Pakistan received foreign assistance of $1.78 billion in the first nine months (July-March) of the current fiscal year which includes $930.7 million from multilateral donors and $257.2 million from bilaterals. Documents obtained by Business Recorder revealed that from July 2012 till March 31, 2013, China remained the largest loan provider to Pakistan disbursing $412.3 million.

Presidential Ordinance on taxation measure has proposed 16 percent standard rate of sales tax on sugar. Sources told Business Recorder here on Tuesday that earlier the FBR has proposed to enhance sales tax on sugar in coming budget (2013-14). Now, the 16 percent sales tax on the commodity would be imposed through the Presidential Ordinance before the announcement of budget.

The Federal Board of Revenue has provisionally collected Rs 1,591.6 billion during July-May 18 (2012-13) against Rs 1,502.9 billion in same period last fiscal year, reflecting an increase of 5.9 percent. Sources told Business Recorder here on Tuesday that the budgetary target of Rs 2,381 billion was revised downward to Rs 2,191 billion for 2012-13.