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Senate Standing Committee on Finance Wednesday rejected Sales Tax (Amendment) Bill 2014, taking a plea on that it would place an additional sales tax burden on consumers through CNG stations, in violation of the Supreme Court orders. The committee chaired by Senator Nasreen Jalil decided not to recommend the Sales Tax (Amendment) Bill 2014 for putting before the National Assembly. Members of committee from ANP and MQM opposed the bill, PPP abstained from the panel while a Senator from PML (N) gave her vote in favour of the Bill.

Chairman Federal Board of Revenue (FBR) Tariq Bajwa on Wednesday said the government was charging 17 percent sales tax on supply of CNG to consumers. He informed the Senate Standing Committee of Finance here on Wednesday that the government was charging supply of CNG at the general sales tax rate of 17% of value of supply of CNG to consumers instead of charging tax @17% on purchase of gas by a CNG station and an extra sales tax of 9% to cover the value addition. Thus, the government has eliminated discrimination between the rates of sales tax on supply of CNG and other products, Bajwa added.
The Senate on Wednesday unanimously adopted the recommendations made by its Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatisation on 'The Sales Tax (Amendment) Bill, 2014'. The Senate rejected by a majority vote Pakistan Medical and Dental Council Amendment Ordinance that sought to vest the federal government with powers to control the regulatory body.
Pakistan on Wednesday concluded the long-delayed auction for 3G/4G spectrum, fetching a non-tax revenue of over $1.11 billion with all the four qualified bidders winning 3G licenses. One of them emerged as the winner of 4G license as well. The government raised $903 million from 3G spectrum auction and $210 million from the 4G spectrum.
Karachi Stock Exchange (KSE) suffered a massive decline Wednesday after panic selling gripped the market amid future contracts rollover and profit-taking in index heavyweights. The KSE 100-index shed 474.65 points to close at 28,717.19 or 1.08 percent against 29,191.84 points Tuesday. The index opened at 29,191.84 points and hit 29,351.34 points intra-day high. It closed at 28,717.19 points suffering a huge loss of 474.65 points.
Karachi Stock Exchange (KSE) suffered a massive decline Wednesday after panic selling gripped the market amid future contracts rollover and profit-taking in index heavyweights. The KSE 100-index shed 474.65 points to close at 28,717.19 or 1.08 percent against 29,191.84 points Tuesday. The index opened at 29,191.84 points and hit 29,351.34 points intra-day high. It closed at 28,717.19 points suffering a huge loss of 474.65 points.
Reference is made to a news item "Chairman PSM Board of Directors" carried by Business Recorder on 21.04.2014. It is clarified that the appointment of present Chief Executive Officer(CEO) of Pakistan Steel Mills (PSM) Major General Zaheer Ahmed (Retd) is in accordance with Companies Ordinance, 1984 and PSM Memorandum and Articles of Association.
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Index Closing Chg%
Arrow DJIA 16,501.65 0.08
Arrow Nasdaq 4,126.97 0.83
Arrow S&P 1,875.39 0.22
Arrow FTSE 6,674.74 0.11
Arrow DAX 9,544.19 0.58
Arrow CAC-40 4,451.08 0.74
Arrow Nikkei 14,546.27 1.09
Arrow H.Seng 22,509.64 0.97
Arrow Sensex 22,876.54 0.52





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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln