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IMF will not object to VAT delay official

IMF will not object to VAT delay official

Saturday, June 19, 2010 18:33

ISLAMABAD: Finance Secretary Salman Siddique said here on Friday the International Monetary Fund would have no objection to the delay in implementation of Value-Added Tax (VAT), expressing confidence that implementation of the IMF programme was on track. Talking to journalists in the Parliament House, Mr Siddique said the next meeting with ...

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Oil below 78 dollars on profit-taking, weaker stocks

Oil below 78 dollars on profit-taking, weaker stocks

Thursday, June 17, 2010 18:05

SINGAPORE: Oil prices eased in Asian trade Thursday as stock markets weakened and investors booked profits following a surge above 78 dollars a barrel, analysts said. New York's main futures contract, light sweet crude for delivery in July, shed 55 cents to 77.12 dollars a barrel while London's Brent ...

No grant for defunct ‘JuD’ in budget: Punjab govt.

No grant for defunct ‘JuD’ in budget: Punjab govt.

Wednesday, June 16, 2010 9:21

LAHORE: Shooting down the media claims regarding allocation of grants for various institutes, schools, hospitals and organizations working under defunct outfit Jamaat-ud-Dawah, Punjab government has simply ruled out accepting any such claim as ‘true’. “No grant has been allocated for banned JuD in Punjab budget”, said Punjab government ...

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Memon links waste paper use to tax hike

Tuesday, June 15, 2010 10:06

KARACHI: Chairman of All Pakistan Paper Merchant Association Salim Memon attributed the misuse of waste paper to the raise in rate of taxes on import of paper and paperboard. Talking, he said he condemned the use of cardboard of wine cartons in minors� notes books. He demanded the ...

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How the federal budget announcement was different

How the federal budget announcement was different

Monday, June 14, 2010 12:44

KARACHI: Pakistan’s previous budget speeches have largely been irrelevant. Up till now, post budget analysis usually focused on the posture of the Finance Minister, the common man’s burden, the lack of relief given to the people, the retention of perks for the privileged and even the mistakes of ...

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Rs12bn bailout package for PSM

Rs12bn bailout package for PSM

Saturday, June 12, 2010 18:33

ISLAMABAD: Prime Minister Yousuf Raza Gilani approved on Friday a Rs12 billion bailout package for Pakistan Steel Mills, including bank guarantees. The package proposed by the ministry of industries and production allows the country’s premier steel producer to procure raw material, including imported iron ore and coal, and operate ...

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Inflation slows as power tariff hike delayed

Inflation slows as power tariff hike delayed

Friday, June 11, 2010 18:29

Pakistan’s inflation slowed in May after the government delayed a planned increase in power tariffs, reducing pressure on the State Bank to increase borrowing costs next month. Consumer prices rose 13 per cent from a year earlier after climbing 13.26 per cent in April, the Federal Bureau of Statistics said on ...

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Donors stop loans over lack of tax power sector reforms

Donors stop loans over lack of tax power sector reforms

Friday, June 11, 2010 12:39

ISLAMABAD: Multilateral donors have temporarily stopped over $1.5 billion loans, which were in the pipeline, as the government failed to deliver on promises of tax and power sector reforms, say officials. A senior official of the Economic Affairs Division confirmed to The Express Tribune that the Asian ...

Bears return to KSE Index slips 318 points

Bears return to KSE Index slips 318 points

Thursday, June 10, 2010 18:52

KARACHI: The KSE-100 Index closed at 9,359 with a decline of 318 points. Trading activity remained on the lower side as a total of 106 million shares were traded in the market. Experts are of the view that the issue of Capital Gain Tax (CGT) which has been ...

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Govt decides to scrap Value Added Tax

Govt decides to scrap Value Added Tax

Thursday, June 10, 2010 12:31

ISLAMABAD: In an apparent retreat, the government has in principle made up its mind to scrap the Value Added Tax (VAT) and reform the existing General Sales Tax (GST) in a way that can satisfy the International Monetary Fund (IMF). However, the move may lead to halting of ...

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