Kabul: German Foreign Minister Guido Westerwelle arrived in Kabul yesterday and held talks with President Hamed Karzai. They discussed the German troops withdrawal by 2014 and the presidential elections in Afghanistan next year. Westerwelle stressed his government’s adherence to plans of the German army’s withdrawal. He was also due to hold talks with the leadership in Islamabad later in the day.
Budget targets $24bn revenue
ISLAMABAD: The federal budget 2013-14 envisages additional taxation of Rs150bn ($1.515bn) and an annual revenue of Rs2,400bn ($24.242bn). Former finance minister Hafeez Shaikh had set a revenue target of Rs2,381bn for the current fiscal year which was later revised to Rs2,183bn. According to officials, Rs2,050bn receipts are expected in the current fiscal year, with a shortfall of Rs331bn. Experts say authorities could hardly collect Rs1,950bn or Rs2,000bn and that too with some tax amnesty scheme. They say while making a budget of Rs1,950bn to Rs2,050bn, the next revenue target would have to be set keeping in view 13.25 percent inflation and GDP growth and Rs1,50bn additional taxes will be required to earn Rs2,400bn.
$8.4bn power conversion set
LAHORE: Pakistan plans to save $8.4bn by converting 4,274MW of furnace oil-based power plants to coal-fuelled ones, officials said. It was decided in a meeting chaired by Prime Minister Nawaz Sharif. Savings will be made by reducing imports of furnace oil. Experts briefed Sharif on high costs of power generated from furnace oil.
Reward for tax evasion tip-off
KARACHI: The Federal Board of Revenue of Pakistan wants informers to be paid attractive rewards on identification of new taxpayers and recovery of tax. It has asked to implement reward rules to enable it to broaden the tax base. An official said rewards would attract more and more people to the cause.
Agencies
