08292016Mon
Last update: Mon, 29 Aug 2016 05pm

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The Kachhi Canal project was delayed and its price soared from Rs 57.6 billion to Rs 102.1 billion due to poor planning, faulty design, corruption and haphazard implementation. According to sources in the Ministry of Water and Power, the Kachhi Canal project was launched in 2002 without preparation of PC1 and funds were released for this project. They said that the PC1 of the project was prepared in 2003 with project completion to be in 2007 but it was delayed due to serious irregularities and embezzlement by Ministry of Water and Power.

Japan will pour $30 billion of investments into Africa by 2018, including $10 billion in infrastructure development, Prime Minister Shinzo Abe said Saturday at a summit in Nairobi. Abe is using the conference to meet dozens of leaders from across Africa, among them Kenya's President Uhuru Kenyatta and South Africa's Jacob Zuma. It is the first time that the Tokyo International Conference on African Development (TICAD) is being held in Africa, with all five previous events hosted in Japan.
The International Monetary Fund (IMF) has recommended that the tax policy reforms must introduce presumptive taxes on agricultural turnover and land-based tax rates for better taxation of agricultural sector, common rate schedule of Capital Gains Tax regime (CGT) for all financial assets and integration of GST regime (goods and services) with a single statutory rate under one collection agent to increase revenue collection.
The Ministry of Industries and Production (MoI&P) has reportedly stepped up vigilance of the Chief Executive Officer (CEO) EDB and initiated inquiry against him on the directives of Minister for Industries and Production, Ghulam Murtaza Khan Jatoi, well-informed sources told Business Recorder.
Finance Minister Ishaq Dar wants divestment of shareholding of Pakistan Stock Exchange (PSX) to be completed speedily while ensuring transparency. An official on condition of anonymity stated that end-November 2016 is the time for completion of the divestment of shareholding of PSX and the process has already been initiated to be expedited for timely completion of the transaction.
South Africa's wealthy Gupta family with influential ties to President Jacob Zuma said Saturday they plan to sell all their business interests in the country by the end of the year. The family, who had immigrated from India in the 1990s and owns a business empire with interests ranging from media to mining, said it was already in talks with "several international prospective buyers."
Lahore High Court (LHC) has ruled that three-years income tax exemption to profits and gains derived by taxpayers in the most affected and moderately affected areas of KPK-Fata/Pata areas under Clause 126-F of Second Schedule of the Income Tax Ordinance 2001, is not applicable in cases which are subjected to presumptive/final tax regime. Sources told Business Recorder that in a landmark judgement the LHC has interpreted the applicability of Clause 126-F of Second Schedule to the Income Tax Ordinance, 2001 which provides exemption to profits and gains derived by a taxpayer located in the most affected and moderately affected areas of Khyber Pakhtunkhawa, Fata and Pata for a period of three years starting from the Tax Year 2010.