17 percent GST not charged: Senate panel asks FBR to explain notices to retailers:
According to the Senate Committee, reference to the Senator Haji Muhammad Adeel Member of the Senate Standing Committee on Finance, the committee has inquired the FBR regarding issuance of notices to retailers for not charging 17 percent sales tax during the exempted period as per the decision of Supreme Court. The retailers have been asked by the tax department to deposit the difference of 1 percent sales tax as well as fine for the said period of June 2013. The FBR should submit its reply during the upcoming meeting of the Senate Standing Committee on Finance on September 5, 2013, the Senate committee added.
Steel makers seek levy of FED on ship plates:
Steel manufacturers are seeking imposition of over Rs 10,000 per ton Federal Excise Duty (FED) on ship plates to streamline the industry''s price mechanism and provide an equal opportunity to stakeholders to do business. Industry sources told Business Recorder on Tuesday that the local steel industry continues to receive a negative impact from "uncontrolled" import of semi and finished steel products. Besides there is a huge cost difference of ship plates and billets, they added.
Industrial or commercial connections: power utilities refuse to levy five percent extra tax:
All public utility organizations have categorically refused to charge five per cent additional tax on industrial or commercial connections from September to avoid litigation; it is learnt here on Tuesday. According to sources, the Federal Board of Revenue (FBR) had directed public utility organizations‐KESC, Pesco, Mepco, Hesco, Lesco & Fesco-to add 5pc additional tax in September's bills of industrial or commercial consumers.
Motorcycle maker's $150 million planned investment in doldrums:
M/s Yamaha Motorcycle Company's planned $150 millioninvestment in
Pakistan is in doldrums as the Japanese embassy has rejected recent decision of the ECC of the Cabinet on "NewEntrant Policy." Akira Kono, Japanese Charge d' Affaires, in a letter to the Finance Minister, has expressed disappointment over the
decision of the ECC. The copies of that letter have also been sent to different Ministries including the Ministry of Foreign Affairs.
Feed gas: fertiliser companies claim getting subsidy, government refutes:
Fertiliser companies claim they are getting subsidy of Rs 294 per bag on feed gas whereas federal government refutes this claim, saying that the amount of subsidy varies from plant to plant on the basis of efficiency. "Price difference between the imported and locally manufactured urea is Rs 1,140 per bag, of which Rs 294 feed gas subsidy is being provided to local urea manufactures. The rest of the amount of Rs 856 is being given by the local manufacturers to farmers as subsidy but unfortunately no body takes note of this major incentive". He maintained that if the government imports the quantity of urea being produced by local manufacturers the amount of subsidy would be much higher as compared to the present amount. In case, the government withdraws subsidy available to urea plants in the shape of cheap feed gas, local fertiliser manufacturers would be right in demanding that they should be allowed to export their product. Official documents available with this scribe disclose that the booking price of urea at Fauji Fertilizer Company (FFC) is Rs 1,722, Engro Fertilizer Company, Rs 1,722 and Fatima Fertiliser Company 1,717 per bag, respectively. The market price of FFC is 1,660, Engro Rs 1,755 and Fatima Rs 1,730 per bag.