Pakonomy

1)Subsidies increase to Rs 453.3 billion till December: PRSP

Subsidies surged to Rs 453.3 billion between July-December 2011-12, Rs 286.8 billion more than the budgetary target for the entire year and Rs 58 billion more than the revised estimates for 2010-11.

2) Exchange companies transactions: 0.2% WHT on cash withdrawals eliminated

To facilitate exchange companies, the Federal Board of Revenue has eliminated 0.2% withholding tax on cash withdrawal from bank accounts exclusively dedicated for authorized business related transactions of the exchange companies duly licensed/authorized by the State Bank of Pakistan.

 3)Cement industry badly hit by Inflationary trends

An extensive analysis of inflationary trends in Pakistan interestingly reveals that exfactory prices of cement per bag have not increased in proportion to other construction industry inputs in the last 10 years, which has made the balance sheets of most cement companies impaired and the industry has been recording huge financial losses.

 4)Textile exports fall as energy shortages bite

The energy crisis has left a destructive impact on the textile industry as exports of various products dropped in the range of 22% to 43% in March compared to the corresponding month of previous year.

5) PASSCO wheat procure commences from May 1

Pakistan Agricultural Storage and Services Corporation (PASSCO) has announced to start wheat procurement drive from May 1 while the distribution of gunny bags will be commenced from April 28.