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The Federal Board of Revenue (FBR) is compiling authentic data of pending and issued refunds with regard to income tax and sales tax/federal excise duty (FED) for the period July 1, 2014 to January 31, 2015 for onward transmission to the Federal Tax Ombudsman (FTO), investigating case of alleged figure fudging.

The Economic Co-ordination Committee of the Cabinet in its meeting chaired by Finance Minister Ishaq Dar Saturday approved an amount of Rs 960 million for payment of two months' salaries to workers of Pakistan Steel on an urgent basis. Chairman Pak Steel briefed the meeting about the current profile of Pak Steel saying some difficulties were being faced in production due to power and gas shortage.
The government has decided to maintain the petroleum prices next month, and proposed increase in prices by Oil and Gas Regulatory Authority (OGRA) would be adjusted by reducing GST from existing 27 per cent to 18 per cent. Addressing a news conference here on Friday, Finance Minister Ishaq Dar said that as per directives of Prime Minister Nawaz Sharif sales tax rate would be changed to minimize the increase in petroleum prices. He added that additional impact would be adjusted through Petroleum Levy to maintain the current prices next month.
The Financial Action Task Force (FATF) in its plenary held in Paris, France, on Friday removed Pakistan from its Public Statement (Grey listing) which contained adverse remarks on Pakistan since February 2012. The FATF in its decision about Pakistan said that it welcomed Pakistan's significant progress in improving its Anti-money Laundering/Combating Financing for Terrorism (AML/CFT) regime and noted that Pakistan had established a legal and regulatory framework to meet the commitments in its Action Plan regarding the strategic deficiencies that the FATF had identified in June 2010, said a statement issued by Ministry of Finance.
Prime Minister Nawaz Sharif Thursday said his government is committed to making Pakistan the preferred destination for business. Addressing the launch of Expo Pakistan, country's biggest trade fair that showcases the largest collection of Pakistan's export merchandise and services, he said that Pakistan is a land of business opportunities.
ImageFederal government on Thursday poured cold water on the revival efforts of two Independent Power Producers in relation to a 120. MW Japan Power Generation Company (JPGC) and a 110 MW Southern Electric Power Company Limited (Sepcol), arguing that both power companies are bankrupt.
The Tax Reforms Commission (TRC) constituted by Finance Minister Ishaq Dar has recommended a flat rate of sales tax on petroleum products, a fixed rate of turnover tax on small retailers, rationalisation of extra tax regime, withdrawal of all tax amnesties/fixed tax and value-addition schemes and new incentives for registered persons. Sources told Business Recorder here on Wednesday that TRC has submitted its interim report containing proposals on sales tax and federal excise duty to the Federal Board of Revenue (FBR).
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Index Closing Chg%
Arrow DJIA 18,096.90 0.58
Arrow Nasdaq 4,967.14 0.26
Arrow S&P 2,098.53 0.44
Arrow FTSE 6,919.24 0.44
Arrow DAX 11,390.38 0.98
Arrow CAC-40 4,917.35 0.99
Arrow Nikkei 18,703.60 0.59
Arrow H.Seng 24,465.38 0.96
Arrow Sensex 29,380.73 0.72

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln