and Proprietor of Shakoori Markaz-e Adveat Wah Cantt has also announced and joined Leo coin community as merchant to accept Digital Cash.

World oil prices down in

Asian trade

SINGAPORE (AFP): Oil prices eased in Asian trade Monday as dealers await the US Federal Reserve’s decision on whether to raise interest rate following a mixed August jobs report. US benchmark West Texas Intermediate for October delivery fell 35 cents to $45.70 while Brent crude for October eased 38 cents to $49.23 in mid-morning trade. The US Labor Department said Friday the economy added 173,000 jobs in August, fewer than estimated. However, the previous two months’ job gains were revised upward, pushing the unemployment rate down more than expected to 5.1 percent, its lowest level since April 2008. The report was the last before the Fed’s policy board meets on Sept 16-17 to discuss its plans for borrowing costs.

US financial markets are closed Monday for the Labor Day public holiday.

“The realisation that the Fed will still raise interest rates this year... dampened market sentiment,” said Bernard Aw, market strategist at IG Markets In Singapore.

A rate hike would likely strengthen the greenback, making dollar-priced oil more expensive to holders of weaker currencies, hurting demand and prices.

Analysts said dealers are awaiting a slew of global economic data this week for clues about demand, with ample supplies boosted by relentless US and OPEC production.

The Chinese government is scheduled to release monthly trade and inflation figures, as well as industrial output, fixed-asset investment and retail sales in the coming days.