LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) on Friday
welcomed FBR decision to withdraw Capacity Tax on two beverage
companies.LCCI President Engineer Sohail Lashari in a statement said
that the FBR decision would enable the small and medium players in the
beverage industry to continue their businesses as the capacity tax was
hitting hard the low-profile international and local brands.The FBR is
expected to take away the new tax regime of 'capacity tax' before
January, 2014 by rescinding rules relating to the capacity tax.He said
that following rescinding the Capacity Tax Rules, the FBR will restore
old sales tax and FED collection mechanism for the beverage
manufacturers to check shortfall in the said sector.`It is recommended
that before imposition of any such tax, the government should seek
recommendation and input from all of the stakeholders of that industry',
he added. Copyright APP (Associated Press of Pakistan), 2013 ...
ISLAMABAD: Exports of surgical goods and medical instruments from the
country during first five months of current financial year grew by 5
percent as compared to the corresponding period of last year.Surgical
goods and medical instruments worth US$ 133.27 million exported during
the period from July-November, 2013 as against exports of US$ 126.92
million of same period last year, said data of Pakistan Bureau of
Statistics.During the period under review, cutlery exports from the
country ...
ISLAMABAD: Former Pakistan's ambassador to Turkey Mushtaq Ahmad Mehar
has said that Pakistan, Turkey has always enjoyed good ties with each
other .Talking to Radio Pakistan, he said Turkey supports Pakistan
politically in the region and therefore, lot of foreign investment is
coming into Pakistan from Turkey.He said back in 1970s Turkey was
passing through the same situation as Pakistan is passing through
currently.He said that Turkey made huge development and at present is
one ...
ISLAMABAD: The textile exports from the country increased by 6.02
percent during the first five months of current fiscal year against the
exports of same period of last year.On year-on-year basis, textile
exports during November 2013 increased by 0.93 percent when compared to
the exports of November 2012.The overall textile exports during
July-November (2013-14) were recorded at $5.684 billion against the
exports of $5.361 billion during July-November (2012- 13), according to
Pakistan Bureau of Statistics ...
BENGHAZI: Libya's eastern Hariga port will resume oil exports within
days after protesters agreed to end a four month blockage, an oil
official said on Friday. A reopening would be a victory for Prime
Minister Ali Zeidan who has been trying to end such blockades, which
have reduced Libya's oil output to 250,000 bpd from 1.4 million bpd in
July, cutting much needed revenue for rebuilding the state. The
protesters in the east, which was the cradle of the revolt that ousted
veteran leader Muammar Gaddafi, also have their own victory, of sorts,
as Libyan authorities are building a new oil headquarters there, moving
it from the capital Tripoli in the west, to appease their calls for
greater autonomy. Tribesmen and other protesters have occupied Hariga,
located in Tobruk in the far east of Libya, since August to press their
financial and autonomy demands despite several government attempts to
reopen ...
MUMBAI: The Indian government did not have any outstanding loans with
the central bank as on Dec. 20, the Reserve Bank of India said in its
weekly statistical supplement on Friday. It also did not have any
outstanding loans in the previous week. State governments had loans of
3.42 billion rupees outstanding with the central bank in the week to
Dec. 20, as against 7.73 billion rupees in the week earlier. Copyright
Reuters, 2013 ...
MUMBAI: Indian banks borrowed 274.25 billion rupees from the central
bank's marginal standing facility (MSF) window on Dec. 24 for two days,
lower than the 316.30 billion rupees borrowed on Dec. 23 for one day.The
Reserve Bank of India cut the MSF rate by 25 basis points (bps) to 8.75
percent on Oct. 29. It had raised the rate by 200 bps to 10.25 percent
in mid-July.Banks usually tap the MSF rate during acute cash ...
MOSCOW: Russia will provide Belarus with up to $2 billion in additional
loans in 2014, Russian President Vladimir Putin said on Wednesday, to
shore-up the neighbouring country's stuttering growth. Belarus,
Russia's staunchest ally among the former Soviet republics, was forced
to devalue its rouble by 65 percent against the dollar in 2011 to curb a
current account deficit brought on by excessive government spending.
"The Russian government has decided to help ...
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