Pakistan Economy - News & Updates - Archive

[Owais]

Swedish groups keen to invest in Pakistan \

LAHORE (August 27 2006): Several Swedish business groups have shown interest for making investment in Pakistan due to the economic turnaround witnessed by the country in recent years.

The interest was shown by the Swedish businessmen during their meetings with Lahore Chamber of Commerce & Industry (LCCI) delegation led by Mian Misbah-ur-Rehman, currently in the Scandinavian country for promotion of bilateral trade between the two countries, a spokesman of LCCI said here on Saturday.

On arrival in Stockholm, the LCCI delegation was warmly welcomed by the Commercial Counsellor, Javed Akbar. Later, the delegation met Ms Sophia Linder and Ms Karin Askelof, head of the International department at Swedish Chamber of Commerce. They briefed the delegates on the work of the Swedish trade body and the facilities being offered to the exporters and importers.

The Swedish Chamber offered free use of the chamber's database and facilities for the LCCI. They also showed interest in offering capacity building programs, study visits, matchmaking, seminars, and conferences in Sweden for the members of the LCCI.

Ms Askelof assured of full support of Swedish Chamber to promote bilateral trade between the two countries. Mian Misbah-ur-Rehman also invited the Swedish Chambers to visit LCCI.

Later, the visiting delegation was received by Borje Risinggard, a senior executive of Swedish Trade Federation at the federation office. Risinggard gave a comprehensive briefing to the delegation on existing import and exports trade scenario between Pakistan and Sweden and highlighted the efforts of the Swedish Trade Federation in promoting the same.

Moreover, the LCCI delegation also visited the Swedish Trade Council, where they were briefed by Per G Hallstrm, Information Specialist and Head of the market services, about different trade promotional programmes and services being offered to the trade organisations both in Sweden and the rest of the world.

 

[RAPTOR]

Sunday, August 27, 2006

World Bank rates Pakistan in top 10 investment destinations
Daily Times Monitor

LAHORE: The World Bank has included Pakistan in its list of 10 most attractive countries for investment, Geo news quoted a British journal as saying. According to the channel, the Bank has issued a list of countries with an investment-friendly atmosphere and satisfactory law and order, where investors’ have the potential to earn profit and their capital would be safe. Britain is the second largest investor in Pakistan, the channel reported, adding that last year the volume of foreign investment was $3 billion.

 

[Neo]

Islamabad (August 27 2006): Prime Minister Shaukat Aziz has said that out of 30 thousand vacancies created for the people of Balochistan in federal and provincial government departments, 23 thousand have been filled while recruitment of 7 thousand vacancies is under process.

Chairing a meeting at the Prime Miniser House this afternoon to review progress of on going mega development projects in Balochistan, the Prime Minister said that the government was paying special attention to the development of Balochistan province.

"President Pervez Musharraf and Pakistan Muslim League government are the first one, which have launched meaningful programmes in Balochistan to bring it at par with more developed areas of the country" he added.

He said "Rs164 billion allocated by the federal government for 140 ongoing development projects in Balochistan are manifestation of government's commitment to bring the province at par with more developed areas of the country" and added that these projects will lead to create more jobs and better facilities of life for the people.

He said government has adopted a holistic approach for the development of Balochistan and the economic and political initiatives are being made in tandem to expedite growth and development in the province.

The Federal Government had given Rs 100 million to each district in Balochistan to initiate local projects to directly benefit the people.

The Prime Minister said the Mirs and Sardars of Balochistan are contributing in government's efforts for overall economic uplift of the area, education and health facilities for the population and development of the Balochistan province. "The successful convening Bugti Jirga is a landmark event, which will contribute to peace and development in this province" he emphasised.

He said the construction of dams, Gwader port, network of roads and mineral and fisheries development programmes undertaken by the government will change the face of Balochistan.

He said government is particularly focusing on strengthening of infrastructure and 35 percent of NHA budget is being spent on building a network of roads and highways in the province which will open up more income generation and employment opportunities.

The PM said Kachi Canal which is under construction will increase agriculture production by providing better irrigation facilities to five districts including Dera Bugti, Balon , Jhal Magsi, Sibi and Naseerabad.

Shaukat was informed that a total area of seven lakh (70,0000) acres will be irrigated by Kachi Canal. This includes one lakh two thousand ( 102,000) acres of land in Dera Bugti. Construction work on the canal is in progress on both ends of the canal, which is being done to speed up completion.

Chief Secretary Balochistan in his presentation gave details of the implementation status of Mirani Dam, Sabakzai Dam, Kachhi Cannal, RBOD-III development of Gwadar port/city, Quetta water supply and environmental improvement project and Kohlu Development Packages.

He said Mirani Dam and Sabakzai Dams will be completed by the end of this year and June 2007, respectively. Kachi Canal phase one will be competed in 2008.

The Prime Minister was informed that 38 water filtration plants have been set up in Balochistan and 130 more sites have been identified. Rs 650 million have so far been released by the federal government for various projects under Kohlu Development Package.

The Prime Minister was also informed that site measuring 122 acres has been selected for Cadet College Kohlu, and 8 acres have been earmarked for Kohlu Girls College.

Chief Secretary Balochistan said utility store and Nadra have been opened in several points of Balochistan and more will be opened soon. The Prime Minister was updated on progress of Gwader port its industrial estate and support facility. The Prime Minister said Gwader is destined to be major hub for trade manufacturing and tourism.

The Prime Minister reviewed the programmes in details and gave instructions for the timely implementation. The meeting was attended among others by Federal Minister for Inter-Provincial Co-ordination Saleem Saifullah Khan, Minister of State for Petroleum and Natural Resources Mir Muhammad Naseer Khan Mengal, Deputy Chairman Planning Commission Dr M. Akram Sheikh and senior officials.

 

[Neo]

SIALKOT (August 27 2006): The world has recognised Sialkot as export-oriented city of Pakistan, since this place possesses century-old industrial heritage. It has developed a remarkable export culture over the period and is contributing over 800 million dollars annually to the national exchequer.

The city is sprawling with thousands of small and medium enterprises (SMEs), which are engaged in honouring their global commitments for export of value-added quality products such as sports goods, surgical instruments, leather goods, gloves, badges, musical instruments etc.

The researchers of various foreign universities were conducting research on unique "export culture" of this city and hub of the cottage industry of the country.

Recently two researchers Anika Altaf and Joni Haijen from Amsterdam visited Sialkot for their joint research work. During their stay, both the researchers carried out interviews of female soccer-stitchers to gauge the impact of fair-trade intervention in their socio-economic lives.

Both Anika and Joni presented their initial findings with the Sialkot Chamber of Commerce and Industry (SCCI). The SCCI President and other participants appreciated the researchers work.

In an informal chat with Business Recorder Anika said that business community of Sialkot had extended full co-operation and "assisted us in carrying out the research work." Replying to a question, Anika said that she came to Pakistan after three years for research purposes and "I observed a lot of changes in every sphere of life in Pakistan as a result of this change."

About her research finding, she said that impact of fair-trade had positive potentials, but the workers were still needed more benefits under the fair-trade practice. In its current form in Sialkot, fair-trade was not providing a sustainable livelihood to the women engaged in the soccer ball industry, she said.

 

[Neo]

LAHORE (August 27 2006): Provincial Minister for Industries, Trade and Investment, Muhammad Ajmal Cheema has said that export culture of Sialkot would be promoted in the province and small industries would be modernised so that small businessmen could be able to earn their livelihood in a better manner.

These views were expressed by him during a meeting with a delegation of industrialists at his office, here on Saturday. 'There are vast business opportunities in the Central Asian States (CAS), and Pakistani industrialists should pay attention to explore CAS markets which have great demand for leather, textile, surgical equipment, sports goods and jewellery', he added.

He said that we can only eradicate unemployment from the province through industrial development because government cannot provide job opportunities to all citizens with its limited resources. He said that WTO would greatly benefit textile sector in Pakistan.

 

[Neo]

KARACHI (August 27 2006): A multinational company Careefour is keen to set up a hypermarket in Karachi with a cost of $75 million, a high-level meeting was told here on Saturday. Sindh Chief Secretary Fazlur Rehman presided over the meeting held at his office Legenre Bruno, the representative of the Careefour gave a presentation to the meeting on the proposed project.

The meeting was told that this project would provide direct employment to some 500 skilled and semi-skilled workers. The hypermarket would be a trade center, which would provide goods and services to consumers as a self-service store.

The meeting decided that the proposed market might be set up around Malir area. In this regard Chairman Chief Minister's Investment Cell Muslim Abbasi was made a focal person. The EDO revenue would made a line of action for the project.

 

[Neo]

Sunday, August 27, 2006javascript:; http://www.dailytimes.com.pk/print.asp?page=2006\08\27\story_27-8-2006_pg5_2

By Arshad Hussain

KARACHI: Frequent crashes and the volatility in stock markets during the last few months dissuaded foreign investors from investing in markets resulting in a major decline in portfolio investment by 52.9 percent to $19.6 million in July 2006, compared with investment in the corresponding period of the previous year.

Due to low portfolio investment, total foreign investment has declined by 8.06 percent or $13.4 million in July 2006 to $152.8 million compared with the $166.2 million in July 2005. The country received direct investment of $133 million, an increase of 6.7 percent or $8.4 million. No privatisation proceeds were received in July this year.

“All over the world portfolio investment in stock markets has been declining for the last few months,” said Mohammad Sohail, director of research and equities at Jahangir Siddiqui and Co. “The same scenario is affecting Pakistan, but we are expecting better foreign investment in the equity market in full year.”

The central bank has received total foreign investment of $3.872 billion during the outgoing fiscal year. The government has set a full-year foreign direct investment (FDI) target of above $4 billion for the current fiscal year.

“The government’s FDI target is achievable as the International Monetary Fund (IMF) is pressurising the central government to privatise public sector entities,” the analyst said.

At the moment an IMF team is on a visit to Islamabad inquiring about delays in the privatisation of WAPDA power distribution companies, Pakistan Petroleum Limited, Pakistan State Oil, National Investment Trust, both Sui Gas companies, Oil and Gas Development Company Limited and banks

After this step, it is being hoped that the privatization commission will finalise the sell off of the short listed companies in the current fiscal year, the market experts said.

According to the data available at the State Bank, the country received portfolio investment and direct investment of $19.6 million and $133 million respectively in the first month of the current fiscal year.

Portfolio investment from the USA stood at only $3.5 million this July compared with the $32.6 million last July. Major investment in the local bourses was from Singapore, which stood at $18.5 million in July 2006.

The European Union made an investment of $5.8 million this month compared with the $1.8 million in July 2006. The third highest investment of $4 million was made by the United Kingdom in the first month of the current fiscal year.

Portfolio investment has declined by $3.2 million and $9 million from Western Europe and Switzerland respectively.

Direct investment from Western Europe and European Union has gone up to $46.7 million and $39.9 million respectively. Out of the total $133 million, developed countries have made investment of $89.9 million in Pakistan.

Major inflows of foreign investment of $29.5 million have flown into the trade sector, power sector (Thermal) $22.7 million and $19.7 million in Oil and Gas Exploration.

 

[Neo]

Sunday, August 27, 2006javascript:; http://www.dailytimes.com.pk/print.asp?page=2006\08\27\story_27-8-2006_pg5_10

QUETTA: Balochistan Chief Minister Jam Mohammad Yousaf said on Saturday that the Gwadar port project would be inaugurated this year which would be followed by trade and industrial activities in the area.

The chief minister was speaking to National Telecommunica-tion Corporation (NTC) Chairman Rear Admiral Shahid Farooq who called on him here on Saturday.

He said communication facilities would be of immense importance for the Gwadar Port as it would ensure that investors had access to national and international markets.

He also directed the NTC to ensure the provision of modern telecommunication facilities along the coastal highway. The Balochistan chief minister accepted the offer of the NTC chairman regarding the implementation of a project to link security cameras to be installed at an important site in Quetta city through an optic fibre system and directed the city government to take advantage of the NTC offer.

"The basic infrastructure to provide telephone connections to government departments in Gwadar has been established and initially an exchange of 500 lines has been set up in the area," the NTC chairman said. He added that separate exchanges would also be established for government departments in Zhob, Loralai, Khuzdar and other districts.

A separate system for provision of internet facility to the province has been introduced which has improved the internet capacity in Balochistan significantly, he informed.

A hotline system will also be introduced to ensure that the chief minister had a district link with the government and important institutions in Gwadar.

 

[Neo]

ISLAMABAD, Aug 26: Prime Minister Shaukat Aziz was informed on Saturday that Mirani and Sabakzai dams would be completed by the end of this year and June 2007, respectively.

At a meeting held to review progress of ongoing development projects in Balochistan, Mr Aziz was told by the provincial chief secretary that Kachi Canal’s phase-I would be competed in 2008.

The chief secretary said 700,000 acres would be irrigated by the Kachi Canal, which included 102,000 acres in Dera Bugti. He said work on both sides of the canal was continuing to ensure early completion of the project.

He gave details of the implementation status of the Mirani Dam, Sabakzai Dam, Kachi Cannal, RBOD-III, development of Gwadar port/city, Quetta water supply and environmental improvement project and the Kohlu Development Package.

He said 38 water filtration plants had been set up in the province and 130 more sites had been identified for the purpose. He said the federal government had released Rs650 million for various projects under the Kohlu Development Package.

The prime minister was told that 122 acres had been selected for a cadet college and eight acres for a girls’ college in Kohlu.

The chief secretary said utility stores and NADRA centres had been established in several areas in Balochistan and more would soon be opened.

Prime Minister Aziz said that of the 30,000 vacancies created for the people of Balochistan in federal and provincial government departments, 23,000 had been filled and recruitment on the remaining posts was under process.

He said the government was working to bring development, stability and growth in Balochistan.

The prime minister said allocation of Rs164 billion by the federal government for 140 ongoing development projects in Balochistan was a manifestation of the government’s commitment to bring the province at par with developed areas of the country. These projects would create more jobs and provide better facilities of life to the people, he added.

He said the government had adopted a holistic approach for development of the province and economic and political initiatives were being offered to expedite growth and development in the province.

Mr Aziz said he had given Rs100 million to each district in Balochistan to initiate projects at the local level.

He said Mirs and Sardars of the province were contributing in government’s efforts for economic uplift of the area, and providing education and health facilities. The successful convening of the “Bugti jirga” was a landmark event and it would contribute to peace and development in Balochistan, he claimed.

He said the government was focusing on strengthening infrastructure and spending 35 per cent of the NHA budget on building a network of roads and highways in the province.

The meeting was attended among others by Federal Minister for Inter-Provincial Coordination Saleem Saifullah Khan, Minister of State for Petroleum and Natural Resources Mir Mohammad Naseer Khan Mengal and Planning Commission deputy chairman Dr M. Akram Shaikh.

 

[Owais]

New brand ‘E-10’ petrol to be launched next week in Lahore

LAHORE: Pakistan State Oil (PSO) would be introducing its new brand E-10 of petrol next week here.

Following Islamabad, E-10 petrol scheduled to be launched in Karachi this week was put off for sometime due to the stagnant rainwater that afflicted different parts of the city, but now this brand would be introduced first in Lahore, PSO officials told.

PSO officials further told that the arrangement for 25 vehicles has been made in Lahore as well like Islamabad. They said that initially 10 percent ethanol was being mixed in E-10 and this trial project would continue for six months.

E-10 would be cheaper by Rs1.50 per litre than the existing petrol price and the ethanol content would be increased to 20 percent in case of its getting a hit in the market, but some change would have to be brought down into the vehicles for using 20 percent ethanol mix petrol.

 

[Owais]

Innovation, research to grab better share in global textile market: PM


ISLAMABAD (updated on: August 27, 2006, 17:31 PST): Prime Minister Shaukat Aziz on Sunday said the government was committed to facilitate the private sector to improve their competitiveness and productivity.

Talking to a delegation of All Pakistan Textile Manufacturing Association (APTMA) here, he emphasised the need to promote innovation and research to enable the industry to grab a better share in the global textile market.

The prime minister said the government's policies of deregulation, privatisation and liberalisation have created a very conducive atmosphere for the private sector.

To further develop the textile industry, the prime minister said the government has launched a Clean Cotton Project to develop the indigenous cotton processing industry in line with the internationally acceptable standards.

Meanwhile, presiding over a meeting here to review the progress and implementation of mega development projects in Balochistan, the prime minister said the federal government has allocated Rs 164 billion for the completion of the on going development projects in the province. The prime minister said huge allocation are manifestation of the government's commitment to bring the province at par with other developed areas of the country.

 

[Neo]

Saturday August 26, 2006 (1946 PST)

ISLAMABAD: Prime Minister Shaukat Aziz has said that government is paying special attention the development of Balochistan and out of 30,000 vacancies created for the people of Balochistan in federal and provincial government departments, 23,000 have been filled while recruitment of 7,000 vacancies is under process.


Chairing a meeting at the PM’s House Saturday to review progress of on going mega development projects in Balochistan, the prime minister said that President General Pervez Musharraf and Pakistan Muslim League government are the first one, which have launched meaningful programmes in Balochistan to bring it at par with more developed areas of the country.

The Prime minister said that government is working to bring development, stability and growth in Balochistan. He said Rs 164 billion allocated by the federal government for 140 ongoing development projects in Balochistan are manifestation of government’s commitment to bring Balochistan at par with more developed areas of the country. These projects will lead to creation of more jobs and better facilities of life for the people, the prime minister said.

He said that government has adopted a holistic approach for the development of Balochistan and the economic and political initiatives are being made in tandem to expedite growth and development in the provinces.

The prime minister said he had given Rs 10 crore to each district in Balochistan to initiate local projects to directly benefit the people.

The prime minister said the Mirs and Sardars of Balochistan are contributing in government’s efforts for overall economic uplift of the area, education and health facilities for the population and development of the Balochistan province. The successful convening Bugti Jirga is landmark event which will contribute to peace and development in Balochistan, the prime minister said.

He said the development of dams, Gwadar Port, network of roads and mineral and fisheries development programmes undertaken by the government will change the face of Balochistan. He said government is particularly focusing on strengthening of infrastructure and 35% of NHA budget is being spent on building a network of roads and highways in the province which will open up more income generation and employment opportunities in the province.

The prime minister said Kachi Canal which is under construction with increase agriculture production by providing better irrigation facilities to five districts including Dera Bugti, Balon, Jhal Magsi, Sibi and Naseerabad.

The prime minister was informed that a total area of 700,000 acres will be irrigated by Kachi Canal. This includes 102,000 acres of land in Dera Bugti. Construction work on the canal is in progress on both ends of the canal, which is being done to speed up completion.

Chief Secretary Balochistan in his presentation gave death of the implementation status of Miran Dam, Sabakzai Dam, Kachhi Canal, RBOD-III development of Gwadar Port city, Quetta water supply and environmental improvement project and Kohlu Development Packages.

He said Mirani Dam and Sbakzai Dams will be completed by the end of this year and June 2007, respectively Kachi Canal phase one will be completed in 2008.

The prime minister was informed that 38 water filtration plants have been set up in Balochistan and 130 more sites have been identified. Rs 650 million have so far been released by the federal government for various projects under Kohlu Development Package.

The prime minister was also informed that site measuring 122 acres has been selected for Cadet College Kohlu and 8 acres have been earmarked for Kohlu Girls College.
Chief Secretary Balochistan said utility store and NADRA have been opened in several points of Balochistan and more will be opened soon.

The prime minister was updated on progress of Gwadar port its industrial estate and support facility the prime minister said Gwadar is destined to be major hub for trade manufacturing and tourism.

The prime minister reviewed the programmes initiated in details and gave instructions for the timely implementation. The meeting was attended among others by federal minister for inter provincial coordination Saleem Saifullah Khan, Minister of State for Petroleum and Natural Resources Mir Mohammad Naseer Khan Mengal, deputy Chairman Planning Commission Dr M Akram Sheikh and senior officials.

 

[Cheetah786]

LAHORE (August 27 2006): Several Swedish business groups have shown interest for making investment in Pakistan due to the economic turnaround witnessed by the country in recent years.

The interest was shown by the Swedish businessmen during their meetings with Lahore Chamber of Commerce & Industry (LCCI) delegation led by Mian Misbah-ur-Rehman, currently in the Scandinavian country for promotion of bilateral trade between the two countries, a spokesman of LCCI said here on Saturday.

On arrival in Stockholm, the LCCI delegation was warmly welcomed by the Commercial Counsellor, Javed Akbar. Later, the delegation met Ms Sophia Linder and Ms Karin Askelof, head of the International department at Swedish Chamber of Commerce. They briefed the delegates on the work of the Swedish trade body and the facilities being offered to the exporters and importers.

The Swedish Chamber offered free use of the chamber's database and facilities for the LCCI. They also showed interest in offering capacity building programs, study visits, matchmaking, seminars, and conferences in Sweden for the members of the LCCI.

Ms Askelof assured of full support of Swedish Chamber to promote bilateral trade between the two countries. Mian Misbah-ur-Rehman also invited the Swedish Chambers to visit LCCI.

Later, the visiting delegation was received by Borje Risinggard, a senior executive of Swedish Trade Federation at the federation office. Risinggard gave a comprehensive briefing to the delegation on existing import and exports trade scenario between Pakistan and Sweden and highlighted the efforts of the Swedish Trade Federation in promoting the same.

Moreover, the LCCI delegation also visited the Swedish Trade Council, where they were briefed by Per G Hallstrm, Information Specialist and Head of the market services, about different trade promotional programmes and services being offered to the trade organisations both in Sweden and the rest of the world:flag:

 

[Owais]

Thermal power FDI inflow in July up 5 times


ISLAMABAD (August 28 2006): During the first month of current fiscal year 2006-07 (July), power sector (thermal) topped the list attracting $22.7 million foreign direct investment (FDI), which is more than five times higher as compared to corresponding period of last fiscal year, which was $3.5 million).

On the other hand, investors withdrew $3.4 million (FDI) from electrical machinery industry.

According to State Bank of Pakistan (SBP) data released on Friday, during July 2006, total FDI inflow increased by 6.74 percent, to $133 million, against $124.6 million of July, 2005.

Though the power sector fetched large chunk of FDI, it was all in thermal sector, and there was no investment in hydel sector.

During the period under review, FDI in the communication sector declined, and it was because of telecommunication sector whose FDI declined to $12.4 million against $31.3 million that of FY2005-06.

In information technology, only $2 million was invested against $1.1 million. The notable point in IT sector was that during the period software and hardware development fetched $0.7 million and $0.3 million, respectively, which was less than what it was in the corresponding period of last fiscal, ie $0.6 million.

In postal services, FDI was zero against $0.2 million of last year.

According to SBP data, FDI was zero in fertiliser sector. It is important to note that during July 2005, foreign investors withdrew more than $107.6 million from this sector.

Investment in oil and gas exploration, petroleum refining and mining and quarrying also declined to $19.7 million, $1.4 million and $0.5 million against $20.2 million, $3 million, and $1 million, respectively.

FDI inflow in food and textile sectors also declined. Food attracted $0.9 million and textiles $1.6 million, against $1.1 million and $2.2 million, respectively.

A significant feature of the report is that in July 2006, financial businesses also attracted $10.2 million, compared to $9.7 million.

Trade sector attracted $29.5 million, against $17.2 million, with a growth of 71.5 percent (it received $118 million during 2005-06); construction sector received $4.8 million compared to $4.4 million.

The tourism sector also showed a sizeable growth, attracting $1.8 million against $0.7 million.

Cement fetched $2.2 million FDI against $0.6 million, and petrochemical sector attracted $1.7 million, while it was zero in July 2005.

Economists believe that if the FDI inflow remained strong, it would give a big boost to Pakistan's economy by improving per capita income and accelerating government efforts in bringing down poverty rate. Besides, it would work as a cushion against external shocks and would mute the pressure of climbing current account deficit.

In China, stronger inflow of FDI during the last two decades has not only improved its per capita income to $1,000 but the population living below poverty line also declined to just 10 percent.

 

[Owais]

97.1 percent sales tax registration target achieved in 2005-06


ISLAMABAD (August 28 2006): The Central Board of Revenue (CBR) achieved 97.1 percent sales tax registration target of 15,278 set for 2005-2006 by registering 14,835 new taxpayers.

According to CBR, Prime Minister Shaukat Aziz had given the target of 15 percent increase in the number of new taxpayers in 2005-06, which has been successfully achieved.

The quarter-wise performance shows that the Board had registered 3076 new taxpayers in July-September (2005-06) against the target of 3055. Three percent increase in the number of sales tax return filers was required during first quarter.

During the second quarter (October-December 2005-06), 3228 new taxpayers were registered with the sales tax department against the target of 4070. Four percent increase in the number of sales tax return filers was required in this quarter.

The Board registered 4075 persons in the third quarter (January-March 2005-06) against the target of 4070. Another 4 percent increase in the number of sales tax return filers was required in this quarter.

In fourth quarter (April-June 2005-06), the Board registered 4456 new firms/companies. Another 4 percent increase in the number of sales tax return filers was required in the last quarter to meet the annual target of 15 percent in 2005-06.

Thus, the overall sales tax registration target for 2005-06 was missed by only 443, ie 2.9 percent