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Super tax shall apply to income of banks without any threshold, according to the new procedure for levy of super tax issued by the Federal Board of Revenue (FBR), on Wednesday. The FBR has issued S.R.O.890(1)/2015 here on Wednesday. Through this SRO, the FBR has proposed a new procedure for levy of super tax on individuals, association of persons and companies under section 4B of the Income Tax Ordinance 2001 for rehabilitation of Temporary Displaced Persons.

This is apropos to press reports in yesterday's dailies regarding a briefing given by Khalid Rahman, MD, SSGC, to the National Assembly Standing Committee for Petroleum and Natural Resources. "At the outset, SSGC would like to state that the contents of MD's briefing to the Committee were not fully covered by the media.
Deduction of excess tax under Section 8B of the Sales Tax Act 1990 by the Federal Board of Revenue (FBR) is putting large manufacturing units into severe liquidity crunch; it is learnt on Wednesday. According to sources, 10 percent minimum value addition sales tax was applicable to certain registered persons including manufacturers. Therefore, manufacturers are duly maintaining tax compliance of minimum 10 percent value addition.
Hashoo Group clarified that Ocean Pakistan Limited (OPL) has not signed any Investment agreement with Chinese firm Poly-GCL. However, both the companies are deliberating for a possible strategic association, relating to bilateral investments in oil and gas sector in Pakistan and abroad. The Hashoo Group further clarified that there are absolutely no plans or discussions with Poly-GCL Group of China regarding Zamzama Gas Field.
The Securities and Exchange Commission of Pakistan (SECP) will make it mandatory for power generation companies to maintain cost accounting records to calculate cost of generation and sales of each of the generation facility licensed by National Electric Power Regulatory Authority (NEPRA) during a financial year. According to the draft of Electric Power Generation Industry (Cost Accounting Records) Order, 2015 issued by the SECP here on Wednesday, the order shall apply to every company engaged wholly or partially in generation of electric power energy in Pakistan under the licenses granted by the NEPRA.
Turmoil returned to Wall Street on Tuesday after a brief rest, with renewed concerns about China's economy pushing major indexes down almost 3 percent and intensifying fears of a long-term selloff. The S&P 500 is now 10 percent lower than its May record high, with the prospect of slowing global growth and an impending US interest rate hike curtailing a robust bull run that saw the index gain over 200 percent from the depths of the financial crisis in 2009.
On Wednesday, BRIndex30 remained positive throughout the trading time except for around first hour after market opening. However, overall trend remained neutral. It closed at 21,522.39 points with net change of 65 points. Total turnover was 114,146,100 shares.


Index Closing Chg%
Arrow DJIA 16,351.38 1.82
Arrow Nasdaq 4,749.98 2.46
Arrow S&P 1,948.86 1.83
Arrow FTSE 6,083.31 0.41
Arrow DAX 10,048.05 0.32
Arrow CAC-40 4,554.92 0.30
Arrow Nikkei 18,095.40 0.39
Arrow H.Seng 20,934.94 1.18
Arrow Sensex 25,453.56 0.95

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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln