ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has registered 1,956 new companies in November 2020, indicating an increase of 41 percent as compared with the same month of the last year, according to a statement issued on Tuesday.
Around 71 percent companies were registered as private limited companies and 26 percent were registered as single member companies.
Three percent were registered as public unlisted companies, not for profit associations, trade organizations, foreign companies and limited liability partnership (LLP).
In November, around 99 percent companies were registered online, while 30 percent of new incorporations completed same day.
This month, 117 foreign users registered companies from overseas.
The trading sector took the lead with the incorporation of 319, IT with 230, construction with 209, services with 198, real estate development with 139, corporate agricultural farming, & food and beverages with 74 each, ecommerce with 73, engineering with 60, tourism with 51, education with 48, pharmaceutical with 47, market & development with 43, textile with 40, transport with 35, chemical with 33, healthcare with 31, auto & allied with 27, fuel & energy, and mining & quarrying with 23 each, logging with 22, cosmetics & toiletries with 21, communications with 17, broadcasting & telecasting with 16, power generation with 14, cables & electric goods, and steel & allied with 12 each, and 65 companies were registered in other sectors.
Foreign investment has been reported in 34 new companies. These companies have foreign investors from, Australia, China, Germany, Iran, Italy, Kazakhstan, Korea South, Lebanon, Mozambique, the Netherlands, Russia, Spain, Switzerland, Syria, Turkey, the UAE, the UK and the US.
The highest numbers of companies, i.e. 628 were registered in Islamabad, followed by 625 and 349 companies registered in Lahore and Karachi respectively. The CROs in Peshawar, Multan, Faisalabad, Gilgit-Baltistan, Quetta and Sukkur registered 127, 109, 64, 27, 22 and 05 companies respectively.
The government has announced an increase in the prices of all petroleum products, including petrol, for the upcoming fortnight, effective from December 16, 2020. This adjustment reflects global market trends and fluctuations in crude oil prices, impacting the cost of fuel domestically.
ISLAMABAD: Customs Intelligence and Investigation (I&I) Multan announced auction of confiscated vehicles to be held on December 17, 2020 at State Warehouse of Directorate of I&I Regional Office Multan.
01. Toyota Hilux, Model 2016, Chassis No. MROEX3CB401103255
02. Hino Truck, Model 1997, Chassis No. FD3HGA-10728
03. Toyota Probox Car, Model 2004, Chassis No. NCP50-0027535
04. Toyota Vitz Car, Model 2003, Chassis No. SCP90-5096606
05. Suzuki Alto Car, Model 2010, Chassis No. HA258-736391
06. Hino Ranger Truck, Model 1999, Chassis No. FD3HKA-50955
07. Toyota Vitz Car, Model 2007, Chassis No. KSP90-2031217
08. Toyota Premio Car, Model 2008, Chassis No. ZRT260-3005486
09. Toyota Brevis (AL250) Car, Model 2001, Chassis No. JCG10-0038524
10. Toyota Vitz Car, Model 2003, Chassis No. NCP10-0159090
11. Toyota Fielder “X” Car, Model 2004, Chassis No. ZNE121-0302121
12. Hino Ranger Truck, Model 2003, Chassis No. FDIJLE-10786
13. Toyota Hilux Surf, Model 2005, Chassis No. TRN215-0004165
14. Hino Truck, Model 1997, Chassis No. FCIJKE-12193
15. Honda Civic Car, Model 2010, Chassis No. FD3- I003928
16. Daihatsu Mira (Esi) Car, Model 2012, Chassis No. LA300S-1098557
17. Suzuki Swift Car, Model 2006, Chassis No. ZCI1S-175233
18. Toyota Axio “X” Car, Model 2009, Chassis No. NZE141-6128152
19. Toyota Aqua Car, Model 2012, Chassis No. NHP10-6127641
20. Toyota Axio “X” Car, Model 2008, Chassis No. NZE141-6117903
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday constituted complaint resolution committees for settlement of issues relating to sales tax refund matters for the taxpayers in the province of Punjab.
The FBR constituted two complaint resolution committees for Punjab North and Punjab South.
The complaint resolution committee Punjab (South) shall comprise following members for settlement of sales tax refund issues of taxpayers falling under the jurisdiction of field formation of Multan, Bhawalpur and Sahiwal:
The complaint resolution committee Punjab (North) shall comprise following members for settlement of sales tax refund issues of taxpayers falling under the jurisdiction of field formations of Lahore, Faisalabad, Gujranwala, Sargodha and Sialkot:
Gohar Ejaz, Patron In Chief, APTMA Lahore: Convener
Chief Commissioner-IR, RTO, Lahore: Member
Dr. Quratul Ain Irfan, Vice President, Pacific Pharmaceuticals, Lahore, Member
Almas Hyder, Former President, Lahore Chamber of Commerce and Industry (LCCI), Lahore: Member
Mohammad Raza Baqir, Executive Director, APTMA Lahore, Member
KARACHI: The stock market ended down by 15 points on Tuesday as investors preferred profit booking during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,251 points as against 43,266 points showing a decline of 15 points.
Analysts at Arif Habib Limited said that the market added another 443 points during the session today before facing the selling pressure that eroded all the gains and took the Index down by -140 points.
The oscillation of 580 points today was attributed mainly to profit booking by investors, after seeing a total increase of 4000 points since the recent drop to 39500 level.
E&P and Cement Sectors mostly contributed to the downside of index, although oil prices maintained yesterday’s level. Among scrips, PRL maintained the top slot with 64.3 million shares, followed by HASCOL (62.5 million) and ANL (42.6 million).
Sectors contributing to the performance include Banks (+109 points), Textile (+32 points), Autos (+23 points), Cement (-60 points), E&P (-58 points), Power (-44 points) and Technology (-27 points).
Volumes increased further from 629.3 million shares to 702.2 million shares (+12 percent DoD). Average traded value also increased by 11 percent to reach US$ 182.3 million as against US$ 164.7 million.
Stocks that contributed significantly to the volumes include PRL, HASCOL, ANL, PIBTL and LOTCHEM, which formed 38 percent of total volumes.
Stocks that contributed positively to the index include MCB (+40 points), MEBL (+29 points), FFC (+17 points), MTL (+17 points) and NML (+17 points). Stocks that contributed negatively include HUBC (-40 points), LUCK (-36 points), PPL (-28 points), OGDC (-24 points) and TRG (-20 points).
KARACHI: The Pak Rupee depreciated by 12 paisas against the dollar on Tuesday as demand for the foreign currency remained high for import and corporate payments.
The rupee ended Rs160.59 to the dollar from the previous day’s closing of Rs160.47 in the interbank foreign exchange market.
Currency dealers said that positive sentiments prevailed on the expectation of normalcy after vaccination for prevention of COVID had been started in many countries.
They said that in Pakistan the government had decided not to close down businesses and commercial activities in the second wave of coronavirus. The importers in the hope of improved domestic manufacturing activities are placing orders to their foreign suppliers.
The currency experts said that the rupee may recover in coming days owing to improved inflows of export receipts and workers’ remittances.
KARACHI: Pakistan Customs has issued updated taxpayers’ facilitation guide for import of vehicles under various schemes.
Vehicles classifiable under HS Chapter 87 are importable under various schemes. The law of land caters for import of both new and used vehicles under stipulations of Import Policy.
1). Import of New Vehicles:
New vehicles are importable into Pakistan freely by any one against payment of leviable duties & taxes under existing import procedures and requirements laid down in Import Policy Order and Customs law.
2). Import of vehicles under Personal Baggage, Transfer of residence and
Gift Schemes:
The used vehicles are not importable into Pakistan in normal course of import procedure. The law, however, provides an exception in this regard and used vehicles can be imported by overseas Pakistanis under the following three schemes in terms of Appendix-E of Import Policy Order 2016:
– Personal Baggage
– Gift Scheme
– Transfer of Residence
The terms and conditions applicable for the import of vehicles under the above mentioned three schemes are tabled below:
Import eligibility
• Importable only by Pakistani national as defined in the Import Policy Order i.e. “citizen of Pakistan residing abroad and includes a person having dual nationality, and a foreign national of indo-Pakistan origin holding Pakistani origin card”. The said distinction of ‘citizen’ does not cover minors i.e under eighteen years of age.
• The vehicle can be imported once in two years (700 days calculated from the date on which Goods Declaration was filed for the last import under the Import Policy Order).
Type of vehicle which can be imported
Transfer of Residence Scheme
Passenger car, bus, van, trucks, pick-ups including 4×4 vehicles, agriculture tractors, bulldozers, laser land levelers, combined harvesters and motorcycles or scooter.
Gift Scheme
Passenger car, bus, van, trucks, pick-ups including 4×4 vehicles, agriculture tractors, bulldozers, laser land levelers and combined harvesters
Personal Baggage Scheme
Passenger car, bus, van, trucks, pick-ups including 4×4 vehicles, agriculture tractors, bulldozers, laser land levelers and combined harvesters.
Age of vehicles which can be imported
Cars not more than three years old (since year of manufacturing) and other Vehicles not more than five years old (since year of manufacturing).
Required period of stay of Passenger out-side Pakistan
Transfer of Residence Scheme
A minimum of 700 days stay out-side Pakistan during the past three years
Gift Scheme
A minimum of 700 days stay out-side Pakistan during the past three years
Personal Baggage Scheme
A minimum of 180 days stay out-side Pakistan during the last seven months preceding the date of application
Donee (To whom the vehicle can be gifted)
Gift Scheme
A family member normally resident in Pakistan. “Family” means parents, sister, brother, husband, wife and children whether married or not, but excluding children under eighteen years of age.
Documents required
Transfer of Residence Scheme
• Goods Declaration
• Export Certificate
• Purchase receipt of the vehicle
• Bill of lading dated not later than 120 days from date of arrival in Pakistan of the applicant
• Attested photo copy of passport or Pakistan Origin Card (Original will be required at the time of clearance)
Gift Scheme
• Goods Declaration
• Export Certificate
• Purchase receipt of the vehicle
• Bill of lading showing name and address of the consignee
• Attested photo copy of the passport or Pakistan origin card
• CNIC of the done
Personal Baggage Scheme
• Goods Declaration
• Export Certificate
• Purchase receipt of the vehicle
• Bill of lading, dated not later than 120 days from the date of arrival in Pakistan of the applicant
• Attested photo copy of the passport or Pakistan Origin Card (Original will be required at the time of clearance)
Condition of payment of duty and taxes out of foreign remittances as per SRO 52(I)/2019 dated 15.01.2019 issued by Ministry of Commerce and Textile, Islamabad
All vehicles in new/used condition to be imported under transfer of residence, personal baggage or under gift scheme, the duty and taxes shall be paid out of foreign exchange arranged by Pakistan nationals themselves or local recipient supported by bank encashment certificate showing conversion of foreign remittance to local currency, as under;
a) the remittance for payment of duties and taxes shall originate from the account of Pakistani national sending the vehicle from abroad: and
b) the remittance shall either be received in the account of Pakistani national sending the vehicle from abroad or, in case, his account is nonexistent or inoperative, in the account of his Family.”
