Karachi, May 15, 2012 (PPI-OT): LSM sector records poor growth in first nine months of FY12
During the first nine months of the outgoing fiscal, the PBS data said, the LSM sector hardly crossed a percent growth.
According to MR Securities, in March 2012, the sector has registered a negative growth of 3.69 percent over March 2011 and negative 3.05 percent over February 2012
Tax-to-GDP ratio to be increased to 15 percent by fiscal year 2015: agriculture, real estate income to be taxed
The Federal and provincial governments have agreed to plug leakages, streamlining taxation system and effectively taxing agriculture and real estate to increase tax to GDP ratio to 15% by 2014-15.
Government unlikely to contain revised fiscal deficit of 4.7 percent
The federal government is unlikely to contain the revised fiscal deficit of 4.7 percent subsequent to the provinces indicating their inability to generate a budgetary surplus.
Aggravating energy crisis puts pressure on government: Zardari talks to PM, ministers A high-level meeting was held at Aiwan-e-Sadr on Monday with President Asif Ali Zardari and Prime Minister in chair to review the current situation with regards to the power issue in the country.
Government to allow PPL to invest $100 million in Iraq
The government will allow Pakistan Petroleum Limited (PPL) to invest $100 million in exploration of oil and gas in Iraq, official sources told Business Recorder. In April 2012, the government authorized submission of bid in joint venture with Zhen Hua of China for exploration blocks in Iraq and directed to approach the SBP for further processing of Company’s proposal for investment abroad.
Hubco pays dividend as accounts restored
In a positive development, Hub Power Company (Hubco) announced payment of interim dividend earlier withheld due to a tax dispute with the Federal Board of Revenue (FBR).The move follows lifting of attachment on the company’s accounts placed on March 31, by the tax authorities to direct ly recover the disputed tax amount from its bank accounts.
ECC may approve 100pc capacity charges for IPPs
ECC that is to meet here today with Finance Minister Dr Hafeez A Shaikh in the chair is all set to stave off the Government of Pakistan (GoP) and Independent Power Producers (IPPs) crisis on payments issue through an arrangement under which IPPs will be ensured 100 percent capacity charges, as had been extended to rental power plants (RPPs).
No GoP guarantee from MoF: Mop’s LNG project hits snags
The Petroleum Ministry’s much talked about Liquefied Natural Gas (LNG) project, has reportedly, hit snags as the Finance Ministry has refused to extend GoP guarantee due to its limitation under Fiscal Responsibility and Debt Limitation Act, 2005, reveal official documents
ECC to approve issuance of PPTFCs today
Economic Co-ordination Committee (ECC) of the Cabinet which is scheduled to meet on Tuesday (today) with Finance Minister in the chair is scheduled to approve the issuance of Privately Placed Term Finance Certificates (PPTFCs) worth Rs 82 billion aimed at partial resolution of power sector circular debt, amounting to Rs 398 billion.
Corporate/commercial banking: SBP amends Prudential Regulations
According to the amendments made in paragraph 2 of Regulation R-7 of the abovementioned Prudential Regulations, the existing limit of US $250,000, for issuance of unsecured guarantees by the banks/DFIs in Pakistan against the back-to-back/counter-guarantees of the banks situated in foreign countries not meeting the prescribed rating of at least ‘A’, has been enhanced to US $500,000 if tenor of such guarantees is up to one year.
435 megawatts Nandipur project: amount of sovereign guarantee to be raised
The government will raise the amount of sovereign guarantee from Rs 5.3 billion to Rs 19.15 billion in favour of local banks syndicate as time gap arrangement for 435 MW Nandipur power project as banks have refused to enhance the loan amount, sources close to Secretary Water and Power.
Pakistan and Oman sign agreement
SECP and the Capital Market Authority (CMA) of the Sultanate of Oman, while recognizing increasing international activity in financial markets and the corresponding need for cooperation between the relevant national authorities, have signed a Memorandum of Understanding (MoU).
Alluring profit potential: Thar coal attracts German interests
The German Embassy will hold trade shows in Islamabad and Karachi soon with the help of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in which small chambers will be invited, as stated by Embassy of the Federal Republic of Germany Head of Economic Section.
80pc of GST on services collected up to December 2011 be distributed among provinces: NFC
Federal Minister for Finance Dr. Hafeez Shaikh said on Monday that 80pc collection made up to December 2011 be distributed among the provinces on temporary basis, the provinces unanimously agreed over this decision by Finance Minister.