Karachi, May 25, 2012 (PPI-OT): US panel eyes Pakistan aid freeze over doctor row
According to MR Securities, a Senate panel voted to cut aid to Pakistan by a symbolic $33 million on Thursday, $1 million for each year of jail time handed to doctor Shakeel Afridi convicted of treason for helping the United States track down Osama bin Laden.
Breaking: FBR Freezes Mobilink’s Bank Accounts
Statement said Pakistan Mobile Communication Ltd (Mobilink) owed Rs. 8.6 billion to the exchequer on account of mis-declaration of Sales Tax and FED, for which Mobilink had appealed the Income Tax Appellate Tribunal for a hold.
Rs 873 billion expenditure approved by NEC
The National Economic Council (NEC) has projected 4.3 percent GDP growth target and approved consolidated development expenditure of Rs 873 billion for the next fiscal year as the country missed almost all the macroeconomic indicators for the current fiscal year.
July-March period: external debt, liabilities stocks fall by $1.5 billion
Pakistan’s external debt and liabilities stocks fell by some 3 percent or $1.5 billion during the first nine months of current fiscal year, mainly due to repayment of loans to international financial institutions.
Revenue body’s tax collection estimated at 10 percent of GDP
Identifying six priority areas for the upcoming Budget 2012/13, the government has informed selected parliamentarians of its coalition parties that the Federal Board of Revenue’s (FBR) tax collection is estimated at 10 percent of the gross domestic product (GDP) in the next financial year
Minimising costs: PSO saves $5m in base oil purchase
Pakistan State Oil (PSO) has claimed that it has saved around $5 million by purchasing base oil directly from the manufacturers and eliminating the role of middlemen and commission agents.
Mutual interest: Ukraine willing to tap Sindh’s resources
The Sindh Board of Investment (SBI) and the Ukrainian Pakistan Business Council have signed a memorandum of cooperation at the SBI office marking an agreement to strengthen collaboration in the education and skill development sector. The Ukrainian delegation was led by Ukrainian Chamber of Commerce and Industry Counsellor Alexandr Lvanchuk.
IPPs bring back more than 600 megawatts to national grid
Independent Power Producers (IPPs) has brought back more than 600 mega watt generations to the national grid due to improvement in gas and oil supply to the power plants during the last day. The source in the IPPs said that government had made some payments to the IPPs and PSO, ultimately oil supply was restored to the IPPs on Thursday.
POL products prices: Ogra works out up to Rs 10 per litre cut
Ogra has worked out up to Rs 10 per litre reduction in the price of Petroleum Oil and Lubricant (POL) products from June first, it is learnt. Ogra in line with the reduction in Arab Gulf crude prices has calculated a reduction of Rs 10 per litre in HOBC, Rs 1.7 per litre in petrol, Rs 3.5 per litre in HSD, Rs 3.4 per litre in LDO and Rs 3.8 per litre in KO.
Pakistan repays $394 million loan installment to IMF
Pakistan on Thursday paid the second loan installment of $394 million to the International Monetary Fund
(IMF) under its Standby Arrangement programme signed in 2008, the State Bank of Pakistan said. The
chief spokesman of the bank said that the country has paid $394 million for the loan repayment to the IMF
and the amount will be transferred in the account of the IMF on May 25 (today).
Rupee hits new low for third straight day
The rupee hit a new low of 92.10 against the dollar in inter -bank trading on Thursday for the third
consecutive day, dealers said. The rupee has witnessed a sharp decline in the past three days and lost
1.2% of its value, surpassing all market projections.
PCGA team to visit China
PCGA chairman Amanullah Qureshi has said that a delegation of PCGA would visit China to sign a MoU with a well reported company in China. Talking to a Chinese delegation headed by Pat yang and Dwan Shao bin here on Thursday, he said that upgradation of ginning machinery was the need of the hour to meet the international market requirements.
SNGPL recovers Rs 2.2 billion from pilferers
SNGPL recovered Rs 2.2 billion during April 2011 and 2012 after 16,000 raids conducted at various localities in the region. Only sixty FIRs can be registered against gas pilferers under 462 Gas Act as gas law was enacted in December 2011. Before it, there was no law existed for gas stealers.
FBR striving to impose CGT on real estate
Tax managers have recommended a new tax policy for the property sector with an aim to broaden the tax network and impose tax on those who are earning huge profits in this sector.
Govt provides Rs51 billion subsidy for urea
The federal government has given a subsidy of Rs51 billion for the import of urea, Trading Corporation of Pakistan (TCP) chairman Tahir Raza Naqvi said on Thursday