LCCI, ICMA hold post budget
LAHORE (Staff Reporter): Lahore Chamber of Commerce and Industry (LCCI) and Institute of Cost & Management Accountants of Pakistan (ICMA) organised Post Budget Seminar 2017-18 at the LCCI here on Tuesday. During the seminar, the experts said that there is a dire need to maintain balance between revenues and expenditures as budget deficit forces the government to depend on borrowing that eats up major part of Federal Budget. Tax and structural reforms and broadening of tax net are the most appropriate solutions to this issue, they added. The experts said that businesses require incentives and facilitation for growth. They said that industries in Pakistan are facing multifarious challenges include stiff competition from the regional countries, power outages and stability in economic conditions. But the major bottleneck is unfriendly taxation system, they added.
PIAF terms Punjab budget as
LAHORE (INP): Pakistan Industrial and Traders Associations Front (PIAF) chairman Irfan Iqbal Sheikh has termed the Punjab budget 2017-18 as a progressive, pro-farmer and growth-oriented document which would give a fillip to the Punjab economy and ensure inclusive development of all sectors. Irfan Iqbal Sheikh said that the Punjab budget for next fiscal year is a public-friendly, balanced and development-oriented, as almost 59 percent of total budget has been allocated for education, health, agriculture, law and order and local governments, earmarking Rs 1,017 billion for these sectors. He said that total outlay of the annual development program for the upcoming budget is Rs. 635 billion which makes it the largest development program in the history of the province. Chairman PIAF also welcomed significant rise in allocations for the development of Industries, commerce & mineral sectors, proposed by Punjab government in the budget in comparison with its last year budget.
PIAF chairman, in a joint statement along with senior vice chairman Tanveer Sufi and vice chairman Kh Shahzeb Akram, said that Industries, commerce & mineral sector is one of the main pillar of Punjab growth strategy that envisages promotion of industry, commerce and investment for technological upgradation, employment generation in industrial and investment sector.
Hailing the budget as realistic, visionary and totally in tune with interests of all sections of society, he also lauded the CM for adopting fiscal measures that had led to an estimated 5 percent growth of GDP for fiscal year 2016-17.
Irfan Sheikh said that CM Shehbaz Sharif deserved admiration for allocating financial resources for various development and welfare schemes dedicated to overall development of the province. Irfan Iqbal Sheikh said that billions of rupees have been allocated for agriculture, education and health while record funds have been provided for uplift of social sectors. He said that an era of progress and prosperity will usher in through implementation of development programme.
PIAF senior vice chairman Tanveer Sufi and vice chairman Khawaja Shahzeb Akram said that Punjab government honoured its pledge of presenting tax free budget. Government's decision to offer more new jobs to youth would surely help reducing unemployment.
PIAF chairman said that earmarking record development budget would bring immense prosperity in the province. The masses would avail basic facilities at their door steps, he said. He said that peace has been restored in the country as a result of operation Zarb-e-Azab. He said that there is no room for terrorists and their facilitators in Pakistan.
Hot weather not good for citrus fruits
LAHORE (APP): Citrus fruits growers have been advised to take measures to protect plants from severe hot weather. The Punjab Agriculture Department sources told APP on Tuesday that according to a latest research the hot weather put bad impact on citrus fruits. Sources said that severe hot weather close the pores of the citrus fruits which leads to poor growth besides affecting the overall production. Time period from April to August is very important for the citrus fruits and proper attention of growers was required to properly manage it, sources added. Agriculture experts said that growers must carry out irrigation with proper intervals and should ensure to maintain the moisture level of the land. Experts said that growers should not plough the land during hot weather as rays of sun harm the roots of the citrus fruits. Weeds grown in citrus fruit gardens must be buried in land with the help of rotavator machine as it does not let the land to get much warm and ultimately helps in protecting the roots from decay.
Experts further said that mulching was good method in keeping the temperature of land moderate so growers must seek helps from agriculture experts to ensure proper mulching.
Islamic banks release loans only in
consumers financing sector: Expert
KARACHI (APP): Veteran economist and former chairman of Shariah Board Shahid Hussain Siddiqui has said that Islamic banks were releasing loans in consumers financing sector only while agriculture sector is being totally ignored. He expressed these views at a seminar on Corporate Finance Management which was organized by Business Administration Society of the students of Mohammad Ali Jinnah University, Karachi, said a statement on Tuesday. Shahid Hassan said that in corporate finance sector profit rate was kept on lower side to provide benefit to big businessmen. Addressing the occasion, CFO Pakistan Refinery, Imran Ahmed Mirza said that in our country manufacturing of power plants is on increasing side from the last two to three years. Director General, Customs, Syed Tanvir Ahmed told the seminar that the current tax to GDP ratio in Pakistan is roughly eleven to twelve percent, which is lowest in SAARC countries.
He told that this ratio in Australia is 25.8 %, in USA 26.9 % and in all European countries it is around 37.39 %. Those who also addressed the seminar were former Managing Director, NIT, Tariq Iqbal, Associate Dean, Business Administration and Social Sciences, MAJU, Dr. Shujaat Mubarak and faculty member Nasir Ali.