News Update: – 20th March 2020, as we all are witnessing and seeing a severe cash crisis and a drastic reduction in demand among the global coronavirus crisis. Kamraj Enterprises and the local steel industry has necessitated the government to deliver a “12-month assistance compendium” to prevent a total collapse of the economy.
The Large Steel Makers association has informed the government of Remove and Regulatory Duties (RD) and other duties to all importers of its cast steel scrap in any primary raw material for the steel industry. “All duties and taxes on your PCT 7204.4920 for unusable auto parts must be zero percent adjusted.” It will benefit companies and handle this situation in a better way without going more in crisis. Currently, the steel companies and trading companies support it with a 10% sales tax withholding.
The share of energy came in at a quarter ($ 8.23 billion) in the country’s total tax bill of $ 31.51 billion in the first eight months of fiscal year 20, according to the Pakistan Bureau of Statistics (PBS).
While the recent reports by Pakistan’s present account discrepancy demonstrates that the gap between foreign payments and inflows – decreased by 71% to $ 2.84 billion in the first eight months (July-February) of the current economic year, mainly due to a significant decline of the essential.
While, the recent account of this discrepancy is at $ 9.81 billion in the same period of the previous fiscal year, according to the State Bank of Pakistan (SBP) on Wednesday. In February, the deficit was $ 210 million nominal. It was 61% lower than the deficit recorded in the previous month of January and 38% lower than in February 2019.
While more from the report and expert remarks about this statement “We had estimated a current account deficit of $ 4.5 billion for the FY20 before the massive drop in oil prices. The deficit could now amount to $ 4 billion,” he estimated. Import of goods fell 17.5% to $ 29.65 billion in the first eight months of fiscal year 20 compared to $ 35.94 billion in the corresponding period of the previous fiscal year, the central bank said.