Textile exporters facing shortage of raw materials
The market is witnessing shortage of raw materials for the value-added textile sector, particularly polyester yarn, as importers have stopped clearing their shipments because of the uncertainty regarding new taxes. more... (TN)
FBR to amend withholding of sales tax notification
Khawaja Tanveer Ahmad, chief commissioner, Regional Tax Office, Karachi, has said that the revenue authorities would amend the notification related to the withholding of sales tax.“SRO 98 will be amended to cater to and suit the business operations and no business needs to modify its operations due to the new withholding tax scheme,” a statement issued on Wednesday, quoting Ahmad, as saying.
‘Japan SEZ to prove milestone in economic cooperation’
Karachi Chamber of Commerce and Industry KCCI) said Japan Special Economic Zone (SEZ) would prove as milestone in the economic and commercial cooperation between Pakistan and Japan.KCCI President Haroon Agar appreciated the initiative of Sindh government through Sindh Board of Investment (SBI) to sign the Memorandum of Understanding with Japan to execute the establishment of Japan Special Economic Zone earmarked near Dhabeji in the vicinity of Karachi city. more... (DT)
Pakistani exports: Government to spend Rs26b to promote trade
Ministry of Trade and Commerce’s Director General Trade Policy Dr Safdar A Sohail said on Wednesday that a sum of Rs26 billion would be spent on initiatives to promote the country’s exports under the new trade policy 2012-15. more... (ET)
UK aims to take bilateral trade to £2.5 billion
The United Kingdom aims to increase bilateral trade with Pakistan to 2.5 billion pounds per year in line with the directive of Prime Minister David Cameron and Britain is also willing to collaborate in promoting higher education, says Arshad Rauf, Deputy Director of UK Trade and Investment. more... (ET)
Moneychangers demand dollar import from Dubai
The US currency and other major currencies seemed to have disappeared from the open currency market in Pakistan following the restriction of the State Bank of Pakistan (SBP) to sell them on Bank’s prescribed lower rates, the market sources said.