ISLAMABAD – The Pakistan Bureau of Statistics (PBS) categorically rejected allegations of fudging in inflation figures, addressing concerns raised in some sections of the electronic and print media.
(more…)Day: February 8, 2020
-
FBR organizes event to aware people about POS
LAHORE: Federal Board of Revenue (FBR) has organized an event at Packages Mall, Lahore to create awareness among people about the Point of Sale (Linked Invoicing System) of FBR, a statement said on Saturday.
The objective of this event was to apprise the people and the retailers about the installation and utility of Point of Sales (POS) machines at big retail outlets.
Designated officers of FBR HQ led by Chief, Facilitation & Taxpayers Education Tehmina Aamer and included Secretary FATE Alam Zaib Khan and Secretary PR Adnan Akram Bajwa participated in the program.
Lot of people showed keen interest in the activities of the program and appreciated the steps taken by FBR on Point of Sales (Linked Invoicing System).
The people were informed as to how they could verify about their paid taxes through Tax Aasaan application. The retailers were convinced to get their businesses linked with Point of Sales Linked Invoicing system. The flyers containing information about Point of Sales and gifts were distributed to the people on the occasion.
-
Sensitive price inflation increases by 17.58pc
KARACHI: The prices of essential items have registered 17.58 percent increase by week ended February 06, 2020 when compared with corresponding week last year, according to data released by Pakistan Bureau of Statistics (PBS).
According to the data the combined Sensitive Price Indicator (SPI) increased by 17.58 percent by week ended February 06, 2020 as compared with the week ended February 07, 2019.
As per the data the highest inflation for the period under review was recorded at 19.99 percent for the expenditure group ranging between Rs22.889 and Rs29.517.
While the SPI was recorded at 16.18 percent for the period for expenditure group up to Rs17,732.
The PBS computes the weekly SPI with base 2015-16= 100 covering 17 urban centers and 51 essential items for all expenditure groups.
-
FBR amends guidelines for performance allowance of BS-01-14 tax officials
KARACHI: Federal Board of Revenue (FBR) has delegated powers to head of respective field formations of approving performance allowance of BS-1 to BS-14.
The FBR issued Circular No. 01/2020 dated February 06, 2020 and modified Guidelines for Performance Allowance -2015.
The following amendment has been made to the Guidelines for Performance Allowance-2015 with immediate effect:
“The power to process and finalize selection of officials of BS-1 to BS-14 for IJP Performance Allowance of officials is delegated to the respective heads of field formations. However, all the cases of litigation and arrears demand shall continue to be dealt at FBR HQ by the respective Wing.”
The FBR said that in the light of above decision of the Board-In-Council’s meeting held on January 24, 2020, the IJP selection process and finalization of IJP cases with respect to BS-01-14 employees of field formations will rest with concerned field formation.
Under the approval of respective head of field office such cases shall be processed and finalized keeping in view Guidelines for Performance Allowance -2015 under intimation to the board.
-
Market to remain in red on rate cut pessimism
KARACHI: The equity market likely to stay in red due to pessimism on high inflation, which created impressions the rate may not be cut in near future.
Analysts at Arif Habib Limited forecast that the market to remain in the red following pessimism created from high inflation readings which have led to apprehensions over the rate cut which may not materialize soon.
Moreover, shortfall in tax revenue targets (PKR 750bn shortfall expected for FY20) have added to concerns over the fiscal deficit recovery as well as possibility of more tax revenue measures.
The KSE-100 index is currently trading at a PER of 7.0x (2020) compared to Asia Pac regional average of 12.2x and while offering DY of around 6.8 percent versus around 2.8 percent offered by the region.
Correction phase seems to have set in, with the benchmark KSE-100 Index of Pakistan Stock Exchange (PSX) trading in the red another week. Aggravated inflationary pressure (14.6 percent YoY for Jan’20 – 10-Yr high) and turmoil in global markets following the outbreak of the Corona Virus have been the primary reasons behind the continuation of the selling spree in the local bourse.
Further stress was created in the market from the rise in bond yields following the latest PIB auction in which the 3-Yr Bond cut-off yield increased by 30 bps to 12.05 percent, 5-Yr Bond yield increased by 21 bps to settle at 11.4 percent and the 10-Yr bond yield increased by 10 bps to 11 percent.
The KSE-100 Index closed at 40,144 points (down 1,487 points WoW).
Sector-wise negative contributions came from i) Oil & Gas Exploration Companies (-376ts), ii) Commercial Banks (-241 points), iii) Oil & Gas Marketing Companies (-150 points), iv) Fertilizer (-140 points), and v) Cement (-125 points). Scrip-wise negative contributions were led by PPL (-158 points), OGDC (-125 points), HBL (-104 points), PSO (-74 points) and DAWH (-57 points).
Foreign selling this week clocked-in at USD 14.2 million compared to a net buy of USD 8.0 million last week. Selling was witnessed in Cement (USD 7.0 million) and Exploration & Production (USD 5.1 million).
On the domestic front, major buying was reported by Insurance Companies (USD 13.7 million) and Individuals (USD 7.7 million). Average Volumes settled at 168 million shares (down by 11 percent WoW) while average value traded clocked-in at USD 45 million (down by 1 percent WoW).
-
Import of live animals, birds banned on Coronavirus threat
ISLAMABAD: The government has banned import of all types of live animals and birds with immediate effect in the wake of novel coronavirus.
According to an official memo issued by the ministry of commerce to Quarantine Department a ban has been imposed on import of any zoonotic (animals and birds etc.) with immediate effect and until further orders.
The memo said that on the recommendations of the Ministry of National Health Services, Regulations and Coordination (MNHSR&C), the ministry of commerce has imposed a ban on the import of any zoonotic (animals and birds etc.) with immediate effect and until further orders.
The MNHSR&C has informed that the origin of recent outbreak of Novel type of Corona Virus (2019-nCOV) has been threat to be zoonotic in nature, which may potentially undermine government efforts to prevent the spread of said disease in Pakistan.