The Federal Board of Revenue (FBR) has said that maintaining transactions details over Rs10,000 has been made mandatory for wholesalers, distributors, dealers, and commission agents.
(more…)Month: November 2020
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Weekly Review: rising COVID cases may affect sentiments
KARACHI: Constant rise in coronavirus cases may discourage investors of Pakistan Stock Market (PSX) owing to likely stringent measures from the authorities to prevent the spread of the pandemic.
Analysts at Arif Habib Limited said that although economic fundamentals are headed in the right direction, global rise in COVID infection (640,000+ cases reported in a single day) continue to pose threat of fresh lockdowns globally which may crush our exports and damage the stability achieved on the external / currency front.
That said, control in local infection may revive sentiments at the index.
The benchmark KSE-100 index of the PSX is currently trading at a PER of 7.2x (2021) compared to Asia Pac regional average of 14.8x and while offering DY of around 6.2 percent versus around 2.5 percent offered by the region.
Although local fundamentals recovered surprising fast post initial COVID-19 slump (Current account surplus of USD 792 million during 1QFY21, influx of Remittances of over USD 2 billion for the fifth consecutive month in October 2020, LSM growth at a decent 4.81 percent during Jul-Sep’20, 4 percent appreciation in the Pak Rupee to 158.4/USD amid growing FX reserves to USD 12.7 billion), reemergence of domestic Coronavirus cases (infection peaked at 6.2 percent on Thursday; high after over 110 days) together with arbitrary second-wave theories gaining momentum in Europe and Western countries, despite impending development of a vaccine, kept performance of the local bourse mundane.
The KSE-100 index closed at 40569 level, down by 0.4 percent / 167 points WoW.
Sector-wise negative contributions came from i) Cements (161 points), ii) Oil & Gas Marketing Companies (72 points), and iii) Power Generation and Distribution (61 points). Scrip-wise negative contributions were led by LUCK (76 points), HUBC (34 points), and SNGP (35 points).
On the flipside, major sectoral gains were observed in Oil and Gas Exploration (161 points), Commercial Banks (83 points), and Technology (34 points).
Foreign selling continued this week clocking-in at USD 7.4 million compared to a net sell of USD 5.5 million last week. Selling was witnessed in Commercial Banks (USD 3.7 million) and Cement (USD 2.7 million).
On the domestic front, major buying was reported by Individuals (USD 7.5 million and Banks / DFIs (USD 3.3 million).
Average volumes arrived at 290 million shares (down by 21 percent WoW) while average value traded settled at USD 66 million (down by 16 percent WoW).
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Six years mandatory period for maintaining record under income from business
The Federal Board of Revenue (FBR) has introduced updated regulations pertaining to six years maintaining books of accounts, documents, and records for taxpayers deriving income from business.
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FBR notifies rules for advance ruling
In a bid to enhance transparency and provide clarity in customs matters, the Federal Board of Revenue (FBR) has notified the rules for issuing advance rulings.
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Committee advised to simplify procedure ensure collection transparency
Dr. Abdul Hafeez Shaikh, the Adviser to the Prime Minister on Finance and Revenue, presided over a virtual meeting of the Federal Board of Revenue (FBR) Technical Committee on Friday. The primary focus of the meeting was to streamline and simplify procedures within the FBR, ensuring clarity and transparency in the process of revenue collection.
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Rate of tax on payment through debt, credit cards
The Federal Board of Revenue (FBR) has announced updates to the rate of income tax applicable to payments made abroad through credit or debit cards during the tax year 2021 (July 01, 2020, to June 30, 2021).
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Share market witnesses narrow range trading
KARACHI: The share market experienced a day of fluctuating activity on Friday, with the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) ending with a marginal gain of 5 points. The index closed at 40,569 points, compared to the previous day’s closing of 40,564 points, reflecting the restrained movement throughout the session.
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Rupee gains against dollar for 23rd consecutive days
Karachi, Pakistan: The Pakistani Rupee (PKR) extended its winning streak against the US Dollar (USD) for the 23rd consecutive trading day on Friday.
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HUBCO issues Sukuk wroth Rs6bn for capital requirements
KARACHI: The Hubco Power Company Limited (HUBCO) has issued Sukuk worth Rs6 billion for financing the ongoing capital requirement of the company.
In a communication sent to Pakistan Stock Exchange (PSX) on Friday, it said that HUBCO through its wholly owned subsidiary, Hub Power Holding Limited, had executed and issued an Islamic Shariah compliant discounted Sukuk of Rs6 billion.
The Sukuk is partnered with Arif Habib Limited as its arranger, Meezan Bank as Shariah Adivsor and is subscribed by financial institutions, investment companies and other eligible institutions.
“The purpose of this Sukuk is to finance the ongoing capital requirements of the company,” it added.
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Tax offices issue notices for already filed return of income
KARACHI: Tax offices are issuing notices to a number taxpayers for filing income tax returns of past years, where the taxpayers have already made compliance.
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