Month: February 2019

  • Cabinet decides independent audit to check inflated gas bills

    Cabinet decides independent audit to check inflated gas bills

    ISLAMABAD: The Cabinet Committee on Energy (CCoE) on Wednesday decided to conduct an independent audit to check inflated bills of gas.

    Finance Minister Asad Umar chaired meeting of the CCoE.

    The meeting was especially called on the instructions of Prime Minister Imran Khan to look into the matter of inflated gas billings to the consumers.

    The committee decided to conduct an independent audit of the billing for December 2018 through external auditors in addition to the inquiry regarding excessive billing already conducted by the Petroleum Division.

    The reports of both the inquiry and the independent audit would be submitted to CCoE.

    Prior to that Secretary Petroleum Division gave a detailed presentation to the Committee on the recent billing exercise of the gas sector.

    Chairman OGRA and MD SNGPL also gave their input in this regard.

    The meeting was informed that the consumers are billed according to the slabs in which they fall, in accordance with their consumption.

    The Secretary Petroleum Division said that following the complaints of a large number of consumers an inquiry has already been launched to look into the matter.

    The inquiry would look at the issue comprehensively from all the different angles.

    The Secretary also briefed the Committee that there has been an overall increase of 8% in the consumption pattern of the consumers falling in the lowest consumption slab.

    He also said that out of the total 6400,000 gas consumers only 92,000 that fall in the 6th and 7th (highest consumption slabs), have been affected by high gas bills.

    It was also pointed out by chairman OGRA that during the month of December the domestic consumption of gas doubles which has changed the pricing slabs for many consumers.

    However, she also suggested that the data for the last two months may be looked into to find any anomaly.

    The meeting also discussed the issue of Gas theft, action taken against illegal practices and the determination of the unaccounted for Gas (UFG) loss benchmark and directed M/o Energy to address the issue.

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  • 100pc foreign shareholding allowed in legal entities incorporated in Pakistan: Razak Dawood

    100pc foreign shareholding allowed in legal entities incorporated in Pakistan: Razak Dawood

    KARACHI: Abdul Razak Dawood, Advisor to the Prime Minister on Commerce, has said that 100 percent foreign shareholding remained allowed in legal entities incorporated in Pakistan.

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  • Equity market ends down by 109 pts on buying activities

    Equity market ends down by 109 pts on buying activities

    KARACHI: The equity market fell by 109 points on Wednesday on buying activities in major scrips.

    The benchmark KSE-100 index closed at 41,505 points as against 41,614 points showing a decline of 109 points.

    Analysts at Arif Habib Limited said that market performed well today with an increase of 153 points but faced profit booking too causing the index to drop by 197 points.

    Early on, the market leap frogged due to buying in Cement Sector, which saw volumes of 48 million by day end, followed by Chemical Sector.

    Key scrips in Cement sector that generated trading volume include FCCL, MLCF and DGKC.

    Among Chemical sector, EPCL traded ~6M shares however, the price declined by around three percent by sessions end.

    Banks and Textile sector scrips remained on the back burner but value buying was observed.

    Sectors contributing to the performance include Banks (-101 points), E&P (-38 points), O&GMCs (-35 points), Chemical (-16 points), Fertilizer (+56 points), Cement (-30 points), Autos (-26 points).

    Volumes declined from 254 million shares to 205 million shares (-19 percent DoD).

    Average traded value remained largely the same at US$71 million.

    Stocks that contributed significantly to the volumes include FCCL, MLCF, DGKC, BOP, PIBTL and PASL, which formed 24 percent of total volumes.

    Stocks that contributed positively include FFC (+26 points), EFERT (+17 points), INDU (+14 points), ENGRO (+13 points), and DGKC (+11 points).

    Stocks that contributed negatively include HBL (-25 points), PPL (-24 points), BAHL (-23 points), OGDC (-23 points) and PSO (-17 points).

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  • Rupee gains five paisas against US dollar

    Rupee gains five paisas against US dollar

    Pakistan Rupee demonstrated resilience in the foreign exchange market on Wednesday, gaining five paisas against the US dollar. This positive trend was attributed to improved sentiments fueled by the anticipation of foreign inflows.

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  • FBR starts receiving real-time sales information from 2,574 outlets of textile, leather sectors

    FBR starts receiving real-time sales information from 2,574 outlets of textile, leather sectors

    ISLAMABAD: Around 2,574 outlets of 75 units of textile and leather sectors have started real-time information of their sales to Federal Board of Revenue (FBR), a statement said on Wednesday.

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  • Domestic oil sales plunge by 28.45pc in seven months

    Domestic oil sales plunge by 28.45pc in seven months

    KARACHI: The domestic oil sales have dropped by 28.45 percent to 10.74 million tons during July – January 2018/2019 as compared with 15.01 million tons in the same period of the last fiscal year.

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  • FBR releases 24pc less refunds in seven months amid huge collection shortfall

    FBR releases 24pc less refunds in seven months amid huge collection shortfall

    ISLAMABAD: The issuance of refunds by Federal Board of Revenue (FBR) decline by 24 percent yet the net collection for the first seven months witnessed huge shortfall.

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  • US dollar eases in early trading

    US dollar eases in early trading

    On Wednesday, the US dollar exhibited a decline in the interbank foreign exchange market during early trading. The exchange rate for the greenback in the foreign currency market stood at Rs138.25 in the initial hours of trading.

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  • Suppressed sales tax auditors and challenging revenue collection

    Suppressed sales tax auditors and challenging revenue collection

    KARACHI: Sales Tax / Value Added Tax (VAT) is the most significant source of tax collection in the world. Unlike direct tax it is known as tax on consumption and involves various ways and means to avoid/evade legitimate government revenue.

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  • Income Tax Ordinance 2001: Tax recovery due by non-resident member of AOP

    Income Tax Ordinance 2001: Tax recovery due by non-resident member of AOP

    KARACHI: The Federal Board of Revenue (FBR) has been granted expanded authority to recover outstanding taxes from resident Associations of Persons (AOP) in cases where a non-resident member of the AOP has pending tax liabilities. This development follows a significant amendment to Section 142 of the Income Tax Ordinance, 2001.

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