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The dispute between Federal Board of Revenue (FBR) and Distribution Companies (Discos) on the legality of taxes has reportedly landed in the Ministry of Law and Justice for a legal opinion as power sector is facing financial difficulties in meeting its cash requirements, well informed sources in Pepco told Business Recorder. The sources said Ministry of Water and Power recently held a meeting with senior officials of FBR to sort out these tricky issues.

The federal government is expected to promulgate a Presidential Ordinance to announce a comprehensive package for real estate sector after finalisation of the agreement between the Federal Board of Revenue (FBR) and real estate sector, covering a scheme for regularisation of past transactions of immovable properties.
The share market Friday ended higher with the KSE-100 index gaining 60 points to close at 39,529 points. The benchmark index moved both ways to hit the intraday high and low of 39,562 and 39,277 points. Trading turnover slid to 145 million shares the value of which declined to Rs 7.3 billion. Of the 319 scrips traded, 156 gained, 144 lost and 19 stayed unchanged in value. The market capital accumulated lower to Rs 7.88 trillion as foreign portfolio investment marked net buying of $735,772.
The share market Friday ended higher with the KSE-100 index gaining 60 points to close at 39,529 points. The benchmark index moved both ways to hit the intraday high and low of 39,562 and 39,277 points. Trading turnover slid to 145 million shares the value of which declined to Rs 7.3 billion. Of the 319 scrips traded, 156 gained, 144 lost and 19 stayed unchanged in value. The market capital accumulated lower to Rs 7.88 trillion as foreign portfolio investment marked net buying of $735,772.
The Prevention of Electronic Crimes Bill (PECB), 2016 was unanimously passed by Senate on Friday after incorporating about 50 amendments of opposition, prominent of which included parliamentary and judicial oversight of the bill to control its misuse. The leader of the opposition in the Senate and a harsh critic of ruling Pakistan Muslim League-Nawaz (PML-N) Aitzaz Ahsan, showered praise like no one else on the ruling party for bringing the bill, saying the bill has been made quite comprehensive with the incorporation of amendments.
Minister of State for Information Technology and Telecommunication Anusha Rehman has said that the amended "Electronic Crime Bill 2016" will be made a law next week to affectively deal with cyber crimes in the country. "The amended Bill will be presented before the National Assembly on August 1 (Monday) and we expect an easy sail for it to become a law," Anusha Rehman told Business Recorder here on Friday.
Prime Minister Nawaz Sharif on Friday chaired an important meeting in Murree, which lasted for seven hours. The meeting was attended by important ministers of his cabinet. It was decided in the meeting that the Prime Minister himself will monitor the implementation and development of the China-Pakistan Economic Corridor (CPEC) projects along with other energy projects. The performance of the federal ministers and the development agenda of the government for the coming 22 months were also discussed during the meeting.