Latest news with #Rs10
Business Recorder
12 hours ago
- Business
- Business Recorder
Pakistan's textile manufacturer approves revival strategy, eyes entry into IT sector
The Board of Directors of Bilal Fibres Limited, a textile manufacturer, has approved a business plan to launch an IT Division, anchored by a substantial Rs10 million investment. The listed company, which continues to face operational suspension, disclosed its revival strategy in a notice to the Pakistan Stock Exchange (PSX) on Monday. The company shared that its IT Division would target small and medium enterprises (SMEs) in Pakistan and the Middle East, with potential for global expansion. The division would offer a broad suite of services, including website and e-commerce platform development, mobile app development and MVP builds, IT support services, SaaS and subscription-based platforms and custom enterprise software for SMEs. The company aims to 'deliver cost-effective, high-quality IT solutions, capitalising on Pakistan's skilled workforce and strategic industry partnerships' with organisations such as P@SHA and PITB. Sharing the financial projections, the company anticipates annual revenue ranging from Rs12 million to Rs70 million, with breakeven targeted within 18 months and strong profitability expected within two years. Earlier this month, Bilal Fibres informed that it is now actively engaging with stakeholders, technical experts, and consultants to finalise a comprehensive business plan for its proposed entry into IT, health tech, and Electric Vehicle (EV) sectors. 'During the quarter ended 30th June 2025, the company's operations remained suspended, and no business activities were undertaken. However, as a first step towards revival, the Board of Directors (BOD) have approved the proposal to establish IT/health tech/EV division as a potential secondary line of business,' the Lahore-based company said in its notice back then. Established in 1987, Bilal Fibres Limited engages in the manufacture and sale of yarn in Pakistan. It offers poly/cotton, poly/viscose, CVC, viscose, and cotton yarns for weaving or knitting applications. The company also exports its products to Europe, the Far East, and the Middle East.
Express Tribune
a day ago
- Business
- Express Tribune
Trade bodies advocate restoration of final tax regime
Trade bodies have expressed concern over the imposition of the normal tax regime under the Finance Act and proposed several measures to resolve their pressing problems. They have advocated that the final tax regime for the export sector should be reinstated and under this mechanism the tax rate can be increased gradually. They suggested tax rates of 1.5% for FY25, 1.75% for FY26 and 2% from FY27 onwards, adding that this approach would ensure the required increase in revenue without the need for complex tax filings or audits. A high-level delegation comprising representatives from the Sialkot Chamber of Commerce and Industry, Pakistan Readymade Garments Manufacturers and Exporters Association and Pakistan Hosiery Manufacturers Association met with Special Assistant to Prime Minister (SAPM) on Industries and Production Haroon Akhtar Khan on Monday. They discussed crucial matters including the final tax regime versus the normal tax regime, industrial policy and measures to improve the ease of doing business. A major worry was the emerging practice of tax officers, who were demanding an additional 0.5% advance tax from exporters to meet revenue targets. This raises the effective tax burden by 150%, a level that is utterly unsustainable for the value-added export sectors, especially those dominated by small and medium enterprises (SMEs), the representatives of trade bodies said. The final tax regime was introduced in fiscal year 1991-92 with a 0.5% fixed tax on exports. It was a remarkable success as tax collection rose from Rs343 million in 1990-91 (pre-final tax regime) to Rs855 million in 1991-92, reflecting a staggering 149% growth. They stressed that it not only boosted government revenue with minimal administrative cost but also paved the way for exponential growth in exports, particularly from regions like Sialkot, while significantly reducing corruption and discretionary interventions. Over the decades, the final tax regime provided exporters with a simple, transparent and harassment-free taxation model, but the imposition of the normal tax regime increased the burden, they said. The new policy allows a 2% deduction at source on export proceeds (a 100% increase), an unprecedented move that undermines export viability. They pointed out that there was 1% minimum tax and 1% advance tax (total 2%) at source, and 29% tax on companies and 45% on individuals/Association of Persons (AOPs) after assessment. The trade representatives also raised the issue of 10% surcharge on income exceeding Rs10 million for AOPs/individuals and super tax of 1-10% for income exceeding Rs150 million. They were of the view that the shift to the normal tax regime would have significant implications with the potential for unfair practices. The introduction of refunds and complex tax assessments may incentivise exporters to manipulate financial statements to maximise refunds. The normal tax regime could also reduce the inflow of export proceeds as businesses may seek to avoid higher tax burdens by resorting to under-invoicing. Exporters may deliberately declare lower values for goods or services to reduce the taxable income, leading to minimum tax liabilities and parking of funds abroad. Addressing the concerns, SAPM Haroon Akhtar assured the delegation that the government was fully aware of the challenges faced by the business community. "We are committed to taking all possible measures to resolve these issues," he stated. He revealed that a proposal would be drawn up to include a comprehensive and standardised definition of SMEs in the new industrial policy. "A stable and predictable policy framework is essential for attracting investment and ensuring sustainable industrial growth," the PM aide remarked.
Time of India
a day ago
- Politics
- Time of India
Special Centre for Marathi Language, Pending for Nearly 17 Years, Set to Become Reality at JNU
New Delhi: A special centre to promote Marathi language, literature and culture, pending for nearly 17 years, is set to become a reality at the (JNU). The University will inaugurate the Kusumagraj Special Centre for Marathi Language, Literature and Culture on July 24, it said in a statement. Tired of too many ads? go ad free now On the same day, the university will also lay the foundation stone for the Chhatrapati Shivaji Maharaj Special Centre for Security and Strategic Studies, which will be housed under the School of International Studies. Maharashtra Chief Minister will inaugurate the Marathi centre and lay the foundation stone for the defence studies centre. Deputy Chief Minister Eknath Shinde and Ajit Pawar will be the guest of honour. Along with them, ministers Uday Samant, Chandrakant Patil and Ashish Shelar are also expected to attend. The Maharashtra government has sanctioned Rs10 crore each for the two centres. The proposal for the Marathi centre was first announced in 2007 by then Chief Minister Vilasrao Deshmukh, who had signed an MoU with JNU and allocated Rs1 crore for the project. However, it remained stalled for years.
Business Recorder
a day ago
- Automotive
- Business Recorder
Nishat Power to invest Rs2.5bn in EV venture NexGen Auto
Nishat Power Limited (NPL) has announced plans to invest up to Rs2.5 billion in NexGen Auto (Private) Limited, a related company concentrated on electric vehicles (EVs). NPL disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Monday. The listed company has called for an Extraordinary General Meeting (EGM) in this regard, which is scheduled to be held on August 13, 2025. The proposed investment, to be approved through special resolutions by NPL shareholders, includes Rs2 billion in equity investment by way of acquisition/subscription of 200 million ordinary shares of Rs10 each of NexGen Auto (Private) Limited, and an additional Rs500 million as a one-year working capital loan. HUBCO plans to install EV charging network across Pakistan As per the document, the loan component will carry a return of 3-month KIBOR plus 100 basis points, or the company's average borrowing cost—whichever is higher—payable quarterly. NexGen Auto, incorporated in August 2024, has made significant strides toward its market debut. The company has formalised its partnership with Cherry Automobile Co. Ltd of China, for the importation, local production and nationwide distribution of its two sub-brands Omoda and Jaecoo, specialised in new energy vehicles. 'NexGen sales and marketing teams are actively engaged in pre-launch campaigns, culminating in a much-anticipated mega launch event slated for the first week of August 2025,' NPL informed. According to documents made available to the stock exchange, NexGen's project for CKD assembly has already commenced and is expected to be completed by March 31, 2026, with commercial operations set to begin within calendar year 2025. The total project cost is estimated at Rs14.7 billion, to be funded through a mix of debt and equity. NPL expects that the investment will not only yield dividend income and capital gains in the long run but also diversify its portfolio and strengthen its commitment to sustainability-focused ventures.
Time of India
2 days ago
- Time of India
Police arrest three burglars, recover 15 bikes worth 10L
Nashik: The Crime Branch Unit 1 on Saturday arrested three individuals and recovered 15 stolen motorcycles valued at over Rs10 lakh. While complaints have been found for only four of the bikes so far, police have urged citizens to visit the Sarkarwada Police Station to check if their missing motorcycle is among the recovered lot. Senior police Inspector Madhukar Kad said the operation was carried out under the guidance of Commissioner of Police Sandeep Karnik. "Our team has been actively collecting information about vehicle thieves to detect cases of vehicle theft," Kad said. Constables Goraksha Sable, Ram Barde, and Vilas Charoskar received a tip-off about two suspected vehicle thieves expected to arrive in the Nilgari Baug area of Panchavati with a stolen bike. Acting on the input, the team, laid a trap and apprehended the two suspects—Satyam alias Deva Garud (21) and Sahil Shaikh (21), both residents of Niphad. Upon questioning, the duo admitted the bike they were riding was stolen. They were taken into custody and, during interrogation, confessed to stealing 15 motorcycles from different parts of the city with the help of two accomplices, including a minor. Following the leads provided, the third suspect, Vikas Kumavat (23) from Dindori, was arrested. The stolen vehicles were reportedly stored with Kumavat for disposal. "Though we have recovered 15 bikes, complaints have been registered for only four of them so far, with the Sarkarwada, Adgaon, Nashik Taluka, and Niphad police stations," said PI Kad.
