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The government is likely to impose in the next budget (2015-16) a tax on sectors, including banks, making `windfall' profits with a view to increasing a woefully low revenue collection. Sources said the proposal being mulled by tax authorities has also been shared with the Finance Minister as one of the revenue mobilisation measures for the next budget. Meanwhile, a meeting of the Economic Advisory Council (EAC) was also held in Finance Ministry and the council reportedly presented a fiscal strategy.

The government would present federal budget for fiscal year 2015-16 in the National Assembly on June 5 for discussions and approval. Finance minister Ishaq Dar made this formal announcement while presiding over a meeting on the federal budget 2015-16 here on Sunday. Dar would present the next budget in the National Assembly for debate and it would also be laid before the Upper House of the Parliament (Senate) for discussions and recommendations.
The Federal Board of Revenue (FBR) is likely to amend tax laws in budget (2015-16) for proper collection of sales tax and withholding tax at the import stage with accurate applicability of concessionary rate of sales tax on import of raw materials for textile sector under SRO.1125(1)/2011.
Corps Commander Karachi Lieutenant General Naveed Mukhtar observed on Saturday that the Karachi operation is completely apolitical, across-the-board and indiscriminate and will continue till peace is restored and all types of terrorism and facilitators are eliminated from Karachi. Addressing a National Defence University Seminar here, the Corps Commander said that along with the presence of terrorist groups several mafias, like land and tanker mafias, were also active in the city.
Interior Minister Chaudhry Nisar Ali Khan's absence from high-level security meetings held in Karachi following Wednesday's brutal killing of 45 members of the Ismaili community in an attack on their bus, has further strengthened the perception of his serious differences with Prime Minister Nawaz Sharif. A close aide of the minister told Business Recorder on Saturday that interior secretary participated in the recent meetings held to discuss law and order situation and which were attended by Prime Minister Nawaz Sharif, Chief of Army Staff General Raheel Sharif and other senior civil and military leadership.
The State Bank of Pakistan says the government has not been able to address the "persistent structural weakness" despite having the best opportunity to do so. The second quarterly report for the year 2014-15, issued on Friday, by the Central Board of SBP, says: "Energy shortages continue to take toll on the country's overall economic performance.
Reduction in domestic fuel prices in Pakistan has adversely affected the tax collection, but will benefit private sector businesses and help contain inflationary expectations, said State Bank of Pakistan (SBP) on Friday. According to SBP's second quarterly report, the international oil prices saw a steep decline in H1-FY15, partly on account of weak demand in the global economies, and to some extent, due to substitution to other fossil fuels.


Index Closing Chg%
Arrow DJIA 18,232.02 0.29
Arrow Nasdaq 5,089.36 0.03
Arrow S&P 2,126.06 0.22
Arrow FTSE 7,031.72 0.05
Arrow DAX 11,815.01 0.42
Arrow CAC-40 5,142.89 0.07
Arrow Nikkei 20,264.41 0.30
Arrow H.Seng 27,992.83 1.70
Arrow Sensex 27,957.50 0.53

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln