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Drill Reaches Chamber Where 33 Miners Are Trapped in Chile, A.P. Says

09 October 2010

A powerful drill broke through on Saturday to 33 miners who have been trapped nearly half a mile underground for more than two months, completing a hole for them to be hauled to the surface, according to the Associated Press.

But a rescue will still be days away, and officials warned that the operation was entering its most dangerous phase. (Click here for details)

Canada's deficit shrinks

26 September 2010
Ottawa, Canada

In its monthly fiscal monitor report, the Department of Finance reported that, Canada's monthly budget deficit fell in July from a year earlier when the government spent billions to support the struggling auto industry during the recession.

The deficit totalled C$473 million ($459 million) in July, down from C$5.8 billion in July 2009 as expenses declined and revenues increased, the Department of Finance said on Friday in its monthly fiscal monitor report.

Brother Beats Brother in Labour Vote

26 September 2010
London, United Kingdom

In a battle of the brothers for the leadership of Britain’s Labour Party, the younger of the two, Ed Miliband, 40, was elected on Saturday, beating his brother David, the 45-year-old former foreign minister, by a margin of a little more than 1 percent of the votes in a runoff.

With his victory over his brother and three other candidates, Ed Miliband became the successor to the former prime minister, Gordon Brown, at Labour’s helm, and faced the challenge of regenerating the party after its demoralizing defeat by the Conservatives in May’s general election. In his acceptance speech, he acknowledged that the party had “lost the election, and lost it badly,” and spoke of the “scale of the journey” to regain power.

“I recognize it will not be easy,” he told delegates to Labour’s five-day annual conference in Manchester.

The four-month contest involved five contestants, but it resolved early on into a two-man race between the Miliband brothers, both ministers in the defeated Brown government and both Oxford graduates, though each with roots in a different Labour camp: Ed Miliband broadly identifies with the party’s traditionalist left wing and Mr. Brown, who made him energy and climate change minister in his government, and David Miliband with the reformist movement known as New Labour, which carried Tony Blair to three successive victories before he yielded as prime minister to Mr. Brown in 2007. (as reported by The New York Times)

 

WikiLeaks spokesman steps down

26 September 2010
Germany

The spokesman for online whistleblower WikiLeaks announced his resignation in a media interview released Saturday, after falling out with founder Julian Assange. Daniel Domscheit-Berg criticised Assange for failing to improve the transparency and professionalism of WikiLeaks. WikiLeaks which has grown exponentially in recent months after publishing sensitive documents on the war in Afghanistan.

  • Pakistani Banks have written off Rs.50.5 Billion in last 2 years.

25 September 2010
Islamabad, Pakistan

It was detailed to National Assembly of Pakistan that Rs. 50.85 billion of banking loans were written off by various national banks during the last 2 years. Whilst the foreign debt of Pakistan reached USD 65 billion at the end of June 30, 2010. For details please click.

Gold rates hit all-time highs

24 September 2010

Gold hits all-time highs ranging $1,300/ounce in US markets due to expected economic uncertainity and the same trend is followed by European Markets too. ..(Read details)

ADB on Pakistan Flood Emergency

19 September 2010
New York, USA

Haruhiko Kuroda, ADB President, gave statement at the High-Level Ministerial Meeting on the Flood Emergency in Pakistan:
"ADB joins everyone here today in extending its deepest sympathy to the people of Pakistan and thanks the UN agencies and development partners for the sterling work on the crucial relief operations. ADB is currently working shoulder-to-shoulder with the government, the World Bank, and other development partners on a damage and needs assessment. This work sets the scene for essential, well-planned continuation of recovery, and longer-term reconstruction. For further details

 Updates

Pakistan:

SBP tightened banking industry by raising Minimum Capital Requirement (MCR)

13 October 2010
Karachi
, Pakistan

The State Bank of Pakistan enhanced the minimum paid up capital requirement (MCR) (free of losses) by 400 percent, to Rs 10 billion, tightening criteria for setting up a commercial bank.

The central bank has brough these changes by updating existing guidelines and criteria for setting up a commercial bank.

As per the revision, banks in different modes of operations are required a minimum paid up capital of Rs 10 billion, instead of Rs 2 billion previously, depicting a surge of Rs 8 billion or 400 percent.

The SBP has also increased MCR for foreign banks, as foreign banks desirous to conduct banking business in branch mode should have a minimum paid up capital (free of losses) of Rs 3 billion. In case a foreign bank intends to commence business with more than 5 branches, or expands its operations in future, the MCR would be Rs 6 billion or any other amount as prescribed by SBP from time to time. In case of branch network of more than 50 branched MCR would be Rs 10 billion, or any other amount as prescribed by SBP from time to time.

Foreign banks desirous to conduct banking business in branch mode should have a minimum paid up capital (free of losses) of Rs 3 billion or any other amount as prescribed by SBP from time to time, subject to following conditions;

a) The foreign bank holds paid up capital (free of losses) of at least equivalent to US $300 million and have a CAR of at least 8 percent or minimum prescribed by their home regulator, whichever is higher.

b) The bank will operate with a branch network of 5 branches; in case the bank intends to commence business with more than 5 branches or expands its operations in future, the MCR would be as follows; MCR Branch Network : From 6 to 50 branches Rs 6 billion or any other amount as prescribed by SBP from time to time.

The State Bank had already tightened the minimum paid up capital (free of losses) requirements for banks and already working banks are required to raise their minimum paid up capital (free of losses) to Rs 10 billion by December 31, 2013. Banks are also required to raise their minimum paid-up capital (free of losses) to Rs 7 billion by December 31, 2010, Rs 8 billion by December 31, 2011, Rs 9 billion by December 31, 2012 and Rs 10 billion by December 31, 2013.

Pakistan:

Income Tax Return Filing Date further extended by 15 days

13 October 2010
Islamabad, Pakistan

FBR has announcd further extension upto October 30, 2010 for filing (a) Returns by Business Individuals, Salaried person and AOP, and (b) Annual Statement by Employer

The Federal Board of Revenue (FBR) has extended last date for filing of income tax returns/statements for tax year 2010 up to October 30, 2010. According to a press release of the FBR issued here on Wednesday.

Pakistan Tax Bar Association has requested for extension of date for filing of income tax return/statements for tax year 2010 on the grounds that the taxpayers are facing acute financial problems due to recent unprecedented flood situation in the country, which has impacted adversely on the economic condition of the business community in general and taxpayers in particular. This request has been examined and it has been decided to extend the last date for filing of income tax returns/statements for tax year 2010 up to 30th October, 2010

Pakistan:

Extension in Income Tax Return Filing Date

28 September 2010
Islamabad, Pakistan

"In the wake of situation resulting from massive flash floods and other related matters, various business organizations and classes of taxpayers are seeking further extension in time for filing of returns.

It has therefore been decided to extend the last date for filing of income tax returns/statements for the tax year 2010, in the case of Business Individuals, Salaried Individuals, for Annual Statement by the Employer and for the returns of income by Association of Persons (AOPs) to 15th October 2010." (as stated in Circular No. 13 of  2010)

Pakistan:

Proposed Amendments in Capital Gain Tax (CGT) calculations

The Federal Board of Revenue proposes to make certain further amendments in the Income Tax Rules, 2002, under S.R.O.865 (I)/2010 in respect of Capital Gain Tax (CGT) calculations and its treatment. (For details please click)

Pakistan:

25% flat tax rate on taxable income of Associations of Persons

Federal Board of Revenue (FBR) has clarified that for the purpose of Income Tax Returns by AOPs, tax shall be chargeable at a flat rate of 25 per cent, as enacted through the Finance Act 2010.
Therefore, tax payable for the taxpayer in the cases of AOPs, may be calculated according to the flat rate of 25 per cent, says a press statement released Thursday

Pakistan:

FBR drafting reformed GST Rules 2010

25 September 2010
Islamabad, Pakistan

The Federal Board of Revenue (FBR) is drafting reformed General Sales Tax (RGST) Rules 2010 to prescribe new procedures for registration, invoice/record keeping, filing of returns and other features of the new sales tax regime.

Pakistan:

Competition Bill, 2010 approved unanimously by National Assembly:

24 September 2010
Islamabad, Pakistan

On Thursday 23th Septmeber 2010 the National Assembly of Pakistan passed "The Competition Bill, 2010". This Bill gone through the assembly floor un-apposed. The Competition Commission is meant for ensuring free market competition in all sphere of economic activity and to enhance economic activity and protect it from restrictive trade practices and anti-competitive behaviour. For details please click

 
 
 
 
 
 
 


 
 
 
 
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