25 July 2004 Sunday 07 Jamadi-us-Saani 1425 Businessmen face tougher inquiry: Autumn fair in China KARACHI, July 24: Pakistani businessmen having trade links with China are worried over their country being selected for "special application forms" to seek invitation for attending the autumn fair in Chinese city Guangzhou in October. ... Drawback rates on polyester items increased ISLAMABAD, July 24: The Central Board of Revenue (CBR) has revised upward the rates of duty drawback on export of polyester based fabrics on the persistent demand of textile exporters. The new rates will be applicable retrospectively from July 1, 2004 ... State Bank modifies scheme for financing: Local machinery KARACHI, July 24: Banks and other financial institutions will now provide financing for locally-manufactured machinery (LMM) under a more market-based interest rates structure. ... CCoP approves sale of Allied Bank's shares ISLAMABAD, July 24: The Cabinet Committee on Privatization (CCoP) on Saturday approved the restructuring and sale of additional shares of Allied Bank Limited (ABL). ... 75,000 tons gram import likely KARACHI, July 24: Pakistan may have to import 50,000-75,000 tons of gram in view of around 18 per cent decline in local production of gram (whole) to meet rising demand of the commodity in Shab-e-Barat and Ramazan. ... Trade deficit and self-reliance KARACHI, July 24: Enormous foreign capital inflows have brought cheers to the market, stimulated economic growth and elevated the standing of the country's economic managers. But the two-year buoyancy in the external sector appears to be losing its momentum. ... Taxation treaty with Bosnia ISLAMABAD, July 24: A two-member delegation of CBR will leave on Sunday for Bosnia to negotiate signing of a convention for the avoidance of double taxation and prevention of tax evasion between the two countries. ... Exemption of textile sector from ST sought KARACHI, July 24: The Pakistan Readymade Garments Manufacturers and Exporters Association (Prgmea) has suggested that a timeframe should be fixed for implementation of progressive and revolutionary measures announced in the Trade Policy 2004-05. ... Drawback on cotton goods revised ISLAMABAD, July 24: The Central Board of Revenue has revised the rates of duty drawback on export of goods made of 100 per cent cotton. The new rates will be applicable from July 24, 2004, said a customs notification issued on Saturday. ... Presumptive tax: CBR warning to brokers KARACHI, July 24: The Central Board of Revenue has warned stock brokers to refrain from the practice of transferring presumptive tax liability to their clients. ... CBR transfers, postings ISLAMABAD, July 24: The Central Board of Revenue has posted 19 senior officers of the income tax group and four officers of the customs group at the Large Taxpayers Unit, Karachi. ... Pakistan may have tariff protection: Doha Agenda ISLAMABAD, July 24: Under the first draft of a package of "framework" agreements for completion of Doha Development Agenda (DDA), the developing countries, including Pakistan ... Badla rates rise to 13 per cent KARACHI, July 24: The weighted average carryover rates last week posted a modest rise of 120 basis points at 13 per cent as compared to 11.8pc a week earlier partly because of liquidity crunch and partly to tax imposed on the income of carryover business. ... Prices remain steady on cotton market KARACHI, July 24: Trading activity on the cotton market on Saturday picked up modestly as spinners lifted about 10,000 bales of the current crop at the lower rates. ...

© The DAWN Group of Newspapers, 2004