ISLAMABAD (March 14, 2010): Prime Minister Yousuf Raza Gilani has approved the revised relief package for NWFP, designed to rehabilitate the economy of the province by offering tax incentives and Rs 2.5 billion Credit Guarantee Scheme (CGS).

ISLAMABAD (March 14, 2010): Prime Minister Syed Yousuf Raza Gilani constituted a committee headed by Deputy Chairman, Planning Commission to improve the functioning of various organisations of the government through application of latest information technology. Secretaries of Information Technology, Finance and Interior will be the members of the committee.

ISLAMABAD (March 14, 2010): The Federal Board of Revenue (FBR) has introduced 24-25 new terminologies in the proposed Federal Value-Added Tax (VAT) 2010 and Provincial VAT Bills, 2010. Sources told Business Recorder here on Saturday that Pakistan's VAT law has been made compatible with the international laws.

ISLAMABAD (March 14, 2010): The Federal Board of Revenue has revised downward total strength of the Pakistan Revenue Automation Limited (Pral), the technical arm of the FBR, from 1,527 positions to 1,393 positions due to rising number of e-filing of tax returns/statements.

ISLAMABAD (March 14, 2010): The government has restored 25 percent regulatory duty (RD) on export of waste and scrap of aluminium and copper along with bars, rods, ingots, slabs and billets etc till June 30, 2010, official sources told Business Recorder. The Federal Board of Revenue (FBR) on March 9, 2010 said that the Economic Co-ordination Committee (ECC) of the Cabinet, with the objective of meeting demand of local industry, imposed regulatory duty (RD) at 25 ad valorem.

KARACHI (March 14, 2010): Pakistan Steel on Saturday announced raise in the prices of seven steel products by up to Rs 4,000 per ton, dealers said. They said that PS has raised the prices of cold rolled, hot rolled, billets, copal plate, slab, galvanised products and chequered plat to rationalise its products prices in line with international market and just after increase in the import trade price (ITP) of three major steel products by customs.

KARACHI (March 14, 2010): Pakistan customs has foiled a bid to import huge quantity of banned items in the garb of 'diplomatic cargo'. Sources in Model Customs Collectorate (MCC) told Business Recorder on Friday that action has been taken by Nisar Ahmad Khan, Collector, MCC, in pursuance of information from Munir Qureshi, Member, Customs. Reacting on the information, the R&D wing of the collectorate detained some four containers, booked as 'Diplomatic Cargo', by a consulate, they said.

ISLAMABAD (March 14, 2010): The Central Development Working Party (CDWP) of the Planning Commission, scheduled to meet on March 18, is likely to approve 54 development projects, costing Rs 321.7 billion to improve infrastructure and social sector services delivery system. According to the agenda available with Business Recorder, the CDWP would take up 4 projects in energy sector, costing Rs 86.8 billion, for consideration.

ISLAMABAD (March 14, 2010): Fourteen people were killed and 65 injured Saturday in a suicide bomb attack in Mingora, Swat Valley, a day after two bombings killed dozens in Lahore, police said. Taliban militants claimed responsibility for all the three attacks, saying these were to avenge Pakistan's support for the US in its fight against terrorism and its recent offensives against the Islamist insurgents.

NEW DELHI (March 14, 2010): India on Saturday condemned the bomb blasts in f Lahore which claimed at least 47 lives as "acts of terrorism." "The government unequivocally condemns the series of bomb blasts in Lahore which claimed the lives of scores of people, including innocent civilians, and injured many more, among them women and children," the foreign ministry said.