Day: March 5, 2019

PM approves 20pc trade officers’ quota for overseas Pakistanis

ISLAMABAD: Prime Minister Imran Khan has approved quota of 20 percent for appointing overseas Pakistanis to the post of trade officers in Pakistan’s missions abroad.

The decision was taken during a meeting regarding reforms in posting of Trade Officers Abroad, a statement said on Tuesday.

It may be recalled that the prime minister had directed the ministry of commerce to revamp the entire system of postings of trade officers who are posted abroad to promote trade and commercial interests of the country.

The new policy approved by the prime minister focuses on transparent and merit-based selection of the trade officers, market diversification, involvement of Pakistani diaspora, rationalizing the expenditure, broad-based monitoring and performance evaluation and automation of the processes.

To effectively promote commercial interests of the country especially in the emerging markets and various regions across the globe, trade clusters have been focused in the new policy to ensure optimum utilization and maximum outreach of the trade officers.

The prime minister was informed that in order to ensure broad-based and real-time monitoring of the performance of the trade officers, the entire evaluation process has been made IT-based.

Secretary Commerce Mohammad Younus Dagha also briefed the prime minister about National Trade Data Analytics System which is being developed by the ministry.

The National Trade Data Analytics System with its comprehensive database of trade statistics, exporters/importers directory, product database and trade lead insight will help in better evaluation and promotion of trade interests of the country.

March 5, 2019
New LNG terminal: Instructions issued for completing formalities

ISLAMABAD: Finance Minister Asad Umar on Tuesday issued instructions for expeditiously completing formalities for setting up new LNG terminal at Port Qasim.

The finance minister issued the directive while chairing the meeting of Economic Coordination Committee of the Cabinet (ECC) on Tuesday. The committee considered proposals from different ministries/ Divisions.

Ministry of Maritime Affairs briefed the ECC on matters relating to establishment of new LNG terminals at Port Qasim.

The committee was informed that the Port Qasim Authority was looking at various choices with a view to find the most viable option.

The committee gave instructions to expedite the matter and directed for completion of all formalities for setting up the new terminal expeditiously keeping in view the growing energy needs of the country.

ECC approved proposal of Ministry of Energy based on request by Pakistan Petroleum Ltd for allocation of up to 9 mmcfd gas from Fazl X-1 field in distt Matiari to M/S SSGCL.

The Committee also considered and approved various proposals relating to Supplementary grants. It may be recalled that such grants were previously approved by the Ministry of Finance, however in order to make the process more transparent, these are now considered and approved at the ECC/ Cabinet level.

March 5, 2019
Equity market ends down by 61 points on selling

KARACHI: The equity market ended down by 61 points on Tuesday due to selling pressure during the day.

The benchmark KSE-100 index closed at 39,688 points as against 39,750 points showing a decline of 61 points.

Analysts at Arif Habib Limited said that market opened on a positive note with +25 points and 4 million shares at the opening bell, all of which traded in BOP.

Investors reposed confidence on BOP consecutively and throughout session stock price maintained trades above opening price.

Banking sector topped the traded volume with 76 million shares, out of which around 67 million is attributed to BOP.

Besides, Textile sector also came in the lime light today, where NCL remained prominent with ~7 million shares.

Market came under selling pressure near mid day which was mainly caused by concerns over anticipation of escalation of situation between Pakistan and India.

Sectors contributing to the performance include Banks (-51 points), E&P (-42 points), Cement (-25 points), Insurance (-14 points), Misc (+22 points) and Fertilizer (+15 points).

Volumes declined slightly from 168mn shares to 164 million shares (-2 percent DoD). Average traded value however remained the same at US$ 42 million.

Stocks that contributed significantly to the volumes include BOP, KEL, NCL, PIBTL and TRG, which formed 55 percent of total volumes.

Stocks that contributed positively include PSEL (+20 points), DAWH (+19 points), THALL (+11 points), KEL (+8 points), and GLAXO (+8 points). Stocks that contributed negatively include HBL (-24 points), PPL (-21 points), OGDC (-17 points), PSO (-11 points) and LUCK (-11 points).

March 5, 2019
Rupee sheds five paisas against dollar

KARACHI: The Pak Rupee ended down by 5 paisas against dollar on Tuesday owing to demand for import and corporate payments.

The foreign currency market ended at Rs138.73 to the dollar as compared with last Friday’s closing of Rs138.68.

The foreign exchange market was initiated in the range of Rs138.75 and Rs138.80. The market recorded a high of Rs138.80 and low of Rs138.68 and closed at Rs138.73.

Currency experts said that the market opened after two weekly holidays and the demand was higher for import and corporate payments.

The local currency however ended in the open market.

Buying and selling of dollar was recorded at Rs138.50/Rs139.00, the same previous day’s level, in cash ready market.

March 5, 2019
MCC Preventive announces auction of vehicles on March 07

KARACHI: Model Customs Collectorate (MCC) Preventive Karachi has announced auction of used / old vehicles to be held on March 07 at Anti-Smuggling Organization (ASO) Headquarter, East Wharf, Karachi.

Following vehicles will be presented for the auction:

01. Mitsubishi Pajero Jeep ( Used) GS-2000 Model-1994 Reg.GS-2000 / V46 – 4034791

02. Used Lexus Car – Reg No. UC-868 -Model-2006 – 3450 cc JTHBG 963905034702

03. Used Toyota Premio Car VVT – Reg No. AAH-747 – Model-2007, chassis number ZZT240-0140149

04. Used Toyota Hilux Surt (SSR-X) Fake Plate-BC-5613 – Model-2000 (As per Seat Belt) – 2693cc, Chassis No-RZN-185-0040781 / Engine No.3RZ-FE

05. Used Toyota Harrier Jeep – Reg.No-JAA-454 – Model-1998 – 2999cc, Chassis No-MCU-10-0013510 – Engine No- IMZ-FE6688090.

06. Used Toyota Hilux Surf -Reg.No-CP-0693 / Model-1990 / 2958cc, Chassis No- LN-130-0009771

07. Used Honda Saloon Accord Car / Reg. No-BFT-418 / Model-2003 / 1990cc,Chassis No-LC7-3006339 / Engine No-33101802

08. Used Toyota Land Cruiser PARADO / Reg. No-BD-9380 / Model 1998 (As per Seat Belt) / 2657cc, Chassis No-RZJ-90-0002888 / Engine No-3RZ-FE(As per Tickly)

09. Toyota Hiluc Surf SSR-X-3.0 / Reg.No-BD-8045 / Model-KD-KZN130W-GKPQT / 2962cc, Chassis No-KZN 130-9048116 / Engine No-IKZ-TE.

10. Used Mercedes Benz(AG) FAKE Reg. No-AB-1001 / 2999cc, Chassis No-WDB1240312B476728.

11. Used Toyota Mark-II Saloon Car / Reg. No-BBL-708 / Model-2000 / 1800HP, Chassis No-JZX110-6000922 / Engine No-1JZ-075-075010

12. Used Toyota Land Cruiser Prado Jeep / Reg. No-BC-5212 / Model-1994 / 2982cc, Chassis No- KZJ-78-0015267 / Engine No-1KZ-TE

13. Used Toyota Hilux Surf / Reg.No-BD-1688 / Model-1994 (As per Seat Belt), Chassis No- LN-130-0123784.

14. Used Toyota Land Cruiser PARADO Jeep – Model-1996 – 3000 cc – BF-8154, Chassis: KNJ 95-0037200 – Engine-IKZTE 0206429

15. Used Honda Accord – Reg, AUX – 934 – Model – 2004, CL7310078

16. Used Mercedes Benz Car – Model-2001- 230 SLK -2000cc, WDB2037452A272217

17. Used Toyota AXIO-X car – White Colour – Reg.No.BFE-068 – 1496 cc – Model-2007, Chassis : NZE-141-6028039 / Engine : INZ-C0360547

18. Toyota Primo Car Used – Reg. No. AAM-095 – Model-2005 – 1794 cc, Chassis: ZZT-240-5039822 / Engine: IZZFE-12557

19. Used Honda Civic Saloon Car – White Colour Reg. No: AAM-988 (Quetta) – Model-2007, Chassis : FD-31001100 / Engine: MF-5100586 – 1800cc.

20. Used Toyota Land Cruiser Jeep – Silver Colour – Reg. No. BG-1131 – Model-1989 – 3431 cc., Chassis: BJ 60-023765 – Engine : 3B-1098887 (As per Reg.Book).

21. Used Toyota Corolla Car – Model – 2015, Reg. No. BDE-852 – Chassis No-NZE170R4016729

22. Used Toyota Crown Saloon Car – Model – 2004, Reg – BHK-012 – Chassis No-GRS182-5014910 – Engine-3GR-FSF – 2994 cc.

23. Used Toyota Saloon Car XE – Model-1999 – 1500 cc, Chassis No-AE-100-5171778 – Engine-SA-FE – 1500 cc.

March 5, 2019
Rupee falls by 12 paisas against dollar in early trade

KARACHI: The Pak Rupee depreciated by 12 paisas against the US dollar in early trade on Tuesday owing to high demand for import and corporate payment.

The dollar is being traded at Rs138.80 in interbank foreign exchange market. The exchange rate was ended a day earlier at Rs138.68 in the foreign exchange market.

Currency dealer said that due to higher demand of dollar for import and corporate payment the rupee was witnessing decline.

March 5, 2019
Income Tax Ordinance 2001: Withholding agent requires to provide information of tax deduction

KARACHI: Every withholding agent is required to provide details of each person whose withholding tax is deducted or whom withholding tax is paid through a monthly statement to Federal Board of Revenue (FBR).

According to updated Income Tax Ordinance, 2001 the withholding agent is required to provide information including name, CNIC and address of each persons from whom tax had been collected.

Section 165: Statements

Sub-Section (1): Every person collecting tax under Division II of this Part or Chapter XII or deducting tax from a payment under Division III of this Part or Chapter XII shall, furnish to the Commissioner a monthly statement in the prescribed form setting out—

(a) the name, Computerized National Identity Card Number, National Tax Number and address of each person from whom tax has been collected under Division II of this Part or Chapter XII or to whom payments have been made from which tax has been deducted under Division III of this Part or Chapter XII in each month;

(b) the total amount of payments made to a person from which tax has been deducted under Division III of this Part or Chapter XII in each month;

(c) the total amount of tax collected from a person under Division II of this Part or Chapter XII or deducted from payments made to a person under Division III of this Part or Chapter XII in each month; and

(d) such other particulars as may be prescribed:

Provided that every person as provided in sub-section (1) shall be required to file withholding statement even where no withholding tax is collected or deducted during the period.

Explanation.— For the removal of doubt, it is clarified that this sub-section overrides all conflicting provisions contained in the Protection of Economic Reforms Act, 1992 (XII of 1992), the Banking Companies Ordinance, 1962 (LVII of 1962), the Foreign Exchange Regulation Act, 1947 (VII of 1947) and the regulations made under the State Bank of Pakistan Act, 1956 (XXXIII of 1956), if any, on the subject, in so far as divulgence of information under section 165 is concerned.

Sub-Section (2): Every prescribed person collecting tax under Division II of this Part or Chapter XII or deducting tax from payment under Division III of this Part or Chapter XII shall furnish or e-file statements under sub-section (1) by the 15th day of the month following the month to which the withholding tax pertains.

Sub-Section (2A): Any person who, having furnished statement under sub-section (1) or sub-section (2), discovers any omission or wrong statement therein, may file a revised statement within sixty days of filing of statement under sub-section (1) or sub-section (2), as the case may be.

Sub-Section (3): Board may prescribe a statement requiring any person to furnish information in respect of any transactions in the prescribed form and verified in the prescribed manner.

Sub-Section (4): A person required to furnish a statement under sub-section (1), may apply in writing, to the Commissioner for an extension of time to furnish the statement after the due date and the Commissioner if satisfied that a reasonable cause exists for non-furnishing of the statement by the due date may, by an order in writing, grant the applicant an extension of time to furnish the statement.

Sub-Section (5): The Board may make rules relating to electronic furnishing of statements under this section including,-

(a) mandatory electronic filing of statements; and

(b) determination of eligibility of the data of such statements and e-intermediaries, etc.

Sub-Section (6): Every person deducting tax from payment under section 149 shall furnish to the Commissioner an annual statement in the prescribed form and manner.

Through Finance Supplementary (Second Amendment) 2019, the following changes have been proposed in section 165,—

(A) in sub-section (1),—

(a) for the word “monthly”, wherever occurring, the word “biannual” shall be substituted;

(b) for the word “month”, wherever occurring, the word “half-year” shall be substituted; and

(B) for sub-section (2), the following shall be substituted, namely:—

“(2) Every prescribed person collecting tax under Division II of this Part or Chapter XII or deducting tax under Division III of this Part of Chapter XII shall furnish statements under sub-section (1) as per the following schedule, namely:—

(a) in respect of the half-year ending on the 30th June, on or before the 31st day of July;

(b) in respect of the half-year ending on the 31st December, on or before the 31st day of January”; and

(C) after sub-section (2A), the following new sub-section shall be inserted, namely:—

“(2B) Notwithstanding anything contained in this section, the Commissioner as he deems fit, may by notice in writing, require any person, collecting or deducting tax under this Ordinance, to furnish a statement for any period specified in the notice within such period of time as may be specified in the notice.”

March 5, 2019
Rise in rate by 20pc benefits 388,684 pensioners

KARACHI: The recent increase of 20 percent is benefiting about 388,684 pensioners of Employees Old-Age Benefit Institution (EOBI), said a statement on Monday.

The present government has honored its commitment of EOBI pension. Therefore, EOB Pension rate is now increased by 20 percent effective from September, 2018.

The total increase of Rs5 billion is shared by EOBI and the government which has paid its share of Rs2.4 billion to EOBI.
A total of 388,684 pensioners are benefited from this increase. The minimum pension now stands at Rs6,500/- whereas maximum pension is now Rs13,416 per month.

In order to keep the institution financially viable and to sustain the increase in EOBI pension rates the EOBI has requested to Employers Community to fulfill their legal and moral obligations for the coverage of their employees to pay EOBI contribution under current minimum wage of Rs.15,000/- i.e. an employer share of Rs.750/- per employee per month and an employee share of Rs.150/- per month.

The higher wages would result in higher Pension for registered employees.

As part of its responsibility in ease of Doing Business sprint-IV, EOBI with the co-operation of Board of Investment (BoI), Statement Bank of Pakistan and SECP has taken the initiative of On-line payment facility for its Contributors. Regd. Employers can generate payment vouchers and pay EOB Contribution by using internet banking from their offices without visiting bank branches.

For the facilitation of EOBI pensioners, EOBI has introduced Pension payments through ATMs since October 2016, Pensioners can draw their Pensions from any ATM without incurring “switch fee”. To ensure genuine payments, Pensioners are required to provide bi-annual proof of life through biometric verification.

EOBI is a pioneer Institution of the country which provides Pension through ATM Card.

March 5, 2019