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The following gives an overview of significant amendments suggested by Tax Reforms Commission (TRC): The Federal Government through Finance (Amendment) Ordinance, 2015 ("FAO") has introduced following amendments in statute, by curbing discretionary powers of federal government and FBR, which in our opinion will serve a long way and will ensure transparency of issuance of such future notifications.

President Barack Obama's war strategy failed to stop Islamic State from overrunning Ramadi but he appears reluctant to change course despite the group's advances on the battlefield. The disastrous fall of the Iraqi city exposed the limits of Obama's policy, experts say, highlighting the sectarian divisions in Iraqi society exploited by the IS group and the American president's determination to avoid another protracted military occupation. After the Iraqi army's embarrassing rout on Sunday, Obama struggled to defend his approach and insisted the collapse in Ramadi was merely a "tactical setback."
Gulf oil producers, led by Saudi Arabia, will resist attempts to cut output at an Opec meeting next month as preserving market share remains their top priority, industry analysts said. A decision by the 12-member Organisation of Petroleum Exporting Countries not to cut production in November sent prices crashing 60 percent before a partial recovery in recent weeks.
The time will come when we will forget the fear caused by the Karachi carnage. We had inside of one year already forgotten the Peshawar School attack. We are not the only nation that has had this kind of amnesia. Others have it too. Our political leaders are constantly harping on the fact that we are on the move economically and that is the reason for this attack. That our potential is unlimited and we only have to work to that potential. That connection is tenuous at best. The fact remains that the political system seems to have developed the skills to state a true fact and then hide a lot of lies behind it. The information that is sent out is different and skilfully passed on to the public. Take for consideration the economic corridor that is to be built by China. The true facts have not been indicated. The cost to future generation[s] will be horrendous based on the rumours floated by economists and anchorpersons. Suffice it to say that the facts seem to be different. In the absence of right to information all that we will get are rumours. Take the jungla bus the true facts as to costs have not been revealed. How these costs have been worked out is again a moot point. The government is in any case unable to count and reveal the true costs to the citizens of the towns where this jungla bus is to operate. I know that the cost to me has been excessively burdensome in terms of repair and maintenance of transport(s). All kinds of rubbish have been strewn around causing environmental pollution and we have the CM's infantile habit of taking a ride and pronouncing satisfaction or shouting as if the people operating are his servants.
Short cuts and political expediency have effectively eroded many possibilities of documentation of economy, being the only mean to improve tax-to GDP ratio. One such glaring incidence is a sub-section of the Income Tax Ordinance, 2001, which consist only of one sentence that effectively overrides whatever else is there in the whole Ordinance. This is section 111(4) which states that any remittance from abroad will be exempt from any enquiry by tax officer.
Tourists and film stars hitting the beach at the French Riviera resort of Cannes may be blissfully unaware but lurking beneath the sparkling waves are tens of thousands of now troublesome scrap tyres, sunk deliberately to boost marine development. Back in the 1960s, it seemed like the ultimate win-win idea: sink tyres into the sea and create artificial reefs, stimulate marine life, help the fishing industry and get rid of unwanted scrap in one fell swoop.
"So both Shahbaz Sharif and Rana Sanaullah have been exonerated and the Model Town tragedy with 11 deaths and a little more than 100 injured with live bullets was due to our dabang police officers."

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln