Jul 10 - 16, 2000
Rs346 billion net tax
The Central Board of Revenue has informed the government that it had a
net tax collection of Rs346 billion in the financial year 1999-2000, against a revised
target of Rs351 billion, the net growth during the year, over 1998-99, recorded at 13.4%.
The final figures would be presented to the chief executive here on
Thursday by the top CBR officials with explanations on shortfall in collection under each
tax-head, except under the sales tax head, which recorded a 63% growth in actual
collection over 1998-99.
Its learnt from sources that receipts of Rs347 billion were recorded
collectively under the Sales Tax, Income Tax, Customs Duty and Central Excise heads of the
federal revenues. A sum of Rs9 billion, collected under the Tax Amnesty Scheme-2000 was
added, raising the net total to Rs356 billion.
However, the CBR is under directions from the federal government to pay
Rs10 billion in refunds to the claimants, which brings down the total to Rs 346 billion.
Total collection made last year was Rs 305 billion.
The net sales tax collection for the year stood at Rs117 billion, said
Member ST, Sarfraz Ahmad Khan. Out of this total, the domestically collected ST was Rs49.6
billion while the ST collected at import stage was Rs67.4 billion. In 1998-99 the ST
collection was Rs72 billion. Its growth over the previous year was 32%.
The import related sales tax in 1998-99 was Rs 43.4 billion, while the
domestically collected ST was Rs28.2 billion.
The Income Tax department collected Rs114 billion, in 1998-99 its
collection was Rs105.4 billion.
The Customs department this year collected Rs60 billion, in 1998-99 its
collection was Rs65.3 billion, showing a decrease of Rs5.3 billion. The Central Excise
department collected Rs56 billion in 1999-2000, Rs61 billion, showing a decrease of Rs5
billion this year.
New profit rates on savings schemes
The National Savings Directorate has announced new profit rates on its
various schemes applicable from July 1. According to a press release of the directorate
issued here on Saturday, the rate of return on a certificate of Rs100 under Defence
Savings Certificate would be Rs109 on completion of first year; Rs121 on second year;
Rs138 on third year; Rs157 on fourth year; Rs184 on fifth year; Rs210 on sixth year; Rs238
on seventh year; Rs275 on 8th year; Rs322 on ninth year; and Rs371 10th year.
The rates of profit on Special Savings Certificates (Registered)
purchased /deposited on or after July 1 shall be: i) for each of the first five periods of
complete six months 5.5 per cent, 11 per cent per annum; ii) for the last period of
complete six months, 6 per cent per half year and 12 per cent per year.
Profit on Regular Income Certificates of Rs100,000 purchased on or
after July 1 will be Rs1040 per month, subject to 10 per cent withholding tax. On saving
accounts the profit on the deposit made on or after July 1 will be 6.5 per cent on cheqing
accounts and 7 per cent on other accounts.
NWFP debt to hit Rs60 billion
NWFP's total loan liabilities accumulated over the years would jump up
to over Rs60 billion at the close of financial 2000-2001, according to the budget
estimates for the new fiscal announced by the provincial government on June 26 last.
The massive loan liabilities have been accumulated due to the
province's inability to finance its Annual Development Programme, making the successive
provincial governments rely totally on domestic and foreign loans.
Of the amount major chunk of Rs37,832.627 million is payable to the
centre against the Cash Development Loan (CDL) the province receive every year from it as
support to ADP.
After repayment of around Rs969.961 million during the 2000-2001, total
debt under the CDL head would stand at Rs36,362.666 million at the close of the current
Govt borrowings touch Rs60bn
Net borrowing of the government for budgetary support rose to about
Rs60 billion on June 10 eclipsing hopes of meeting the revised target of Rs28 billion for
Sources at the ministry of finance told that between July 1, 1999 and
June 10, 2000 the government had made a net borrowing of around Rs60 billion from the
Telecard to raise capital
Telecard Limited the payphone company proposes to
increase the authorized capital by another 25 per cent to Rs1.250 billion, from Rs1.000
A shareholders' meeting has been called by the company for July 27 to
approve the raise.
The latest push in authorized capital comes within just about two
months of the four-fold increase in authorized capital from Rs250 million to Rs1 billion,
done by the company in early May.
SECP gives option to spinning mill
The chief executive and directors of Nazir Cotton Mills Limited have
been directed by the Securities & Exchange Commission of Pakistan to "either bear
the loss on sale of shares of Silver Fibre Spinning Mills Limited alongwith mark-up not
less than the company's own borrowing costs on the total amount of investment for the
period from which this investment was made, or to make arrangements to take back the said
shares ensuring control of the company, as a holding company, over Silver Fibre Spinning
Right share offer
Pak-Apex Leasing Co has plans to ask shareholders for cash in right
issue at 100% (one-for-one). The issue is to be priced at 20% discount (Rs 8/- for each
share of the face value of Rs 10/-).
An extraordinary general meeting of the shareholders would be held on
Aug 5 to approve the right share offer and the book closure dates have been notified
between July 29 to Aug 5. The ruling market price of the share is also Rs 8/-. The right
issue, when through, would go to double the paid-up capital from Rs100 to Rs 200 million.