LATEST/BRIEF NEWS:
o
PPP marks 45th
Foundation Day today
o
One dead two injured in Karachi
violence
o
Two gunned down in
last 10 minutes in Karachi
o
Altaf terms SC judge remarks unlawful
o
ECP dual nationality deadline ends
today
o
Pakistan fiscal deficit goes double than the
target: IMF
o
NEPRA says power load
shedding to continue till 2020
o
Strike being observed
in Sindh against SPLGO 2012
o
Next polls to be held
on scheduled time, political forces get ready: President Zardari
o
PM blocks Maliks
mobile decisions
WOLRD(Brief News):
o
U.N. set for implicit recognition of
Palestinian state, despite U.S., Israel threats
o
Euro zone economic mood cheers up a
little in November
o
Bombs kill 30 in Iraq Shi'ite
cities
o
Geithner set for talks on cliff;
senator sees "standoff"
o
Insight: France's love affair
with nuclear cools
o
Mursi to speak as Egypt's
Islamists seek way out of crisis
o
Insight: Cash crisis, Arab ferment
threaten Jordan's stability
o
After election, pressure grows on
Obama in Asia-Pacific trade talks
o
Two tickets share record $588 million
Powerball win
o
U.S. bans BP from new government
contracts after oil spill deal
o
Cracks show in Republican unity on tax
rates
o
SAC Capital says it could be charged
by SEC
o
Rice meets with Republicans, fails to
win them over
o
New home sales stagnant, cast shadow
on housing
o
Egypt assembly seeks to wrap up
constitution
o
Car bombs kill 34 in pro-Assad
Damascus suburb
o
House speaker Boehner optimistic can
avert fiscal crisis
o
Iran "will press on with
enrichment:" nuclear chief
o
Strong European support for
Palestinian statehood move
o
New home sales stagnant, cast shadow
on housing
o
Cracks surface in Republican unity on
tax rates
o
Rice meets with Republican senators,
doesn't win them over
o
Obama to host Romney at White House on
Thursday
o
New York nanny pleads not guilty in
deaths of two kids
o
Spain to overhaul rescued banks as
condition of aid
o
Euro zone central banks may roll over
their Greek bonds
o
Congo M23 rebels say withdrawing
forces
WOLRD BUSINESS(Brief News):
o
Cyprus says euro ministers could
decide on aid in December
o
German right won't snub
Merkel in Greek vote: ally
o
Euro zone economic mood cheers up a
little in November
o
RBC profit rises 22 percent on
trading, loans
o
U.S. budget deal hopes lift shares and
commodities
o
Angola October forex reserves rise to
$30.49 bln - cbank
o
EU to launch free trade negotiations
with Japan: EU officials
o
UK banks not as healthy as official
ratios suggest: Bank of England
o
Mitsubishi Heavy, Hitachi to combine
power system businesses
o
Day of reckoning for Cameron and
British press
o
Bank of England warns UK banks may
lack enough capital
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Stock futures point to higher start
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ECB right not to disclose
Greece-related documents: court
o
Gold Fields to spin off oldest South
African mines
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Debswana cuts 2012 diamond output
forecast on weak demand
Business News:
Pakistan
Pakistan needs broader tax base, fewer
subsidies: IMF board
WASHINGTON: Pakistan should reduce subsidies and widen the tax base
to tackle the government’s bloated budget deficit, the International Monetary
Fund’s board said on Thursday.The Pakistani government should also reform tax policy and boost tax compliance in the long-term to reduce the fiscal deficit, which is likely to reach 6.5 per cent of national income by June 2013, above the government’s target of 4.7 per cent, Fund directors said.
“(IMF) directors underscored that reducing the large fiscal deficit is essential for restoring macroeconomic and external stability,” the IMF said in a summary of the board’s discussion on Pakistan last week.
The board also called on Pakistan to discuss its policies with the Fund. Less than 1 per cent of Pakistan’s 180 million citizens pay income tax and no one is believed to have been prosecuted for tax evasion in 25 years, to the dismay of Western allies who have contributed billions of dollars in aid.
Pakistan’s new tax chief, Ali Arshad Hakeem, has pledged to make the country’s elite pay their fair share. To get more people into the program, he also plans to offer a 10-week amnesty that forgives past offenses and only places a small tax burden on participants in the first two years.
But the IMF said some of its directors said Pakistan should reconsider the tax amnesty. It did not provide further details.
Fund directors also urged the government to consider alternative tax measures beyond a VAT tax, which is often difficult to implement, such as strengthening the income tax.
The IMF periodically reviews countries whose IMF programs have lapsed, but who still owe money to the Fund.
Pakistan’s $11 billion IMF loan program ended in 2011 because of slow implementation of fiscal reforms, and some analysts have since warned about a possible balance of payments crisis.
The IMF board also said Pakistan should have a more independent central bank that will fight inflation, which is likely to return to double digits in the fiscal year ending in June 2013.
The State Bank of Pakistan cut its key policy rate by 50 basis points in October, saying inflation had slowed in recent months.
EXCHANGE FOR CURRENCY NOTES:
U.S.A 97.36
S.Arabia 25.96
U.K 155.94
Japan 1.1861
Euro 126.12
U.A.E 26.51
BULLION RATES IN
RUPEES PER 10 GRAMS
KARACHI
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