O M A P U R G E S E N D O F S I N D H C E S S F O R ‘ O I L I N D U S T R Y ’ S S U R V I VA L ’

LAHORE

S H A H A B O M E R

Mr Waqas Mirza, CEO, Avanza Innovations and Mr Haider Waheed, Advocate of the Supreme Court of Pakistan Founding partner of HW Partners and Cofounder of AshreiTech singing the partnership agreement to Launch Avanza USA Inc for the North American Market PR

PHIMC was convened at Primar y and S econdar y Healthc are Depar tment

The 24th Procurement Committee Meeting of PHIMC was convened at the Primary and Secondary Healthcare Department on July 19, 2023, with the purpose of reviewing the annual procurement plan Health Secretary Ali Jan Khan presided over the meeting, and CEO of PHIMC, Dr Ali Razzaque, provided a comprehensive briefing on the annual procurement plan PR

TH E Oil Marketing Association of Pakistan (OMAP) has urgently called upon Minister of State for Petroleum Musadik Malik to take decisive action in bringing an end to the Sindh Cess Tax which is significantly impacting the nation s oil industry It is pertinent to mention here that the Sindh Cess Tax is a 1 25% levy imposed by the Sindh Government Infrastructure Cess Tax on all imports made through Karachi Port This tax has the potential to directly impact the profit margins of Oil Marketing Companies (OMCs) by nearly 40% if enforced The omission of this tax from the existing pricing mechanism has further compounded the challenges faced by the struggling oil industry

However in a formal letter addressed to Minister Musadik Malik Tariq Wazir Ali Chairman of OMAP highlighted the critical importance of the Minister s intervention to safeguard the interests of the oil marketing sector and the entire petroleum industry The Sindh Government Infrastructure Cess Tax currently imposes a 1 25% levy on all imports made through Karachi Port, severely affecting the profit margins of Oil Marketing Companies (OMCs) According to Ali, this has resulted in a substantial decline of nearly 40% for the OMCs Moreover the letter underscored the necessity of incorporating any new tax components into the pricing formula that

C P E C 2 0 1 3 - 2 0 2 3 :

A major chunk of investment was received from China with 448 companies, registered with the Securities and Exchange Commission of Pakistan (SECP) in the recent year governs the determination of prices for diesel, gasoline, and other petroleum products The omission of this tax from the existing pricing mechanism has further compounded the challenges faced by the struggling oil industry Chairman OMAP explained the pivotal role played by the Oil and Gas Regulatory Authority (OGRA) in regulating oil prices

However the recent imposition of the Sindh Cess Tax has not been integrated into the price determination formula causing a significant erosion of OMCs margins This additional burden is intensifying the hardships faced by OMCs, who are already grappling with survival in an intensely competitive industry

We respectfully request your intervention to instruct OGRA being the regulatory body to expeditiously address and resolve this issue without any delay, stated Chairman He warned that any further delay in addressing the matter would have severe repercussions for the OMCs and OGRA would bear full responsibility for the resulting adverse consequences

The OMCs are already burdened with heavy costs resulting from non-industryfriendly policies imposed by OGRA, despite repeated warnings and requests

The Chairman of OMAP concluded by urging Minister Musadik Malik to act promptly and save the petroleum industry from impending disaster The industry s survival depends on a swift resolution of the Sindh Cess Tax issue, and the entire oil marketing sector is looking to the Minister of State for Petroleum for support and relief in these challenging times

HSY Joins LRBT as Global Ambassador

to the OffPeak hours either the seasonal band 6:00PM TO 10:00PM in winter and 7:00PM TO 11:00PM in summer for the peak hours also remain the unchanged PR

Bank Alfalah launches

#GreenWayFor ward by planting 15,000 mangrove trees in Collaboration with WWF- Pakistan

Bank Alfalah, one of the largest commercial banks in Pakistan, has initiated a #GreenWayForward, a plantation drive with World Wide Fund for Nature Pakistan (WWF-Pakistan) a leading organisation that works on ecosystem conservation

This collaborative effort aims to contribute to the reforestation of mangroves and improve natural resource management in Pakistan PR

Faysal Bank Ltd and Marham Medic are are proud to announce the launch of Marham Ba-Ikhtiyar

The signing ceremony was held at FBL Head Office

Strategic Partnership was signed by Raheel

The SECP registered 27 746 new companies in the financial year 2022-23 with an increase of around 5 percent as compared to the previous fiscal year, Gwadar Pro reported on Friday quoting an official statement

The total number of registered companies now stands at 196 805

As a result of end-to-end digitisation of the company incorporation process, about 99 8 percent companies were registered online while 1 256 foreign users were registered from overseas ” SECP said

Total capitalisation (paid-upcapital) with regard to newly incorporated companies for the FY23 stood at Rs36 6 billion Real estate development and construction sector led the number of new incorporations with 4 527 new companies registered followed by information technology with 4 038 and trading with 3 539 new companies SECP data shows services sector with 2,928 new incorporations, food and beverages with 1,106, tourism with 1 101 education with 1 048 e-commerce with 910 corporate agricultural farming with 732 marketing and advertisement with 672, textile with 634, engineering with 591, pharmaceutical with 468, mining and quarrying with 462 healthcare with 451 power generation with 447 transport with 423 chemical with 402 cosmetics and toiletries with 274 fuel and energy with 272, auto and allied with 271, communications with 268, lodging with 266, broadcasting and telecasting with 208 paper and board and cables and electrical goods with 192 each and 1 324 companies were registered in other sectors According to SECP, it has made significant reforms to facilitate the registration of companies by fully digitising the registration process along with company registration certificate With this automation companies can now be registered online from any part of the world, without needing to visit SECP offices, it said SECP’s e-services have also been integrated with provincial revenue departments to facilitate registration of companies with the departments at the time of incorporation Company tax number is also issued online, according to the commission

As a result of integration of SECP with the Federal Board of Revenue (FBR) and various provincial departments 26 125 companies were registered with the FBR for registration of NTN 819 companies with EOBI, 317 companies with PESSI/SESSI and 569 companies with excise and taxation depart-

Capital S treet plots auc tion by CDA conclude

ISLAMABAD: Two-days auction of Capital Street Islamabad plots organized by CDA has been concluded The Capital Street Islamabad project received a healthy and welcoming response from investors During the two-day auction, 18 plots were sold for 3 82 billion rupees According to the details

CDA is going to establish Capital Street Islamabad on the pattern of JBR Dubai City Walk Dubai and Nizami Street Baku on 27 acres near Shakar Parian adjacent to Pak China Friendship Center for which 500 square yard plots were offered through auction by CDA Plots in Capital Street Islamabad will be designated for cafes restaurants bistros and eateries etc It is pertinent to mention that during the two-days auction investors particularly from national and international food chains restaurants bistros and people related to the food and beverage industry directly participated in the bidding process and got plots of their choices On the second day of the auction, 8 plots of Capital Street Islamabad were auctioned for 2 007 billion rupees On the second day of the auction Plot No 12 of Capital Street Islamabad was auctioned for Rs 24 35 crore PR ment SECP said it has created an online portal for banks to facilitate companies in opening corporate accounts after registration

The commission also has a dedicated WhatsApp facility for instant resolution of the queries pertaining to name availability and incorporation process During FY2023, around 14,973 queries were responded with 96 percent satisfaction rate according to SECP

During fiscal year 2023 nearly 58 percent companies were registered as private limited companies, while 39 percent were registered as single member companies

Three percent were registered as public unlisted companies not for profit associations Trade organisations foreign companies and limited liability partnership

Foreign investment was reported in 841 new companies

Major chunk of investment was received from China with 448 companies the US with 46 the UK with 36 Afghanistan with 35 Germany with 32 Turkey and South Korea with 16 each, UAE with 15, Singapore with 11, Nigeria with 10, and 176 companies from other countries, SECP stated Information in this article comes from third party providers

This website does not provide explicit or implied warranty for such information and is not liable for any losses directly or indirectly caused by using such information

Zong's Digital Trainee Executive Program: Paving Way for Future Digital Leaders

I S L A M A B A D: Zong 4G, Pakistan's leading digital telecom operator has launched its Digital Trainee Executive Program for 2023 aimed at developing young talent and fostering the Leaders of the Digital Generation This intensive on-the-job training and mentorship initiative is designed to provide aspiring individuals with the necessary skills and knowledge in Information, Communication, Data, and other Emerging Technologies Zong 4G recognizes the significance of empowering young minds and nurturing their potential in driving digital transformation The company firmly believes that investing in fresh graduates will pave the way for a brighter and digitally advanced future for Pakistan The application process is simple and user-friendly, allowing candidates fresh graduates to showcase their talents and aspirations effectively Those meeting the eligibility criteria can apply by submitting their applications PR

K A r A c h I: The Layton Rahmatulla Benevolent Trust (LRBT), Pakistan's largest provider of eye care, proudly welcomes the celebrated fashion icon and philanthropist Hassan Sheheryar Yasin (HSY) as its Global Brand and Goodwill Ambassador The Chairman of LRBT Mr Najmus Saquib Hameed presented HSY with a Certificate of Appointment during a ceremony held at LRBT Korangi, where he also shared the life-transforming contributions of LRBT in Pakistan LRBT’s mission is: “No man, woman or child should go blind just because they cannot access or afford the treatment To further this mission LRBT has since its inception 37 years ago built 19 eye hospitals and 60 clinics offering free-of-cost quality eye care services for the poor Since start of operations in 1985, LRBT has treated over 53 million patients, transforming lives and offering hope to countless families P R

Pakistan requests US to ease mango expor t

WASHINGTON

S TA F F R E P O R T

Pakistan s Ambassador to the US, Masood Khan, has urged the United States to facilitate a pre-inspection facility at Karachi Port to boost mango exports to various parts of the country

During the annual reception and Mango Festival at Pakistan s Embassy in Washington DC the Ambassador expressed optimism about expediting the process with the cooperation of relevant US authorities Attendees at the event expressed hope for the removal of obstacles hindering Pakistani mango exports aiming to make the unique taste sweetness and aroma of Pakistani mangoes available throughout the United States Chairman House Foreign Affairs Committee Michael McCaul said the United States has important security arrangements with Pakistan but through trade and economic investments in Pakistan, the two countries would become closer partners and bring peace to our nations Senator Irfan Siddiqui while addressing the gathering congratulated Ambassador Masood Khan on Mango diplomacy saying it is one of the effective tools to bring the two countries closer to each other