Editorial
REFORMED GST
The debate over the imposition of Reformed General Sales Tax may be at an end. The major sticking point had been the dispute between Sindh and the centre over collection of sales tax on services. At stake was approximately Rs50bn in revenue.
Under the seventh NFC agreement forged last December, Sindh expected to get Rs20bn to Rs25bn more in revenues on account of sales tax on services. However, the federal government backtracked, possibly in violation of its legal commitments. It took nine months to resolve, but it appears the government has finally accepted a cut of approximately Rs35bn in its revenue share, as originally pledged, clearing the way for the introduction of RGST.
‘FOILING’ TERROR ATTACK IN EUROPE
According to reports in the British media, the American CIA has attempted to foil Mumbai-style terror attacks in France, Germany, the UK and the US by ramping up missile strikes in Pakistan’s tribal areas. The source of this information is a German citizen of Afghan descent. A US official confirmed the reports of an al Qaeda plot to carry out attacks in western Europe and the US. He said: “The threat is, at this point, credible but not specific.” Just this year, there was a failed attempt to bomb Times Square in New York by Faisal Shahzad, a naturalised US citizen of Pakistani descent. The US took a hard stance after the Times Square incident and warned Pakistan of dire consequences if a terror attack originating from our soil takes place in the US. In the light of the rise in attacks in Afghanistan by the Taliban, the US appears to be losing patience with Pakistan.
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