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Withholding is an act of deductions or collections of tax at source according to Income Tax Ordinance, which has generally been in the nature of an advance tax payment. It is an effective mechanism and important/timely source of revenue. Their contribution is about 41% of total direct tax revenues. Increase from Rs 5 billion in 1991 to above Rs 169 billion in 2007 speaks of exponential growth and consequential heavy reliance on withholding taxes in Pakistan. Under the repealed Income Tax Act, 1922, tax was deducted from two main sources of income; namely, salaries and interest on securities. Over the period of time, Withholding Tax net was extended, by steadily introducing different Provisions in the Tax Laws. The repealed Income Tax Ordinance, 1979, brought in all the provisions of the Income Tax Act, 1922. However, in the 1990s, withholding tax net was expanded extensively by providing for withholding tax on a wider variety of transactions and making most of them presumptive. Provisions of the Income Tax Ordinance, 2001, are more or less the same, except for a few changes and additions. Important withholding provisions relate to salary, imports, exports, commission and brokerage, dividend, contracts, cash withdrawals, profit on debt, utilities, vehicles tax, stock exchange-related provisions and non-residents, etc, with varying rates.

The new band of rebel recruits was supposed to prove the United States could train moderate Syrian fighters to defeat the jihadists in the war-ravaged nation. But soon after returning to Syria, the American-backed fighters handed over a quarter of their ammunition and other equipment to a local al Qaeda affiliate, known as the Al-Nusra Front.
As volunteer doctors, they are accustomed to treating injuries and disease outbreaks in conflict zones - but now duty calls on Greek soil. In the mobile Medecins du Monde mobile unit on the island of Lesbos, attending to thousands of refugees and migrants landing from neighbouring Turkey is a round-the-clock affair. Aching muscles, lower body injuries, pulmonary infections - with around 350 patients a day, there is little time to dwell on specific patients.
Freud would have read it as a pathogenic existence. Dependent on the symptoms he probably would have related it to either a compulsive neurotic behavior or a schizophrenic one. The latter indicates a given source of fixation and rigidity and is a disease that is difficult to overcome. Compulsive neurotic behaviour on the other hand is curable and one has to re-educate the person(s). Delusions can therefore fall into either of these two categories. All this is when the powers that be explain sea-changers in the economy in the future. They are not tuned to normative or positive actions of a government. Loyalty forces them to do what they are doing. Cleverly played by the political government they have a coterie of people seeking ministerial jobs but they have to provide the political powers loyalty. So they get on to the TV and do what is best known to them. Speak utter lies to jack up the credibility of their political bosses. One would have thought that this sycophancy would not be part of PTI but that is also aborted.
Clouds are gathering over the world's economic leaders ahead of a meeting in Peru to confront the fallout of a China-sparked commodity price crash that has rocked once-powerful emerging markets. The impending prospect of a US interest rate hike, the first in nine years, further darkens the horizon for the world's finance ministers and central bank governors who meet in the Peruvian capital of Lima next week.
Petty graft plagues Tunisia's economy, nearly five years after state corruption triggered the fall of president Zine El Abidine Ben Ali, partly due to lack of political will, experts say. Corruption was endemic under long-time dictator Ben Ali, whose close circle - especially his wife's family - had an iron grip on the economy. Public debate has again centred around the topic after President Beji Caid Essebsi in July presented to the cabinet a draft "economic and financial reconciliation" bill that would grant amnesty to those convicted of corruption if they return stolen public money and pay fines.
Image"Mian sahib is a simple man - give him shabdegh, give him puri halwa, give him hareesa and he will be content.""Excuse me, but these are all delicacies and what's so simple about them?"


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.998 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklySeptember 21, 2015
Reserves $18.726 bln