Starved of revenue avenues, the government in all likelihood is expected to ride on receipts from the Gas Infrastructure Development Cess, in the 2012-13 budget to be announced tomorrow. News reports suggest that the government is keen on increasing the cess of Rs.197/mmbtu on the fertiliser sector by another 52 percent to round it off at Rs.300/mmbtu.
Earlier this month, the Greek economy faced a deadlock when the national elections remained largely inconclusive as the parliament was fragmented by a strong anti-austerity vote. Shunning up austerity is as good as forsaking all ties with the eurozone - the bloc that has been bailing out the Greeks every time theyve fallen on their faces.
The Federal PSDP hasn been slashed, thus far! The latest figures released by the Planning Commission show that Rs.169.8 billion had been disbursed for the Federal PSDP projects as of May 25, 2012. Five weeks till the fiscal year draws to a close, the Commission has to release just over 25 percent of the funds it is authorised to disburse, i.e., Rs.228.4 billion from the FY12 PSDP totaling Rs.300 billion.
Wealth tax is a tremendous disincentive for savings in an investment starved country. Its a penal tax. With investment at a 50-year low, the budget should be designed in a way to make people save more to meet investment needs that can in turn spur the stagnating economy and generate employment.
"We will not let the rulers declare India our favourite country" declares a graffiti tag on Kashmir Road in Karachi. This public service message was presumably brought to us by the Difa-e-Pakistan Council, if the attribution (which was in the same color of spray paint) is to be taken at face value.
Every time the country goes gaga over some potential discovery in the E&P sector or some major import plan to bring energy to the deficient land, if its the not price the project completion time spill water on all hopes.