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FBR clarifies doubts regarding issuance of SROs ISLAMABAD: Certain quarters have raised doubts about the authority of the Federal Government regarding the issuance of notifications SRO 420(I)/2014, 421(I)/2014 and 422(I)/2014, all dated 04.06.2014 without approval of the Parliament.It is clarified that the Federal Government has delegated powers to issue and withdraw notifications under the relevant provisions of the Sales Tax Act, 1990 and the Federal Excise Act, 2005, said a statement issued by the Federal Board of Revenue (FBR) here on Thursday.It added that the notifications in question could have been issued at any time during the financial year.In its Order dated 21.03.2014 in CMA No. 3821/2013 in Constitutional Petitions No. 33 & 34/2005, the Honourable Supreme Court had rightly held that there can be no taxation without approval or Parliament.As such, the Provisional Collection of Taxes Act, 1931 had been struck down as unconstitutional.Accordingly, the provisions of the Act were not pressed into service to alter ...

Telecom imports reach US $ 662.1mn in nine months ISLAMABAD: The country has imported mobile handsets and other telecom apparatus worth US $ 662.1 million during first nine months of current fiscal year.Of the total imports in three quarters, the country imported cellular mobile sets with battery worth US $ 293.1 million and other telecom apparatus worth US $ 369 million.Sources at Pakistan Telecommunication Authority (PTA) on Thursday said the first two quarters of the year witnessed a raise in total telecom imports mostly ...
FPCCI reposes confidence in prudent economic policies of PM ISLAMABAD: Federation of Pakistan Chamber of Commerce and Industry, (FPCCI), Thursday reposed confidence in prudent economic policies of Prime Minister Nawaz Sharif to put country on track leading to progress, prosperity and development.FPCCI Chief Zakaria Usman told APP by telephone from Karachi that "we all office bearers of the federation, the presidents of its affiliated chambers and their attached trade associations are grateful to Prime Minister for acceding to their legitimate demands to maximum extent ...
Illicit cigarettes trade causes loss of Rs. 80bn ISLAMABAD: The country has lost Rs. 80 billion in last five years due to illicit trade in cigarettes and is expected to lose another Rs. 100 billion in the next five years.According to Euromonitor International, a global research agency, Pakistan, the penalties for the sale of smuggled cigarettes included confiscation of such cigarettes, fine up to Rs. 50,000, recovery equal to 500% of unpaid taxes and the imprisonment up to five years.However up till now ...
Govt to spend huge amount on infrastructure development: Dr Musadaq ISLAMABAD: Advisor to Prime Minister on Energy, Dr Musadaq Malik has said that Pakistan Muslim League Nawaz (PML-N), government will spend huge amount on infrastructure development to provide easy access to the people for increasing business activity.He said that allocated amount in the budget would be utilized for the progress and development of the country.Hailing the budget allocation for completing the public welfare projects, he said that Pakistan Muslim League-Nawaz government had given a balanced ...
Sports goods' exports increase 6.57pc in ten months ISLAMABAD: Exports of sports goods from the country increased by 6.57 percent during the first ten months of the current financial year compared to the exports of the same period of last year.The exports of sports goods during July-April (2013-14) was recorded at $286.129 million compared to the exports of $269.498 million during July-April (2012-13), according to the data of Pakistan Bureau of Statistics (PBS).Among the sports products, the major increase of 33.67 percent was ...
French business delegation to visit Pakistan to explore investment opportunities ISLAMABAD: A group of French investors, traders and businessmen will visit Pakistan soon to look for more opportunities of investment and explore ways to do trade with Pakistan. This was announced at a briefing at the conclusion of a 3-day visit of Pakistani businessmen to Paris. The group met their French counterparts to discuss possibilities and potential of enhancement of mutual trade and investment, said a message received from Paris here on Thursday. This was ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln