The General Sales Tax (GST) Bill 2010 is silent over some key issues of banking sector particularly services provided by banking companies. There are some important issues of banking sector have not been clarified in the General Sales Tax Bill 2010.
Issuance of Tax Invoice:
In the existing FED Rules, banks are not required to issue tax invoice, the proposed law is silent in this regard. The Rule 40 A (6A) of the FED Rules exempt the banks from issuance of tax invoices to their clients. The question arises whether such tax invoice would be required under the GST Bill 2010 or not?. Secondly, whether such exemption would continue under the RGST regime.
Exemption of Some Services:
Existing federal excise duty (FED) is applicable on all services provided by a banking company at the rate of 16 percent except for services against mark up/interest income, Hajj, Umrah, Cheque Book Issuance, Insurance Premium, Musharika and Modaraba Financing and Utility bills collection. After promulgation of GST Bill 2010, the FED at the rate of 16 percent will be converted into GST at the standard rate of 15 percent. However, it is not clear as to whether these services of the FED would remain exempted under the RGST.
Federal or Provincial Jurisdiction:
The main difference between FED and GST is that the former falls under federal jurisdiction, whereas the later falls within the provincial jurisdiction but collection rights may remain with FBR in certain cases. About the issuance of tax invoice, in the existing FED Rules banks are not required to issue tax invoice, the proposed law needs to clarify the issue. In case of sales tax return, this also needs to be clarified by FBR, whether the monthly return shall be filed province wise separately or a combined return is required to be filed with breakups of income and sales tax thereon for all provinces.
Maintenance of Record:
As far as maintenance of record is concerned, he said, all the branches shall be required to keep proper records of GST and related income for the purpose of audit. It is not clear as to whether it will be centralised or will have to deposited province wise; needless to state that the claim of input will also be on the similar lines if the bank so decides to claim the same.
Labels: RGST, Sales Tax, Taxation
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posted @ 5:23 PM,
- State Bank of Pakistan (SBP) has decided to raise its policy rate by 50 basis points to 14 percent with effect from Tuesday (Nov 30).
- Decision was taken at a meeting of SBP's Central Board of Directors held in Lahore ; with SBP Governor Shahid H. Kardar in the chair.
- The rationale behind the increase in policy rate is SBP's efforts to counterbalance the rapid expansion in reserve money and arrest the rising inflation expectations.
- Inflation is rising and showing persistence because of relentless government borrowing from the SBP. The rising Net Domestic Assets (NDA) to Net Foreign Assets (NFA) ratio of SBP balance sheet and its strong association with CPI inflation also suggest that the inflation is likely to persist at double digit levels during much of FY11 and possibly in FY12.
- A principled decision has also been taken by the Central Board to strictly implement the revised limits on borrowings of the provinces from the SBP, even if it involves stopping payments to the provincial governments.
- The burden of this monetary tightening is being borne largely by the private sector, as it gets crowded out by the excesses of government borrowing for budgetary purposes and commodity operations.
Following is the complete text of Monetary Policy decision announced by State Bank of Pakistan here on Monday.
The economy's ability to achieve sustainable recovery remains constrained owing to slow progress in the prevailing security and economic conditions. The key economic variables impeding stabilization and thereby growth are high and persistent inflation, continuing fiscal slippages and unresolved power sector issues. Whereas adjustments in administered prices of fuel and energy and the post-flood disruption in the supply chain of food items have contributed to the recent upsurge in inflation, the high level of government borrowing from the SBP is diluting the effectiveness of monetary policy in containing excessive monetary expansion and thus inflation.
The need for such borrowing is largely emanating from a seemingly difficult fiscal predicament. While rising security and flood-related expenditures and continued power sector subsidies are one aspect of the problem, a narrow tax base and a declining tax to GDP ratio are bigger issues magnifying the fiscal challenges. The cost to the economy is being paid through erosion in the purchasing power of the rupee, growing total debt, and discouragement of productive private sector activity.
High inflation, at a fundamental level, persists because of money creation in excess of productive activity in the economy.
Of the Rs 308 billion expansion in reserve money up till 19th November 2010 during the current fiscal year, Rs 266 billion is due to government borrowing from the SBP, which has been on an increasing trend since January 2010. Such borrowing has stoked expectations of increasing inflation, resulting in high interest rates. The nature of this fiscal expansion is the fundamental source of high inflation in Pakistan over the last year.
Increases in electricity and domestic petroleum prices and the impact of the catastrophic floods on food prices did play their part in providing impetus to CPI inflation but do not fully explain the persistence in inflation. Further, apprehensions that these supply shocks would dramatically worsen the inflation outlook have thus far not fully materialized.
Temporary price hikes in the food category, as seen in a monthly increase of over 5 percent during August and September 2010, have somewhat subsided. As a result, in Oct 2010, CPI inflation posted a marginal decline of 0.4 percent on year-on-year basis, while a 0.6 percent growth on month-on-month basis was well below the last 12 month's average.
On the other hand, the persistent component of inflation, proxied by core trimmed inflation, remains sticky at over 12.5 percent on year-on-year basis since January 2010 and has increased to a 1 percent monthly change in October 2010, with expectations of further increases. An important source of this stickiness is the expectations of a persistent reliance of the government on SBP to finance its deficit.
Indeed, the co-movement between persistence of inflation and that of government's financing gap is no coincidence. Therefore, it would be difficult to bring inflation down unless government borrowing from SBP is curtailed substantially and kept under control on a sustained basis.
Government borrowing from SBP at an increasing rate reflects severe fiscal vulnerabilities. Given the delays in the introduction of tax reforms and weak industrial production, the task of achieving close to 27 percent enhancement in tax revenues during FY11 is beginning to look quite ambitious.
For increasing its capacity to raise revenues and contain inflationary borrowings from SBP within an explicit and clearly defined limit, the government has shown its intention to: i)- widen the tax net through introduction of the Reformed General Sales Tax (RGST) along with other tax measures; ii)- effectively contain the power sector subsidies; and, iii)- amend the SBP Act, including explicit limits on government borrowings from SBP, which is now in the final stage of legislation.
Together, these could potentially address the problem in the medium term of stubbornly high inflation expectations, reduce the cost of borrowing, and hence pave the way for long term economic growth. However, it may take some time before the benefits of such important measures, after their implementation, begin to have their impact.
In the mean time, pressing flood-related expenditures and shortfalls in external financing of the budget have increased reliance of the government on domestic sources. The seasonal increase in the working capital credit requirements of the private sector during the second quarter is also higher on the margin due to higher input prices.
Consequently, pressure on the banking system and interest rates has increased. With low growth in the banking system Net Foreign Assets (NFA) and deposits, liquidity management has also become challenging. Therefore, to further encourage the private sector, fiscal authorities need to demonstrate greater resolve in implementing their strategy to contain the fiscal deficit through fundamental structural reforms and their commitment to restrict inflationary central bank borrowings. However, the recent rejection of the two PIB auctions in Q1-FY11 and acceptance of Rs 50 billion instead of the Rs90 billion offered by the banks in the 16th November 2010 T-bill auction is apparently inconsistent with the stated intentions.
Assuming a real GDP growth of 2.5 percent and that the expected decline in private and public sector investment expenditures would be largely compensated by increases in public sector consumption expenditures, the external current account deficit is likely to be narrower in FY11 than earlier projections of 3.5 percent. Helped by higher cotton prices, the export earnings of $7.1 billion during first four months of the current fiscal year seem fairly encouraging.
Similarly, the recent trends in remittances coupled with expectations of realization of Coalition Support Fund (CSF) receipts could prove to be quite helpful in meeting import and other payments. The real test, however, would continue to be in the financing of the external current account deficit. Assuming that the projected external official inflows for FY11 do materialize, a substantial growth in private foreign inflows would be required to maintain and build foreign exchange reserves.
Monetary policy is essentially a short term instrument with which emerging risks and uncertainties are managed. The impact of monetary policy on economic activity and inflation is indirect and operates with a lag, and unlike the case of fiscal policy that tends to be reactive, it has to be proactive.
Under the present circumstances, if the expansionary fiscal position is not expected to translate into a high external current account deficit during the current fiscal year then it could be the case that the private sector demand is muted. Therefore, the monetary policy stance could probably remain unchanged. However, inflation is rising and showing persistence because of relentless government borrowing from the SBP. The rising NDA to NFA ratio of SBP balance sheet and its strong association with CPI inflation also suggest that inflation is likely to persist at double digit levels during much of FY11 and possibly in FY12.
SBP's efforts to counterbalance the rapid expansion in reserve money and arrest the rising inflation expectations would require an increase in the policy rate. After careful consideration of this trade-off, SBP has decided to increase the policy rate by 50 basis points to 14 percent with effect from Nov. 30, 2010.
A principled decision has also been taken to strictly implement the revised limits on borrowings of the provinces from SBP, even if it involves stopping payments to the provincial governments. SBP believes that the entire responsibility of tackling macroeconomic problems has been unfairly placed on monetary policy only.
SBP also understands that the burden of this monetary tightening is being borne largely by the private sector, as it gets crowded out by the excesses of government borrowing for budgetary purposes and commodity operations, with all its adverse implications for sustainable economic growth.
Labels: Monetary Policy, SBP
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posted @ 10:45 AM,
The Company is engaged in the business of manufacturing and selling of yarn. The Company is seeking highly motivated, dedicated and result oriented individuals for the following positions.
| || |
| |Partly / Qualified C.A / CMA (Cost & Management Accountant )/ ACCA Qualified / Article ship completed from reputed Chartered Accountant Firm
Ø At least five years experience in Spinning Unit as Manager Internal Audit having ability to carry out Internal Audit assignments independently.
Ø Capable to analyze financial statement of Company;
o To plan, organise and carry out the internal audit function including the preparation of an audit plan which fulfils the responsibility of the department, scheduling and assigning work and estimating resource needs o To report to management on the policies, programmes and activities of the department o To coordinate coverage with the external auditors and ensure that each party is not only aware of the other's work but also well briefed on areas of concern o To make recommendations on the systems and procedures being reviewed, report on the findings and recommendations and monitor management's response and implementation o To review and report on the accuracy, timeliness and relevance of the financial and other information that is provided for management
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Ø Having proficiency in MS Office.
| || |
| || |
| || |Partly Qualified C.A / Qualified CMA (Cost & Management Accountant) / Article ship completed from reputed Chartered Accountant Firm / Commerce Master/ Commerce Graduate
Ø At least five years experience in Spinning Unit as Management Accounting, Income Tax & Sale tax Matters and disbursement.
Ø Good communication analytical and interpersonal skills.
Ø Having proficiency in MS Office and hands on experience on windows base financial software.
| || |
Both position carry market competitive emoluments. Application along with photograph e-mailed here by 11th December 2010. Must mention position in subject line , email will be discarded otherwise . Only short listed candidates will be called for interview.
posted @ 9:52 AM,
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or send them to firstname.lastname@example.org.
Best of Pakistan blogs - previous years:
Pak Blogsphere - Top Ten Blogs - 2009
Pak Blogsphere - Top Ten Blogs - 2008
Pak Blogsphere - Top Ten Blogs - 2007
Pak Blogsphere - Top Ten Blogs - 2006
Labels: Fine Art of Blogging
posted @ 11:31 AM,
- THE CPI inflation rises by 14.17 per cent in JulyOctober 2010, over the same period last year, owing to increase in essential commodities’ prices.
- THE Cabinet approves the Reformed GST Bill and taxation measures of Rs42 billion to generate additional revenue for the out-going fiscal year.
- THE EU governments approve a raft of trade concessions for Pakistan to help the country rebound from the July floods which caused around $10 billion damages.
- THE Trading Corporation of Pakistan is barred from sugar import business and restricted from selling the imported sugar through tenders.
- THE Federal Board of Revenue will impose 15 per cent standard sales tax on sugar, pharmaceutical products, agricultural machinery and equipment.
- WITH the formal approval from the cabinet and possible tabling of the Reformed GST Bill in NA for its passage, the government qualifies for the fifth IMF tranche by December 1.
- THE total public debt surges to 63.4 per cent of the GDP by end of June 2010 and is expected to shoot up to 63.7 per cent of the GDP by June 2011.
- FOOD prices in Pakistan are now about 10 per cent higher than in August, says FAO report.
- SPECULATORS hoarders make profits of around Rs270 million in just one day on November 5, when the whole sale sugar price soars to Rs106 per kg.
- THE sugar crisis is going to escalate further in days to come as most sugar mills in Sindh have failed to start crushing for want of cane.
- THE profit of Pakistan’s textile sector grows by 295 per cent in the first quarter of the current fiscal year to Rs7.2 billion over the same quarter last year.
- THE government decides to set up an energy sector development fund with a credit line of one billion dollar and a government line of the same amount.
- THE Planning and Development Division allocates sufficient fund in the PSDP 2010-11 for construction of five dams in Balochistan.
- THE tight monetary policy remains ineffective in the first four months of fiscal 2011 as monetary growth goes up by 100 per cent compared to last year while the inflation rate continues to rise.
- THE Securities and Exchange Commission of Pakistan registers 21 companies including three foreign firms in October this year.
- PAKISTAN allows import of vegetables from India to meet shortage after flash floods damaged vegetables on thousands of acres.
- PRICES of essential kitchen items soar by 10-30 per cent within last one week in the twin cities of Islamabad and Rawalpindi.
Labels: Economy and Business, Pakistan Economy
posted @ 9:02 PM,
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posted @ 8:26 PM,
1. Pakistan is in dire need of increasing its tax revenues by implementing a broad-based modern form of sales tax on goods and services. The Sales Tax Act, 1990, was originally designed on the basis of accepted value added taxation doctrines but due to political compromises and revenue exigencies, it increasingly became distorted and narrow-based because of ever-expanding exemptions, special regimes, multiplicity of rates and several other deviations from international best concepts and practices. Resultantly, not only the tax base of sales tax and income tax has been eroded but also lack of documentation of the national economy has proved a big hindrance in the development of effective tax policy options.
2. Under the existing constitutional framework, the Federal government can impose taxes on the sales and purchases of goods imported, exported, produced, manufactured or consumed. The Federal government has been levying excise duty on services. After passage of the 18th Constitutional Amendment, taxation of services now wholly falls within the domain of Provincial governments.
3. Presently, apart from sales tax on the supply and import of goods, Federal excise duty is chargeable on communication (including telecom) services, certain categories of advertisements, insurance services other than life, marine, health and crop, banking services, franchise services and services provided by property developers/promoters, stockbrokers and port/terminal operators. Besides, Provincial sales tax is chargeable on services provided by hotels/clubs/caterers, custom agents, ship chandlers and stevedores, courier services and advertisements on TV & radio. Except franchise services, Federal excise duty and Provincial sales tax on all the aforesaid services is being collected under GST mode with backward and forward cross-crediting (inter-tax adjustment) with Federal sales tax.
4. Tax-to-GDP ratio on account of the said sales taxes has stagnated on lower side although internationally, the standard rate of 17 percent sounds on higher side. The principal reason of lower tax to GDP ratio of sales taxes has been widespread and unbridled concessions and waivers on both local supply and import stages including zero-rating on several categories of domestic supplies, besides non-coverage of the services sector in general.
5. The consultations with tax professional circles have over the passage of time convinced that there is an overdue need to thoroughly reform and revamp the whole existing sales tax system to bring it closer to international standards. The new GST system will change the mindset of the public at large as well as of the tax machinery and will strengthen government’s efforts to formally depart from excise-style of sales taxation on goods and services.
6. The GST Bill, 2010 will replace the present Sales Tax Act, 1990. While the issues of collection and administration of sales tax on services are being separately negotiated with the Provinces in the light of recent NFC award, a provision has been included in the Federal Bill to integrate Provincial sales tax on services with the Federal sales tax on goods as and when the Provinces authorize FBR to collect and administer sales tax on services.
7. Under the new GST law, exemptions have been kept intact in respect of basic food items including wheat, rice, pulses, vegetables, fruits, live animals, meat and poultry etc. Edible oil chargeable to Federal excise duty will remain exempt from GST as before. Exemptions earlier available for philanthropic, charitable, educational, health or scientific research purposes or under international commitments/agreements including grants-in-aid will also continue. Moreover, life saving drugs, books and other printed materials including newspapers and periodicals have been kept exempt.
8. Local consumption of sectors like textile (including carpets), leather, surgical and sports goods has however, been subjected to tax. Similarly, defence stores, stationary items, dairy products, pharmaceuticals (other than lifesaving), agricultural inputs, agricultural machinery and implements, aviation/navigation equipments including ships & aircrafts etc. have also been proposed to be taxed. Acquisition of capital goods will be facilitated through expeditious adjustment/refund of input tax involved therein.
9. GST will be chargeable only on value added component of each stage of the supply chain. Due to the provision for set-off of the tax paid at earlier stages in the chain, net tax incidence remains as a single stage levy. Due to automatic input tax adjustment facility, businesses are attracted towards voluntary registration so that they may avail such adjustments and improve their cash flows. For this reason, GST always promotes documentation and encourages self-compliance.
10. Other salient features of the new GST system are as follows.
- GST will replace the existing regimes of sales tax and excises on services.
- GST will apply on both at import and local supply stages.
- Standard rate of 15% has been proposed instead of the present rate of 17% or multiple other rates going upto 25%.
- There shall be no fixed tax, reduced tax, enhanced tax, retail price-based tax or special tax scheme under the new GST system.
- A uniform enhanced annual exemption threshold of Rs.7.5 million (which is presently Rs. 5 million) shall be applied to keep small businesses including small traders/retailers/cottage industry out of mandatory tax compliance.
- All exports shall be zero-rated.
- Input tax adjustment of both direct and indirect constituents shall be allowed on “totals” basis (excluding entertainment and non-business use passenger vehicles).
- Sales tax on goods and services where so authorized by the Provinces shall be mutually adjustable so that double taxation does not occur.
- No general zero-rating shall be admissible on any commercial form of domestic supply or on any local consumption.
- The GST system will work purely on “self-assessment and self-policing” basis.
- Cash flow of businesses shall be facilitated through expeditious centralized (Electronic) refund payment system.
- Tax compliance shall be encouraged through transparent and fair audit system with increased use of modern information technology.
- Adjudication, appeal and alternative dispute resolution (ADR) systems have been provided as before.
- FBR will issue simplified rules to regulate the GST procedures and processes.
- The GST Bill 2010 shall take effect from such date as may be notified by the Federal government.
- The new GST system will be applied in FATA/PATA, the Province of Gilgit-Baltistan and AJ&K in due course.
11. The proposed GST system will certainly not generate any sudden increase in revenue yield. It will however, increase the overall tax-to-GDP ratio from the present below 10% to about 12% in next 3-5 years. Pakistan has a strong potential to implement such value added tax type sales tax because of the reason that besides having a properly-reformed collection infrastructure, it has a long-operating sales tax system and substantial hidden sales taxation on inputs of exempt outputs (exempt supplies are input taxed) is already being borne in the aggregate national consumption.
12. The proposed GST system is expected to operate without any serious inflationary impact. It will rather promote economic equity and enable the country to direct national resources towards more productive goals of national development. Reformed GST is also likely to progressively minimize the grey component of the national economy and facilitate fair income redistribution. It will eventually cast healthy impact on income tax receipts and enhance fool-proof tax culture in the country.
Labels: Reformed GST, Sales Tax, Taxation
posted @ 11:59 AM,
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posted @ 11:51 AM,
- The State Bank launches a Rs10 billion concessional financing scheme for SMEs and agricultural sector through banks to improve access to financing in flood-affected areas.
- OGRA increases prices of petroleum products by Rs4.27 to Rs7.11 per litre or up to nine per cent with effect from November 1.
- Producers of liquefied petroleum gas, including Parco, increase LPG price by Rs9.60 per kg or Rs9,594 per ton.
- The International Monetary Fund warns Pakistan of aid cut-off in case Islamabad does not come up with credible irreversible plan to implement power sector reforms.
- Investment in National Savings Schemes declines by 32.51 per cent during the first quarter of the current fiscal year.
- The Economic Coordination Committee of the Cabinet abolishes the five per cent regulatory duty on import of sack paper.
- Revenue collection in the first four months of 201011 grew by seven per cent at Rs398.6 billion as against Rs371.7 billion in the corresponding period of last year.
- Some Rs27 billion worth agriculture and SME sector loans’ rescheduling/restructuring is expected following the State Bank of Pakistan’s flood relief package.
- Overall 1,579 industrial units have been closed throughout the country during the last five years, mainly because of financial constraints.
- The federal government reduces turnover tax from one per cent to 0.5 per cent for refineries, oil marketing companies, gas companies and any category of taxpayer having annual turnover of over one billion rupees.
- The European Union imposes definitive Countervailing Duty of 5.15 per cent on import of polythene terephthalate from Pakistan.
- The price of imported liquefied petroleum gas surges by Rs12,000 to hit record high at Rs95,000 per ton as Saudi Aramco contract price climbed by $93 to touch $788 in the international market.
- Sugar mill-owners in Punjab make huge profit of over Rs2.72 billion in a short span of two weeks by pushing the ex-mill sugar prices from Rs71 to Rs89 per kg.
- The chairman Pakistan Sugar Mills Association says sugar mills in Punjab will start crushing sugarcane after Eid-ul-Azha.
- Friends of Democratic Pakistan warn the Islamabad government of unmanageable energy crisis by 215-16 if it fails to introduce a 5-point recovery plan for immediate overhauling of its entire power infrastructure.
- Cotton production declines by 17.55 per cent as the arrivals recorded at ginneries as on November 1 stood at 60,71644 bales, showing a decrease of 17.55 per cent from 73,63,929 bales received in the corresponding period of last
Labels: Economy and Business, Pakistan Economy
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posted @ 1:55 PM,
Cut off yield of six months T-Bill inched upward by five basis points to 13.1648 percent from 13.1193 percent while Three months T-Bill stood at the same place at 12.7933 percent. Having auction target of Rs 150 billion and market maturities of nearly Rs 180 billion, market participated with over Rs 234 billion with major participation in three months i.e. over Rs 154 billion while over Rs 71.70 in six months and just Rs 8 billion in one year tenor. State Bank accepted total bids worth Rs 166 billion with Rs 96 billion in three months and Rs 66 billion in six months. Bids worth Rs 3.0 billion were accepted in twelve months tenor and the cut off arrived at 13.2353 percent.
LPG prices were raised by Rs 9.60 per Kg to Rs 95 per Kg .The rise in price is a result of possibly increased consumption of LPG in winter season and local producers are taking advantage of that. The rise has come at a time when petroleum products prices have just been raised in the country.
United States’ Central Bank, Federal Reserve (Fed) said on Wednesday, that it would some $600 billion government bonds to sustain the ailing US economy. Fed is continuing with near zero interest rates, lowering
borrowing cost for American consumers and businesses which are facing the music after recession. Moreover according to Fed, economy is “slow”, employers are not still not quote eager to add to payrolls and inflation is slow.
Despite of consistent rise in energy pricesby the government , IMF is not impressed with the energy sector reforms and implementation of Reformed General Sales Tax (RGST) and has asked the authrities to take severe actions to meet pre agreed targets.
Labels: Economy and Business, Pakistan Economy, Treasury
posted @ 12:01 PM,
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With governments committing huge sums to tackle the world's most pressing problems, from the instability of financial markets to climate change and poverty, corruption remains an obstacle to achieving much needed progress. The 2010 Corruption Perceptions Index shows that nearly three quarters of the 178 countries in the index score below five, on a scale from 10 (highly clean) to 0 (highly corrupt). These results indicate a serious corruption problem.
To address these challenges, governments need to integrate anti-corruption measures in all spheres, from their responses to the financial crisis and climate change to commitments by the international community to eradicate poverty. Transparency International advocates stricter implementation of the UN Convention against Corruption, the only global initiative that provides a framework for putting an end to corruption. Denmark, New Zealand and Singapore are tied at the top of the list with a score of 9.3, followed closely by Finland and Sweden at 9.2. Bringing up the rear is Somalia with a score of 1.1, slightly trailing Myanmar and Afghanistan at 1.4 and Iraq at 1.5.
Notable among decliners over the past year are some of the countries most affected by a financial crisis precipitated by transparency and integrity deficits. Among those improving in the past year, the general absence of OECD states underlines the fact that all nations need to bolster their good governance mechanisms. The message is clear: across the globe, transparency and accountability are critical to restoring trust and turning back the tide of corruption. Without them, global policy solutions to many global crises are at risk.
Labels: Corruption Index
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posted @ 12:51 PM,
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Labels: Economy and Business, Pakistan Economy
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