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COUNTRY’S PORTS BEING DEVELOPED FOR REGIONAL CORRIDOR, SAYS PM Monday, 8 July, 2024 I 1 Muharram, 1446
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Says during recent visit to Kazakhstan, CAS leaders had expressed ‘deep interest’ in using Pakistan’s ports for trade Stresses Lyari Expressway be kept opened for traffic 24/7 for uninterrupted delivery of goods from Karachi Port
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KARACHI
Staff RepoRt
RIME Minister Shehbaz Sharif on Sunday said that modern and accessible seaports could help the country boost its foreign exchange reserves, saying the government was taking steps for the development of seaports for the provision of shortest corridor to the regional countries, especially to the Central Asian States. “A spur to sea trade by the Central Asian States, China and other countries of the region via Pakistani ports, the country could earn worth billions of dollars as foreign revenue every year,” the prime minister expressed these views during a visit to Hutchison Port, South Asian Pakistan Terminal during a daylong visit to Karachi where he was given a briefing, PM Office Media Wing said in a press release. According to a statement from the Prime Minister’s Office, the premier said that during his visit to Kazakhstan, leaders of Central Asian States (CAS) had expressed “deep interest” in using Pakistan’s ports for trade, emphasising the country’s “key importance in the region”. “Modern system in ports and further improvement in accessing them, Pakistan can earn billions of dollars in foreign exchange,” he said, adding that he will increase exports from the value addition industry by developing the existing ports in Karachi.
“Steps should be taken to reduce the customs clearance time by installing modern equipment and machinery at Port Qasim and Karachi Port,” the statement read. Furthermore, the prime minister stressed on the “uninterrupted delivery of goods” from Karachi Port, adding that for this reason the Lyari Expressway “should be kept open for cargo traffic 24 hours a day”. “A comprehensive action plan for the regulation of shipping laws should be prepared and presented soon,” the statement said, adding that the prime minister had directed that the fees for LNG ships at Port Qasim to be reduced and fixed according to prevailing rates at the international level.
Furthermore, the statement also said that the prime minister had instructed Pakistan National Shipping Corporation (PNSC) to “formulate and present a comprehensive plan to reduce its cost and make its operations effective”. “Development of private sector in the country, ease of doing business and convenience for investors are the top priorities of the government,” the PMO wrote. The visit comes after PM Shehbaz invited Tajikistan to “avail the facilities of Pakistani seaports” for transit trade while on a two-day official visit to the Central Asian country this week. “The prime minister informed the Tajik president about the operationalisation of Gwadar seaport and offered Tajik-
Interior Minister directs Budget disproportionately FIA to investigate issuance benefits the wealthy at cost of salaried class of excessive bills ISLAMABAD
Staff RepoRt
Interior Minister Mohsin Naqvi has ordered action against the officials involved in issuing inflated bills to protected power consumers. The minister has issued directives to the FIA to address grievances of the protected power consumers of upto 200 electric units. He said adding protected consumers into nonprotected category has been a criminal act and directed the Federal Investigation Agency (FIA) to act indiscriminately against the responsible officials in light of the facts. The minister added that the overbilling has piled up crores of rupees additional burden over the consumers and caused hardships to them. “I would like to let you know that Prime Minister Shehbaz Sharif had earlier directed the FIA to initiate an inquiry against the officials of the power distribution companies involved in excessive billing to consumers,” he added. Chairing a meeting regarding reforms of the Power Sector and Solarisation, PM Shehbaz directed concerned department to immediately suspend officials involved in the irregularity. He said the officials, involved in excessive billing by adding extra units in electricity bill, should be punished.
ISLAMABAD
Staff RepoRt
The inflation-hit nation is bearing the brunt of massive taxes imposed by the government in budget 2024-25 whereas Pakistan’s elite are enjoying the benefits on tax extracted from the salaried class, according to a report on Sunday. The report aired by a private TV channel, revealed that the government is showering benefits on the elite while imposing taxes on the salaried class. Despite the financial crunch, the government is spending on luxurious vehicles and houses for its bureaucrats. The report questioned how the government can justify spending Rs290 million on the renovation of the Lahore Commissioner’s House and Rs36 million on the Prime Minister’s garden when it claims to have no resources. It also pointed out that the President’s House has allocated Rs410 million for its employees, while the Special Assistants to the Prime Minister are getting Rs400 million. Citing a Bloomberg report, the report said that the tax on milk has increased the price by five times, making it more expensive than in developed countries like France, Australia, and others. The price of milk in Karachi is Rs370 whereas in Amsterdam, Paris and Melbourne it is Rs359, Rs342 and Rs300 respectively.
Hamas says awaiting Israel's response on Gaza ceasefire
GAZA
agencieS
Hamas is waiting for a response from Israel on its ceasefire proposal, two officials from the Palestinian group said on Sunday, five days after it accepted a key part of a US plan aimed at ending the nine-month-old war in Gaza. "We have left our response with the mediators and are waiting to hear the occupation's response," one of the two Hamas officials told Reuters, asking not to be identified. The three-phase plan for the Palestinian enclave was put forward at the end of May by US President Joe Biden and is being mediated by Qatar and Egypt. It aims to end the war and free around 120 Israeli hostages being held by Hamas. Another Palestinian official, with knowledge of the ceasefire deliberations, said Israel was in talks with the Qataris. "They have discussed with them Hamas' response and they promised to give them Israel's response within days," the official, who asked not to be identified, told Reuters on Sunday. Israeli Prime Minister Benjamin Netanyahu has said that negotiations would continue this week but has not
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given any detailed timeline. Later in the day, an Israeli air strike killed Ehab AlGhussein, the Hamas-appointed deputy minister of labour, and three other people at a church-run school in western Gaza City sheltering Christian and Muslim families, Hamas media and the Civil Emergency Service said. The Israeli military said it was looking into the report. Ghussein's wife and children had already been killed in an Israeli strike in May. Hamas, which controls Gaza, has dropped a key demand that Israel first commit to a permanent ceasefire before it would sign an agreement. Instead, it said it would allow negotiations to achieve that throughout the six-week first phase, a Hamas source told Reuters on Saturday on condition of anonymity because the talks are private. A Palestinian official close to the peace efforts has said the proposal could lead to a framework agreement if embraced by Israel and would end the war. US Central Intelligence Agency Director William Burns will travel to Qatar this week for negotiations, a source familiar with the matter said. The conflict was triggered nine months ago on Oct. 7 when Hamas-led fighters attacked southern Israel from Gaza, killing 1,200 people and taking around 250 hostages in the worst assault in Israel's history, according to official Israeli figures. More than 38,000 Palestinians have been killed in Israel's military onslaught, according to Gaza health officials, and the coastal enclave has largely been reduced to rubble. The UN agency for Palestinians, UNRWA, called the situation increasingly tragic, saying in a post on X, "families continue to face forced displacement, massive destruction and constant fear. Essential supplies are lacking, the heat is unbearable, diseases are spreading".
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istan the opportunity to avail the facilities of Pakistani seaports,” a joint statement issued by the two countries said. “It was highlighted that the Pakistani seaports offer the most efficient, shortest, and economic route for the Central Asian countries including Tajikistan to the markets in the Middle East and beyond”. On the occasion, he directed the Chairman Federal Board of Revenue (FBR) to prioritize installation of latest scanners on Pakistani ports. The prime minister said that the customs authorities in collaboration with the ports authorities should ensure immediate steps for complete utilization of the sea ports in Pakistan. The prime minister was briefed that process for installation of latest scanners on ports by the FBR, was in the final stages which would enable rapid scanning of containers in the shortest time with the assistance of latest gadgets and artificial intelligence. He said for increasing country’s exports, the government was taking measures on priority basis. Federal ministers Muhammad Aurangzeb, Attaullah Tarar, Jam Kamal Khan, Qaiser Ahmed Shaikh, Ahad Khan Cheema, Governor Sindh Kamran Khan Tessori, Sindh Chief Minister Syed Murad Ali Shah, chairman FBR and other relevant officials accompanied the prime minister. The prime minister was apprised that Hutchison Port, South Asian Pakistan Terminal was amongst the few global terminals located in deep seas, which was being automatically operated upon. The terminal had been equipped with latest technology and scanners and its operations were of the international standards. The prime minister was further informed that port had the capacity to handle the shipment of 35,00,000 containers annually. The prime minister appreciated the latest operations of the port.
FinMin urges business community to end bribery and boost tax compliance
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Aurangzeb highlights a concerning trend where FBR officials are tempted with bribes ranging from 5 to 6 percent to underreport taxes
PROFIT
MonitoRing DeSk
During a post-budget session organized by the Lahore Chamber of Commerce and Industry (LCCI), Finance Minister Muhammad Aurangzeb called upon businesses to cease offering bribes to Federal Board of Revenue (FBR) officers and instead contribute their taxes to bolster the nation during economic challenges. Aurangzeb highlighted a concerning trend where FBR officials are tempted with bribes ranging from 5 to 6 percent to underreport taxes. He emphasized the need for collaborative efforts to reform the FBR and discouraged practices that undermine tax integrity. Addressing the gathering, the minister underscored ongoing efforts in digitalizing FBR operations to curb such leakages. He welcomed constructive criticism of government spending and acknowledged measures to rationalize expenses, including the reduction of the Public Sector Development Programme (PSDP) and reforms in pension management. Aurangzeb stressed the importance of achieving a 13% tax-to-GDP ratio within three years, lamenting sectoral reluctance in tax compliance efforts. He expressed determination to steer Pakistan away from IMF reliance, urging collective support from stakeholders. In conclusion, the minister urged the business community to align with government initiatives, emphasizing that national interests must prevail over individual gains to secure Pakistan’s economic independence.