ISLAMABAD (February 09, 2010): The National Assembly on Monday passed the Banking Companies (Amendment) Bill 2009 enabling the State Bank of Pakistan (SBP) to change management in banks, impose losses on shareholders by writing down their capital, intervene and take control of banks, appoint administrators to manage and restructure banks when symptoms of crises are determined.

ISLAMABAD (February 09, 2010): The federal government has re-promulgated the Finance Amendment Ordinance 2009 empowering tax officials to continue with making provisional assessment of the non-filers of income tax returns for the Tax Year 2009. Sources told Business Recorder here on Monday that the Finance Amendment Ordinance 2009 has been recently re-promulgated on the harmonisation of sales tax, federal excise duty and income tax.

ISLAMABAD (February 09, 2010): Detailed information on the business bank accounts of registered taxpayers would directly be available to the tax officials through the Sales Tax Automated Refund Repository System (Starr) for quick processing of refund claims.

KARACHI (February 09, 2010): Large Taxpayers Unit (LTU) Karachi has asked the Federal Board of Revenue (FBR) to revise downwards its annual target of Rs 130 billion to Rs 95 billion; making the overall revenue target of Rs 1396 billion easier to achieve. Similar requisition has also been made by the RTO Karachi as over 100 revenue generating engines now fall in the jurisdiction of LTU.

ISLAMABAD (February 09, 2010): The federal cabinet which is scheduled to meet on Wednesday (February 10) with Prime Minister Syed Yousuf Raza Gilani in the chair will approve amendments to the articles of agreement of the International Monetary Fund (IMF), sources close to the Finance Minister told Business Recorder. "Though Pakistan has already voted in favour of amendments to the articles, federal cabinet has not been taken into confidence," the sources added.

ISLAMABAD (February 09, 2010): The Textile Ministry has asked Finance and Petroleum Ministries to withdraw cross-subsidy on fertiliser sector, which is putting additional burden on the textile sector, Business Recorder has learnt. The government is giving subsidy on gas to domestic consumers and fertiliser industry.

KARACHI (February 09, 2010): The Soneri Bank Limited (SBL) has expressed interest for acquisition of controlling shares of Royal Bank of Scotland (RBS) operation in Pakistan. The Soneri Bank has notified the Karachi Stock Exchange (KSE) that the board of directors of SBL in its meeting held on February 08, 2010 has authorised the President/Chief Executive of the bank to convey expression of interest on behalf of the bank for acquisition of controlling shares of their operation in Pakistan and fulfil all the regulatory/statutory requirements in this regard.

ISLAMABAD (February 09, 2010): Awami Muslim League Chief Sheikh Rasheed Ahmed narrowly escaped attempt on life while four persons including two guards were killed and eight others injured. Sheikh injured by a broken glass was rushed to District Headquarter Hospital Rawalpindi.

KARACHI (February 09, 2010): The National Investment Trust (NIT) has announced launching of its new product 'NIT Income Fund' (NIT IF) on February 15. The Initial Offering of the Fund will remain open for five days from February 15 to 19, 2010. NIT Chairman Tariq Iqbal Khan, during a pre-IPO presentation held at Karachi Stock Exchange auditorium here on Monday, said that the NIT-IF is aimed to provide competitive stream of return with moderate level of risk for its unit holders (both individual and institutional), by investing primarily in fixed income securities/instruments.