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Old October 3rd, 2012, 07:48 AM   #1601
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Expo expected to fetch $1b worth of orders

"At least 670 buyers from 70 countries had confirmed their participation in the Expo, which will continue until October 7," says Tahir Raza Naqvi.

With more international buyers committing to arrive this year, the Trade Development Authority of Pakistan (TDAP) is targeting business deals of $1 billion from its annual flagship exhibition – Pakistan Expo 2012 – starting from October 4 in Karachi.

“Last year, we got foreign orders worth $517 million when 500 overseas buyers visited the Expo. Going a step further, this year we are targeting $1 billion worth of orders,” said TDAP Chief Executive Tahir Raza Naqvi while speaking at a pre-event press conference at the TDAP head office here on Monday.

Naqvi, who took office two months ago, said at least 670 buyers from 70 countries had confirmed their participation in the Expo, which will continue until October 7, and expected the total number to cross 1,000.

“This year, we are expecting more foreign buyers than last year, so we anticipate much more business deals between local and foreign businessmen,” he said.

“This is our flagship event and provides a good opportunity to dispel the negative impression of Pakistan from the minds of foreign businesspersons,” said Naqvi. “We are using all our resources to make the event successful because Pakistan desperately needs such events to showcase ‘Made in Pakistan’ products.”

He claimed that gradually the Expo was gaining popularity not only among local exhibitors, but also among foreign buyers.

Replying to a question, he put expenditures made on Expo 2011 at Rs90 million and said the expenses would be restricted to Rs100 million this year. “We know we have limited funds, which is why we are trying to make the most from our limited resources.”

TDAP will try to take the help of technology to follow up expected business deals. “We want to make sure that local exhibitors and foreign buyers build up long-term partnerships so that we can attract more foreign buyers in coming years.”

Among foreign visitors, 35 buyers are expected to come from Japan, 68 from Malaysia, 35 from Poland, 22 from Spain, 23 from India, 18 from Russia and 16 each from Brazil and Nigeria.

Like previous year, TDAP is also organising a fashion show to promote the country’s textile products and designer lawns, which have got extraordinary response in Indian and other foreign markets in recent years.

TDAP officials are very pleased to see the popularity of Pakistani brands of designer lawns in foreign markets, especially India, something they especially promoted in recent years.

TDAP has booked all six halls at the Karachi Expo Centre and 300 stalls have already been sold to local and foreign exhibitors. Its officials claim that they have sold all stalls without giving any concession to local exhibitors in order to attract only serious exhibitors to make the event successful.

They are expecting better response this year and have booked 500 rooms in five-star hotels in Karachi at a discounted rate of $100 a day, which is at least 50% less than the market rate.

The first two days of the exhibition will be open for foreign buyers only while the last two days will be for general public.
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Old October 3rd, 2012, 08:52 AM   #1602
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So the going rate during low period in Pakistan is $200/room/night and during the peak it goes down to $100...

And $1 billion is a big number, hopefully we'll reach that.
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Old October 3rd, 2012, 08:53 AM   #1603
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Also, I had a feeling Putin won't come to Pakistan.
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Old October 3rd, 2012, 09:06 PM   #1604
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Quote:
Originally Posted by siamu maharaj View Post
Also, I had a feeling Putin won't come to Pakistan.
Their FM arrived today, may be Russian President will come later as the quadrilateral summit involving Pakistan, Russia, Tajikistan and Afghanistan planned for October 2-3 has been delayed...
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Old October 5th, 2012, 07:07 PM   #1605
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4-day Expo Pakistan 2012 begins in Karachi

Over 1,000 foreign buyers and importers from 70 countries are seeking trade opportunities with Pakistan, as they have visited Pakistan to attend the 4-day 7th chapter of Expo Pakistan, which began on Thursday.

Minister of Commerce, Makhdoom Amin Fahim opened the event and the event is expected to get almost $1 billion import orders from hundreds of foreigners who have come to Pakistan from across the world.

Expo Pakistan for the first time has introduced a state-of-the-art telecasting services, through which live transmission of Expo Pakistan has been telecasted live all over the globe on mobile phones, tablets, ipads, lap tops and computers.

The Minister said the international event would definitely help to enhance the countries exports through marketing the countries valued products.

Despite the multiple issues, the participation of hundreds of foreign buyers in the event was highly encouraging for Pakistan. International participants at the exhibition will also develop new partnership and deepen existing ones, for the benefit of all stakeholders. This will also help in attracting foreign direct investment in the country.

Chief Executive Trade Development Authority of Pakistan, Tahir Raza Naqvi said local firms booked almost 300 stalls while some of the stalls were also given to the Chinese and Japanese companies.

He said the TDAP expected around $1 billion worth of export orders would be received by the country’s exporters in the four days exhibition.

He said the Authority, beside the textile sector was also focusing the non-textile sectors and their value addition.

Pakistani products at the event include textile, handicraft, construction and agricultural besides other sectors displayed in the five halls of the centre.

Chinese and Japanese pavilions in the expo were also the centres of attractions for the foreign visitors. Most of the foreigners also found visiting and taking interest in the country’s textile products and handicrafts besides they were also showing interest in the agricultural products including rice, fruits and vegetables. TDAP has arranged B-to-B meetings between the local exporters/manufacturers and the visiting foreign importers at the Centre to have in depth interaction among traders of specified sectors. Now user all over the world can watch live telecast and also can ask questions and send comments, which are being shown through live scroll on their screens.
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Old October 7th, 2012, 12:28 PM   #1606
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Expanding horizons: Expo 2012 to generate business deals worth $690m

Federal Minister for Trade Makhdoom Amin Fahim getting a briefing at a stall during Expo Pakistan on Thursday October 4.

The Trade Development Authority of Pakistan (TDAP) has said the Expo Pakistan 2012 is expected to generate business of $690 million following finalisation of deals.

“I am hopeful that the Expo Pakistan 2012 will cross $690 million in business deals (a 33% increase over last year) because foreign business persons are going to visit factories in different cities of Pakistan,” TDAP Chief Executive Tahir Raza Naqvi said while talking to the media at the Karachi Expo Centre on the third day of the exhibition on Saturday.

The TDAP chief believes that by the end of the exhibition on Sunday, more business deals will be finalised as around 50 foreign buyers are going to visit Lahore.

In response to a question, Naqvi said TDAP would ensure that all scheduled business-to-business (B2B) meetings between buyers and exporters were held by the end of the exhibition. Around 1,912 business meetings have been held in the first three days between buyers and Pakistani exhibitors.

As per feedback received from the exhibitors, tentative business deals of around $350 million had been agreed while another $350 million of business was expected as the meetings were going on, Naqvi said.

On the invitation of exhibitors, various delegates were visiting factories in Lahore, Sialkot and Faisalabad in order to finalise the deals after inspecting the quality of production, he added.

A Hong Kong-based company has met with project team of the Khairpur Special Economic Zone in the presence of officials of the Sindh Board of Investment and negotiated for setting up a power plant with an estimated investment of $20 million.

Over 710 foreign businessmen from 67 countries have visited the exhibition so far while the figure will increase by the end of the fourth day on Sunday. Last year, 582 foreign businessmen attended the Expo Pakistan 2011 and business deals worth $517 million were signed.

This year, the number of leading Pakistani exhibitors also increased to 356 from 295 last year, the TDAP chief said.

B2B meetings and business dealings have not only been held at the stalls, but also, on the insistence of foreign buyers, the exporters along with their samples have visited hotels and met with potential customers for a follow-up to initial meetings held at the exhibition.

Naqvi also appreciated the role of the Karachi Chamber of Commerce and Industry (KCCI) and Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in meetings with foreign buyers at the expo centre.

Vice presidents of FPCCI have met with delegations of Brazil, Russia, Malaysia, Egypt, South Korea, Poland, Argentina, Afghanistan, Bahrain, USA, India, Bangladesh, China and South Africa.

KCCI President Haroon Agar have held meetings with delegations of USA, Malaysia, Egypt, Nigeria, South Korea, Afghanistan, Poland, Bahrain, South Africa, Saudi Arabia, Russia, Hong Kong, Bangladesh, India, China and Japan.

Appreciating their services, the TDAP chief presented shields to the Ambassador of Pakistan to Korea, Shaukat Ali Mukadam and Commercial Counsellor of Pakistan in Malaysia, Wajiullah Kundi for bringing strong delegations of foreign businessmen.

MoU for economic zone
The Sindh Board of Investment (SBI) and DTS Inc Japan on Saturday signed a memorandum of understanding (MoU) for the development of 250-acre Pak-Japan Special Economic Zone at Dhabeji, Sindh.

Speaking at the expo centre, Sindh Finance Minister Murad Ali Shah said the Pak-Japan Economic Zone was a small step towards development of much bigger economic zones in Sindh.

Talking to The Express Tribune, SBI Chairman Zubair Motiwala said the Japanese would build all infrastructure facilities for the project while the SBI and Sindh government would assist them.
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Old October 7th, 2012, 02:13 PM   #1607
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Not quite the billion that we hoped for.
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Old October 7th, 2012, 06:17 PM   #1608
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Atleast it increased 33%...
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Old October 8th, 2012, 06:13 PM   #1609
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Pakistan, US investors meet each other in first bilateral business moot

WASHINGTON: Far from the madding crowds in DC and Islamabad, nearly 50 companies from the United States and Pakistan have met in London to discuss business opportunities in a two-day conference co-hosted by the US Trade Representative, the Embassy of Pakistan in the US and the Ministry of Commerce in Pakistan.

According to a press release, officials attending the conference include Ambassador Dan Feldman, Deputy Special Representative for Afghanistan and Pakistan, Overseas Private Investment Corporation Vice President Robert Drumheller, and officials from the US embassy in Pakistan, along with members of the US Trade and Development Agency, USAID, ADB and IFC.

Billed as the first bilateral business initiative between the US and Pakistan under the Pak-US Trade and Investment Agreement, Ambassador Sherry Rehman said that this conference was “an important first step in re-building the relationship and setting it on a more sustainable axis of enhanced economic ties.” In an e-mail response, Ambassador Rehman said that she was hopeful that many of the conversations taking place in the conference would yield positive outcomes.”

However, Ambassador Rehman added that, “Many companies and institutions were bullish on Pakistan, given the rate of return we offer.”
Participants included representatives of major companies such as Proctor and Gamble, JC Penny, Target and of Pakistani organisations such as the Dewan Group and MCB amongst others. An official close to the conference said that its purpose was to get the private sectors to focus on the investment opportunities available in both countries.

The official said that a US company is also collaborating with DHA Karachi to set up an 84 MW power project and a desalination plant that would provide 3 million gallons of clean drinking water to Karachi’s residents, and that the USAID project the Pakistan Private Investment Initiative was also formally launched at the conference.

However, security remains a concern for those wanting to invest in Pakistan, which an official said needed to be addressed effectively in order to achieve foreign direct investment (FDI).

And while companies such as Proctor and Gamble are expected to continue investing heavily in Pakistan, Pakistan’s demand remains that the US fulfil its promise of providing preferential market access to Pakistan’s textile exports. Another concern, said an official, was the need to ease and simplify requirements for granting business and investment visas for Pakistani entrepreneurs.

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Old October 9th, 2012, 07:33 PM   #1610
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Italian Chamber to set up offices in Pakistan by year-end

More Italian energy companies will make investment soon, says LCCI President.

The Italian Chamber of Commerce will start working in Pakistan by the end of this year and initially it will set up its office in Karachi while other chapters will be established later in cities like Lahore, Italy’s Ambassador to Pakistan Adriano Chiodi Cianfarani has announced.

Speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Monday, the ambassador said the Italian Chamber offices were being set up in Pakistan to promote trade and economic activities between the two countries.

He pointed out that a number of leading Italian oil and energy companies were operating in Pakistan and more would soon be putting their money here. “Italy would like to cooperate with Pakistan in renewable energy, especially solar energy, as it has been cooperating with other countries in this field,” he stressed.

Underlining the need for frequent exchange of trade delegations for promotion of trade and investment, Cianfarani said a big Italian trade delegation would soon visit Pakistan to have first-hand knowledge about available opportunities.

Italy, a major export market of Pakistan in Europe, comes third in terms of trade with Pakistan. Germany and the UK hold the first and second positions whereas France is at fourth.

Average bilateral trade between Pakistan and Italy stood around $1.2 billion from 2009-2011 and has been in favour of Pakistan for the last two years. In 2011, Pakistan’s exports to Italy accounted for 3.1% of total exports, standing at $777 million. Italy has supported Pakistan’s bid for a free trade agreement with the European Union. It is because of such support that from January 2014, Pakistan will begin drawing benefits of Generalised System of Preferences-plus status.

Speaking on the occasion, LCCI President Farooq Iftikhar invited Italian investment in the energy sector, describing it as one of the most lucrative areas for foreign investors. “Pakistan is in dire need of foreign investment in the energy sector, which will give rich dividends,” he said.

Iftikhar highlighted the export potential of Pakistan’s quality fashion garments particularly those made of finest leather, sports goods, etc. Likewise, Pakistan can supply organic as well as inorganic fresh fruits and vegetables.

He suggested that both sides should aim to double trade figures by 2015 with the help of efforts from the public and private sectors. In this regard, the two countries should work together to organise catalogue exhibitions, exchange trade information and organise visits of trade delegations on a reciprocal basis.
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Old October 10th, 2012, 01:11 PM   #1611
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Pakistan, Bosnia agree to enhance trade ties

Pakistan and Bosnia on Tuesday agreed to enhance their bilateral ties in different fields, in defence, trade and investment. President Asif Ali Zardari and President of Bosnia and Herzegovina Bakir Izetbegovic were addressing a joint press conference following bilateral talks here at Aiwan-e-Sadr. They said both the countries agreed that there existed potential to be explored to enhance bilateral trade and co-operation in various fields including defence, energy and trade.

Zardari said: "We agree that there is great goodwill in the hearts of the people of our two countries that will help in further increasing relations." He said there was a strong desire on both sides to strengthen relations and take them forward. The President said there was also a need to transform the goodwill ties into concrete co-operation. Zardari said: "We appreciate the interest of Bosnian University of the Presidency to explore possibilities for co-operation in the educational field."

He said both the presidents, discussed global issues of common concern including terrorism, extremism and narcotics. "We agreed to continue our close co-operation in international forums on issues of mutual interest," said Zardari. Referring to co-operation in trade, the President Zardari said an MoU had been singed between the Foreign Trade Agency of Bosnia and the Federation of Pakistan Chambers of Commerce and Industries.

He said: "We hope that Preferential Trade Agreement (PTA) being negotiated between the two countries would also be finalised soon. He said the second round in this negotiations is expected to be held later this month." The President reiterated Pakistan''s commitment to the unity and territorial integrity of Bosnia and Hezegovina. Replying to a question, Zardari said "Bosnia is gateway to Europe," therefore Pakistani entrepreneurs could use Bosnia as hub to get more market access to Europe. He said: "It''s a win-win situation for both the countries to cooperate in trade due to their geographical location."

Replying to a question, Bosnian President Izetbegovic said Bosnia and Pakistan could cooperate even in energy sector. The Bosnian President especially mentioned the visit of President Asif Ali Zardari to Bosnia along with the then Prime Minister, Mohtarma Benazir Bhutto, in 1994 and said the Bosnian people still remembered the gesture of goodwill from the Pakistani leadership and people.

He said both the countries could also cooperate in banking sector to promote trade and economic activities. During his one-on-one meeting with President Izetbegovic, Zardari said that Pakistan valued its relations with Bosnia and Herzegovina and called for further strengthening bilateral co-operation between the two countries in all fields.

The President assured his Bosnian counterpart all out support and co-operation of Pakistan''s government in boosting bilateral trade ties. The one-on-one meeting between the two presidents was followed by delegation-level talks here at the Aiwan-e-Sadr. Those who were present during the delegation-level meeting included Minister for Foreign Affairs Hina Rabbani Khar, Defence Minister Syed Naveed Qamar, Interior Minister Dr A. Rehman Malik, Minister for Communication Arbab Alamgir, Secretary General to the President M. Salman Faruqui, Foreign Secretary Jalil Abbas Jilani, Spokesperson to the President and Senator Farhatullah Babar.

The Bosnian President was assisted by Minister for Defence Muhammad Ibrahimovic, Ambassador of Bosnia and Herzegovina to Pakistan Armin Limo, Boris Buha, advisor to the President (Serb), Enes Jahic, advisor to the President (Croat) and other members of President''s delegation.

Briefing about the meeting, Spokesperson to the President, Senator Farhatullah Babar said that President Zardari reiterated that Pakistan stood by the people of Bosnia in their quest for peace and progress and said that Pakistan remained steadfast in its support to the sovereignty and territorial integrity of Bosnia. The President said as Bosnia is located in Europe and that desire for integration with the West was a natural outcome of Bosnia''s geographical reality. The President, however, said that its spirit had been attuned to the East as well and remarked that Bosnia was ideally suited to be a centre for peace and reconciliation between cultures and civilisations.

Zardari admired the maturity, tolerance and spirit of reconciliation of the people of Bosnia and its multi-cultural character and termed Bosnia an example of how diversity can be a source of strength and enrichment for the society.

The two leaders shared common concerns on terrorism and extremism and agreed on increased sharing of intelligence between the two countries in this regard.

President Zardari reiterated that militancy and heroin were nurtured by the international community as war weapons and called upon the international community to share responsibility and come forward to help Pakistan in curbing militancy and narcotics in the region. He said Pakistan was actively engaged in a concerted effort to curb the narcotics trade and the country would be hosting a regional conference in November this year on counter narcotics. He said counter terrorism and fighting narcotics was a battle of hearts and minds.

Commenting on trade ties between Pakistan and Bosnia, Zardari underscored the need for enhancing bilateral trade as the current level of bilateral trade of US $301,000 was not commensurate with close and friendly political relations between the two countries and there exist huge potential for robust trade and investment between the two countries.

He expressed hope that Preferential Trade Agreement being negotiated between the two countries would soon be finalised. While describing the signing of the MOUs as a significant step forward, they expressed the hope that it would go a long way in further strengthening bilateral equation especially defence and trade ties.

The President said that Pakistan can prove to be a great launching pad for marketing of Bosnian products in the region and similarly Bosnia could serve as a hub for Pakistani products in the heart of Europe, adding that the two countries had immense economic complementarities. The spokesperson said that Zardari emphasised the need for greater interaction among businessmen and entrepreneurs of the two countries to explore new avenues of trade and investment to the mutual benefit of the two countries. The two leaders also agreed to the opening of Bank branches in the two countries.

The President appreciated that Pakistan-Bosnia business seminar held in Islamabad early Tuesday morning had identified many areas of co-operation and explored practical measures to enhance trade and investment. Zardari said that Pakistan was fighting violent extremism and terrorism and at the same time it was focusing on changing the mindset of the youth who are easily influenced by radical ideologies, through education and intellectual activities.

Commenting on defence ties between the two countries, the President valued bilateral co-operation and understanding in defence field and asked for further enhancing defence co-operation. The President termed the signing of an MoU on defence co-operation between the two countries a significant step. Zardari said that indigenously developed smart card technology and biometric technology which help catalogued complete and correct information about citizens, was available in Pakistan and he offered to share this technology with Bosnia.

The biometric technology had proved to be a great factor in identifying and nabbing persons with criminal record, he further remarked. The President also emphasised the need for creating linkages in education sector. According to him, students from many countries come to study in around 140 universities of Pakistan while thousands of Pakistani students go abroad for studies every year. Discussing regional and global situation, the two leaders were unanimous in opinion that Pakistan and Bosnia had been promoting international peace and harmony and that the two countries enjoyed excellent co-operation at all international forums, especially at the United Nations.

Zardari said that Pakistan desired peace and stability as Peace in the region was a prerequisite for development and prosperity of the people. The Spokesperson said that President Bakir Izetbegovic expressed his gratitude to the President and the government of Pakistan for the warm welcome and hospitality extended to him and his delegation and expressed keen desire to further jack up the bilateral ties and mutual co-operation in all fields especially trade, investment, defence, Education and banking sector.

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Old October 10th, 2012, 07:03 PM   #1612
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Many leading Pakistani cricketers don’t file tax returns

ISLAMABAD: Cricket is big entertainment and now big money as well. And those playing the game hit as many boundaries with the money as they do with the ball.

Though this is not news, details of the FBR’s tax profiles of national cricketers highlight the nationwide tendency not to pay taxes or ignore the paperwork in this regard.

The FBR’s investigations have focused on 21 cricketers who, according to the bureau, did not file tax returns and/or used other loopholes in the system to keep their moolah safe from the prying eyes of tax authorities. The information was collected by the FBR’s intelligence directorate.

In most cases, cricketers have had the tax deducted at source — which means that the tax is deducted at the time they are being paid and it is deducted by the organisation making the payment. In their case, it is the PCB.

However, most citizens whose tax is deducted at source still need to file tax returns. Under the Income Tax Ordinance 2001, individuals file income tax returns to reveal all their taxable sources of income.

And those who have more than one source of income but do not file returns are guilty of default and hence can be fined or penalised.

The minimum penalty for not filing returns/statements/wealth statements starts from Rs5,000 and can be as high as 25 per cent of the tax payable in a year. The non-filer will either declare his total income for assessment of tax in a year or tax official will declare it ex-party.

The cricketers investigated by FBR are guilty of not filing their tax returns, which experts feel, indicates that they may not be disclosing their other sources of income where the tax is not deducted at time of payment.

More serious still, six cricketers don’t figure on the tax roll at all — Rana Naveed-ul-Hassan, Wahab Riaz, Asad Shafiq, Tanvir Ahmed, Yasir Arafat and Kamran Akmal.

They have played First Class cricket, and/or for the national cricket team (NCT), for years. For example, Kamran Akmal has been playing for Pakistan since 2002 and Rana Naveed and Yasir Arafat since 2007.

Wahab Riaz, Asad Shafiq and Tanvir Ahmad played First Class cricket before they joined the national team in 2010, 2007 and 2010 respectively. The Pakistan Cricket Board did deduct tax from their remunerations for international matches, tournaments and other related activities. The National Bank of Pakistan did the same with Kamran Akmal, when he was playing for the bank.

But because the six never filed their tax returns, they do not possess a National Tax Number (NTN), without which one cannot even buy a new car in Pakistan.

At the same time, be it those who do not file tax returns or those who do not have an NTN, the tax department has no clue whether these players paid tax on their non-PCB earnings.

Such undocumented earning can come from domestic cricket they may have played for PIA, UBL, HBL, etc, district level clubs or any international cricket played outside of the PCB net such as for English counties including Sussex, Essex and Yorkshire.

For instance, according to the report, Yasir Arafat played for nine domestic and international teams, Tanvir Ahmad for four domestic teams, Asad Shafiq for nine domestic teams, Wahab Riaz for seven domestic and international teams, Rana Naveed-ul-Hassan for 12 domestic and international teams.

Interestingly, however, the tax department has no record of the money any of these cricketers may have earned from commercial international tournaments, such as the Indian and Bangladesh Premier Leagues.

Any income earned abroad and repatriated to Pakistan through banking channels is exempted from income tax but not from being declared. This money has to be declared which these cricketers have not done.

Among the 15 prominent players who are on the tax roll, many did not file annual tax returns for 2010 and 2011, although they may have earned huge amounts in that period from domestic and international cricket. These are Imran Farhat, Saeed Ajmal, Taufiq Umer, Muhammad Umer Akmal, Abdul Rehman, Umar Gul, and Sohail Tanveer.

Imran Farhat and Taufiq Umer have been on the national team since 2001, Umar Gul since 2003, Abdul Rehman and Sohail Tanveer since 2007, Saeed Ajmal since 2008, and Muhammad Umer Akmal since 2009. But they have filed no tax returns though the PCB has deducted tax.

Misbahul Haq, who has served as captain during the current series against Australia, filed only an employer’s statement about his earnings in 2010 but nothing the next year.

Muhammad Hafeez, captain of the T20 matches in the same series against Australia has also behaved similarly.

Senior cricketers such as Muhammad Younus Khan and Shoaib Akhtar have also been guilty of this.

Last but not least, none of the cricketers has filed his wealth statement.

Under the income tax law, those who pay more than Rs35, 000 in income tax in a year, are also supposed to file a wealth statement; this is mandatory.

Captain of the national test and ODI teams, Misbah-ul-Haq has paid at source Rs1.479 million in taxes in 2011, less than half the Rs3.362 million that he paid in 2010.

The incumbent captain of the national T20 team, Muhammad Hafeez has not filed any return, but a tax of Rs1.33 million has been deducted at source from his income as tax in tax year 2011 as against Rs0.351 million in tax in 2010, showing an increase of 278 per cent.

Former captain of the national cricket team, Shoaib Malik, paid Rs1.179 million tax in 2011 as against Rs3.976 million in tax in 2010, showing a decline of 70 per cent.

All rounder and former captain of national cricket team Shahid Khan Afridi paid an amount of Rs6.874 million as tax in tax year 2011 as against Rs3.195 million paid in tax year 2010, showing an increase of 115 per cent.

Former Captain of NCT Muhammad Younus Khan paid Rs1.362 million as tax in tax year 2011 as against Rs1.896 million taxes that he paid in tax year 2010, showing a decline of 28 per cent.

Shoaib Akhtar, the former fast bowler, paid 2.583 million as tax in 2011.

http://dawn.com/2012/10/09/many-lead...e-tax-returns/
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Old October 10th, 2012, 07:59 PM   #1613
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For those who don't know, if you are salaried and your company deducts taxes and you don't file taxes your dumb. You can easily get a refund of all the taxes that you've paid like phone bill, elec. bill, etc. It'd take about 30 minutes to an hour (incl. learning curve) and you could easily get several thousand rupees back.
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Old October 10th, 2012, 09:17 PM   #1614
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‘Iran-Pakistan trade to hit $3 billion’

Iran-Pakistan trade is targeted to hit $3 billion a year, Deputy head of Foreign Trade Development Houshang Rezaie Tamrin said on Tuesday.

Tamrin said that that trade between Iran and Pakistan currently stands at less than $1 billion and planning has been made to augment the figure to $3 billion in light of abundant opportunities in the field of trade and economic cooperation. He said common geographical borders as well as religious affinities are among other factors, which give impetus to enhance level of trade. He added that specialised meetings, to be organised by the two sides, would help upgrade knowledge of the two countries’ traders about the grounds for economic cooperation. He noted that a trade delegation will soon be despatched to Pakistan later this year for the purpose.
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Old October 10th, 2012, 09:23 PM   #1615
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Japanese companies keen to invest in Pakistan

Japan on Tuesday termed Pakistan investment policy as best in the region and said Pak-Japan Bilateral Investment Treaty would help encourage Japanese investment in Pakistan.

Pakistan would be future investment destination in the region, as positively changed perception would help Japanese companies to benefit from incentives available for the foreign investors.

It also demanded to ensure improvement in law and order situation, infrastructure and consistency of policies to attract Japanese investment in Pakistan.

The Japanese business and investment delegation also had meetings with senior officials from the Ministry of Commerce and the Board of Investment and other relevant authorities to learn about trade policy and the government incentives for foreign business and investment. More than 30 Japanese business people took part in these occasions.

After concluding meetings at federal capital on Tuesday, Daisuke Hiratusska, Executive Vice President Japan External Trade Organisation (JETRO) said that this visit of Japanese delegation was unique in nature so as to as to change the perception of Japanese companies about Pakistan. Before the Japanese investors thought Pakistan as dangerous country for investment, however, now they have found this perception as totally in correct and the members of the delegation would be telling their business friends in Pakistan about huge potential and investment friendly policies of Pakistan.

He said Pakistan’s population was growing and very good geographic location of the country would help attract investment as there would be human resource availability for the economic development and new investors would be more than willing to utilise local less expansive manpower for expansion in their production base in Pakistan.

In auto sector policy, he termed allowing 5 years old and used cars might be useful for consumers but this policy was harmful for the existing local auto industry and if the existing players were protected than new auto sector players would be coming in to Pakistan especially the venders.

He informed three major players in auto sector like Suzuki, Honda and Toyota were not happy on changes in auto sector policies in recent years.

He also desired interest rate should be brought down to single digit as it would increase buying power and help consumers to benefit from car financing schemes offered by banks.

At present Pakistan and Japan has inked Avoidance of Double Taxation Agreement and Protection of Investment Agreement, there is no Bilateral Investment Treaty between the two countries and incase, governments of Pakistan and Japan ink BIT it would surely help encourage Japanese investment in Pakistan. The delegation consists of representatives from Japanese companies in a wide range of sectors, including mining, manufacturing, trading and banking.

One of the focuses of the government of Japan in the 60th anniversary of diplomatic relations has been promoting trade with and investment in Pakistan.

Delegation also visited Karachi and the Expo-Pakistan and the National Industrial Park. They had an opportunity to network with the members of the Pakistan Business Council, the Pakistan Japan Business Forum and other major enterprises.
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Old October 10th, 2012, 09:25 PM   #1616
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China vigorously seeks investment opportunities

“The establishment of Nanchuan Industrial Park Business Development Centre will go a long way in achieving this goal,” said Huang Guojun

The Chinese government is making all-out efforts to take its economic relations with Pakistan to a new height by aggressively exploring opportunities for investment and joint ventures in various sectors of the economy, says a Chinese executive.

“The establishment of the Nanchuan Industrial Park Business Development Centre (in Lahore) will go a long way in achieving this goal,” said Huang Guojun, director general of Nanchuan Industrial Park in Xining City, Qinghai province.

Heading an eight-member delegation, he was speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Tuesday.

He said the centre was the latest example of Chinese efforts to increase links between Pakistani entrepreneurs and their Chinese counterparts. “Connections like these are important because the entrepreneurs unlock growth.”

Nanchuan Industrial Park Honorary Consul Akhtar Nazir Khan said he accepted the post on the condition that Chinese businessmen would also invest in Pakistan if they were seeking investment from Pakistan.

Chinese investors are interested in investing in mining, marble, energy, chemical and other potential sectors. “Business-friendly environment is a prerequisite to foreign and local investment,” he said.

Khan said the business centre would organise events throughout the country in a bid to build skills of entrepreneurs, seek investment and exchange technologies.

Speaking on the occasion, LCCI President Farooq Iftikhar said the Business Development Centre would help strengthen economic relations between businessmen of the two countries.

He stressed that the Nanchuan Industrial Park would connect Pakistani entrepreneurs with leading Chinese entrepreneurs and investors, who would be able to exchange experiences and discuss business trends, leading to investment in both countries.

He said the promotion of commercial activities was of supreme importance for achieving economic stability in any country.
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Old October 11th, 2012, 10:00 PM   #1617
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Quote:
Originally Posted by siamu maharaj View Post
For those who don't know, if you are salaried and your company deducts taxes and you don't file taxes your dumb. You can easily get a refund of all the taxes that you've paid like phone bill, elec. bill, etc. It'd take about 30 minutes to an hour (incl. learning curve) and you could easily get several thousand rupees back.
how?
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Old October 12th, 2012, 10:27 AM   #1618
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Originally Posted by sourierservice View Post
how?
By filing the return... If you give zakat, you get a huge refund too. If your tax is deducted at source, you're very dumb for not claiming refunds. You can't do it this year (deadline - 10 Oct) but do it next year. I will give free advice here if anyone wants it. the website is e.fbr.com.pk
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ho ho to pa ki ho
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Old October 17th, 2012, 07:38 PM   #1619
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FDI down but quarterly remittances up 9% to $3.59bn. Means annual remittances could hit $14bn.

http://www.brecorder.com/pakistan/ba...t-3599bn-.html
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Old October 23rd, 2012, 07:47 PM   #1620
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World Bank’s ‘Ease of Doing Business’ index for 2013

Pakistan dropped 3 places to rank at 107 in the World Bank’s ‘Ease of Doing Business’ index for 2013, according to data released on Tuesday.

In the South Asian region, however, Pakistan ranked third, below Sri Lanka and the Maldives, and left Bangladesh and India trailing behind at 129 and 132 respectively.

While Bangladesh also fell five places, India maintained its position compared to 2012.

Within Pakistan, Faisalabad led the pack in Ease of Doing Business with the next five places also going to cities from Punjab. Karachi ranked in at number 9.

How are countries ranked?

According to the index’ website, “economies are ranked on their ease of doing business, from 1 – 185.”

A high ranking on the index means “the regulatory environment is more conducive to the starting and operation of a local firm.”

Bad performance

Pakistan performed worse off, compared to 2012, on almost all indicators and benchmarks used to formulate the index.

The country fared poorly on ease of businesses receiving an electricity connection and trading across borders, compared to last year.

It received the lowest rank, 171, on getting electricity. While it takes 206 days to get an electricity connection in Pakistan, the South Asian average is 148 days.

The index measures ease on the following benchmarks: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.

http://tribune.com.pk/story/455730/p...s-index-again/

Economy Rank
Faisalabad 1
Multan 2
Lahore 3
Islamabad 4
Sheikhupura 5
Gujranwala 6
Sukkur 7
Peshawar 8
Karachi 9
Rawalpindi 10
Sialkot 11
Quetta 12
Hyderabad 13
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