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Import of raw material: FBR proposal seeking reduction in ST rate dropped

Wednesday, 23 May 2012 10:33
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SOHAIL SARFRAZ ISLAMABAD: The federal government has dropped a major budgetary proposal of the Federal Board of Revenue that seeks to reduce standard rate of 16 percent sales tax to 5 percent on the import of raw materials and inputs in the upcoming budget (2012-13). Sources told Business Recorder here on Tuesday that the proposal for reduction in the sales tax rate from 16 to 5 percent was discussed threadbare at the level of the Ministry of ...

GDP growth projected at 4.3pc for FY2012-13

Wednesday, 23 May 2012 10:16
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MUSHTAQ GHUMMAN ISLAMABAD: The government has fixed GDP growth target at 4.3 percent for 2012-13. Current account deficit has been projected at $ 4.8 billion while the growth of exports and imports will be 4.1 percent and 7.8 percent respectively. According to budget documents, exclusively obtained from Finance Ministry, show a weak macroeconomic environment, political uncertainty and natural disasters impeding economic recovery. Growth in 2012-13 will largely depend upon recovery in the large-scale manufacturing sector which can capitalize ...

NEC may approve Rs825.2bn PSDP

Wednesday, 23 May 2012 10:16
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NAVEED BUTT ISLAMABAD: The National Economic Council (NEC) will meet on Thursday to discuss and approve Rs 825.2 billion Public Sector Development Programme (PSDP) for next fiscal year and Macro Economic Framework for current as well as projection for next financial year as recommended by the Annual Plan Coordination Committee(APCC), it is learnt. The development programme encompasses Rs 350.2 billion for federal government and Rs 475 billion for all provincial governments to be discussed in the forthcoming ...

Awami Tehreek announces wheel-jam strike

Wednesday, 23 May 2012 10:14
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RECORDER REPORT KARACAHI: Awami Tehreek has announced the wheel-jam strike today (Wednesday) in all over the province against the attack on “Muhabbat-e-Sindh Rally”. This announcement was made by the Ayaz Latif Palijo, President Awami Tehreek and Convener SPNA during a press conference held at Karachi Press Club (KPC) on Tuesday, soon after the attack on rally. Ali Hassan Chandio, Chairman Sindh National Movement (SNM), Amir Bhanbhro, Chairman Sindh National Party (SNP), Malik Ayub Aiwan leader of Punjabi Pakhtun ...

Speaker asks Gilani to file response

Wednesday, 23 May 2012 10:14
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NAVEED BUTT ISLAMABAD: Speaker National Assembly Dr Fehmida Mirza has officially directed Prime Minister Yousaf Raza Gilani to file a response to his conviction in the contempt of court case, it is learnt. According to sources, the Speaker of the National Assembly is required to announce her decision on the prime minister’s disqualification till May 27, 2012.  For this purpose, the sources said that the Speaker officially wrote to the Prime Minister Gilani to file response regarding ...

At least ten killed, 25 injured in rally firing

Tuesday, 22 May 2012 20:40
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KARACHI: At least ten people including a woman were killed and some 25 others including two journalists were injured in firing on a ‘Mohabbat Sindh rally’ of Awami Tehrik at Napier Road, and resultant violence on Tuesday. The incident occurred when armed miscreants opened firing on the rally in Old City area. Firing incidents were also reported from Nawa Lane, Denso Hall, Dhobi Ghat, Ranchore Line, Lee Market and Jona Market. Some victims whose bodies were brought ...

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