Newsbrief

Seventh Airbus 320 joins PIA fleet

KARACHI (NNI): The seventh A320 aircraft joined the PIA fleet when it arrived on Saturday at the Jinnah International Airport. Managing Director of PIA, Shahnawaz Rehman said that the airline was in the process of increasing capacity by inducting aircraft in its fleet and had initiated acquisition of aircraft on dry lease through a transparent and competitive bidding process. The airline now has inducted seven A320s while two more are expected by the third week of June, 2015. Consequently, a total of 14 fuel-efficient A320s and ATR-72s will be added to PIA fleet by the end 2015. Under its fleet expansion plan, PIA has acquired the 7th A320 with a capacity of 158 seats of which 8 are Business Class and 150 Economy Class.

KP to unveil tax-free budget on 13th

PESHAWAR (INP): Khyber Pakhtunkhwa (KP) will announce provincial budget for the next financial year on June 13. Sources said it will be tax free budget, which is expected to have volume of Rs472 billion, in which Rs124 billion will be allocated for development projects. The sources added that 19 per cent is likely to be increased in education budget next year, whereas 14% for police, 13% for judiciary, 18% for higher education, 51% for social welfare and 90% increase for local bodies. 2,000 employments would be created in education and health departments in new financial year. Moreover, new provincial budget would create over 159,000 employments in different institutions for next fiscal year.

Farmers happy with budget
LAHORE (APP): Farmers have welcomed the announcement of the government for providing interest free loans to them for installing solar powered tube wells. Hamid Malhi, Farooq Bajwa, Ibrahim Mughal and other representatives of various farmers’ organizations on Saturday appreciated the announcement whole-heartedly. They said that farming community was facing hard times due to increase in inputs cost and cut in their per acre output due to uncertain weather conditions during the last two years. They said that reduction in prices of agriculture output had further multiplied the problems of farmers. They said that it was right time for the government to take practical steps for the welfare of farmers. They said that interest-free loans for solar powered tubewells was a good beginning in this regard.
They expressed the hope that loans would be provided on merit and without any political affiliation.
The representatives of farmers said the step would help promote solar energy and reduce burden on national exchequer with regard to import of oil etc.

‘Budget best in prevalent situation’

ISLAMABAD (INP): President of Pakistan Businessmen and Intellectuals Forum (PBIF) and former provincial minister Mian Zahid Hussain on Saturday said Rs4.313 trillion federal budget will trigger the long-awaited national development. The budget shows inclination of Finance Minister Ishaq Dar to prefer development over stability which will unleash business activities boosting employment, collections and forex reserves, he added. He said that a better budget was not possible on this critical juncture and we will have to swallow the bitter pill of enhances taxes to repair limping economy and end dependence on donors. Mian Zahid Hussain said that taxes and defence expenditure are a must to keep the country safe and there is no country in the history of the world without tax system.

However, he opined that the tax system should be focused on nobility and not on the man on the street.
The veteran business leader lauded the enhanced defence allocation by 11.6 percent which was necessary to check terrorism and safeguard economic corridor from enemies.
Calling for encouraging armed forces facing insurgency and conspiracies of the enemy countries, he said that our defence budget is 781 billion while one enemy country is spending 40 trillion on it. Pakistan is spending 8 lakh rupees on a soldier in one year while a neighbouring country continue to spend Rs1.7 million on the same.
He also lauded allocation of Rs 3.5 billion to the safety of Chinese working on different projects in Pakistan including economic corridor.
Mian Zahid Hussain lauded Prime Minister Nawaz Sharif’s interference in the budget to hike PDSP by 20 percent or Rs 158 billion and allocation of Rs 163 billion for two LNG based power plants. The upward revised allocations for health, education, and agriculture shows seriousness of the government while soft loans on solar tube wells is to improve living standard of the planters.
He asked government to review 32 percent deduction on subsidy for power and commodity sector which will shrink this account from current Rs203.24 billion to Rs 137.6 billion. He also asked Chief Minister Shahbaz Sharif to ensure a people’s friendly budget as demanded all the chief ministers of other provinces to follow good governance trend of Sharif. He said that water, power, energy, SMEs, small scale manufacturing, women and some other sectors didn’t have the attention they deserved.

Exemption of ST on bricks lauded

LAHORE (APP): The exemption of sales tax on bricks and crush till June 30, 2018 by the government is a positive and far-reaching step to boost national economy. Chief Executive Canal Forts Haji Nasir said that this would reduce construction cost and encourage the investors to invest in this sector. He said that the exemption of minimum tax on builders for the construction and sale of homes and other buildings till June 30, 2018 was also a very encouraging. The construction industry has a direct impact on more than 16 other industries and the incentives offered in the federal budget for this industry would bring a positive change in a short span of time, he said. The CE said the government had announced incentives for the encouragement of construction sector which would help the sector to flourish.
He also praised the government for allowing people reduction in mark-up on loans from banks and other revenue departments for the construction and sale of houses. He said that government’s commitment to provide relief to Real Estate sector reflects from the fact that import duty on Lorries, Cranes and Trucks under use of companies registered with Security and Exchange Commission of Pakistan and Pakistan Engineering Council has been reduced from 30 to 20 percent. He also praised the government for exempting Capital gain tax on sale of land under housing schemes till June 30, 2018.
The income tax on dividend of schemes developed under Real Estate Investment Trust established till June 30, 2018
have also been reduced to 50 percent, he said.

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