Karachi, May 14, 2012 (PPI-OT): Provisions related to CGT: No exemption available for income derived from criminal activity: SECP
According to MR Securities, SECP has announced that the exemption under provisions related to Capital Gain Tax (CGT) for the stock market investment is not available for income derived from a criminal activity under any other law for the time being in force.
Provinces to get 70pc share in divisible pool
The four federating units will get the major share of 70 percent in the net divisible pool, leaving only 30 percent for the federal government, according to a presentation prepared by the ministry of finance on strategy for the Budget 2012/13.
Limited access: EU to open gates for Pakistani goods but not for long
In the latest blow, dashing Pakistani exporters’ hopes of making significant gains from the proposed trade concessions, the EU has decided to cut the waiver period from 36 months to just 18 months. It has also decided to place ceilings on the quantity of duty-free goods being imported from Pakistan.
ECC to approve 0.4 million tons of sugar procurement/export plan
The Economic Co-ordination Committee (ECC) of the cabinet, which is scheduled to meet on Tuesday (tomorrow), will approve 0.4 million tons sugar procurement/export plan.
Govt releases Rs154.7 billion in 10 months for development projects
The Planning and Development Division has released Rs154.7 billion, or 67.7 percent of the full-year target of Rs228.4 billion, in the first ten months of the current fiscal year to different ministries and divisions for development projects under Public Sector Development Programme (PSDP).
SBP injects Rs111.35 billion
The central bank accepted all the bids against offered amount of Rs111.35 billion in reverse repo market operation in the government of Pakistan Market Treasury Bills and Pakistan Investment Bonds for seven days at 11.55 percent annual rate of return
Auto sales increase by 14pc in 10 months
Automobiles sales during the first ten months of the current fiscal year increased by 14 percent to 143,374 units as against 125,766 units sold in the corresponding period last year, according to the data released by the Pakistan Automotive Manufacturers Association (PAMA).
MND Exploration and Production Ltd: PPL to acquire assets in Pakistan, Yemen
Pakistan Petroleum Limited (PPL) is likely to acquire assets of MND Exploration and Production Ltd in Pakistan and Yemen through share purchase, sources close to Petroleum Minister told
OGDC ‘glossed over’ multimillion-dollar contract
In a list of contracts sent for clearing to the National Accountability Bureau, OGDC “forgot” to mention a multimillion dollar contract awarded to Jamshoro Joint Venture Limited (JJVL).
Widening of twin deficits may warrant IMF support
Pakistan’s twin deficits, including fiscal and current account deficit widened in the outgoing fiscal year, leaving no other option, but to seek the balance of payments support from the International Monetary Fund (IMF) in the next fiscal year 2012/13 to avoid plunging of the economy
Pay for other’s inefficiency: Power consumers to bear interest cost of TFCs
Electricity consumers will now pay the cost of inefficiencies of the government, as the authorities have planned to pass on roughly Rs10.6 billion to the consumers on account of mark-up on the debt instrument that it wants to issue to raise Rs80 billion for unclogging the power system.
Power companies not to be outsourced anymore
While ruling out privatisation of public sector power utilities, the government has withdrawn the decision to outsource operations and maintenance of state-owned power generation companies to private contractors.
Alternative energy projects to generate 1,500MW
More than 30 alternative energy projects, which will generate over 1,500MW power for the national grid by next year, are in the pipeline.
Government to extend Rs 12.2 billion sovereign guarantee to NITL
The government has decided to extend sovereign guarantee of Rs 12.2 billion to the National Investment Trust Limited (NITL) against a loan taken from state enterprises to stabilize stock market in 2008, instead of paying it back to financiers
Engro follows FFC in urea price cut
Engro Fertilizers Ltd has reduced urea price by Rs 145 per bag to Rs 1650, in a bid to woo dealers to pick it product and refuse imported urea.
Futures open interest up 19.5 percent
The market’s total open interest position increased by Rs 448 million, up 19.5 percent on week-on-week basis to Rs 2.75 billion. Trading at the futures counter also improved as the average daily volumes increased by 59.3 percent on week-on-week basis to 13.5 million shares.