Tuesday 1 May 2012

LATEST NEWS UPDATE:02.05.2012



Hafeez hints at budget revenue target of Rs2.3tr
ISLAMABAD: Undeterred by the May Day holiday and the raging political storm over the conviction of prime minister in the contempt case, federal Finance Minister Dr Abdul Hafeez Shaikh held a meeting on taxation proposals on Tuesday.
Sources in the Federal Board of Revenue (FBR) said that during the meeting the minister hinted at fixing revenue collection target at Rs2.3 trillion in the budget for 2012-13. This target would be met by widening the tax base rather than by proposing additional taxes or increasing the existing tax rates that would hit the common people directly.
Dr Shaikh also underlined the need for achieving this year’s collection target of Rs1,952 billion. He said the officials failing to meet their targets would be dealt with severely. They would be transferred and adverse remarks would be entered in their annual confidential reports.
An official familiar with the deliberations made during the meeting told Dawn that there seemed little room for additional taxes in the budget as its focus would be on efforts to document the economy.
Tax officials headed by FBR chairman Mumtaz Haider Rizvi briefed Dr Shaikh about the various proposals that were either meant to document the economy or encourage investments. “We cannot increase the existing tax rates or extend the scope of taxes to some products,” the official said.
The tax officials proposed that slabs for the salaried class be reduced from 16 to six. The minimum tax rate should be 10 per cent on taxable incomes of up to Rs1 million, and the maximum rate should be 35 per cent on taxable incomes exceeding Rs10 million.
It was proposed that incomes of more than Rs350,000 be deemed as taxable, which would give relief to the low-salaried people.
The sources said the meeting also deliberated on lowering the GST rate and observed that the move would bring about the desired results only if all the sectors of the economy were documented.
The meeting observed that only between 75,000 and 80,000 people were filing sales tax returns with the department.

Blasts target ATMs in various cities of Sindh
HYDERABAD: Various Automated-Teller-Machines (ATMs) belonging to government-run banks were targeted early on Wednesday in a series of blasts in various cities across the province of Sindh injuring many people, DawnNews reported.
An organisation named as the Sindhu Desh Liberation Army (SDLA) claimed responsibility for the attacks.
Citizens came under the grip of fear and panic as a result of the blasts whereas security forces were on alert and deployed on sensitive installations across the province.
Four ATMs were targeted in Hyderabad. Buildings around the blast sites suffered partial damage with their windows and doors ripped apart as a result of the explosions.
Police found pamphlets belonging to the separatist organisation SDLA near the targeted ATM on Hyderabad’s Fatima Jinnah Road Branch.
Similar attacks on ATMs took place in Nawabshah, Larkana, Dadu and Moro.
No loss of life was reported in the attacks.
Fear and uncertainty engulfed the residents, ATM customers and employees of the banks.
Another bomb exploded on railway track near Sukkur between Sarhad and Mirpur Mathelo.
Earlier in November 2011, railway tracks had been targeted in various cities of Sindh, the responsibility of which was also claimed by the SDLA.

LATEST/BRIEF  NEWS:



·       Six killed in Kabul explosions
·       At least 16 blasts rock Sindh cities
·       Pakistan on alert for OBL anniversary
·       Lay down arms, government to Lyari gangsters
·       Dr AQ Khan to address PU students today
·       Imran accused of facilitating Zardari

Business News
Tue, 1 May 2012

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Shoaib A Raja ISLAMABAD: In a deplorable example of continuing idiosyncrasy,
Prime Minister Syed Yusuf Raza




MOHAMMED SALEEM MANSOORI

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