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Prime Minister Nawaz Sharif on Thursday approved taxation measures of around Rs 262 billion for budget 2015-16, including over Rs 100 billion through withdrawal of concessions and exemptions granted by issuing statutory regulatory orders (SROs), to achieve ambitious tax projections of Rs 3,100 billion for the next fiscal year. Sources told Business Recorder here on Thursday that the government has decided to impose a 2 percent additional sales tax on supplies made to un-registered persons in the upcoming budget.

Federal ministries submitted their demand of Rs 1,200 billion to the Ministry of Planning, Development and Reforms while Rs 580 billion have been proposed under Public Sector Development Programme (PSDP) for the next fiscal year. The Planning Commission shared these facts with the Senate Standing Committee on Planning, Development and Reforms during a briefing on the functions of the ministry. The committee met with Senator Colonel Syed Tahir Hussain Mashhadi (Retd) in the chair at Parliament House on Thursday.
One of the key revenue generation measures to be announced in budget (2015-16) is to double sales tax rates on the import of mobile phones from Rs 150 (low price), Rs 250 (medium price) and Rs 500 (smart phones) to Rs 300, Rs 500 and Rs 1000 for all the three categories, respectively. Sources told Business Recorder on Thursday that the government is planning to double sales tax rates on the import of mobile phones to generate additional revenue to the tune of Rs 6-7 billion per annum.
Sui Southern Gas Company Limited (SSGC) on Wednesday told the Sindh High Court (SHC) that the certificate filed by M/s Akbar Associates to qualify for the second LNG terminal is a fake. SSGC made the statement in its reply to a suit filed by Akbar Associates. In its suit, the Islamabad-based bidder claimed that the "creditworthiness certificate" of Rs 7 billion it submitted is "genuine." SSGC, which is a defendant in the case, has told the court that the certificate has been confirmed by Burj Bank to be a fake.
The government has reportedly made three surcharges a regular part of electricity tariff, accumulative financial impact of which has been calculated at Rs 2.07 per unit, well informed sources in Finance Ministry told Business Recorder. Giving justification of the decision, the sources said different courts have issued stay orders against the collection of surcharges due to which power Distribution Companies (Discos) face a financial crunch.
A specially-convened All-Party Conference (APC) on Thursday gave a go-ahead to the government on China-Pakistan Economic Corridor (CPEC) and agreed on priority development of the Western corridor to link Gwadar with Kashgar. Prime Minister Nawaz Sharif, chairing the second All-Party Conference here at the PM House, said the political leaders endorsed the CPEC project, aimed at building roads, rail networks, airports and sea ports, along with economic zones and power houses across the country.
In another 'concrete step' towards the materialisation of multibillion dollars China Pakistan Economic Corridor (CPEC) venture, the Karachi Port Trust (KPT) on Thursday signed a Memorandum of Understanding (MoU) with China's largest seaport of Guangdong Province. Also, Pakistan is going to contest election in November for securing a permanent seat at the International Maritime Organisation (IMO). A year and half back, the IMO had suspended Pakistan's membership for having defaulted on the Organisation's membership fee.
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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 $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 28, 2015
Reserves $17.494 bln