Petrol, gas and electricity subsidy to end: Shaukat Tarin

admin — Mon, 01 Jun 2009 05:21:56 +0000

KARACHI: Finance Advisor, Shaukat Tarin has said that a decision for putting an end to the subsidy on petrol, gas and electricity has been taken. Addressing a seminar on “IMF role in Pakistan economy” under the aegis of Institute of Business Administration (IBA), the finance advisor said that the government was facing economic challenges. He said that the current fiscal year revenue recoveries would amount to Rs1180 billion, but yet the recoveries have been crucial problem for the government and this was the reason that the prices of petroleum products were not reduced. Shaukat Tarin said that serious notice has been taken of the FBR harassing consumers. He said that the focus for the next year would be to revive the economy after stabilization. He pointed out that attention would also be paid towards the revenue generation. He explained that the tax would not be increased and instead efforts would be made to expand the tax net. This would be carried out administratively and also on the policy basis Finance advisor said that Pakistan’s three national enterprise’ Pakistan Steel, Railway and PIA were cumulatively incurring losses of over Rs200 billion annually. He said that relief would be given to the middle class in the upcoming budget, while the new National Financial Award (NFC) would be presented with the consensus of the four provinces.

KSE-100 Index plunges below 7,000 level

admin — Thu, 21 May 2009 19:13:55 +0000

KARACHI: Karachi Stock Exchange (KSE) on Thursday witnessed selling and the benchmark KSE-100 Index slid 91 points to close at 6,996. Market opened downbeat and selling pressure dominated the share market throughout the session, bringing the major Index down to the current level. At one point the Index plunged to 6,840 points but a statement from the Finance Advisor about imposition of no new tax on the stock market helped the share prices recover to some extent. The market turnover was recorded at 110 million shares. Admajee Insurance was today’s volume leader which gained Rs3.84 to Rs78. Market analysts foresee short recovery in the capital market in the coming sessions.

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Petrol, gas and electricity subsidy to end: Shaukat Tarin

KSE-100 Index plunges below 7,000 level