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Equalisation, Debt-Servicing, Universal Obligation Fund and Neelam-Jhelum surcharges collected through electricity bills have been declared illegal by Lahore High Court (LHC). A bench on Friday asked the government to refund and adjust the amount collected from consumers under these surcharges and also asked National Electric Power Regulatory Authority (Nepra) to work out a repayment plan in three months from the receipt of the court order.

National Electric Power Regulatory Authority (Nepra) on Friday reserved its judgement on a review petition filed by the Ministry of Water and Power aimed at reconsideration of tariff determinations of Discos for 2014-15, a reduction in subsidy and inclusion of surcharges in the consumer end tariff. The public hearing was chaired by the Chairman Nepra, Brigadier Tariq Sadozai (Retd) who, insiders claim, gave assurance to the interviewing committee headed by the Finance Minister that he will extend full co-operation to the government with respect to implementations of policy guidelines to be issued from time to time.
Prime Minister Muhammad Nawaz Sharif Friday said Pakistan is an investor-friendly country and providing excellent environment to the foreign investors. Addressing a joint stake out along with the President of Belarus Alexander Lukashenko at the conclusion of a delegation-level talks and inking of 15 agreements, he said there is a wide scope to enhance co-operation between Pakistan and Belarus.
Pakistan and Belarus on Friday signed various agreements and Memoranda of Understanding for bilateral co-operation in the fields of education, technology, trade and defence production. The agreements were signed in a ceremony held at the Prime Minister's House. Prime Minister Muhammad Nawaz Sharif and President of Belarus Alexander Lukashenko witnessed the agreement signing ceremony held after their one-on-one meeting and the delegation level talks. Both the countries signed an Islamabad Deceleration on Belarus-Pakistan Partnership and a treaty on mutual legal assistance in civil and commercial matters.
The Land and Revenue department tops the corruption index followed by Water and Power, Petroleum and Natural Resources and Finance ministries according to the latest assessment by Transparency International, Pakistan. Pakistan, which was ranked as low as 127 among 177 countries around the world by Transparency International's Corruption Perception Index (CPI) in 2013, improved its ranking by one and came down to 126 in 2014. With a score of 29 out of 100 in CPI 2014, and ranking of 126/175 is the best Pakistan has ever achieved since the first CPI was issued in 1995.
The federal government has decided to impose a standard rate of sales tax on 21 new services provided within the jurisdiction of Islamabad Capital Territory (ICT) and Balochistan in budget (2015-16). It is learnt that after 18th Amendment, powers to collect and levy sales tax on services were delegated to the provincial governments and subsequent Sindh, Punjab and KP have established their independent sales tax collection authorities within their provinces and scope as services were expanded enormously. The provincial government has brought new services within the ambit of sales tax.
Senate Standing Committee on Finance here on Friday stressed upon the Federal Board of Revenue (FBR) to introduce 'Undisclosed Foreign Income and Assets Act' in budget (2015-16) for declaration of assets including bank accounts held by Resident Pakistanis out of Pakistan and undisclosed income aboard and regularise declared assets by payment of tax at specified rate.
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyApril
Trade Balance $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 28, 2015
Reserves $17.494 bln