KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) has urged the government to ease the ongoing lockdown and allow the resumption of trade activities.
(more…)Day: May 1, 2020
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Headline inflation contracts to 8.5 percent in April
ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) contracted to single digit i.e. 8.5 percent in April 2020 as compared with an increase of 10.2 percent in the previous month, Pakistan Bureau of Statistics (PBS) said on Friday.
The PBS said that CPI inflation general increased by 8.5 percent on year-on-year basis in April 2020 as compared to an increase of 10.2 percent in the previous month and 8.3 percent in April 2019.
On month-on-month basis, it decreased by 0.8 percent in April 2020 as compared to an increase of 0.04 percent in the previous month and an increase of 0.7 percent in April 2019.
CPI inflation Urban increased by 7.7 percent on year-on-year basis in April 2020 as compared to an increase of 9.3 percent in the previous month and 8.4 percent in April 2019. On month-on-month basis, it decreased by 0.7 percent in April 2020 as compared to an increase of 0.1 percent in the previous month and an increase of 0.8 percent in April 2019.
CPI inflation Rural, increased by 9.8 percent on year-on-year basis in April 2020 as compared to an increase of 11.7 percent in the previous month and 8.1 percent in April 2019. On month-on-month basis, it decreased by 1.1 percent in April 2020 as compared to a decrease of 0.1 percent in the previous month and an increase of 0.6 percent in April 2019.
Sensitive Price Indicator (SPI) inflation on YoY increased by 9.0 percent in April 2020 as compared to an increase of 11.8 percent a month earlier and an increase of 10.0 percent in April 2019.
On MoM basis, it decreased by 2.0 percent in April 2020 as compared to a decrease of 0.3 percent a month earlier and an increase of 0.5 percent in April 2019.
Wholesale Price Index (WPI) inflation on YoY basis increased by 5.1 percent in April 2020 as compared to an increase of 9.2 percent a month earlier and an increase of 17.1 percent in April 2019.
WPI inflation on MoM basis decreased by 2.1 percent in April 2020 as compared to a decrease of 0.9 percent a month earlier and an increase of 1.8 percent in corresponding month of last year i.e. April 2019.
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SBP enhances refinancing limits for hospitals
KARACHI: State Bank of Pakistan (SBP) on Friday increased the refinancing limits for hospitals and medical centers in the background of rising cases of COVID-19 in the country and with the need to strengthen health sector in fight against COVID-19.
The central bank enhanced financing limit of a single hospital/ medical center under its Refinance Facility for Combating COVID -19 (RFCC) from Rs. 200 million to Rs. 500 million.
RFCC is an emergency funding facility to support hospitals/medical centers to develop their capacities for treatment of infected patients of COVID-19.
The financing under this facility is being made available by State Bank at zero percent to banks that can charge a maximum rate of 3 percent per annum to hospitals/medical centers.
State Bank has been continuously improving features of this Facility to ensure timely financial support to hospitals/medical centers engaged in combating COVID-19.
So far, financing of Rs. 2.2 billion for 11 hospitals/medical centers has been approved whereas financing requests of Rs 3.6 billion for 23 hospitals/medical centers are being processed by the banks.
With today’s enhancement of financing limit, it is expected that large scale facilities will be created for treating COVID-19 patients by using subsidized funding being extended under this facility.
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FBR collection falls by 13.4 percent in April
ISLAMABAD: The revenue collection has registered 13.4 percent decline in April 2020 over the corresponding month of the last year, due to ongoing lockdown to contain spread of coronavirus.
According to provisional statistics of Federal Board of Revenue (FBR), the collection of duty and taxes fell to Rs256.68 billion in April 2020 as compared with Rs296.58 billion in the corresponding month last year.
The FBR issued refunds in April 2020 to the tune of Rs 15.12 billion, which is 127 percent higher when compared with Rs6.66 billion in the corresponding month last year.
Moreover, the Rs16 billion as refunds have been issued to exporters, Rs33 billion as arrear refunds and Rs15 billion as duty drawback in April 2020.
The total collection of the FBR during first ten months (July – April) 2019/2020 increased to Rs3,408.83 billion showing an increase of 10.4 percent compared with the Rs3047.95 billion collected during the corresponding period of the last fiscal year.
The refunds of Rs116.961 billion have been issued during first ten month of current fiscal year, which was Rs6.515 billion during July – April 2019/2020.
The FBR has collected the target revenue of Rs200 billion for April 2020 and collected Rs256 billion out of revised annual revenue target of Rs3908 billion for the current Financial Year.
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FBR extends sales tax return filing date up to May 15
ISLAMABAD: Federal board of Revenue (FBR) on Thursday announced relief in sales tax return filing of last three months due to outbreak of coronavirus and lockdown in the country.
The FBR issued a notification allowing taxpayers to make payment of sales tax and federal excise duty up to May 12, 2020 for the months January, February and March 2020.
Further, the taxpayers have been allowed to file sales tax and federal excise monthly returns up to May 15, 2020 for the months January, February and March 2020.
The FBR has been extending the date in order to facilitate the taxpayers to discharge their liabilities. However, cases of coronavirus were reported in February and subsequently lockdown was imposed in March, which resulted in halt of business activities.
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FBR extends date to submit stock position up to May 15 for claiming refunds
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday allowed taxpayers to submit their stock position for the period July– November 2019 up to May 15, 2020 in order to claim sales tax refunds under newly only verification and issuance system.
In an official memorandum issued, the FBR extended the time limit for filing of Annexure – H for the tax period July – November 2019 up to May 15, 2020.
Annexure-H is a statement for providing stock position by taxpayers along with monthly sales tax return.
The FBR from July 01, 2019 introduced expeditious payment of sales tax refunds within 72 hours subject to the true filing of Annexure – H.
As per the Rules, refund will be treated as having been filed only after filing of Annexure H of the Sales Tax return, for which deadline of 120 days has been prescribed in the Rules and the same can be extended for a period of 60 days on the basis of approval from the Commissioner.