KARACHI: The banks will remained closed on March 23, 2021 on the occasion of Pakistan Day, State Bank of Pakistan (SBP) said on Wednesday.
In a circular, the SBP informed the presidents and chief executives of all banks, development finance institutions and microfinance banks that the central bank would remain closed on March 23, 2021 (Tuesday) being public holiday on the occasion of “Pakistan Day” as declared by the government.
The Pakistani Rupee demonstrated resilience in the foreign exchange market on Wednesday, gaining 98 paisas against the US Dollar.
(more…)
ISLAMABAD: The government likely to withdraw tax credit available to companies for enlistment in stock exchange.
The withdrawal of tax credit is part of proposal to rationalize tax exemption regime in the country. The law to withdraw tax exemption and incentives may be introduced soon.
The tax credit for enlistment is available under Section 65C of the Income Tax Ordinance, 2001. The tax credit is available for three years. The first year tax credit for enlistment in stock exchange is 20 percent of the tax payable for the year in which the company is enlistment. Meanwhile tax credit for the following two years is 10 percent of the tax payable.
The government is considering omitting this tax credit. The Federal Board of Revenue (FBR) granted an amount of Rs357 million as tax credit during fiscal year 2019/2020 to the companies listed with stock exchange availing this incentive.
ISLAMABAD: Around 200,000 income tax return filers paid surcharge to get their names in Active Taxpayers List (ATL) during past 15 days.
(more…)
KARACHI: Model Customs Collectorate (MCC) Gwadar announced a huge lot of seized motor vehicles to be held on March 18, 2021 at Custom House, Gaddani.
Following motor vehicles will be presented for the auction:
01. Toyota Premio X Car Reg: No AAK-046 Chassis No. ZZT240-0112894 Engine No. Nil Model: 2006
02. Toyota Surf Reg No. QBA-0162 Chassis No. KZN185-0043878 Engine No. 1KZ-TE2982 Model: 1997
03. Toyota Land Cruiser Reg No. BC-0448 Chassis No. HJ61-002060 Engine No. Nil Model: 1986
04. Hino Bus Reg No. BSB-808 Chassis No. AK1JRKA-16027 Engine JO8CB16832 Model:2012
05. Coach Reg No. BSA-515 Chassis No. AK1JMKA-1415 Engine No. Nil Model: Nil
06. Toyota Land Cruiser (Red) Reg No. BA-8164 Chassis No. BJ160-009711 Engine No. Not Traceable Model: 1985
07. Indus Corolla Car Reg No. GF-1411 Chassis No. AE100-0028693 Engine No. Not Traceable Model: 1994
08. Land Cruiser Prado Reg No. Not Traceble Chassis No. LJ78-0002499 Model. 1990
09. Toyota Land Cruiser Reg No.BA-5186 Chassis No. HJ60-009651 Model. 1984
10. Toyota Land Cruiser Reg: JAA-889 Ch# BJ-60-020679 Model: 1988
11. Mitsubishi Pajero Reg: JAL-231 Ch# LO48G-3005856 Model: 1985
12. Land Cruiser Reg: QAB-1649 Ch# HJ61-013994 Model:1989
13. Toyota Jeep Land Cruiser Reg: AFR-2015 Ch: FJ40-371932 Model: 1989
14. Toyota Land Cruiser Reg: Nil Ch:# LJ78-0039971 Eng:# ZL-33868 Model: 1993
15. Honda Civic Car Reg: Nil Ch:# ESI-1600827 Eng:#D1610173-004871 Model: 2002
16. BMW Reg: Nil Ch:# WBAGL62090DJ92594 Eng:#CC-300 Model: 2002
17. Toyota Surf Reg: Nil Ch:# KZN130-9032504 Eng:#Not Traceable Model: 1993
18. Toyota Land Cruiser Reg No. LSA-3469 Chassis No.FJ55-88824 Engine No. Nil Model: 1992
19. Hino Bus Reg No. CH-14538 Chassis No. AK8JRKA-14538 Engine No. Nil Model: 2016
20. Hino Bus Reg No. BSA-554 Chassis No. AK1JRKA-11056 Engine No. Nil Model: Nil
21. Hino Bus Reg No. JB-3335 Chassis No. AK8JRKA-15635 Engine No. Model: 2012
22. Hino Bus Reg No. BSA-327 Chassis No. AK17X-41808 Engine No. Model: 1992
23. Hino Bus Reg No. BSA-571 Chassis No. AK-I-JRKA-16707 Engine No. Nil Model: 2011
24. Toyota Land Cruiser Reg No. QBA-3037 Chassis No. FZ180-016013 Model Nil
25. Zamyad Irani Pick Up Reg: No WAJ-718 Chassis No. NAZPL140TB-P340284 Engine No. Nil Model: Nill
26. Nissan Sunny Car Reg No. Nill Chassis No. JN1BDAB14Z0336115 Engine No. GMI-6080565 Model: Nill
27. Toyota Hilux Surf Jeep Reg No. BF-3414 Chassis No. RZN185-9024668 Engine No. 3RZ-FE Model: 2000
28. Honda Accord Reg No. AVP-786 Chassis No. CL7-3003313 Engine No. N/A Model: Nill
29. Toyota XLI Car Reg No. GP-0896 Chassis No. NZE170R-4048738 Engine No. Z333007 (2ZN-FE Model: 2015
30. Toyota Altis Car Reg No. AZR-182 Chassis No. ZZE142-7403917 Engine No. N/T Model: N/T
31. Hyundai Shehzore Reg No.KH-4410 Chassis No. AUDF101061 Engine No. N/T Model: N/T
32. Mitsubmishi Pejero Reg No.KB-1782 Chassis No. CL048VFY100117 Engine No. N/T Model: N/T
33. Toyota Probox Reg No.Nill Chassis No. NLP51-0006233 Engine No. INZ-TV014556 Model: 2004
34. Toyota Raum car Reg No.AHK-605 Chassis No. NCZ 20-00962014 Engine No. INZFE-0097850 Model: Nill
35. Mitsubishi Pejero Reg No.Nill Chassis No. V45-4401374 Engine No. 2L2678454 Model: 1998
36. Mitsubishi Pejero Reg No.JAB-248 Chassis No. LJ78-00151955 Engine No. -TE Model: Nill
37. Mitsubishi Pejero (03 Door) Reg No.LSC-5465 Chassis No. V24-7700536 Engine No. 4D56-T7UF Model: Nill
38. Toyota Land Cruiser Reg No.BD-4472 Chassis No. FZJ80-0022240 Engine No. N/T Model:1992
39. Toyota Land Cruiser Reg No.BF-7385 Chassis No. HZJ80-0011965 Engine No. N/T Model:Nill
40. Toyota Land Cruiser Reg No.Nill Chassis No. LENFN28FX95300066 Engine No. 312684 Model:Nill
41. Toyota Land Cruiser Prado Reg No.JAF-883 Chassis No. IZJ78-0027017 Engine No.1KZIT Model:1996
42. Toyota Hilux Pickup Reg No.WAE-893 Chassis No. RN43-008601 Engine No.Nill Model:Nill
43. Toyota Land Cruiser Reg No.JAA-038 Chassis No. HJ61-006515 Engine No.1158881 Model:1987
44. Toyota Land Cruiser Reg No.JAA-195 Chassis No. LJ71-0003920 Engine No.2L-1651949 Model:Nill
45. Hyundai Shehzore Reg No.KN-9544 Chassis No. AUDF-128515 Engine No.Nill Model:Nill
46. Pejero Reg No.JAA-983 Chassis No. CL0048VGJ400698 Engine No.Nill Model:Nill
47. Toyota Land Cruiser Reg No.BF-1912 Chassis No. HDJ81-0069846 Engine No.1HD-0163824 Model:1998
48. Shahzor Reg No.KP-6463 Chassis No. PHFGNSMXR7D138191 Engine No.D4BB6404789 Model:2007
49. Toyota Land Cruiser Reg No.JAC-265 Chassis No. KZJ78-0001358 Engine No.1KZ-TE-0005609 Model:NIll
50. Toyota Prado Reg No.BF-6548 Chassis No. VZJ121-0007375 Engine No.5VZ-FE3378 Model:2003
51. Toyota Land Cruiser Reg No.JAD-117 Chassis No. FZ-J80-0163691 Engine No.Nill Model:Nill
52. Toyota Premio Car Reg No.Nil Chassis No. ZRT260-3088139 Engine No.Nill Model:Nill
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SEC) on Tuesday advised the general public to verify legitimacy of entities before investing their hard-earned money and savings.
The regulator in a statement said that in order to promote protection of investors and the public interest, it regularly issues warnings and alerts, guiding the general public to refrain from investing in fraudulent investment schemes that promise hefty profits and unrealistic returns.
As clearly covered in Section 84 of the Companies Act, 2017, inviting and accepting deposits from the public is a prohibited activity, and can only be offered by specialized companies duly authorized by the SECP or SBP.
In view of various complaints and queries received by the SECP concerning an entity “All Pakistan Projects”, it has emerged that the entity is offering lucrative investment packages through its website (https://allpakistanprojects.com/).
The general public is being informed that “All Pakistan Projects” is not registered with the SECP. However, it has been noted that few individuals, whose names are appearing on the website of the entity, are directors/members in the following registered companies.
APP Projects and Real Estate (Private) Limited,
AITS Traders (SMC-Private) Limited,
APP Restaurants & Cafe (Private) Limited,
APP Riders (Private) Limited;
APP Shopping Mall (Private) Limited.
As previously clarified, mere registration of a company with the SECP does not necessary mean that these companies can invite or accept deposits from the public.
In view of above, the general public is advised in their own interest, to refrain from investing their hard-earned savings in unauthorized schemes and verify the legitimacy of any investment scheme before investing. List of other entities/companies involved in similar unauthorized schemes is available on SECP’s website at the following link: https://www.secp.gov.pk/document/list-of-companies-indulged-in-unauthorized-activities/?wpdmdl=41058&refresh=5ff2b4f5a82801609741557
Complaints or evidences against companies involved in unauthorized activities and illegal deposit taking can be sent at email ID [email protected]
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday issued preventive measures for stage-III coronavirus pandemic.
The FBR directed all the officers of the headquarters and field formations (BS-17 to BS-21) to restrict the working strength of their offices to only one clerical / ministerial staff and one Naib Qasid on weekly/fortnightly rotation basis with effect from March 16, 2021.
The FBR further said that employees having symptoms of COVID-19 must immediately get themselves tested for the same and in case tested positive, they must immediately quarantine / isolate themselves at homes for fourteen (14) days. “During this period, their entry to concerned offices shall be banned.”
COVID-19 positive employees shall get themselves tested at the end of fourteen (14) days quarantine/isolation period and only in case of negative results, shall resume their official duties.
In order to avoid physical contact with door handles and to keep the rooms/offices properly ventilated and well-lit, it is also advised that all offices doors/windows be kept open.
KARACHI: Federal Board of Revenue (FBR) on Tuesday appointed a panel of advocates to present the tax offices in Karachi before various legal forums.
The FBR placed following advocates, on the panel of the FBR, relating to court matters of Inland Revenue Service for a period of three years:
01. Ali Tahir
02. Iftikhar Hussain Qureshi
03. Ayaz Sarwar Jamali
04. Sardar Zafar Hussain
05. Munawar Ali Memon
06. Chaudhary Mehmood Anwar
07. Ijazuddin Qureshi
08. Irfan Mir Halipota
09. Saif Ali Akbar
10. Muhammad Taseer Khan
11. Iqbal Hussain
12. Qasim Ali
13. Ghulam Murtaza Korai
14. Rana Sakhawat Ali
15. Mansoor ul Haq Solangi
16. Syed Muhammad Salman Ali
17. Naureen Iqbal
18. Syed Zaeem Hyder Musavi
19. Fayyaz Ali Metlo
20. Masood Rasool Babar
21. Farhan Ali Shah
22. Ms. Abida Perveen Channar
23. Akhtar Hussain Sheikh
24. Zafar Imam
25. Imtiaz Ali Solangi
The FBR said that the advocates may be assigned court cases for pleading before various courts/tribunals at Karachi Station, on the basis of merit, keeping in view their experience and facts of the each case.
KARACHI: The State Bank of Pakistan (SBP) on Tuesday said it will issue monetary policy statement on Friday March 19, 2021. A poll suggested that the central bank likely to keep policy rate unchanged at 7 percent.
However, some participants polled the policy rate might be increased by 25 basis points to 50 basis points in the upcoming monetary policy meeting.
The Topline Securities conducted the poll of key financial market participants over their views on the upcoming Monetary Policy Statement (MPS) of Mar 19, 2021.
A total of 118 participants took part in the latest poll, compared to 94 in Jan-2021 poll which was conducted for Jan-2021 MPS.
Of the 118 participants, 82 percent expect no change in the Policy Rate in the Mar 19, 2021 MPS. In previous poll, 75 percent of the participants were expecting no change.
In total, 18 percent of the participants are expecting increase in Policy Rate. Around 11 percent are expecting increase of 25 basis points and 4 percent are expecting hike of 50 basis points.
In last the poll, 19 percent of the participants were expecting an increase in Policy Rate.
Regarding cumulative hike in 2021, 65 percent respondents have voted for rate hike between 25-100 basis points. Similarly, 24 percent people expect rate hike in range of 125-200 basis points.
Surprisingly, 8.5 percent of the participants yet expect no change in policy rate during 2021.
We are also expecting no change in the Policy Rate in the March 2021 MPS, while we expect increase in Policy Rate by 100 basis points in 2021.
On inflation front, 70 percent participants believe that during 2021 inflation will average between 8-10 percent, while 16 percent believe inflation will average lower than 8 percent. Rest of the participants believe, inflation will clock in above 10 percent during 2021.
We believe change in views towards increase in Policy Rate going forward is owing to (1) likely restoration of IMF program over next couple of weeks wherein energy tariffs are likely to be adjusted upwards and (2) rising international oil and commodity prices (sugar, scrap, palm oil etc.)
KARACHI: The share market gained 91 points on Tuesday amid trading in narrow range during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,857 points as against previous day’s closing of 44,767 points, showing an increase of 91 points.
Analysts at Arif Habib Limited said that the market traded in a narrow range after posting an increase of around 2500 points from 42,700 level in the past 2 sessions.
Leveraged positions continued causing jitters every now and then, which kept activity in tech stocks as well as food sector a bit volatile.
Cement sector stocks went up earlier in the session, however, selling pressure brought the levels down by the end of session. Besides Cement, O&GMCs, Steel and E&P sectors bore selling pressure.
Among scrips, UNITY led the table with 37.2 million shares, followed by TELE (35.6 million) and TRG (28.5 million).
Sectors contributing to the performance include Tech (+124 points), Banks (+60 points), Fertilizer (+42 points), Textile (+23 points), Cement (-54 points), O&GMCs (-28 points), Power (-28 points), and E&P (-27 points).
Volumes declined from 455.5 million shares to 408.3 million shares (-10 percent DoD). Average traded value also declined by 9 percent to reach US$ 127.5 million as against US$ 140.1 million.
Stocks that contributed significantly to the volumes include UNITY, TELE, TRG, GGL and PRL, which formed 34 percent of total volumes.
Stocks that contributed positively to the index include TRG (+104 points), HBL (+28 points), EFERT (+21 points), MEBL (+19 points) and SYS (+15 points). Stocks that contributed negatively include HUBC (-37 points), PSO (-17 points), DGKC (-14 points), MLCF (-12 points) and OGDC (-12 points).