10 June 2004 Thursday 21 Rabi-us-Saani 1425 $100m IDB financing for crude oil import ISLAMABAD, June 9: The Islamic Development Bank (IDB) would provide $100 million for import of crude oil and petroleum products under import trade financing operation (ITFO), an official statement said. ... Sindh likely to present surplus budget KARACHI, June 9: The budget makers in Sindh appear determined to present a revenue surplus budget for the next fiscal year despite the collapse of National Finance Commission negotiations ... Rate of return on 15-20-year bonds moves up KARACHI, June 9: The State Bank on Wednesday raised the yields on Pakistan Investment Bonds of fifteen and twenty years but kept them almost at par with their coupon rates. ... Three leasing companies merger in bank okayed KARACHI, June 9: First Standard Investment Bank Limited said on Wednesday that it had received the regulators' nod for the merger of Paramount Leasing Limited, Pacific Leasing Company Limited and First Leasing Corporation Limited into the bank. ... EC ready to review basmati issue ISLAMABAD, June 9: The European Commission (EC) will consider Pakistan's demand for inclusion of super basmati in the abatment list. Well-placed sources told Dawn on Wednesday ... Need stressed to triple number of taxpayers KARACHI, June 9: There is an urgent need to triple the present number of taxpayers from 1.5 million to 4.5 million. This will help enable the government to reduce tax rate and increase revenue collection. ... Tax net to be extended to 2.4m ISLAMABAD, June 9: The budget planners have decided to increase the taxpayers number to 2.4 million in 2004-05 by netting the retailers whose taxable income has been identified through Wapda ... PPL plans to drill 35 wells KARACHI, June 9: Pakistan Petroleum Ltd (PPL) will drill 35 wells in the next five years under a dynamic programme to enhance its exploration activities. ... Customs duty on farm implements may be reduced ISLAMABAD, June 9: The tax authorities are considering proposals to abolish general sales tax (GST) and reduce the rate of custom duty on import of agriculture implements in a move to provide relief to the farmers in the up-coming budget of 2004-05. ... TCP godowns to be used as farm EPZ ISLAMABAD, June 9: The government has constituted a committee to recommend measures for the establishment of the proposed Agriculture Commodities Export Processing Zone (ACEPZ) at TCP Godowns, Pipri, Port Muhammad Bin Qasim. ... Cotton market lacks lustre KARACHI, June 9: Trading activity on the cotton market on Wednesday remained insipid as spinners remained conspicuous by their absence after ginners raised their asking prices. ... Late-selling restricts gains on stock market KARACHI, June 9: Share values on the Karachi Stock Exchange on Wednesday rose further but finished well below the day's highs on late selling in some of the leading shares under the lead of PTCL. ...

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