May 23, 2005	Monday	Rabi-us-Sani 14, 1426

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Tax incentives for pension funds THE federal budget is expected to contain major tax incentives to set in motion a new voluntary pension system (VPS), the rules for which were framed in January. Sources say that...		Busting industry’s fixed GDP ratio FOR 25 long years, the share of industry has remained stuck at 18 per cent of the gross domestic product. Official statistics show that the share of the manufacturing sector in...
What’s going to replace ‘badla’? THE deadline for completion of phasing out Badla financing from stock market has been set at August 26, 2005. As the deadline is approaching, heated debates are taking place on how...		WTO rules for protection of industry IN an attempt to keep pace with the process of globalization under WTO regime and the lenders’ conditionalities, Pakistan has exposed its domestic industry to harsh foreign competition. As a result,...
Oil and food: rising security challenge FROM farm to plate, the modern food system relies heavily on cheap oil. Threats to our oil supply are also threats to our food supply. As food undergoes more processing and...		Five wasted decades IN an interview with the CNN, telecast on April 23, President Musharraf talked about the significance of Pakistan’s geographic location. He said it provided the shortest route to the land- locked...
Wolfensohn’s legacy at the World Bank JAMES Wolfensohn, President of the World Bank, will be leaving his office on May 31, 205 after the completion of his two terms. He will be remembered and missed by developing...		Mismanagement in mango production MANGO, the king of fruits which apart from serving as desert, is also a rich source of vitamins A, B, C, sugar, carbohydrates, protein, fats, iron, calcium, magnesium, phosphorus, potassium, fibre,...
Papaya cultivation — a profitable venture THE importance of papaya in the world’s economy is demonstrated by its wide distribution and substantial production in tropical countries. It has long been known and cultivated in home gardens because...		Improving potato cultivation OVER the years, potato has become an important crop for both farmers and consumers. It is the fourth most important crop in production. High yield and a rich nutritive value give...
Municipal capacity building PERFORMANCE of municipal institutions in Karachi has recently come under severe criticism on several counts. Evidences show that the municipal institutions at city, town and union council level have not been...		New trends in tax law administration A VIABLE taxation system is essential for a vibrant economy, particularly in the opening horizons of world trade. Present tax laws of different countries are, however, not mutually compatible. The fiscal...
Free trade with Sri Lanka IMPLEMENTATION of the Pakistan-Sri Lanka Free Trade Agreement (FTA), scheduled next month (mid June 2005), will expand the existing base of bilateral trade, both in scope and magnitude. Currently, the volume...		Wadia to float an airline: Mumbai Letter IT’S a scene that is enacted every summer in hundreds of railway terminals across India. Excited schoolchildren, accompanied by parents, lugging their bags and heading for the beaches, mountains, native places,...
Why should car buyers pay high prices? OVER the last few years, the demand for automobiles has surged with banks financing the purchases of cars. Since the capacity of the assemblers and component manufacturers has been limited, the...		Equity to expand tax base ADAM Smith enunciated the principle of equality in taxation but this golden principle is missing in our tax system. Section 114 of the Income Tax Ordinance, 2001 specifies the persons required...
Stock market remains erratic throughout the week THE KSE 100-share index last week moved within a range of 100 points, both in sympathy to the rise and the fall in leading base shares. As buying support remained speculative...		Rupee weak against dollar ON the opening day of last week, the Pakistani rupee was revised downward against the US dollar by 10 paisa for buying and selling at Rs60.50 and Rs60.60, respectively in the...
Notes in circulation and forex reserves increase ACCORDING to the Statement of Affairs of the State Bank of Pakistan, for the week ended May 7, 2005, both notes in circulation and issued increased. Notes in circulation stood at...		Commodities stay stable despite falling demand PRICE trend of essential items on the Karachi wholesale markets remained elevated last week despite falling demand and a comfortable ready position. Arrivals from the upcountry markets, including Sindh and southern...