Finance Ministry has decided to release only Rs 5 billion to the power sector subsequent to the directives of caretaker Prime Minister Mir Hazar Khan Khoso to immediately release Rs 22.5 billion, it was learnt. Sources revealed that a meeting was held between Advisor to Prime Minister on Finance Dr Shahid Amjad Chaudhary and Secretary Finance Dr Waqar Masood subsequent to the directive of caretaker Prime Minister.

The Federal Board of Revenue has proposed comprehensive amendments to the sales tax laws in Budget (2013-14) to check huge tax losses in energy sector by curtailing sales tax refunds to power sector entities. Sources told Business Recorder here on Monday that the FBR has proposed amendments to the Sales Tax Act 1990 and Sales Tax Special Procedure Rules in Budget (2013-14) in this regard.

Federal Minister for Information and Broadcasting Arif Nizami on Monday said the new government is likely to announce budget for the next financial year in first week of June. "The expected finance minister in the new government Senator Ishaq Dar is busy in preparing budgetary proposals these days and the new government is likely to announce the budget in the first week of next month," Nizami said while talking to media after addressing a seminar "Creating Joint Social Media Policy for all Government Departments," organised by the Ministry of Information and Broadcasting and Global Strategies.