Pkrevenue.com

Month: January 2020

  • Stock market declines by 240 points on selling pressure

    Stock market declines by 240 points on selling pressure

    KARACHI: The stock market fell by 240 points on Tuesday owing to selling pressure seen in various scrips. The benchmark KSE-100 index of Pakistan Stock Exchange closed at 42,299 points as against 42,539 points showing a decline of 240 points.

    Analysts at Arif Habib Limited said that the market dipped today by 386 points during the session and closed the session -240 points after staging a short recovery.

    Cement sector continued performing well, whereas Oil & Gas chain remained under pressure due to decline in International crude oil prices.

    Global stock markets have roiled due to the outbreak of NCV in China that also affected commodity markets.

    Banking sector stocks also sustained selling pressure that kept the stock prices on the lower side.

    Cement sector continued leading the volumes on the bourse with 60.9 million shares, followed by O&GMCs (27.6 million) and Banks (12.4 million).

    Among scrips, MLCF led the table with 29.7 million shares, followed by HASCOL (25.4 million) and UNITY (9.9 million).

    Sectors contributing to the performance include Banks (-103 points), E&P (-50 points), Fertilizer (-42 points), Inv Banks (-20 points), Chemical (+23 points), Autos (+16 points).

    Volumes dipped by 5 percent to reach 189.0 million shares against 198.5 million the other day. Average traded value, however, increased by 2 percent to reach US$ 43.4 million as against US$ 42.5 million.

    Stocks that contributed significantly to the volumes include MLCF, HASCOL, UNITY, DGKC and CHCC, which formed 42 percent of total volumes.

    Stocks that contributed positively include ICI (+12 points), EPCL (+9 points), INDU (+8 points), ATLH (+5 points) and HCAR (+5 points). Stocks that contributed negatively include HBL (-34 points), MCB (-26 points), PPL (-22 points), DAWH (-19 points), and ENGRO (-18 points).

  • Rupee ends unchanged

    Rupee ends unchanged

    KARACHI: The Pak Rupee ended unchanged against dollar on Tuesday owing to lackluster demand for import payments, dealers said.

    The rupee ended Rs154.57 to the dollar, the same previous day’s level, in interbank foreign exchange market.

    The dealers said that importers were cautious in buying dollar due to decline in international oil prices and outbreak of coronavirus in China.

    The foreign currency market was initiated in the range of Rs154.58 and Rs154.60. The market recorded day high of Rs154.59 and low of Rs154.54 and closed at Rs154.57.

    The exchange rate in open market witnessed gain in rupee value. The buying and selling of dollar was recorded at Rs154.50/Rs154.80 from last day’s closing of Rs154.60/Rs154.90 in cash ready market.

  • SBP enhances borrowing limit under LTFF to Rs5 billion

    SBP enhances borrowing limit under LTFF to Rs5 billion

    KARACHI: The State Bank of Pakistan (SBP) has enhanced the maximum borrowing limit under Long Term Financing Facility (LTFF) to Rs5 billion from Rs2.5 billion.

    In a statement on Tuesday, the central bank said that it had extended the scope of LTFF to cover all permissible export oriented sectors.

    This step is aimed at setting up of diverse export oriented projects in Pakistan and to boost exports in multiple sectors.

    Further, to accommodate enhanced financing requirements of exporters for setting up long term export oriented projects, maximum limit of Rs. 2.5 billion has been enhanced to Rs. 5 billion per project under LTFF.

    In line with the above measure, SBP has also provided additional concessional financing of Rs.200 billion to banks including Rs. 100 billion under Long Term Financing Facility (LTFF) and Rs. 100 billion under Export Refinance Scheme (EFS), to be utilized by June 30, 2020.

    Going forward, to further promote SME exporters, SBP in consultation with the relevant stakeholders, is in the process of devising an elaborate mechanism for the allocation of LTFF and EFS to SME exporters.

    These changes are likely to be announced in March 2020.

  • SBP allows 100% advance payment for import

    SBP allows 100% advance payment for import

    KARACHI: State Bank of Pakistan (SBP) has allowed 100 percent advance payment for import of various goods against letter credit.

    The SBP in a statement on Tuesday said that with a view to facilitate importers, SBP has allowed banks to make advance payment up to USD 10,000/-, or equivalent thereof, per invoice on behalf of commercial importers for import of raw material, spare parts and machinery.

    Besides, SBP has also allowed banks to make payments on behalf of commercial importers for imports of raw materials and spare parts on Open Account.

    In addition, SBP has also enhanced the existing limit of 50 percent advance payment, allowed to manufacturing concerns, for import of plant, machinery, spare parts and raw materials etc. against letter of credit, to 100 percent.

    In December 2019, SBP allowed advance payment of up to 50 percent of the value of imports against letter of credit to manufacturing concerns for import of plant, machinery, spare parts and raw material etc.

    After the implementation of a market based exchange rate system, the balance of payments has witnessed significant improvement. In the first six months of the current fiscal year, the current account deficit has contracted by 75 percent to US$ 2.15 billion.

    This improvement is helping to further relax some of the restrictions on imports by SBP.

    The latest measures, taken today, are in continuation of facilitating export-oriented industries and manufacturing concerns in the backdrop of ease of doing business and promoting exports’ growth.

    These measures will further contribute in improving economic outlook of the country.

  • SBP keeps policy rate unchanged at 13.25%

    SBP keeps policy rate unchanged at 13.25%

    KARACHI: The State Bank of Pakistan (SBP) announced on Tuesday that it has decided to maintain the policy rate at 13.25%. SBP Governor Dr. Raza Baqir conveyed this decision, which was made during the Monetary Policy Committee (MPC) meeting. The SBP emphasized that the outlook for inflation remains steady, prompting the committee to retain the current monetary policy stance.

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  • FBR advised to allow sales tax refunds on local supplies

    FBR advised to allow sales tax refunds on local supplies

    KARACHI: Karachi Tax Bar Association (KTBA) on Tuesday advised Federal Board of Revenue (FBR) to allow sales tax refund to manufacturers making local supplies.

    The tax bar in a letter to FBR suggested in order to promote diversification of exports instead of relying solely on 5 export oriented sectors, you are requested to kindly issue necessary clarification/make necessary amendment to the effect that exporter-cum-manufacturers include all manufactures engaged in local as well export sales.

    The tax bar said that apart from five export oriented sectors, conditional facility for expeditious processing of sales tax refunds through FASTER system has been given to exporter-cum-manufacturers, however, as per Income Tax Circular no. 10 of 2008 dated August 27, 2008, the term exporter-cum-manufacturers means those manufacturers whose exports during the preceding year are more than 80 percent.

    The KTBA pointed out that input tax on fixed assets is adjusted against the minimum sales tax liability under section 8B of the Act only incase where other normal input tax [on goods / services] is less than 90 percent of the Output Tax, however, in case any unadjusted / unutilized input tax relating to fixed assets is carried forward to subsequent months than the same is treated at par with normal input tax and not being treated as input tax on fixed assets.

    Therefore it suggested that in order to allow fair treatment of input tax on fixed assets and in order to promote capital intensive investment, kindly direct concerned person to make necessary amendments in online sales tax return portal to treat input tax on fixed assets as part of the input tax on fixed assets even if the same is carried forward to subsequent months.

  • SRB suspends sales tax registration of M/s. Ability Logistics International

    SRB suspends sales tax registration of M/s. Ability Logistics International

    KARACHI: Sindh Revenue Board (SRB) has suspended sales tax registration of M/s. Ability Logistics International for failure to pay taxes and non-compliance of filing monthly returns.

    The SRB said that scrutiny of tax profile of the taxpayers showed that, it had failed to electronically file true and correct Sindh Sales Tax Return for the period October 2012 to December 2019.

    The provincial revenue authority said that the sales tax registration of the company had been suspended with immediate effect.

    The sales tax registration shall be revoked if the taxpayer takes remedial action by January 30, 2020. The remedial action should include to discharge sales tax liability along with default surcharge for the aforementioned periods and shall also deposit the same with the government of Sindh.

    Further, the logistic company is also required to electronically file true and correct monthly sales tax returns for the said tax periods.

    The provincial revenue body said that in case of non-satisfactory response or failure to take remedial measures on or before January 30, 2020, the case shall be further proceeding for cancellation of the registration with the SRB.

  • FBR issues list of software vendors for integrating big retailers’ sales

    FBR issues list of software vendors for integrating big retailers’ sales

    ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday issued list of vendors providing software for integrating sales of big retailers with the tax machinery.

    The FBR said that the list of vendors who have provided Point of Sales (POS) softwares to those retailers who have integrated their POSs with FBR.

    The list is in alphabetical order and the retailers may approach and engage any of them that they find suitable after due diligence.

    Following is the list of vendors:

    ABUZAR CONSULTANCY, Karachi, 021-32005755

    AWA SOFTWARE, Karachi, (021) 34973694

    COMPUTER INFORMATION SERVICES PVT LTD, Karachi, 021-34521329

    CONFIZ LIMITED, Lahore, (042) 35717906, Zainulabidin 0321-4711101, Hamid Rasheed 0333-4741004, Faheem Karachi 0322-4566589

    DELTA SOFT, Faisalabad, 041-8721577, 0301 7104466

    DEVELOPER ZONE, Mobile, 0306 5619198

    DYNEXCEL , Faisalabad, (041) 8500733

    EZEE TECH TARIQ JAMIL, Mobile, 0321-4012074

    EZI SOLUTION, Mobile, 0321 4598991

    G. Tech, Karachi , Muhammad Ahsan Naeem 0323-8023327

    GENTEC, Karachi, (021) 34167766

    HISAAB.PK, Mobile, 0300 8296954

    INTELLECT SOLUTIONS, Karachi, 021-35651576-7

    IPOS, Mobile, 0333 5413847

    ITRESOURCES, Mobile, 0306 2450000

    ITSTECHWORLD.COM, Mobile, 0321-647-2001

    LUMENSOFT, Lahore, (042) 111 290 290, Abdul Jabbar 0346-7999797

    MAALIK CREATIVE ENGINEERS, Islamabad/RWP, (051) 2204040

    MAALIK CREATIVE ENGINEERS, Islamabad/RWP, (051) 2204040

    MAISON CONSULTING, Mobile, 0321 8450197

    MANTAQ SYSTEMS, Lahore, (042) 32116687

    MB COMMUNICATION, Islamabad/RWP, (051) 5700111

    MIANTECH, Mobile, 0311 5679955

    MILESTONE, Karachi, (021) 35148294

    MILLENIUM SOFTWARE, Karachi, 02132582001-4

    MTECH, Mobile, 0306 8512354

    NETTECH, Islamabad/RWP, 051-8356632

    NETTECH TECHNOLOGY, Islamabad/RWP, 051-8356632

    NUBIT SOFTWARE (PVT) LTD, Karachi, (021) – 32428197

    PAKISTANWEBHOST, Mobile, 0334 5662119

    RETAIL PRO INTERNATIONAL, LLC, Mobile, 0345-888-7875

    Sidat Haider Murshid Asociates, Lahore, 042-35789725

    SOFTWORLD, Mobile, 0321 9436268

    SOLUTION XPERT, Mobile, 0333 8112161

    SULEMAN SWEETS, Mobile, 0333 8112161

    System Plus, Lahore, (042) 37184805

    SYSTEMS LIMITED, Lahore, (042) 111 797 836, Imran Khan 0313-5289270

    TECHNOSYS, Mobile, 0334 396 8215

    TECHNOSYS , Karachi, (021) 34325117

    TMR Consulting Pvt Ltd, Islamabad, Munawar 0324-4235028

    TRIOBYTE, Mobile, 0333 3490585

    UNICON INTERNATIONAL PVT LTD., Karachi, (021) 5071161-65

    UNIVERSAL NETWORK SYSTEMS, Karachi, (021) 34327917

    WASEELA, Islamabad/RWP, (051) 111 962 962

    YEHPOS, Islamabad/RWP, 051-8356632

    YY TECH, Karachi, (021) 35346500

  • Murtaza Syed appointed as SBP deputy governor

    Murtaza Syed appointed as SBP deputy governor

    KARACHI: The federal government has officially appointed Dr. Murtaza Syed as Deputy Governor of the State Bank of Pakistan (SBP), in accordance with Section 10(4) of the SBP Act of 1956 (as amended), the central bank announced on Tuesday. Dr. Syed assumed his responsibilities at the SBP on January 27, 2020, bringing with him a wealth of experience in macroeconomic policy and research.

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  • National Savings screening meant to stop ill-gotten money: Finance Division

    National Savings screening meant to stop ill-gotten money: Finance Division

    ISLAMABAD: The Finance Division on Monday said that the screening of all saving schemes is meant to stop any ill-gotten money to become part of financial system and to safeguard the valued investors from the menace of Money Laundering and Terrorist Financing.

    The Ministry of Finance, while clarifying news reports, said that Central Directorate of National Savings (CDNS) is committed to mitigating the deficiency to improve customer service delivery and to comply with the FATF recommendation to safeguard the investors’ interests.

    Banks under the supervision of SBP have already put in place all the required systems and KYCs (Know Your Customers) processes to comply with the FATF recommendations.

    In order to implement this requirement, Finance Division through promulgation of National Savings Schemes (AML-CFT) Rules, 2019 has decided to engage an AML-CFT compliant bank, through competitive bidding, to put in place the requirements as well as the necessary training of employees of National Savings.

    Accordingly, Expression of Interest, in consultation with SBP, has been sought from the interested bank to conduct KYC and other requirement of new as well as existing clients of CDNS.

    This will include the biometric verisys and screening of potential clients in UN Proscribed person List.

    All these screenings are meant to stop any ill-gotten money to become part of financial system and to safeguard the valued investor from the menace of Money Laundering and Terrorist Financing.

    Finance Division therefore reiterates that the steps of the Government are aimed at making the CDNS compliant with the FATF requirement and are not intended to jeopardize the interests of the account holders / customers.

    Moreover, third-party arrangement will make the organization i.e CDNS more transparent and viable for the customers and will not in any case affect its financial business.