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FBR to clip IR officers RECORDER REPORT ISLAMABAD: The Federal Board of Revenue will curtail the powers of the Inland Revenue officers for valuation of the assets for which the Board has been empowered under the Finance Bill (2012-13) to prescribe rules for valuation or determination of the market value of the assets for implementation of the Capital Gains Tax (CGT) on sale of property. While reviewing Finance Bill (2012-13) here on Tuesday, FBR Member Inland Revenue Shahid Hussain Asad and Chief Income Tax Policy Dr Muhammad Iqbal informed the Senate Standing Committee on Finance under the chairmanship of Senator Nasreen Jalil of MQM that the FBR has proposed amendment to section 76 and section 77 of the Income Tax Ordinance 2001 through Finance Bill (2012-13). Under the proposed amendments in section 76 and section 77 of the Income Tax Ordinance 2001, the Board may prescribe rules for determination of the cost for any asset. Similarly, the ...

Economic weakness will weaken the national integrity: Sattar  ISLAMABAD: The Muttahida Qaumi Movement Tuesday stressed the people's involvement in economic policy making, warning the government that lack of participation in the national affairs by the less developed areas could be harmful to the national integration. Taking part in the general discussion on federal budget 2012-13, Minister for Overseas Pakistan and MQM's Parliamentary Leader Dr Farooq Sattar said it was unfortunate 98 percent people have no say in economic policy making. He said though the parliament ...
No decision on imposition of new levy on CNG sector: Spokesman  ISLAMABAD: The Ministry of Petroleum & Natural Resources on Tuesday termed the call for indefinite strike by CNG Dealers Association against reported imposition of new levy on CNG sector as unjustified and uncalled for. A spokesman of the ministry referred to media reports suggesting about the strike and clarified that no decision regarding imposition of new levy/cess had yet been taken so far and the office bearers of all Pakistan CNG Association (APCNGA) had been apprised ...
LCCI urges govt to hold talks with CNG Association  LAHORE: Lahore Chamber of Commerce and Industry (LCCI) Tuesday urged the government to immediately initiate talks with CNG Association and solve their issues as protests have already hit the country's economy hard. The LCCI President Irfan Qaiser Sheikh expressed these views while talking to Senior Vice Chairman All Pakistan CNG Association Capt. (R) Shujah Anwar, APCNGA Chairman (Lahore Chapter) Sami Udddin, SVC Aleem Butt, and General Secretary (Punjab) Khawaja Baber during a visit to a protest ...
FPCCI yet to issue budget response ISLAMABAD: The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Tuesday said that it is yet to react on federal budget presented on June 1 in the National Assembly. FPCCI's Working Group on the Federal Budget 2012-13 is presently examining the budget proposals and the Finance Bill, a spokesman of the chamber said. Official stand of the FPCCI will be issued once the Working Group completes the process of scrutiny, he added. The spokesman further clarified ...
India, Pakistan can equally benefit from improved ties: IHC KARACHI: Indian High Commissioner in Pakistan Sharat Sabharwal has underlined the need for taking more concrete steps on both sides to strengthen trust and cooperation between India and Pakistan. Indian Prime Minister Dr. Manmohan Singh wanted best relations of his country with all Asian States especially the neighbouring ones, he said while speaking as the chief guest at the dinner hosted for him by Korangi Association of Trade and Industry (KATI) here on Monday. Indian Commercial Counsellor ...
Petroleum products consumption touches 13,879mn tonne in 9-month  ISLAMABAD: The overall consumption of petroleum products in the country has touched 13,879 million tonnes mark during nine months of current fiscal year as compared to 13,802 million tonnes in corresponding period of the previous year. The consumption posted a positive growth of 0.6 percent, said a data available with this agency. It said agriculture sector witnessed 40.8 percent decline followed by the government sector with 20.3 percent. Similarly, power sector and household sector had also shown negative ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln