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IMF says inequality could be reduced via higher income tax for rich!

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WASHINGTON: Utilizing its half-yearly fiscal monitor IMF has stated that forcing the top one percent earners to pay more Income Tax would reduce inequality.

IMF – by means of documents – has rubbished the argument that higher tax rates for rich would cause the economic growth to suffer: “Empirical results do not support this argument, at least for levels of progressivity that are not excessive”.

The global institution has also suggested considering different types of wealth taxes.

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Economy

Pakistan’s Seafood exports is up 14.43pc in 9 months, 42.67pc in March, 2018

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Pakistan's Seafood exports

ISLAMABAD: Pakistan’s Seafood exports and fish preparations witnessed increase of 14.43 percent during the first three quarters of the current fiscal year against the exports of the corresponding period of last year.

Pakistan exported seafood worth $315.597 million during July-March (2017-18) against the exports of $275.807 million in July-March (2016-17), showing growth of 14.43 percent, according to latest data of Pakistan Bureau of Statistics.

In terms of quantity, Pakistan exported 130,148 metric tons during the current year against the exports of 105,039 metric tons during last year, showing growth of 23.90 percent.

The overall food group exports from the country witnessed increase of 28.06 percent during the first three quarters by growing from $2.679 billion last year to $3.431 billion during the current year.

Meanwhile, on year-on-year basis, the seafood exports from the country increased by 42.67 percent in March 2018 when compared to the same month of last year.

The exports of fish and fish preparation during March 2018 were recorded at $51.388 million against the exports of 36.019 million in March 2017. On month-on-month basis, the seafood exports from the country increased by 48.71 percent in March 2017 when compared to the exports of $34.555 million in February 2018.

 

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Business

PSX: Bourse remains in the green on the week’s first trading day!

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PSX Latest News

KARACHI: Benchmark KSE-100 Index closed in the green (45,372) gaining 113 points on the weeks first trading day.

Rs. 5.4b worth of 112.6m shares changed hands today. Value of the shares of 174 shares augmented, 158 plummeted while 17 remained stagnant. Chemical and Oil/Gas Sectors led the trading today with 15.3m and 13.4m shares.

The leading five traders of shares were: Unity Foods Ltd. 11.1m shares (+4.97pc); Sui Southern Gas Co. Ltd., 10.7m shares (+3.48pc); Lotte Chemical Pakistan Ltd., 7.6m shares

(-2.37pc); Fauji Foods Ltd., 7.5m shares (+3.21pc); K-Electric Ltd., 4.7m shares (+1.16pc).

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Economy

Increase in wages and material costs are eating into corporate profits in USA!

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WASHINGTON: Record increases in wages and materials costs are eating into corporate profits despite robust sales, according to a survey of business economists released today.

The survey by the National Association for Business Economics also found companies had not changed hiring plans following either December’s sweeping tax cuts or President Donald Trump’s new tariffs on steel and aluminum.

Economists are pointing to a pickup in inflation this year after a years of weak price pressures, and the Federal Reserve poised to raise interest rates as many as three more times in 2018 – a prospect which has investors on edge.

The index for wages and salaries in the first three months of the year posted the biggest increase “since NABE began tracking the data in April 1982 and the largest share of respondents reporting shortages of skilled labor in nearly 10 years,” Sara Rutledge, chair of the quarterly survey, said in a statement.

While sales continued to grow and profit margins remained healthy, the survey results suggested “profit margins slowed” in the first quarter of 2018 as a result of mounting price pressures, she said.

Meanwhile, they survey of more than 100 respondents from industry and trade associations found 65 percent said they had not changed hiring plans as a result of December’s tax cuts – a principal selling point for the fiscal overhaul, which were adopted amid partisan rancor among lawmakers.

Furthermore, 68 percent said the steep tariffs President Donald Trump had imposed on steel and aluminum imports in March had also not caused them to change hiring plans. Still, the survey’s materials cost index jumped to 50 from 44, its highest level in seven years.

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