Category Archives: General Business News

LG Steam Washer: The Best Way to Keep What You Cherish Closer and Longer

Karachi, June 21, 2018 (PPI-OT): Indispensable Steam™ Solution for Deep Clean, 99.9% Allergen Removal LG Electronics (LG) has released a heart-warming video highlighting the striking antiallergen feature of the company’s Steam technology. The clip depicts steam as the essential love that keeps a girl close to her valuable teddy bear, which is full of memories of her mother. The highlighting of heart-warming moments with family accentuates the hygienic feature of Steam™ in allergy care.

The video also unveils LG’s latest washing machine, Steam Washing Machine, which boasts more powerful anti-allergy functions. Sterilization in daily life is growing in importance due to chronic problems caused by harmful substances such as dust and allergens in daily products. The washer is a great choice for consumers fearful of invisible harmful substances that can cause allergic reactions.

The innovative Steam technology removes not only 99.9 percent of allergens but also the residue left by dead allergens. Clothing is washed at a temperature of 50-60℃ for 30 minutes, which effectively removes common household allergens and eliminates 50.9 percent more allergens than other washers. As LG’s exclusive technology for clothing hygiene and anti-allergen, Steam™ has also received certification allergens from the British Allergy Foundation for removing 99.9 percent of.

The Steam technology effectively demonstrates the company’s ceaseless efforts to improve consumer life and raise the bar higher in washer innovation. As seen in the video, all a user has to do is to simply steam wash clothes and household linens to keep them clean and hygienic. This is because Steam™ removes the extra step of worrying about invisible allergens and suffering from allergies.

Utilizing the industry’s latest technology in deep cleaning and anti-allergy care, LG shows that its technology is akin to love that helps people keep what they cherish closer. Thanks to the innovative allergy removal function of Steam™, LG’s washer brings unprecedented peace of mind and convenience to consumers amid heightened fears over harmful substances in daily life. The video can be accessed through the link: https://youtu.be/8BQPDrTrgIk

For more information, contact:
LG Electronics Pakistan
Corporate Office
ST-8, 4th Floor, Tower-A, Technology Park,
Main Shahrah-e-Faisal,
Karachi
Representative Phone Number: +92 (0) 21 32787452
FAX: +92 (0) 21 3278 7463
Web: http://www.lg.com/pk

Tax Amnesty Scheme, 2018 – CDC to facilitate Transfer of Book Entry Securities

Karachi, June 21, 2018 (PPI-OT): Central Depository Company of Pakistan Limited will facilitate Transfer of Book Entry Securities in the Central Depository System against declaration of assets under Government of Pakistan’s Tax Amnesty Scheme by way of the Voluntary Declaration of Domestic Assets Act, 2018 and the Foreign Assets (Declaration and Repatriation) Act, 2018.

In this regard, CDC, with the prior approval of Securities and Exchange Commission of Pakistan has issued necessary circular detailing the requirements and procedures of such securities’ transfers. This circular has been made available on CDC’s website http://cdcpakistan.com/circular-notices/ for ready reference. CDC believes that this initiative will help the declarants to avail the benefits offered by Government of Pakistan in the Tax Amnesty Scheme. CDC is the sole depository of Pakistan, holding custody of securities worth Rs. 5.3 trillion (equivalent to US$ 44 billion) in electronic format.

For more information, contact:
Head Office,
Central Depository Company of Pakistan Limited (CDC)
CDC House, 99-B, Block B, S.M.C.H.S.,
Main Shahra-e-Faisal, Karachi – 74400, Pakistan
Tel: +92-21-111-111-500
Fax: +92-21-34326031
Email: info@cdcpak.com
Website: http://cdcpakistan.com/

Keeping undeclared assets in country, abroad getting difficult: Chairman FBR

Karachi, June 21, 2018 (PPI-OT): Chairman of the FBR (Federal Board of Revenue) Tariq Mahmood Pasha on Thursday said tax amnesty scheme is for the business community who should take full advantage of it as keeping undeclared assets in Pakistan and abroad is becoming increasingly difficult. The business community has not committed any crime by sending money abroad or buying assets as law and order situation, shortcomings in the system, and weaknesses of FBR are behind it, he said.

Addressing the business community at FPCCI, he said that money finds its way to the place where it secure. President FPCCI Ghazanfar Bilour, Chairman UBG Iftikhar Ali Malik and others were also present on the occasion. Mr. Pasha said that the response of the scheme is very encouraging but the figures cannot be revealed at this stage adding that the country will have access to the accounts of Pakistanis in 102 countries in three months which will make it difficult and very costly for the people to keep undeclared assets.

Chairman FBR said that the scheme will improve revenue, stabilise foreign exchange reserves, reduce the deficit, improve the balance of payments, and encourage foreign direct investment. He said that another such scheme is not possible anytime soon while extension in the date is very difficult.

The Chairman FBR said that Dubai has started informing Pakistani authorities about the investment of Pakistani there while the mapping of real estate in Pakistan will be completed shortly. He said that we have planned to reduce withholding tax on filers and increase it on non-filers as soon as the revenue situation warrants it.

At the occasion, Ghazanfar Bilour said that many members of the business community could not benefit from the scheme due to the holy month of Ramadan, Eid, confusion and elections, therefore, its last date should be extended. He said that success of this scheme is very necessary to bail out the country from some of the critical problems. He also lauded FBR to accept many budget proposals and hoped that the rest will be accepted before the next budget.

For more information, contact:
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi, Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk

Procedure for Repatriation of liquid assets and Deposit of Tax under Foreign Assets (Declaration and Repatriation) Act, 2018

Karachi, June 21, 2018 (PPI-OT): Reference the SBP Notification No. FD/1704/2011/2018 dated April 16, 2018 on the subject. In order to facilitate the prospective declarants in payment of the tax against declaration of foreign assets under Foreign Assets (Declaration and Repatriation) Act, 2018, following additions/amendments have been made in the payment procedure:

I. The tax payment can be made through banking channels either from the declarants’ own accounts or from the accounts of the declarants’ immediate family members i.e. his/her parents, children, spouse and siblings (brothers and sisters). In case of payment through the immediate family members’ accounts, the declarant while sending the copies of PSID, Form ‘A’ etc. to SBP for generation of CPR, shall also send satisfactory documentary evidence to establish the relationship.

II. The balances in foreign currency accounts of the declarants or their immediate family members being maintained with banks in Pakistan as of 31st March 2018 or 20th June 2018, whichever is less, can also be used for the purpose of tax payment.

III. The declarants having bank accounts outside Pakistan but presently residing in Pakistan can also pay the tax in US Dollar by depositing the US Dollar denominated cheques with the authorized branches of National Bank of Pakistan in Pakistan for collecting the proceeds for onward credit to SBP account in NBP New York. While NBP has been advised to make special arrangements for expeditious collection of the cheque proceeds, it may take 7-10 days in collection of the proceeds. The declarants using this payment option should be aware of possible delays in collection of the proceeds. The SBP shall issue the CPR on realization of funds in its account.

IV. The tax payment can be made within three days of generation of PSID.

V. The FBR’s web link given in SBP Notification dated 16th April 2018for generation of PSID has been replaced with https://e.fbr.gov.pk.

The rest of the mechanism as prescribed through the SBP Notification dated16th April, 2018 will remain the same. The SBP has also issued FAQs on the payment procedure which have been placed at SBP website http://www.sbp.org.pk.

For more information, contact:
Chief Spokesman,
State Bank of Pakistan (SBP)
Central Directorate
I.I. Chundrigar Road, Karachi, Pakistan
Tel: +92-21-111-727-111
Tel: +92-21-39212562
Fax: +92-21-39212433 – 39212436
Email: chief.spokesperson@sbp.org.pk
Website: www.sbp.org.pk

Muffasar Malik concerned over continuous devaluation of rupee

Karachi, June 19, 2018 (PPI-OT): President Karachi Chamber of Commerce and Industry (KCCI) Muffasar Atta Malik, while expressing deep concerns over continuous devaluation of rupee against dollar, said that dollar has risen sharply to all time high of Rs122 which has to be controlled otherwise, it will have a devastating impact on the already beleaguered economy.

In a statement issued, President KCCI said that the Government recently devalued Pakistani rupee for the third time in six months and rupee continues to fall against dollar, stoking concerns that the country may have to go to the IMF for a bailout.

“We fear that the rupee may fall further in the coming months keeping in view Pakistan’s dwindling foreign exchange reserves”, he said, adding that such abrupt devaluations in the past brought about economic distress, which lasted for several years. Hence, there is no justification in repeating those actions again that have failed miserably in the past. Currency devaluation for a country like Pakistan will have negative economic implications in the long run, he opined.

Muffasar Malik further elaborated that although the exporters will be happy to see rising value of dollar and the country’s economic indicators will also display some improvement in exports but this increase can only be attributed to dollar value as the export volume remains the same, in fact, our exports have descended sharply to many destinations around the world because of rising cost of doing business. “It must be kept in mind that the rising dollar would lead to costlier imports and the exporters will also bear the brunt due to rise in cost of imported raw materials, plunging the economy into further deep crisis”, he cautioned.

He said that despite so many measures taken to discourage the imports including the imposition of Regulatory Duty on many items, Pakistan’s imports remain inelastic and a weaker rupee will not help. Mostly, they consist of raw materials (petroleum, chemicals and metals), intermediate goods or machinery. Any devaluation would increase their cost thus making Pakistani exporters less competitive.

Muffasar Malik said that it has taken almost 10 years to rebuild investor confidence to an extent as foreign investors are gradually making a comeback. If the currency is devalued, it would send a negative signal to potential investors. President KCCI further warned that the depreciation will terribly affect the lives of the masses as it will increase prices of all essential items and result in high inflation.

He was of the opinion that petroleum products have major share in import bill of the country. As oil prices in the international market are increasing, import cost will also escalate, he feared, adding that strategies have to be defined on war footing to ensure that the economy stays afloat.

“It is a well-known fact that if petroleum prices, which are already too high, rise further, it would lead to hike in prices of all the products, including fuel-based thermal power generation plants” Malik added. “When elections are around the corner and there is so much instability, the country cannot afford to make life more difficult for the poor and the middle class”, he said.

He advised that the Federal Government to take measures to stop further devaluation of rupee against dollar before its too late and a situation emerges when we have no other option but to seek support from the IMF. Steps have to be taken to create an enabling business environment which is the only way forward to pull the economy out of crisis, he added.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk

Appointment of businessmen as ministers welcomed

Karachi, June 19, 2018 (PPI-OT): The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Tuesday welcomed the induction of five prominent businessmen as ministers in the caretaker setup terming it a positive move. Those who have become ministers include Sardar Tanveer Ilyas, Faisal Mushtaq, Fazal Elahi, Naveed Jan Baloch, and Mian Anjum Nisar who are respected businessmen that enjoy the confidence of the business community.

The decision will infuse confidence in the business community reeling under problems and bring it closer to the government which is good for the economy, said President of the FPCCI Ghazanfar Bilour. In a joint statement issued here today, Ghazanfar Bilour, FPCCI VPs Mazhar Ali Nasir, Atif Ikram, Karim Aziz Malik, and Ch. Jaweed Iqbal, leaders of UBG SM Muneer, Iftikhar Malik, and Zubair Tufail, and Chairman Coordination FPCCI Malik Sohail hoped that the newly-appointed ministers will serve with full dedication.

Business people can make great politicians and a majority of them have proved that they can make a difference as most of them are motivated by a genuine will to do good, they said. Ghazanfar Bilour said that those who want to give, and not take, means that they are likely to be the better politicians. They are not careerist and not desperate to make money by stealing from the public purse.

Many businessmen who become politicians can bring fresh energy into the system as they represent an ecosystem that is driven by the urgency to produce results, he added. The president of the Apex chamber said that businessmen know how to harness human capability and their businesses thrive when leaders have an eye for talent and can create conditions that are conducive for creativity and productivity. Pakistan is a great country with a powerful combination of all the ingredient to become an economic power and all it needs is someone to harness its energy and guide it to greatness.

For more information, contact:
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi, Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk