09 May 2004 Sunday 18 Rabi-ul-Awwal 1425 Industry suffers 25-50pc losses: Karachi violence KARACHI, May 8: The industrial production in three main industrial areas suffered 25-50 per cent losses owing to thin attendance of workers who failed to turn up because of violence in various parts of the city. ... 'Sindh share in federal taxes largest' KARACHI, May 8: The Sindh Finance Minister Syed Sardar Ahmad said on Saturday that population growth would become main incentive for Sindh and other provinces if the current National Finance Commission decided ... Govt to protect investment in Balochistan QUETTA, May 8: Federal Minister for Investment and Privatization Dr Abdul Hafeez Sheikh has expressed the resolve of the government to protect investment in Balochistan. ... SBP to consider limited role: Money changers KARACHI, May 8: As the deadline of June 30 draws near, money changers refuse to give up their identity and their leaders threaten to take to the street if forced to pull down shutters. ... Fiscal stimulus for building corporate Pakistan KARACHI, May 8: The next national budget is expected to focus on fiscal stimulus for capital spending on modernization and expansion of the country's industrial capacity. ... No date as yet for PCSI board meeting MULTAN, May 8: The Federal Ministry of Food, Agriculture and Livestock could not even decide the date of the mandatory meeting of the board of directors of the Pakistan Cotton Standard Institute that otherwise should have been held before May 1 this year. ... Steps under way to implement Safta in time ISLAMABAD, May 8: The Saarc-member countries have agreed in principle that the initial indicative sensitive lists for negotiations among them will be around 20 per cent ... Taxation treaty with Tajikistan ISLAMABAD, May 8: Pakistan and Tajikistan will sign a convention for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income between the two countries. ... IMF for withdrawal of tax exemption ISLAMABAD, May 8: The International Monetary Fund (IMF) has proposed to the government not to give any fresh tax exemption to any individual or sector during the up-coming budget of 2004-05. ... IDB may resume credit line facility KARACHI, May 8: Islamic Development Bank (IDB) on Saturday indicated interest in resuming credit line facility for Pakistan Industrial Credit and Investment Corporation (PICIC) for onward disbursement to private sector. ... Unisame for rise in IT exemption limit KARACHI, May 8: The Union of Small and Medium Enterprises (Unisame) has urged Finance Minister Shaukat Aziz to enhance the income tax exemption limit from Rs80,000 to Rs200,000. ... Profitability of Parco will: Rs20.5bn facility improve KARACHI, May 8: Finance Minister Shaukat Aziz said on Saturday that the Rs20.5 billion financing facility to Parco will reduce financial cost, risk and improve profits of the company. ... Mass awareness campaign of WTO issues ISLAMABAD, May 8: The Board of Administrators of Export Market Development Fund (EMDF) on Saturday approved major initiatives for export marketing, image management and launching of mass awareness campaign of WTO related issues. ... FTO orders proper assessment of income ISLAMABAD, May 8: The Federal Tax Ombudsman (FTO), Justice (Retd) Saleem Akhtar, has asked the Central Board of Revenue (CBR) to direct the taxation officer to carry out proper assessment of the income of a complainant. ... Industrial policy ISLAMABAD, May 8: The federal government has constituted a committee to formulate a national industrial policy covering all the potential sectors for foreign and local investment within two months. ... Trading remains low on cotton market KARACHI, May 8: Physical business on the cotton market on Saturday remained at a low ebb as both buyers and sellers adhered to the sidelines because of law and order situation in the city. ...

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