PPI Original Text (PPI-OT) – Morning Buzz for June 04, 2012 – MR Securities

Karachi, June 04, 2012 (PPI-OT): Hafeez hints at going to IMF for bailout package

According to MR Securities, flagging the twin deficits as top challenges, the finance minister did not rule out the possibility of seeking a fresh bailout package from the IMF.

Turnover tax rate: FBR to rectify error in Finance Bill
The Federal Board of Revenue (FBR) will rectify an error in the Finance Bill (2012-2013) by amending Section 113(2)(b) of the Income Tax Ordinance of 2001 for a reduction in the turnover tax rate from one percent to 0.5 percent as announced in the next year’s budget.

Revenue generation: Some key budgetary proposals ignored
The government has not accepted some of Federal Board of Revenue’s (FBR) major budgetary proposals having a revenue impact of more than Rs26 billion in fiscal 2012-2013

Anwar highlights importance of archival collections
State Bank of Pakistan Governor Yaseen Anwar has said that archival collections constitute an important part of society’s cultural and intellectual heritage, thereby contributing to the formation of a nation’s collective memory.

SECP approves letter of agreement to Ijarah
The Securities and Exchange Commission of Pakistan (SECP) has got the “Letter of agreement to Ijarah” approved from the Religious Board for Modarabas, a statement said on Friday.

E and P firms may opt to pay liabilities at lower rates under new scheme
The federal government has introduced an amnesty scheme for petroleum exploration and production companies to pay their income tax liabilities at a lower rate of 40 percent net of royalty.

Govt puts curbs on financial independence of regulatory bodies
The government, under the Finance Bill 2012, has put curbs on the „financial independence‟ of almost all regulatory bodies, including watchdogs in stocks, electricity and nuclear sectors and made them legally bound to deposit their surplus finances, fines and penalties in the Federal Consolidated Fund.

Businesses disappointed by lack of measures to resolve energy crisis
Businessmen have welcomed some of the tax relief provided to the industry in the budget 2012-13, but have expressed disappointment that no steps have been taken to resolve the power and energy issue that would make all other concessions meaningless.

State Bank contributes Rs200bn to revenue
The State Bank has been a large contributor to the government revenue. The budget documents showed that the profit of the State Bank would be Rs200 billion

Pak-US ties: any comment on CSF won’t be appropriate?
Minister of Finance Dr Abdul Hafeez Shaikh stated that Pak-US relations are at a delicate stage and commenting on the Coalition Support Fund (CSF) would not be appropriate.

Gas price hike: CNG dealers threaten to go on ‘indefinite’ strike
Gas station operators have threatened to go on an indefinite country-wide strike from June 6 if the petroleum ministry did not withdraw the hike in gas price, set to be introduced from Monday (today) by Wednesday and end the weekly suspension of gas supply by SSGC and SNGPL.

Uch plant fault widens power demand-supply gap
The power demand-supply gap again jumped to 5,349 megawatts after National Transmission and Dispatch Company Limited’s (NTDCL) 550MW Uch power plant developed a fault on Sunday.

Budget: Allocation for water resources sees dip in next fiscal
Funds for developing the all-important water resources have shrunk to about 13% of total development budget for 2012-13 and this comes at a time when the country is going to enter the ranks of water-scarce countries with a significant gap between demand and supply.

Construction industry: Stakeholders reject govt’s growth claims
Builders and developers have reacted with skepticism to the recently released Economic Survey of Pakistan that claims the construction industry grew by 6.46% during the outgoing fiscal year.

„Prime Minister swaps portfolio of Naveed with Mukhtar’s
Prime Minister Syed Yousuf Raza Gilani has swapped portfolio of Minister for Water and Power, Naveed Qamar with Defence Minister Ahmad Mukhtar to deal with power crisis especially in Punjab.

Mushroom growth of lube oil plants irks Ogra
The Oil and Gas Regulatory Authority (Ogra) has expressed grave concern over the mushroom growth of Lube Base Oil (LBO).

MOL discovers oil, gas in test well
MOL announced on Friday the discovery of oil and gas in one of its appraisal wells.

Power sector subsidies: numbers change and change drastically
Just when one thought, reading the Economic Survey 2011-12 that the government for a change, has done a commendable job of keeping the power sector subsidies in check, the budget document busted the impression the very next day.

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