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April 27, 2003 Sunday Safar 24, 1424 Zero taxes for some industries proposed: CED on cement may go ISLAMABAD, April 26: The central excise duty on cement and turnover tax on few other industries are likely to be removed in the budget for 2003-04 in order to attract investment.... Pakistan may seek help from developed states: TBT, capacity building ISLAMABAD, April 26: Pakistan is likely to seek assistance in technical barriers to trade (TBT) and capacity building from developed countries to maximize the capacity of exportable products.... A record number of board meetings KARACHI, April 26: The board meetings of over a 100 companies including some leading MNCs will be held during the next three days and analysts hope the interim higher working results... Progress in e-banking KARACHI, April 26: State Bank Governor Dr Ishrat Husain said on Saturday that despite starting late, Pakistan has made extremely rapid progress in e-banking.... Manufacturing sector grows by 8 per cent KARACHI, April 26: The manufacturing sector has shown a remarkable recovery in last nine months registering a record growth of 8 per cent. “A few category of industries are showing double... Opec manages to keep oil market stable RIYADH, April 26: Opec has once again wriggled out of a tight corner. In the build up to the crisis in Iraq and its aftermath, the oil cartel and its kingpin,... Badla rates fall KARACHI, April 26: Badla rates fell further on the carryover market last week as investors were not inclined to make larger investment in a falling stock market and mostly stayed away... Sugar output hits record KARACHI, April 26: Pakistan’s refined sugar output rose to record high of 3.58 million tons during the current production year of 2002-03 (November-April), industry officials said on Saturday.... Start-ups for new companies KARACHI, April 26: The first SECP-licensed Venture Capital Fund mandated to create start-ups culture and incubate high-tech companies was launched here on Saturday by Finance Minister Shaukat Aziz.... Tax plan WASHINGTON, April 26: With President George W. Bush pressing a reluctant Congress to approve big new tax cuts, Democrats on Saturday renewed criticisms of the plan as a sop to the... Engro Chemical KARACHI, April 26: At the elections to the seven-member Board of directors held at the company’s Annual General Meeting (AGM) on April 10, it became clear that the first of the... Oil lower, market digests Opec quotas’ increase NEW YORK, April 26: Oil prices fell for the fourth straight day on Friday as traders puzzled over Opec’s surprise deal to raise formal output quotas while promising to cut excess... Collectors of ST, CED appointed ISLAMABAD, April 26: The chairman of Central Board of Revenue (CBR) has appointed collectors of sales tax and central excise duty to obtain information regarding production data of various commodities for... CARE to go functional by year-end KARACHI, April 26: A pilot project — Customs Administrative Reforms (CARE) — will start working in Karachi initially by the end of this year and later it will be extended to... PTA demands release of ST refunds KARACHI, April 26: Chairman Pakistan Tanners Association S M Naseem has urged the Central Board of Revenue (CBR) to immediately release the outstanding sales tax refunds.... Waiver of additional tax, penalty ISLAMABAD, April 26: The Federal Tax Ombudsman (FTO), Justice (Retd) Saleem Akhtar has directed the Central Board of Revenue (CBR) to waive additional tax and penalty of all those ginning units... Double taxation ISLAMABAD, April 26: A two-member tax delegation have left for Bishkek to start negotiations for conclusion of the convention for avoidance of double taxation and prevention of fiscal evasion with respect... New York cotton NEW YORK, April 26: NY cotton ended with strong gains on Friday when option-related buying triggered stop-loss buy orders that reversed steep declines from a day earlier, traders said.... Dollar stabilizes as some rivals waver on SARS NEW YORK, April 26: The dollar stabilized on Friday, recovering some ground against major rivals in spite of a decline in US stocks as traders’ focus shifted increasingly to the impact... KCCI for steps to face post-2004 challenges KARACHI, April 26: The Karachi Chamber of Commerce and Industry (KCCI) has foreseen problems of extreme intensity for the domestic textile industry in view of phasing out of textile quota in...

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