Pkrevenue.com

Day: July 27, 2020

  • Tenure extension request of trade bodies rejected: Razak Dawood

    Tenure extension request of trade bodies rejected: Razak Dawood

    KARACHI: Abdul Razzak Dawood, Advisor to Prime Minister on Commerce and Investment, has said that there is no provision in the law to extend tenure of trade bodies.

    “There is no consideration of extending tenure of trade bodies office bearers and even the law doesn’t allow such proposal,” a statement issued by United Business Group (UBG) on Monday quoting the advisor.

    He was talking to a delegation led by Patron in Chief of United Business Group (UBG) and former Chief Executive of Trade Development Authority of Pakistan (TDAP) SM Muneer.

    Secretary Commerce Salih Farooqui, Former Presidents of Federation of Pakistan Chambers of Commerce & Industry (FPCCI) Zubair Tufail, Abdul Rauf Alam, Khalid Tawab, Sohail Altaf, Zafar Bakhtayari and Malik Sohail Hussain were also present at the occasion.

    Dawood mentioned that office bearers of FPCCI and some other trade bodies have brought the idea to extend the term of their office for one more year in the backdrop of Coronavirus pandemic situation but it was rejected because there is no any provision in the related laws.

    While answering a question asked from the delegation he clearly said that elections of trade bodies would held on the time as the Trade Bodies Ordinance provides one year tenure for the office bearers.

    In the meeting SM Muneer applauded the measure to curb coronavirus taken bay Prime Minister Imran Khan and his team.

    He said that with the grace of Almighty now the spread of infection is under control, however another high spread is feared during Eid ul Adha. “People should follow the SOPs and precautions to avoid any break out,” he added.

    SM Muneer said that gradually the virus spread is lowering down globally and more exports orders were expected.

    He said that this the time to activate related TDAP official and commercial attachés globally to avail the opportunity.

  • RTO-III Karachi assures exporters of resolving pending issues on priority

    RTO-III Karachi assures exporters of resolving pending issues on priority

    KARACHI: Dr. Amir Ali Khan Talpur, Chief Commissioner Inland Revenue, Regional Tax Office (RTO)-III, Karachi has assured the exporters of resolving pending issues on priority basis.

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  • FBR to notify withholding tax exemption for wheat import

    FBR to notify withholding tax exemption for wheat import

    ISLAMABAD: Federal Board of Revenue (FBR) soon to issue exemption from withholding tax on import of wheat in order to ensure availability of the commodity in the country.

    Omar Hamid, Secretary Ministry of National Food Security and Research (NFS&R), said while chairing a meeting on wheat import on Monday.

    He said that taxes and duties have already been abolished by the federal government including, regulatory duty 60 percent, custom duty 11 percent, sales tax 17 percent and withholding tax 06 percent.

    “The waiver of withholding tax will be notified in matter of days,” he added.

    He said that private wheat importers would be given priority.

    Secretary NFS&R was of the point of view that legitimate concerns of importers will be solved at the earliest.

    He mentioned that NFS&R is working in PM Imran Khan Direction of to ensure uninterrupted supply countrywide. NFS&R will help wheat importers at all levels.

    So that ultimately public can get wheat at affordable price. NFS&R is facilitating wheat importers by helping them in priority berthing, storage,multiple ports and clearances on the landing of shipment.

    He said that imported wheat is exempted from the Anti- Hoarding Act imposed by the provincial governments on producing verified import record by the importers.

    The meeting was attended by wheat importers, representatives from NFS&R, Ministry of Maritime Affairs, FBR and Finance Division.

  • Consultations on tariff rationalization to begin next month: Razak Dawood

    Consultations on tariff rationalization to begin next month: Razak Dawood

    ISLAMABAD: Abdul Razak Dawood, Advisor to the Prime Minister on Commerce and Investment, has said that consultations on tariff rationalization with stakeholders will start from next month.

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  • FBR, provincial authorities discuss single return filing portal

    FBR, provincial authorities discuss single return filing portal

    ISLAMABAD: Federal Board of Revenue (FBR) has discussed with the provinces about common portal for single return filing, a statement said on Monday.

    At the meeting the tax authorities deliberated on ways to facilitate taxpayers under jurisdictions of the federal and the provincial authorities.

    Member IR Operations D. Muhammad Ashfaq Ahmed presided over the meeting. On the occasion, Director Intelligence and Investigation, Lahore, Ahmed Kamal briefed the participants about challenges for launching the single portal. He also presented the suggestions to remove irritants.

    The meeting decided that the provincial tax authorities would sent their recommendations within 15 days to the FBR.

    The participants praised the efforts of the FBR and suggested that all the tax issues should be resolved amicably.

    Member (IR-Operations) FBR appreciated the positive gestures of all the provincial authorities and urged that resolving issues at technical level will pave the way for resolution of common interest at provincial and federal political level.

  • Bank holidays announced for Eid-ul-Adha

    Bank holidays announced for Eid-ul-Adha

    KARACHI: State Bank of Pakistan (SBP) on Monday said that the central bank will remain closed from July 31, 2020 to August 02, 2020 (Friday to Sunday) on occasion of Eid-ul-Adha.

    The commercial banks shall also observe the same holidays announced by the SBP on the occasion of Eid-ul-Adha.

  • Stock market gains 614 points on SBP’s decision for holding MPC meeting

    Stock market gains 614 points on SBP’s decision for holding MPC meeting

    KARACHI: The stock market gained 614 points on Monday owing the decision of the central bank for not to hold regular meeting of monetary policy committee.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,221 points as against 37,608 points showing increase of 614 points.

    Analysts at Arif Habib Limited said that following SBP’s decision to defer Monetary Policy for next 2 months, gave banking scrips the much needed impetus to rally.

    Anticipation of further rate cut died with SBP’s decision and investors view this decision as a signal of interest rate bottoming out.

    Banking sector scrips, especially HBL rallied and traded near upper circuit after posting significant earnings last Friday.

    UBL is scheduled to post financial results in the first week of August, which gave another reason for the banks to perform.

    Besides Banks, Cement sector rebounded after adjusting to selling pressure in the outgoing week.

    Resultantly, Index posted gains of 684 points and closed the session +614 points. Technology sector led the volumes with 39.4 million shares, followed by Banks (39.1 million) and Cable (30.2 million).

    Among scrips, PAEL topped the volumes with 28.9 million shares, followed by TRG (20 million) and PRL (18.4 million).

    Sectors contributing to the performance include Banks (+283 points), Cement (+75 points), Technology (+47 points), E&P (+45 points) Fertilizer (+45 points).

    Volumes increased from 266.5 million shares to 288.1 million shares (+8 percent DoD). Average traded value increased by 24 percent to reach US$ 79.5 million as against US$ 64 million.

    Stocks that contributed significantly to the volumes include PAEL, TRG, PRL, MLCF and FFL, which formed 31 percent of total volumes.

    Stocks that contributed positively to the index include HBL (+98 points), BAHL (+51 points), LUCK (+39 points), MEBL (+36 points) and TRG (+30 points). Stocks that contributed negatively include DAWH (-10 points), ATLH (-4 points), MUREB (-3 points), KAPCO (-2 points), and ICI (-2 points).

  • Rupee gains 39 paisas on improved inflows

    Rupee gains 39 paisas on improved inflows

    KARACHI: The Pak Rupee gained 39 paisas against dollar on Monday owing to sufficient inflows of workers remittances and export receipts.

    The rupee ended Rs166.87 to the dollar from last Friday’s closing of Rs167.26 in interbank foreign exchange market.

    Currency experts said that the inflows of workers remittances and export receipts were more than the demand for import payments.

    The workers’ remittances rose by a significant 50.7 percent during June 2020 to reach monthly record high $2.46 billion compared with $1.63 billion in June 2019.

    Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a growth of 6.4 percent over $21.74 billion during FY19.

    According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.

    This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year.