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Last update: Thu, 25 Aug 2016 11am

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Chairman Federal Board of Revenue (FBR) Nisar Muhammad Khan has conceded a decline in collection of direct taxes by 2 percent as a percentage of total tax collection in 2015-16 over previous fiscal year and maintained that Rs 105 billion budgetary measures of direct taxes were taken in the current fiscal year.

Having lost 99 points during the first two sessions, stocks recovered 106 points to 39,506 points Wednesday. The benchmark KES-100 index showed volatility in intraday trade to have hit the highest and lowest levels of 39,545 and 39,362 points. Trade slid to 140 million shares the value of which depreciated to Rs 7.67 billion from the previous Rs 8.16 billion. Of the 390 issues traded, 223 posted gains, 142 lost their worth and that of 25 remained unchanged.
Having lost 99 points during the first two sessions, stocks recovered 106 points to 39,506 points Wednesday. The benchmark KES-100 index showed volatility in intraday trade to have hit the highest and lowest levels of 39,545 and 39,362 points. Trade slid to 140 million shares the value of which depreciated to Rs 7.67 billion from the previous Rs 8.16 billion. Of the 390 issues traded, 223 posted gains, 142 lost their worth and that of 25 remained unchanged.
The Supreme Court on Wednesday asked whether the contribution of a 15 percent amount in the construction of Stage-I of the Dasu Hydropower Project gives the World Bank a veto power to oust any bidder from the project. Chief Justice of Pakistan Anwar Zaheer Jamali made these observations while resuming the hearing of a matter relating to bidding evaluation process for award of a contract to start civil works for construction of Stage-I of the Dasu Hydropower Project.
The State Bank of Pakistan (SBP) on Wednesday informed the National Assembly Standing Committee on Finance that over $7.9 billion has been taken out of the country through foreign currency accounts during the last five years. SBP officials were responding to various queries of the members of the committee on foreign currency accounts. The committee was informed that the law allows individuals to take dollars out through these accounts whereas special permission is needed to remit money out of the country for investments.
Punjab Revenue Authority has withdrawn from holding meeting with the Federal Board of Revenue as it is not willing to accommodate PRA's stance with regard to matters pertaining to cross adjustment and reconciliation of Federal and Provincial Sales Tax. The PRA spokesperson said on Wednesday that a delegation from Punjab Revenue Authority (PRA) attended a meeting at Federal Board of Revenue (FBR) Headquarters on Wednesday at the invitation of FBR to finalize cross input tax adjustments.
The State Bank of Pakistan (SBP) has asked banks to accept sales tax refund cheques bearing value date of June 30, 2016. In order to promote exports, the finance minister in his budget speech had announced that all pending sales tax refunds till April 30, 2016, RPOs of which have been approved, will be paid by August 31, 2016. In compliance with the announcement, the Federal Board of Revenue (FBR) is issuing sales tax refunds to exporters. These refunds, amounting to Rs 17.965 billion, are being paid through 4,725 cheques.