Day: November 4, 2020

Zong awarded contract to provide 4G coverage in rural, remote areas

ISLAMABAD: The Universal Service Fund (USF) has awarded contracts worth Rs112 million to Zong 4G for providing 4G network coverage in rural and remote areas of Sindh and Balochistan.

Federal Minister of IT and Telecommunication, Syed Amin Ul Haque inaugurated the projects at a ceremony held at Zong 4G Headquarters on Wednesday.

The contracts were signed by Haaris Mahmood Chaudhary, CEO, USF with Wang Hua, Chairman and CEO, Zong 4G.

The Federal Secretary for IT & Telecommunication Shoaib Ahmed Siddiqui and Chairman PTA, Major General (R) Amir Azeem Bajwa were also present at the ceremony.

Chief Guest of the ceremony, Federal Minister for IT and Telecommunication, Syed Amin Ul Haque said: “To achieve the Digital Pakistan vision, it is imperative that all areas and citizens of Pakistan have access to mobile phones and Broadband services.

“This will ensure that not only is the citizenry connected to the digital world but they will be in a position to benefit and use Information Communication Technology (ICT) facilities.”

He informed that the Government is working arduously on mobile phone applications, web portals, e-commerce, e-government, online jobs, digital payments, establishment of IT parks and all other avenues which are related to the Digital Pakistan vision.

The Federal Minister congratulated Zong 4G and USF on the signing of the contracts and expressed the hope that this will ensure that residents living in remote areas of Baluchistan and rural pockets of Karachi will have better connectivity through Zong 4G’s superior technical expertise.

He stated that USF is working on projects worth billions of rupees which include laying optical fiber, deploying telecommunication infrastructure and expanding networks.

Furthermore, he announced that Ministry of IT and Telecommunication with USF’s support will be launching new development projects pertaining to network and Broadband expansion monthly.

While sharing his views at the ceremony, Zong 4G’s Chairman and CEO Wang Hua said: “Since its inception, Zong 4G has been at the forefront of digital transformation in Pakistan, striving to bring the unserved and underserved areas and masses under the folds of connectivity and digital inclusion.

“We thank USF for awarding us these projects and the government of Pakistan for supporting us in pursuing our passion for an empowered and Digital Pakistan.

“We stay committed to our mission of serving the Pakistani people in all possible ways and a project like this simply fuels that passion of ours.”

Also, sharing his thoughts at the ceremony, CEO USF, Haaris Mahmood Chaudhary said: “These projects will benefit an unserved population of 0.5 million in 263 unserved Mauzas, thereby covering an unserved area of 4,121 sq.km. of Nasirabad, Jaffarabad, Sohbatpur, Karachi West & Malir districts.”

“As advised by the Federal Minister for IT and Telecommunication, USF is actively working to provide robust connectivity in unserved and underserved areas of Pakistan. We are committed to playing our role in making Digital Pakistan vision a reality and bridging the digital divide.”

Senior officials of the Ministry of IT and Telecommunication, USF and Zong 4G were also present at the ceremony.

November 4, 2020
KTBA demands time relief for submitting annexures H, F

KARACHI: Karachi Tax Bar Association (KTBA) on Wednesday demanded the tax authorities to condone time-limit for submitting annexures ‘H’ and ‘F’ of monthly returns for claiming sales tax refunds.

The tax bar in a letter to Member Inland Revenue (Operation) of Federal Board of Revenue (FBR), said that a large number of taxpayers had failed to rectify the details of their stock position through annexure ‘H’ and value addition through annexure ‘F’. Due to this sales tax refund was stuck up since July 2019.

The tax bar urged the tax authorities to grant general condonation of 60-day time to taxpayers for filing revised annexures ‘H’ and ‘F’ of sales tax returns related to tax periods from July 2019 onwards to e-file pending refunds claims.

In a letter sent to the Dr Muhammad Ashfaq Ahmed, Member IR (Operations), KTBA appreciated the efforts of the FBR to ensure speedy liquidation of sales tax refunds in consonance with Prime Minister’s Covid -19 Relief Package.

The tax bar highlighted that due to prolonged pendency, there were anomalies in annexures F and H and gaps and contradictions in its supporting documents had rendered a sizeable quantum of refund claims pending with the FBR, and all such taxpayers required to file revised Annexures F and H from July 2019 on a sequential basis.

Although the Commissioner Inland Revenue empowered to condone such cases under section 74 of the Sales tax Act 1990 but the KTBA sought a general condonation and extension of time limit.

The KTBA said that it would help the taxpayers to file annexures F and H without wastage of time.

November 4, 2020
KSE-100 index declines by 199 points on US elections, global markets

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) on Wednesday declined by 199 points over investors attention on US elections and global commodity markets.

The KSE-100 index closed at 40,280 points as against 40,481 points showing a decline of 199 points.

Analysts at Arif Habib Limited said that the market opened on a positive note and added another 434 points in addition to yesterday’s 1368 points jump in the index.

However, profit booking kept a check on the additional points, keeping the index movement in the positive zone between +150 points and +400 points in the early hours. E&P, Cement, Banks and Fertilizer sector stocks contributed to the trading in that phase.

US Elections also had local investors attention, conjecturing the prospects of Trump’s winning on global stock markets as well as Commodity markets.

Selling pressure brought key stocks in Banking, Cement and O&GMCs sectors close red. Among scrips, UNITY contributed 47.7 million shares, followed by FFL (34.7 million) and HASCOL (30.3 million).

Sectors contributing to the performance include Banks (-88 points), Cement (-45 points), Power (-41 points), Pharma (-25 points) and O&GMCs (-21 points).

Volumes increased from 383.9 million shares to 427.8 million shares (+11 percent DoD). Average traded value however, increased by 1 percent to reach US$ 87.0 million as against US$ 86.3 million.

Stocks that contributed significantly to the volumes include UNITY, FFL, HASCOL, FFBL and TRG, which formed 36 percent of total volumes.

Stocks that contributed positively to the index include FFBL (+14 points), OGDC (+12 points), MTL (+11 points), TRG (+10 points) and COLG (+10 points). Stocks that contributed negatively include HBL (-38 points), HUBC (-37 points), UBL (-27 points), PSO (-17 points) and BAHL (-17 points).

November 4, 2020
Dollar retreats to Rs159.81

KARACHI: The Pak Rupee gained 16 paisas against the dollar on Wednesday owing to lower imports and inflows of export receipts and workers remittances, dealers said.

The rupee ended Rs159.81 to the dollar from the previous day’s close of Rs159.97 in the interbank foreign exchange market.

The dealer said that the importers were cautious over the upsurge in coronavirus cases in the country as well as in the world. On the other hand, positive sentiments prevailed in the market over-improved export numbers in October 2020.

The rupee hit an all-time low of Rs168 on August 26, 2020. Since then the local unit recovered Rs8.62 against the greenback.

According to the Pakistan Bureau of Statistics (PBS) the exports during the month of October 2020 increased by 3.07 percent to $2.08 billion as compared with $2.02 billion in the same month of the last year.

Imports for the month fell by 5.73 percent to $3.82 billion as compared with $4.05 billion in the same month of the last year.

The trade deficit reduced by 14.46 percent to $1.74 billion in October 2020 as compared with a trade deficit of $2.03 billion in the same month of the last year.

November 4, 2020
SRB issues sales tax rates on banking services

The Sindh Revenue Board (SRB) has announced a 13% sales tax rate on services provided by banking companies within the province. This update, effective from November 1, 2020, clarifies the applicable sales tax on a wide range of banking services.
(more…)

November 4, 2020
Pakistan exports goods worth $7.55 billion in four months

ISLAMABAD: Pakistan has exported goods worth $7.55 billion during the first four months (July – October) 2020/2021 as compared with $7.52 billion in the corresponding period of the last fiscal year, showing nominal increase of 0.33 percent, according to data released by Pakistan Bureau of Statistics (PBS) released on Wednesday.

On the other hand, imports fell by 0.79 percent to $15.13 billion during the first four months of the current fiscal year as compared with $15.25 billion in the corresponding months of the last fiscal year.

The trade deficit also contracted by 1.88 percent to $7.57 billion during the period under review as compared with the trade deficit of $7.72 billion in the same period of the last year.

The exports during the month of October 2020 increased by 3.07 percent to $2.08 billion as compared with $2.02 billion in the same month of the last year.

Imports for the month fell by 5.73 percent to $3.82 billion as compared with $4.05 billion in the same month of the last year.

The trade deficit reduced by 14.46 percent to $1.74 billion in October 2020 as compared with a trade deficit of $2.03 billion in the same month of the last year.

November 4, 2020