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The government is likely to introduce a new kind of surcharge on super rich individuals and companies in the upcoming budget (2015-16). Sources told Business Recorder here on Saturday that the idea is to impose super tax/surcharge on the income of elite class of the society and the concept of taxing super rich class has been taken from India where this measure was announced in last budget. The rationale behind super tax is that the rich and wealthy should pay higher taxes.

The World Bank has said that despite a number of reforms in tax policy and administration, tax performance in Pakistan has worsened over the last decade, resulting in a low tax-to-GDP ratio (10 percent) compared to the South Asia region as well as rest of the world. It is learnt on Saturday that the WB has issued aide-memoire on Tax Component of the Trust Fund for Accelerating Growth and Revenue (TAGR) program.
The Federal Board of Revenue (FBR) has decided to re-designate post of FBR Member Enforcement & Withholding (WHT), as Member (Reforms, Analysis & Research) and all major functions of WHT would be handed over to the Director General Withholding Taxes. Sources told Business Recorder here on Saturday that the change of designation and job description of FBR Member Enforcement & Withholding (WHT) as Member (Reforms, Analysis & Research) was discussed during the last meeting of the Board-in-Council.
Finance Minister, Senator Mohammad Ishaq Dar arrived in Baku, Azerbaijan to participate in the 48th annual meeting of Asian Development Bank (ADB) Board of Governors. He would also have other important meetings and engagements during his stay at Baku from 2-5 May, 2015, says a statement received here Saturday. The ADB Board of Governors meeting would open on May 4 preceded by Governors Roundtable on 'Fluctuating commodity prices and their impact on Asia'. Governors plenary on "Opportunities and Challenges for Livable Asian Cities" would be held on May, 5 followed by second business meeting.
Privatisation Commission (PC) of Pakistan has sold Heavy Electrical Complex (HEC) to a Kenya-based company, M/s Cargill Holdings Limited, for Rs 1.348 billion, it emerged on Saturday. Dr Robert L. Walker, Chief of Party USAID/Pakistan Support for Privatisation oversaw the transaction process, sources told Business Recorder. The strategic sale of the HEC was approved by the Cabinet Committee on Privatisation (CCoP), last month, after investigating the documents submitted by the bidder. The CCoP was headed by Finance Minister Senator Ishaq Dar.
The Asian Development Bank (ADB) said on Saturday that it was ready to work with the China-led Asian Infrastructure Investment Bank (AIIB) so long as standards were met, while also announcing changes to boost its own lending capacity by billions of dollars. China has said 57 countries have signed up to become founding members of the AIIB, but so far the United States has chosen to remain outside the bank, seen as a rival to the US-dominated World Bank.
Russian President Vladimir Putin ratified an accord Saturday to set up a $100-billion reserve fund for the so-called BRICS - the five leading emerging economies that include Russia, China, Brazil, India and South Africa. Moscow is expected to contribute $18 billion to the reserve, well behind the $41 billion China has promised to pour into the fund that was set up after an agreement signed in July 2014 in Brazil.
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Index Closing Chg%
Arrow DJIA 18,024.06 1.03
Arrow Nasdaq 5,005.39 1.29
Arrow S&P 2,108.29 1.09
Arrow FTSE 6,985.95 0.36
Arrow DAX 11,454.38 0.19
Arrow CAC-40 5,046.49 0.14
Arrow Nikkei 19,531.63 0.06
Arrow H.Seng 28,133.00 0.94
Arrow Sensex 27,011.31 0.79

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 30, 2015
Reserves $17.717 bln