Karachi, May 29, 2012 (PPI-OT): 6.85 percent fiscal deficit projected for FY12
According to MR Securities, the government has projected 6.85 percent fiscal deficit for the outgoing fiscal year following the inability of the provinces to generate a surplus of Rs124 billion estimated in the budget
Govt planning 16pc ST on farm machinery
The government is planning to impose a standard rate of 16% sales tax on agriculture diesel engines and other agriculture related machinery, equipment and apparatus in the upcoming budget (FY2013)
Budget team mulls tax relief, revised revenue target
The government has decided to impose 5 per cent tax on monetised transport facility of senior government officers, unlike private salaried class whose salary, perks and allowances are subject to up to 20 per cent of income tax.
Law ministry opposes summary seeking GDS raise
Ministry of Law has opposed the summary seeking a rise in Gas Development Surcharge (GDS) on gas in five sectors, telling the Ministry of Petroleum and Natural Resources that the Council of Common Interests (CCI) is the forum to decide about any rise in the GDS, as it is a provincial subject.
‘Pakistan-Turkey currency swap pact to be implemented in two months’
Pakistan and Turkey are likely to implement the already signed currency swap agreement, in next two months after the Ministry of Commerce started the awareness drive for businessmen.
Magnetisation policy: Rs 1.5 billion saved during current financial year
The government claims that ”Monetization of Transport Policy for Civil Servants in grade 20 to grade 22” has saved the government up to Rs 1.5 billion during the current financial year.
Pakistan may have to approach IMF again: Anwar
Governor State Bank Yaseen Anwar has said that the economic condition of Pakistan is not stable and the country would have to go again to the International Monetary Fund (IMF).
HSBC: JS applies for due diligence
Another bank – JS Bank – has applied with State Bank of Pakistan (SBP) for due diligence of Hong Kong and Shanghai Banking Corporation (HSBC) to esquire its Pakistan operations.
Urea sales plunge 37% in April
Total urea off-take in Pakistan has declined significantly by 37% to 308,000 tons in the month of April 2012, according to official figures released by the National Fertilizer Development Centre
Output of public sector thermal plants nosedives
The output of public sector thermal plant has plummeted to one of the lowest levels, causing additional shortfall of about 1,000 megawatts (MW) if compared with last year’s generation
POL products: Pakistan, India explore possibility of trade
Pakistan and India held join secretary level talks to explore the possibility of trade in petroleum products.
FPA for three-months: Nepra increases KESC’s tariff
National Electric Power Regulatory Authority (Nepra) has increased Karachi Electric Supply Company’s tariff by Rs 1.12, Rs 0.21 and Rs 0.32 per unit for October, November, and December 2011 under the monthly Fuel Price Adjustment (FPA).
APCNGA threatens to shut down CNG stations, petrol pumps
All Pakistan CNG Association (APCNGA) announced to shut down all CNG stations and petrol pumps if the government increased Gas Infrastructure Development Surcharge (GIDS) through Finance Bill.
Patrind hydropower project likely to achieve COD soon
150MW Patrind Hydropower Project, run-of-the-river project and a joint venture of K-Water, Daewoo Corporation and Sambu, Korea is to achieve Commercial Operation Date (COD) in a couple of months.
Doing away with subsidies: Plan under study to up gas supply to power plants
A plan is under study to divert gas allocated to compressed natural gas (CNG) stations and captive power plants to power companies in a bid to produce cheap electricity and end swelling subsidy.
India offers to lay pipeline for oil export to Pakistan
India has offered to build a pipeline from its territory to the Wagah border for export of oil to meet all needs of Pakistan if Delhi is assured purchases in large quantities over the long run, a move that will deprive energy-rich Gulf countries of a lucrative market.
Ministry utilizes EDF to finance budget deficit
The Ministry of Finance is seeking to utilise the Export Development Fund (EDF) to finance the federal budget deficit rather than to finance export-related activities, which it is really meant for.
Banks, forex companies asked to ensure WHT deduction
SBP has prodded banks and all foreign exchange dealers to ensure timely issuance of statistics related to deduction of withholding tax on exports proceeds and realization of foreign exchange receipt on account of indenting commission to the inland revenue of regional tax office (RTO).
Strategy to improve economy: Planning Commission to launch Rs 941.675 million PSCBP
Planning Commission of Pakistan would launch Public Sector Capacity Building Project (PSCBP) worth Rs 941.675 million to develop a comprehensive strategy to implement and achieve goals set in the new growth strategy to improve the performance of all sectors of economy and make them more vibrant.