02 May 2004 Sunday 11 Rabi-ul-Awwal 1425 US move to impose harsh terms foiled: Shipbreaking KARACHI, May 1: Because of a strong stand taken by Pakistan the developed nations move at the International Maritime Organization (IMO) to link shipbreaking activity with such harsh conditions of environmental protection was foiled. ... Serious wheat shortfall in the offing LAHORE, May 1: While estimates and government expectations for the wheat crop placing it above the target fixed by the federal government, the predicted 20.1 million ton produce is likely to leave the country short of the domestic bill. ... Proposal to rationalize customs duty under study ISLAMABAD, May 1: The government is considering a proposal to rationalize customs duty on raw materials and finished products in the up-coming budget of 2004-05. ... Flour, pulses, chicken prices move up KARACHI, May 1: During the last month the consumers had to face extra burden as prices of wheat flour, pulses, sugar, chicken and onion went up. ... Risks, rewards and the hedging business KARACHI, May 1: Every crisis brings an opportunity. No risk, no gains. Low risk, low rewards. High risks, high rewards. This is how businesses take risks in normal stride, particularly in a volatile currency, stocks and bonds market. ... Raise in IT exemption limit sought LAHORE, May 1: The Lahore Chamber of Commerce and Industry has proposed raising of the income tax exemption limit to Rs150,000 in the forthcoming federal budget and asked the Central Board of Revenue to treat the incomplete returns as returns filed for 'best judgement assessment'. ... Revenue collection rises ISLAMABAD, May 1: During the first 10 months of the current financial year, tax collection stood at Rs393.1 billion during July-April against the target of Rs388.8 billion set for the same period ... SSGC earns Rs1.428bn pre-tax profit KARACHI, May 1: The board of directors of Sui Southern Gas Company in its meeting held here approved the accounts for the 3rd quarter and cumulative for the nine months period ended March 31, 2004. ... Fortnightly oil price review opposed KARACHI, May 1: The Korangi Association of Trade and Industry (KATI) has described the raise in petroleum products as a matter of serious concern for country's economy and demanded that the system of fortnightly review of petroleum prices be done away with. ... CBR to have central data warehouse FAISALABAD, May 1: A central data warehouse is being established in Central Board of Revenue (CBR) to monitor all stages from filing of returns, payment of tax, verification ... IMF wants 15pc GST on bricks ISLAMABAD, May 1: The International Monetary Fund has proposed to the government to levy 15 per cent general sales tax on bricks and cement blocks from the next financial year. ... ST on scrap sale: FTO directive ISLAMABAD, May 1: Federal Tax Ombudsman Justice Saleem Akhtar has asked the tax officials not to collect sales tax on the sale of scrap. ...

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