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50pc reduction in GID: Textile exporters welcome ministry’s recommendation  RECORDER REPORT FAISALABAD: Textile exporters have welcomed the petroleum ministry recommendation to 50 percent reduction in gas infrastructure development surcharge saying that it will help cut the cost of production of exportable goods. These were expressed by Rana Arif Touseef, chairman Pakistan Textile Exporters Association, while talking to newsmen. Commenting on Ministry of Petroleum summery to the government for 50 percent cut in gas infrastructure development surcharge, he said that textile industry is the only hope for the revival of country’s economy which is currently jolted by the high cost of doing business. Textile industry has been facing strong competition at international markets from regional competitors where energy cost is lower and manufacturers are also enjoying special exemption. High gas tariff in Pakistan have affected textile exports and left a bad impact on the value-added textiles sector, due to which textile exports have declined to USD 12.35 billion in fiscal 2011-12 against USD 13.78 ...

Import of used vehicles: FBR clarifies method of assessment of duties, taxes  RECORDER REPORT ISLAMABAD: The Federal Board of Revenue (FBR) has clarified the method of assessment of duties and taxes on the import of old and used vehicles. In this connection, the FBR has amended the Customs General Order No.14/2005 dated 6th June, 2005 through a CGO 13 of 2012 issued here on Friday. Through the new CGO, the FBR has clarified the calculation of date on the import of old and used vehicles to remove any ambiguity during ...
PM’s visit to FBR deferred  RECORDER REPORT ISLAMABAD: Prime Minister Raja Parvaiz Ashraf on Friday postponed his visit to the Federal Board of Revenue (FBR) which was scheduled for September 3, citing heavy engagements. Sources said that the Prime Minister was scheduled to visit the FBR on Monday to review the progress of revenue collection, reforms in tax administration and overall initiatives on broadening the tax base and documentation of economy. The FBR has not yet received any new date for his ...
Radio Pakistan to broadcast bed-time stories for children  ISLAMABAD: All medium wave and FM-93 stations of Radio Pakistan will start broadcasting bed-time stories for children from Saturday (tomorrow). Radio stations in all provinces will prepare 10-minute stories in local languages and broadcast them to revive the culture of telling stories to the children to inspire their creativity, said a press release. The languages in which these stories will be broadcast on daily basis include Urdu, Punjabi, Pashto, Sindhi, Balochi, Seraiki, Balti, Shina, Hindko, Brahvi, Dhatki, ...
Direct seeding to boost rice produce  LAHORE: A project of standardisation and popularisation of direct seeding will increase rice productivity and resource conservation. Punjab Agriculture Research Board (PARB) sources told APP on Friday that the objective of the project was to increase profit on rice on per unit area through water saving and increased productivity. The project will cost Rs 13.908 million and be completed in 36 months. Its strategy is to explore different agronomic practices for better production of rice with direct ...
LCCI demands withdrawal of SRO  LAHORE: Lahore Chamber of Commerce and Industry (LCCI) president Irfan Qaiser Sheikh Thursday urged the chairman Federal Board of Revenue to withdraw SRO 564(I)/2012 as wholesalers were facing deep troubles due to restriction to claim only 90% of their input tax.   In a statement issued here, he said value addition of wholesalers was not more than two to three percent and if availability of input tax to them was restricted upto 90 per cent and they ...
Investment in oil, gas sector essential to tackle energy crunch: ICCI ISLAMABAD: There are abundant untapped reserves of gas and oil available in Sindh, Balochistan and other parts of the country which need to be explored to end the existing energy crisis in the country. Yassar Sakhi Butt, President of Islamabad Chamber of Commerce and Industry (ICCI) hails the Petroleum Policy 2012 saying it would boost incentives for investors to push oil and gas exploration and production to overcome the country's energy crunch as well as ensures ...


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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