May 21, 2006	Sunday	Rabi-us-Sani 22, 1427

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Taxman tightens grip in recent years KARACHI, May 20: How would one explain and interpret more than 100 per cent increase in tax collection by the Central Board of Revenue in the last six years (1999-2000 to...		Taxing times No one has ever heard of tax without tears. But when the burden is unevenly distributed, the woes of those who have to bear the brunt is understandable....
Pro-poor policies can help alleviate poverty KARACHI, May 20: The Social Policy and Development Centre’s (SPDC) annual report for 2005-06 entitled “Trade liberalisation: growth and poverty” suggests that if the process of further trade liberalisation is accompanied...		One per cent of population pays income tax KARACHI: Successive governments have failed to broaden the tax net as they lacked political will to take measures which could bring all categories of taxable income into the ambit of tax laws....
‘Govt trying to bring evasive areas in tax net’ ISLAMABAD: Prime Minister’s Adviser on Finance Dr Salman Shah has said that the government has identified a number of sectors and areas to increase the tax-to-GDP ratio in the country....		Political parties unhappy with tax regime KARACHI: Leading political parties favour broadening of tax net. They are for evolving a tax culture that ensures voluntary compliance. This, however, is difficult if the government is not perceived to be responsive to people’s needs and aspirations....
Agriculture makes indirect contribution MULTAN: Taxing the agriculture sector has always remained a tricky issue owing to its political, social and technical implications. It is often alleged that a strong lobby of landed gentry has...		Balochistan chips in 5pc of its needs QUETTA: Balochistan is a vast province, almost half of Pakistan in terms of territory, with limited resources to build its huge infrastructure. The National Finance Commission Award is based on distribution...
High corporate tax rate is bane of business KARACHI: The evasion of taxation is almost as old as its levy. In sub-continent, the age-old simple method is to prepare two sets of accounting books: One for the owner/proprietor’s own...		Farmers not getting minimum wheat price: Govt fixes Rs415 per 40kg ISLAMABAD, May 20: Farmers in southern Punjab are not getting the Rs415 per 40kg minimum price announced by the government for the procurement of wheat amid allegations of kickbacks and commissions by food department officials and exploitation by landlords....
Row with India over basmati rights ISLAMABAD, May 20: The Agriculture produce development authority (APDA) of India has lodged a complaint with Pakistan’s trade mark registration office against the move of Basmati Growers Association (BGA) seeking ownership rights of basmati rice....		NYSE may make merger offer to Euronext NEW YORK, May 20: The NYSE Group Inc. is finalising a proposal for a merger with European stock exchange operator Euronext and is expected to make an offer this weekend or Monday, The Wall Street Journal reported on Saturday....
Cotton market rules steady KARACHI, May 20: Cotton market finished the weekend session on a steady note as official spot rates were firmly held at the previous levels amid falling mills’ demand....		Kazakhstan, Russia agree on gas pricing MOSCOW, May 20: Russia’s President Vladimir Putin and his Kazakh counterpart Nursultan Nazarbayev on Saturday stressed close bilateral cooperation on energy resources and announced a compromise on the price of gas extracted by Russia in Kazakhstan....
TCP buys 165,000 tons of white sugar KARACHI, May 20: The Trading Corporation of Pakistan (TCP) on Saturday purchased 115,000 tons of white sugar at $506 per ton and another 50,000 tons at $504 per ton C&F Karachi, a company official said....		CFS rates fall on low demand KARACHI, May 20: The CFS rates on the Karachi Stock Exchange last week fell to 13.6 per cent, showing a decline of 350 basis points as compared to previous week’s 17.1...
Exemptions keep tax rates high KARACHI: Lack of a level playing field, no equitable sharing between the taxpayers and non-payers and increasing burden on genuine taxpayers can be attributed as the main reasons for increasing tax evasion....		Punjab covers one-tenth of its revenue LAHORE: Within the given rigid framework of an exceedingly centralised tax administration in Pakistan, the effort in Punjab over the past decades to enhance its own tax base has always resulted...
Govt pockets Rs21 on each litre of petrol KARACHI: Without much effort, the government pockets a reasonable chunk of taxes and duties from consumers through the multinational companies in three major items — petroleum, electricity and gas....		Sindh raises 20pc revenue from own sources KARACHI: The incidence of tax default is high in Sindh with the result that there is almost zero income from some taxes, including the tax on agricultural income....
Tax revenue from banks rises KARACHI: Reduce the tax and get more revenue. This formula proved right at least in the case of banking sector which started paying off more with the reduction of tax rate....		Karachi Port operations KARACHI, May 20: Ten ships carrying containers and general cargo and to load rice and naptha are due to arrive at the outer anchorage on Sunday, according to KPT sources....