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FBR for filing IT returns in normal tax regime  RECORDER REPORT ISLAMABAD: The Federal Board of Revenue (FBR) has given an option to the commercial importers, traders and exporters to file income tax returns in the normal tax regime with payment of minimum tax. In this connection, the FBR has issued an income tax circular here on Saturday. According to the FBR, prior to the Finance Act, 2012 commercial imports, export of goods, indenting commission, sale of goods to an exporter or to an indirect exporter and trading of goods are subject to Presumptive Tax Regime and taxes collected or deducted at source are treated as a final tax liability. Persons under this regime are not allowed to be taxed on net income basis i.e. under normal law. Through, Finance Act 2012, clauses (41A), (41AA) and (41AAA) have been inserted in Part IV of the Second Schedule, and now such persons have been provided an option to be taxed on net income ...

Non-resident mediapersons’ income: WHT to remain final discharge of tax: FBR  RECORDER REPORT ISLAMABAD: The Federal Board of Revenue has clarified that the withholding tax shall remain final discharge of tax on the income of non-resident mediapersons.  According to the income tax circular issued here on Saturday, the withholding tax provisions applicable on payments to a non-resident mediaperson relaying advertisement from outside Pakistan have also been consolidated under section 152. The withholding tax shall remain final discharge of tax on the income of the non-resident media person. This ...
Pakistan likely to miss mango export target for second year  RECORDER REPORT KARACHI: Pakistan is likely to miss export target of mango largely for second consecutive year as the country has only exported 73000 tons out of the target of 0.15 million tons of the fruit so far. Exporters of mango, who faced multiple issues, hampering the already limited exports, could only export the fruit worth only $27 million in two months which is only 50 percent of the targeted 66 percent exports. According to Waheed Ahmed, Co-chairman, ...
Prices of most essential kitchen items remain on high side  TAHIR AMIN ISLAMABAD: Prices of most of the essential kitchen items remained on high side during the first week of Ramazan, without any significant change during the past week as compared to the preceding week, revealed a survey conducted by Business Recorder here on Saturday. According to the wholesalers and traders in different markets of the twin cities, high rates kept the common people away from shopping. They further stated that no significant change was observed during ...
Power sector LAHORE: The Lahore Chamber of Commerce and Industry here Saturday expressed grave concern over increase in power sector's circular debt and urged the government to ensure availability of sufficient resources to end unprecedented outages. LCCI President Irfan Qaiser Sheikh feared that if immediate measures were not taken, the power sector would be facing another blow due to heavy outstanding dues, therefore, the Finance Ministry and the Ministry of Water and Power should take urgent steps for ...
KCA concerns on suspension of export sales of raw cotton registration KARACHI: The Karachi Cotton Association has expressed its serious concern over the suspension of Registration of Export Sales of Raw Cotton by the Trade Development Authority of Pakistan (TDAP). According to the member exporters of the KCA, the State Bank of Pakistan has suddenly discontinued to accept Bank Guarantees/Security Deposit relating to Registration of Export Sales Contracts of Raw Cotton from them w.e.f 01-07-2012 in pursuance of instructions issued by the TDAP. However, the TDAP has ...
Printing notes not the solution to country’s economic conundrum ISLAMABAD: Tariq Sayeed, Vice President Confederation of Asia-Pacific Chambers of Commerce & Industry (CACCI)  said that the government resorted to continuous printing of currency notes to generate liquidity to meet its expenses in financial year 2012-13, causing pressure on macroeconomic stability and accelerate core inflation to 11.4 percent in June 2012. Printing excessive currency notes on the one hand and continuous borrowing on the other is leading to higher inflation and increment in general price level, ...


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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 $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln