LATEST/BRIEF NEWS:
PAKISTAN (Brief News):
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Pak-Afghan-Turkey summit begins today
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Karachi violence death toll rises to 8
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Karachi: Several held in Rangers
operation
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Operation in several Karachi areas, 14
suspects arrested
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Iconic Dilip Kumar turns 90 today
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Lahore roadside accident injures 25 persons
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Terror havens in Pakistan threat to
Afghan peace: Pentagon
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Ex-PM Gilani refuses to appear before
NAB in OGDCL case
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Ch. Nisar rejects by-polls rigging
allegation
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Pakistan, US discuss security, civil
N-energy
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SC moved against appointments of Asim,
Salman Farooqui
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PM forms 3G oversight committee
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26/11 case India welcomes presenting
of evidence in Pakistan court
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Indian border fire kills Pakistani
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US concerned over Pak-Iran gas
pipeline
o
N
to contact Sindh nationalists for seat adjustments, alliances
WOLRD(Brief News):
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Obama heads to Michigan auto plant
pressing case on fiscal cliff
o
Egypt's opposition rejects
constitutional referendum
o
North Korea extends rocket launch
window due to "technical problems"
o
Analysis: North Korea a looming
problem for whoever wins South vote
o
Analysis: Distrust among members of
Congress complicates "cliff" talks
o
U.S. and Russia still back Syria
settlement: U.N. envoy
o
Italian political crisis drives up
borrowing costs
o
Analysis: As China's clout
grows, sea policy proves unfathomable
o
Ghana's Mahama wins election,
opposition cries foul
o
Analysis: Franco-German chill
reshuffles cards in Europe
o
Hamas's Gaza jubilation
proves Israel is at risk: Netanyahu
o
Investors offer about $38.8 billion in
Greek buyback: source
o
As "fiscal cliff" nears,
market complacency sets in
o
Ghana's Mahama wins election,
opposition cries foul
o
Tech guru McAfee's legal
appeals win him respite in Guatemala
o
Analysis: As China's clout
grows, sea policy proves unfathomable
o
IMF chief says U.S. needs blend of
spending cuts, revenue raising
o
Suspect dead after three killed on
California Indian reservation
o
Italian political crisis kicks off
campaigning as markets watch
o
U.S. and Russia still back Syria
settlement: UN envoy
o
Three killed in shooting on California
Indian reservation
o
Venezuela's Chavez suffers
cancer again, names potential heir
o
Mandela comfortable in hospital: South
Africa
o
Clashes rage in Lebanon's
Tripoli as bodies returned
o
Germany's SPD names former
finance minister as Merkel challenger
o
Dozens of same-sex couples wed in
Washington state for first time
o
Insight: Making France work again
o
Bond set at $500,000 for
Cowboys' Brent in fatal crash
WOLRD BUSINESS(Brief News):
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Greece received 26.5 billion euros in
buyback bids by end-Friday
o
Rwanda urban inflation falls to 4.55
pct in November
o
Ivorian cocoa arrivals seen around
425,000 T by December 9
o
OECD sees emerging signs of upturn in
China economy
o
China economic recovery intact, but
weak exports drag
o
German finance ministry says counts on
Greek buyback success
o
Obama heads to Michigan auto plant
pressing case on fiscal cliff
o
Global shares fall, euro slides as
Monti deepens Italy uncertainty
o
China November exports rise 2.2
percent month-on-month
o
ENRC brushes off debt risks from Congo
deal
o
Greece extends buyback offer to reach
target
o
Investors offer about $38.8 billion in
Greek buyback: source
o
Insight: Making France work again
o
Time running short for agreement to
loosen French labor laws
o
One in three chance a future Greek government
might exit euro: S&P
Business News:
Pakistan
Rs656bn tax relief for firms in 4 years
ISLAMABAD: The government has granted a whopping relief of Rs656
billion in customs duties, income tax and sales taxes to both public and
private sector companies over the past four years. In a written response to a query, Finance Minister Dr Abdul Hafeez Shaikh told the National Assembly on Monday that the waivers were as per the relevant laws.
However, some independent experts said that in a country like Pakistan, where not many people regularly paid taxes, the government should review its tax exemption schemes that are frequently manipulated, even abused.
Dr Shaikh told the assembly that the total amount of customs duties waived off in the last four years stood at Rs361bn.
The government waived off customs duties amounting to Rs73bn in 2008-09, Rs81bn in 2009-10, Rs93bn in 2010-11 and Rs114bn in 2011-12.
Similarly, the income and sales taxes waived off during the period amounted to Rs295bn. Under these categories, the government granted relief of Rs58bn in 2008-09, Rs73bn in 2009-10, Rs71bn in 2010-11 and Rs93bn in 2011-12.
The minister said there were two types of waivers; firstly the exemptions which were laid down within the tax laws and were claimed by the taxpayers at the time of filing of tax returns. Secondly, the government had the option to allow exemptions and waive-offs of taxes anytime during the year keeping in view the economic realities.
Under the Income Tax Ordinance of 2001, notifications are issued under section 53(2) of the Income Tax Ordinance of 2001. Likewise, section 13 of the Sales Tax Act empowers the federal government to allow waivers to various taxpayers.
The procedures to waive-off taxes by the FBR (Inland Revenue) with regard to income tax, sales tax and federal excise duty are enshrined within the respective taxing statutes; the Income Tax Ordinance of 2001, Sales Tax Act of 1990 and the Federal Excise Duty Act of 2005.
The government has taken measures to improve customs and tax departments, including creation of the directorate-general of the Transit Trade, through the Finance Act of 2012, creation of the directorate-general of reforms and automation through the Finance Act of 2012, creation of the directorate-general of Risk Management through the Finance Act of 2012, and creation of the directorate-general of Intellectual Property Rights Enforcement through the Finance Act of 2012.
Dr Shaikh said the Federal Board of Revenue had launched a comprehensive programme of tax reforms under the Tax Administration Reform Project (TARP) which ended on June 30.
Measures like merger of income tax, sales tax and federal excise duty to be handled by one service, the Inland Revenue Service, have been taken which on the one hand have facilitated taxpayers and on the other have bolstered revenue collection.
EXCHANGE FOR CURRENCY NOTES:
U.S.A 97.57
S.Arabia 26.02
U.K 156.35
Japan 1.1830
Euro 125.85
U.A.E 26.56
BULLION RATES IN
RUPEES PER 10 GRAMS
KARACHI
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Oil up in Asia on expectations for
fresh US stimulus
SINGAPORE: Oil prices rose in Asian trade Tuesday on expectations of fresh stimulus
measures from the US Federal R
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Euro slips in Asian trade
TOKYO: The euro was weaker in Asian trading on Tuesday, weighed by worries over
Italian Prime Minister Mario Monti
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High dollar demand weighs down on
rupee
KARACHI: In the currency market, the rupee weakened to 96.91/96.95 against the dollar,
compared to Friday s 96.70/
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KSE steady near 16,800pts ahead of
monetary policy
KARACHI: Stocks steadied near 16,800 points on Monday, ending a four session streak
of record highs, as traders aw
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Petroleum Ministry proposes CNG
price at 80% of petrol
ISLAMABAD: The Ministry of Petroleum has recommended a rise in the price of
Compressed Natural Gas (CNG) to a
leve
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Dollar firm in Asia after US jobs
data
TOKYO: The dollar held firm in Asian trade Monday on the back of better-than-expected
US jobs data, while the yen
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Oil up in Asia on upbeat China
manufacturing data
SINGAPORE: Oil prices gained in Asia Monday as traders welcomed data indicating a
continued economic pick-up in Ch
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CNG stations shut for 3 days in Lahore
zone
LAHORE: CNG Stations have been closed in the Lahore zone for the next three days as part
of Gas Load Management Pl
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Long queues of vehicles at CNG
outlets in twin cities
ISLAMABAD: Long queues of vehicles were seen outside some of the CNG stations that
reopened after a three-day clos
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Sindh CNG stations re-open after
24 hours
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Sindh CNG stations reopen after
24-hour closure
KARACHI: CNG stations in Sindh including Karachi have reopened following the 24-hour
closure under gas load manage
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Apple and Samsung: A defining
rivalry
JAKARTA/SEOUL: What a difference three months can make. At the end of August, Apple Inc
(AAPL.O) seemed on top of
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Sindh CNG stations shut for 24
hours
KARACHI: All CNG stations in Sindh region remained shut for 24 hours-- from Saturday midnight
till Sunday midnight
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China''s mini Apple takes slice of
smartphone pie
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Rupee down vs US dollar ahead of
govt payments
KARACHI: In the currency market on Friday, the rupee weakened to 96.70/96.76 against the dollar,
compared to Thurs
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