CM Maryam meets UK High Commissioner
LAHORE: Appreciating the positive and prudent role of the United Kingdom in the recent Pakistan-India strained relations, Chief Minister Punjab Maryam Nawaz Sharif said the Punjab government is determined to further expand its partnership with UK so as to explore new avenues of opportunities for enhancing bilateral cooperation.
The CM said this during a meeting with the British High Commissioner Jane Marriott. A luncheon was also hosted in the honour of outgoing Political Advisor to the British High Commission Zoe Ware on the occasion.
Matters pertaining to mutual interest, bilateral cooperation, education, investment, environmental protection and further promotion of partnership in the field of governance were discussed.
The Chief Minister paid glowing tributes to the outgoing Political Advisor to the British High Commission Zoe Ware and appreciated her diplomatic services. The Chief Minister offered to further enhance mutual cooperation in the fields of education, trade, investment, climate protection and governance. She lauded that Political Advisor Zoe Ware performed her duties with integrity, hard work and with a spirit to promote partnership between the two countries.
The CM appreciated that Political Advisor Zoe Ware's role in global environmental projects like the 'Earth shot Prize' is highly commendable. Political Advisor Zoe Ware will always be remembered as a great friend in Punjab.
The Chief Minister said, 'The Punjab government holds in high esteem Jane Marriott's diplomatic services as a British High Commissioner.' She added, 'Jane Marriott's global diplomatic experience enabled to elevate Pakistan-UK relations to a new height.'
She highlighted, 'The presence of a large number of 17 lakh British-Pakistani communities belongs to Punjab which speaks volumes of a long-lasting mutual relationship between Pakistan and UK.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
3 hours ago
- Business Recorder
Pakistan govt's budget steps may hinder cashless economy drive: TOAP
ISLAMABAD: As the government unveils a raft of new taxes on digital transactions and e-commerce in the federal budget, Aamir Ibrahim, chairman Telecom Operators Association of Pakistan voiced both hope and concern, warning that the measures could slow Pakistan's journey toward a cashless economy. Industry leaders, trade bodies, and associations also expressed concerns that the budget missed an important opportunity to mandate digital payment options across retail. They pointed out that many major retailers still refuse to accept digital payments in order to hide real income and evade taxes, indicating that enforcement against such practices remains insufficient. This gap, they argued, allows tax evasion to persist and undermines efforts to bring more transactions into the formal, documented economy. The Overseas Investors Chamber of Commerce and Industry (OICCI) also criticised the government for missing a crucial opportunity to broaden the tax base and document the country's vast Rs9 trillion cash-based informal economy. In a statement, the OICCI noted that while measures like the nationwide rollout of e-invoicing and expansion of POS systems are positive steps; the absence of a concrete strategy to address the informal sector and rationalise tax structures undermines efforts to create a more investment-friendly environment and advance economic formalisation. 'The budget aims to formalise online trade through digital integration and tax measures, which is a plus,' said Aamir. 'However, complexity in tax collection, the 5% levy on digital transactions with foreign vendors, and additional taxes charged by payment intermediaries risk increasing costs and discouraging digital adoption. Making digital payments more prevalent, easier, and affordable is essential for Pakistan's growth and for documenting the economy. Let's ensure policies support a truly digital Pakistan, driving transparency and compliance without undue burdens.' The new Finance Bill introduces taxes on both local and foreign e-commerce marketplaces, making online shopping costlier for Pakistani consumers. Notably, a five per cent tax will be imposed on goods purchased from foreign online marketplaces such as AliExpress and Amazon, collected by banks and payment gateways at the point of transaction. Meanwhile, local digital payments will face a tiered tax structure, ranging from one per cent to two per cent depending on the transaction amount, and courier companies will collect taxes on cash-on-delivery payments. Banks and courier services have been designated as withholding agents, required to collect and remit these taxes, and file detailed statements on all digital transactions. Online marketplaces must also ensure that all vendors are registered for sales tax, tightening compliance across the sector. Aamir acknowledged the government's intent to bring more online activity into the formal economy but cautioned that the added complexity and cost could push some businesses and consumers back toward cash and informal channels. 'We need to strike a balance between expanding the tax net and fostering digital inclusion. If digital transactions become more expensive or cumbersome, we risk undermining the very progress we've made in financial inclusion and digital transformation.' He urged policymakers to revisit the proposed levies and streamline tax collection, so that Pakistan's vision of a cashless, digitally empowered society remains within reach. 'There is still time to fix anomalies in the new budget. Let's make sure that our policies truly support a digital Pakistan, rather than create new barriers to adoption.' Copyright Business Recorder, 2025
Business Recorder
3 hours ago
- Business Recorder
Pakistan's construction industry says concerned at curbs on non-filers
KARACHI: The construction industry has raised serious concerns over proposed financial restrictions for non-tax filers in the federal budget 2025-26, warning that the measures could accelerate capital flight from this sector already experiencing negative growth for the last three consecutive years. Hassan Bakshi, Chairman, Association of Builders and Developers of Pakistan (ABAD), expressed these concerns while speaking to Business Recorder on Wednesday, highlighting the potential adverse impact on the construction sector's recovery prospects. He said the primary concern is about the proposed restrictions that would bar non-filers from purchasing immovable property in Pakistan. He argued that such measures would create a negative impact on the construction sector that is already struggling to regain momentum. According to Bakshi, ABAD has already engaged with Prime Minister Mian Muhammad Shehbaz Sharif regarding these restrictions. 'We have discussed it with the prime minister, expressing our concerns on the said restriction.' He believed that the proposal was neither included under the IMF recommendations nor with the PM's consent, who has assured ABAD not to implement it. 'ABAD is planning a delegation visit to Islamabad next week to further discuss the matter with the high-ups,' he informed. Rather than imposing pre-emptive restrictions, Bakshi suggested, allowing non-filers to purchase immovable properties, which would provide the government with comprehensive financial details of these individuals. This information could then be utilised to bring them into the tax net, which he believed would be a more inclusive approach for broadening of tax base. Chairman ABAD warned that the enforcement of these restrictions could have far-reaching consequences beyond domestic markets. 'If the said restrictions were enforced, the construction sector, which is already facing negative growth for the last three years, won't see any healthy business activities in the coming financial year.' Bakshi said that the measures would expedite the flight of capital, especially to Middle Eastern countries, which are now offering partnerships to our developers with their expertise, not investments. He said that withholding tax on property purchases has been proposed to be reduced for the buyers, but the tax burden on sellers has been recommended to increase proportionally, adding that this approach would not create any positive impact, as it merely shifts the tax burden rather than reducing it. Despite the concerns, the ABAD chairman acknowledged several positive proposals in this budget, including the introduction of tax credits to encourage mortgage financing and the reduction in stamp duty for Islamabad. Copyright Business Recorder, 2025
Business Recorder
4 hours ago
- Business Recorder
Pakistani energy consortium signs key agreement with ADNOC
In a key development for Pakistan's energy sector, a consortium of leading Pakistani oil and gas exploration companies has formally entered into an international partnership for hydrocarbon exploration and production in the United Arab Emirates (UAE). 'We are pleased to announce the signing and execution of a Production Concession Agreement (PCA), for the development of Offshore Block 5, Abu Dhabi,' Mari Energies Limited (MARI) disclosed in a notice to the Pakistan Stock Exchange (PSX). The listed energy company informed that the PCA has been signed between the Supreme Council for Financial and Economic Affairs (SCFEA) on behalf of the Government of the Emirate of Abu Dhabi, Abu Dhabi National Oil Company (ADNOC) P.J.S.C, and Pakistan International Oil Limited (PIOL). PIOL is a special-purpose vehicle incorporated by a consortium comprising Pakistan Petroleum Limited, Oil and Gas Development Company Limited, Mari Energies Limited, and Government Holdings (Private) Limited, with each partner holding a 25% share. 'Upon execution of the PCA, the partnership will be between ADNOC and PIOL with PIOL holding 40% participating interest,' read the notice. Experts say this agreement represents a milestone for Pakistani energy companies operating abroad. In 2021, PIOL was awarded offshore Block 5 in Abu Dhabi's second competitive exploration block bid round. The offshore Block 5 covers an area of 6,223 square kilometres and is located 100 kilometres northeast of Abu Dhabi city. At the time, the consortium noted that the development provides an opportunity to join the world-renowned Abu Dhabi National Oil Company (ADNOC) and unlock untapped resources in one of the world's largest hydrocarbon super-basins by investing in a trusted and reliable business environment.
