Inflation slows further, hits lowest in nine years
Amid growing disbelief over the calculation methodology, the pace of increase in prices of essential items slowed down to 5.1% in May, the lowest in more than nine years, increasing chances of a cut in the benchmark interest rate in the upcoming monetary policy.
SBP sets new rules for exchange companies
The State Bank of Pakistan (SBP) sent a circular on Monday, to all exchange companies (EC) in the country, regarding the ‘Network Exchange Policy of Exchange Companies’, highlighting the rules for establishment and operations of new exchange companies. more... (ET)
FBR evolves strategy to collect Rs300bn in June
The Federal Board of Revenue (FBR) has formulated a strategy to collect Rs300 billion this month to reach at least the Rs2 trillion-mark in FY2012-13, after conceding that the target for the current fiscal year is not achievable, sources said on Monday. more...(TN)
Fertiliser imported to meet demand
Pakistan continued to import expensive urea to meet local demand since the lower supply of natural gas to local fertiliser manufacturers did not allow them to scale up their production in line with the country’s demand, industry sources said on Monday. more...(TN)
SBP releases new network expansion policy for exchange cos
The State Bank of Pakistan (SBP) said exchange companies desiring to open new branches, franchises, payment booths and currency exchange booths shall submit an Annual Network Expansion Plan (ANEP) duly approved by their board of directors by September 30 of each year for the next calendar year (January to December). more...(DT)
E&P drilling activities increase by 50 percent
Manzalai-10 in Tal Block has successfully tested for gas reserves while the exploration and production (E&P) industry has drilled 50 percent more wells in 11 months of fiscal year (FY) 2012-13 as compared to drilling in FY 2011-12, said Pakistan Petroleum Information Service (PPIS) activity report on Monday.
Tax-to-GDP ratio to be raised to 10 percent: new policy on taxation, reforms outlined
The government will introduce new tax policy to raise tax-to-GDP ratio to 10 percent in 2013-14 through measures envisaging re-imposition of Federal Excise Duty (FED) on a number of items, withdrawal of domestic sales tax zero-rating on all items, taxation of goods on the basis of printed retail price and withdrawal of customs duty concessions granted through statutory regulatory orders (SROs). more...(BR)