| Saba Akhtar |
Saturday, February 19, 2011 08:06 PM |
[B] Pakistan Economic Report[/B]
Latest Pakistan economic report has confirmed that political stability is required in order for this south Asian country to deal with its economic crises in a more suitable way.
New Pakistani economic report has also suggested that process of political reconciliation should be persisted with if this country is to do away with their economic problems.
As per Pakistan’s economic report terrorism has been a thorn in flesh of Pakistan economy. Shah Mahmood Qureishi, foreign minister of Pakistan, has also reiterated that in order to add to strength of economic institutions in Pakistan it is imperative that central government dealt with these issues with an iron fist so that economic imbalance in this country could be addressed.
According to economic report of Pakistan it has been observed that International Monetary Fund and Pakistan have reached an agreement regarding Pakistan’s budget for fiscal 2009-10. As per this agreement a capital value tax, at rate of 0.2 percent, would be imposed on every Rs. 25,000 that is taken out of foreign currency accounts as specified in budget for 2009-10.
added information from economic report in Pakistan reveals that in meeting that IMF and Pakistan had in Dubai revisions were made for macro economic goals for fiscals 2009 and 2010. Both these parties have also arrived mutually at macro economic goals for Pakistan economy in 2010.
Economic report at Pakistan states that in case withdrawals from foreign currency accounts are in excess of Rs. 25,000 a withholding tax at rate of 0.3 percent would be exercised in that case.
It has also been suggested in economic report from Pakistan that for account holders who are not recognized by income tax and sales tax departments in Pakistan rate of withholding tax could be increased to 6 percent from 3 percent. This would be levied when they take out money from banks. However, this proposal is still doing rounds in higher circles of Pakistan economy.
According to Pakistan economic report this tax would make account holders go for documenting their financial transactions with checks in place of cash. Ministry of Finance, Pakistan has made it clear that this proposal would be included in budget for fiscal 2009-10.
Pakistan economic report for 2009 also states that some other important matters are at level of discussion in Pakistan. Economic authorities are aiming to take tax to GDP ratio to 12.5 percent within 2009 to 2012 from 10 percent at 2008-09.
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