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Budgets: 2007-08

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Image3 GROUP RELIEF SECTION 59B: The existing Section 59B has been proposed to be substituted by a new Section which is far more comprehensive in its scope and implication. The objective underlying this Section appears to be furtherance of the concept of group taxation insofar as treatment of losses of the group companies is concerned.

This Memorandum is correct to the best of our knowledge and belief at the time of going to press. It is intended as a general guide and therefore is not a substitute for specific professional advice which should be sought before any action is taken. This Memorandum may be accessed on our website http://www.ey.com/pk
The clichés and rhetoric by the Government that Budget 2007 is "exemplary", "truly election winner", "growth-seeker" and "relief-oriented" stand exposed after one carefully studies the Finance Bill, 2007, which is nothing but reflective of continuance of regressive taxation.
State Minister for Finance Omar Ayub Khan on Saturday presented an election-focused, pro-growth budget of Rs 1.874 trillion, which envisages, among other things, a record development spending of Rs 502 billion and subsidy-based relief for the poor and the low-income groups through massive expansion of utility stores network.
The government on Saturday announced levy of one percent special surcharge on the import of all goods excluding essential commodities and extended duty exemptions/reductions on the imports made by five export sectors including gems/jewellery, furniture, marble and granite, horticulture and surgical equipment/medical devices.
ImageThe Federal Government in its 2007-08 Budget has proposed a ''zero-tariff'' slab in order to reduce cost of raw material thus minimising cost of doing business and to accelerate industrial development. As a result, about 400 items would fall under this slab.
Federal Minister of State Omar Ayub Khan told the National Assembly on Saturday that the facility of debt/swap to spinning sector has been granted. Without going into details, the minister''s statement, on the floor of the house conceded to the demand of the All Pakistan Textile Mills Association to lower the financial cost of the spinning cost.

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln