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Finance Minister Ishaq Dar has said that all political parties would be taken into confidence over China-Pakistan Economic Corridor (CPEC) on the return of Prime Minister Nawaz Sharif from his visit abroad Speaking at a news conference along with Secretary Finance Dr Waqar Masood and Chairman Employs Old-Age Benefit Institution (EOBI) here on Saturday, the Finance Minister said that all the heads of political parties would be given a briefing by Ministry of Planning, Development and Reforms on the return of the Prime Minister from his visit abroad.

Finance Minister Ishaq Dar Saturday issued instructions for completing all preparations for Budget 2015-16, which is likely to be presented in the National Assembly in the first week of June 2015. The minister was given a detailed briefing on budget preparations including a comparative analysis of the revenue and expenditure position as under budget 2014-15 and the projected numbers as under budget 2015-16, by the secretary finance at a meeting here.
Greece's parliament on Friday adopted a controversial decree ordering all public institutions to hand over their cash reserves to the central bank to help Athens meet its financial obligations. The decree was adopted by the ruling Syriza party and its junior partner ANEL by 156 votes in favour and 104 against in a noisy debate.
The budget preparation exercise (2015-16) kicked off here at the Federal Board of Revenue (FBR) with specific focus on measures meant for providing major relief to the general public during the next fiscal year. Sources told Business Recorder here on Saturday that the FBR House remained open on April 25 for initiating budget preparation exercise.
European finance ministers on Saturday backed efforts to fight rampant tax avoidance by multinationals in the wake of the LuxLeaks scandal, but European Union members face tough negotiations to work out the details. Under a new plan the bloc's 28 countries would share tax deals agreed with some of the world's biggest multinationals, ending the secrecy that allowed member states to often compete against each other to attract business and investment.
Finance Minister Ishaq Dar on Saturday accorded in principle approval for the USF telecentre project throughout Pakistan. The minister also simultaneously ordered release of Rs 5 billion from Federal Consolidated Fund (FCF) for the USF project. In addition Rs 1 billion would also be released for the R&D projects. The finance minister had a detailed meeting with Minister for IT, Anusha Rehman along with senior officials of her ministry and representatives of the USF.
The Appellate Tribunal Inland Revenue (ATIR) Lahore, while directing the Federal Board of Revenue (FBR) to detach the bank accounts of a registered company, declared that the tax recovery in any form should not be made till disposal of appeal by an independent forum. According to a judgment of ATIR Lahore in favour of a registered company here on Saturday, ATIR Lahore said that the tax department is advised not to pursue the recovery, in any manner, in this case till decision of the main appeal by the Commissioner Appeals.


Index Closing Chg%
Arrow DJIA 18,080.14 0.12
Arrow Nasdaq 5,092.09 0.71
Arrow S&P 2,117.69 0.23
Arrow FTSE 7,070.70 0.24
Arrow DAX 11,810.85 0.74
Arrow CAC-40 5,201.45 0.44
Arrow Nikkei 20,020.04 0.83
Arrow H.Seng 28,060.98 0.84
Arrow Sensex 27,437.94 1.07

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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 16, 2015
Reserves $16.818 bln