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News from Pakistan (4-1-2003)

  • The Central Board of Revenue is seriously considering to revise the percentage of compressed natural gas wastage at the CNG stations for determination of sales tax.

  • The Union Insurance Company informed the KSE that the company has raised its paid-up capital and has met the condition of Securities and Exchange Commission of Pakistan.

  • The Ministry of Finance refused to withdraw 23 percent advance income tax on electricity bills, despite Wapda's plea that this levy was badly hurting its industrial and commercial consumers.

  • The Water and power Development Authority will set up four new Hydel projects with a cost of $ 1.5 billion having a capacity of 1,000 MW in various parts of NWFP.

  • Egypt has confirmed that Pakistan's wheat samples were up to its specifications and its three-member technical team would visit Islamabad by the end of current month to examine the quarantine facilities, besides finalizing technical discussion with Pakistani counterparts for a possible wheat deal.

  • The rupee recovered another four paisa in relation to the greenback in the inter-bank market for buying and selling at Rs 58.24 and Rs 58.26.

  • The Pak-China border for land traveling and trade via Karakoram Highway has been closed due to winter season and would reopen in late June.

  • The newly-elected President of the Federation of Pakistan Chambers of Commerce and Industry said that one of his important tasks will be to help build businessmen's confidence to attract foreign investment in the country.

  • Pakistan has been invited to participate in a three day Pharmaceutical Exhibition and a seminar entitled 'Asia Pharma Expo 2003' for the first time in Bangladesh starting on February 23.

(Iqbal Ahmad Khan)
Director (PA/IF)
4-1-2003

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