Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Gerry’s dnata awarded handling for Gulf Air in Pakistan

    Gerry’s dnata awarded handling for Gulf Air in Pakistan

    KARACHI: Gerry’s dnata, Pakistan’s leading ground services provider, has been awarded a multi-year contract by Gulf Air, the national carrier of the Kingdom of Bahrain.

    The partnership will see Gerry’s dnata provide quality and safe ground, passenger and cargo handling services to the airline at six airports in Pakistan, including Karachi, Lahore, Islamabad, Peshawar, Multan and Faisalabad.

    Syed Haris Raza, CEO of Gerry’s dnata, said: “We are proud to be the ground handler of choice for Gulf Air in Pakistan. We consistently invest in infrastructure, cutting-edge technologies and training to deliver the best possible services for our customers.

    “Our new contract is a vote of confidence in our quality offering, and a testament to our team’s hard work and commitment to safety and service excellence. We look forward to a long-standing partnership with the airline.”

    In recent years Gerry’s dnata has significantly invested in facilities, equipment, training and technology, while continually expanding its operations in Pakistan.  Gerry’s dnata’s investments include a state-of-the-art import cargo centre at Jinnah International Airport (KHI) in Karachi. The 72,000 square feet facility is equipped with the latest technologies ensuring safe and efficient handling and storage of all types of cargo. Offering uncompromised temperature-controlled handling and storage solutions to airline customers, the GDP-certified facility has played a key role in the safe handling of COVID-19 vaccines, rapid test kits and other essential goods.

    Gerry’s dnata also expanded its operations at Allama Iqbal International Airport in Lahore (LHE) and opened a new export cargo terminal. The expansion nearly tripled the company’s cargo handling capacity in Lahore, supporting customers and their customers in increasing fruit export from the region.

    The excellent quality of Gerry’s dnata’s services is underpinned by the constant growth of its customer base. Having won over 10 new contracts in the past 18 months, Gerry’s dnata now serves over 30 scheduled and unscheduled airline customers at seven Pakistani airports.

    PIA transports 5.9 million new batch of COVID vaccines
  • German body seeks investment opportunities in Pakistan

    German body seeks investment opportunities in Pakistan

    KARACHI: A 20-member German Emirati Chamber of Commerce & Industry (AHK) business delegation, which is visiting Pakistan for a firsthand assessment of business and investment opportunities in the country held a meeting today with foreign investors, members of Overseas Investors Chamber of Commerce and Industry (OICCI).

    The German Business delegation was accompanied by Holger Ziegeler, German Consul General in Karachi, and First Secretary for Economic Affairs at the German Embassy in Islamabad.

    OICCI CEO/Secretary General M. Abdul Aleem, shared a detailed presentation, highlighting the liberal policies in Pakistan for foreign direct investment (FDI) which offers tremendous opportunities for new investment. Commenting on the investment opportunities in Pakistan, Aleem stated: “OICCI members have benefitted by taking a longer-term view which is illustrated by the fact OICCI members have re-invested over US$ 18 billion in the last 9 years which is more than the total FDI inflow into the country during this period.”

    The OICCI shared with the 20 members of the German Business delegation the results of the recent Business Confidence Index Survey carried out from May to July 2021 showing a dramatic upswing in Business confidence across Pakistan by 59 per cent since the last BCI survey done in the same period in 2020. “The OICCI members randomly included in the survey are more upbeat as their confidence level has gone up by 108’, Aleem added.

    Oliver Oehms, CEO of the visiting German Emirati Joint Council for Industry and Commerce and other members of the delegation enquired about several matters, including potential sectors for investment, special concessions for major investment in Pakistan, incentives relating to Special Economic Zones, major development projects on tourism, the impact of increasing inflation on businesses in Pakistan,  tax incentives for putting up export-based industries using imported raw materials and the most reliable government agency to facilitate the potential foreign investors. All the queries were duly responded by the OICCI members at the meeting.

    Record improvement in foreign investors’ confidence
  • Weekly Review: range-bound activity likely

    Weekly Review: range-bound activity likely

    KARACHI: The stock market is likely to witness range-bound activity during the next week due to concerns over inflation and the devaluation of the Pak Rupee.

    Analysts at Arif Habib Limited said that the market to remain range-bound in the upcoming week.

    Keeping in view concerns over inflation, devaluation of Pak Rupee against the greenback and current account deficit, investors are expected to have a cautious approach.

    Moreover, with the ongoing result season, certain sectors and scrips are expected to stay under limelight.

    The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) is currently trading at a PER of 5.8x (2021) compared to Asia Pac regional average of 14.5x while offering a dividend yield of 7.8 per cent versus 2.2 per cent offered by the region.

    The market commenced on a negative note owing to continuing pressure from the last closing amid concerns over a trade deficit of USD 4.1 billion in August 2021.

    Furthermore, depreciation of PKR/USD to PKR 168.02 further dampened the sentiment.

    Moreover, the decision of MSCI to reclassify Pakistan to Frontier Market Index from Emerging Market in November 2021 led to foreign selling. Albeit, towards the end of the week the market turned positive since scrips were oversold and trading at attractive valuations.

    Furthermore, the surge in remittances by 27 per cent YoY to USD 2.7 billion in August 2021 improved the sentiment. That said, the market closed at 47,198 points, climbing up by 241 points (up by 0.5 per cent) WoW.

    Sector-wise positive contributions came from i) Technology & Communication (214 points), ii) Miscellaneous (168 points), iii) Commercial Banks (148 points), iv) Pharmaceuticals (59 points), and v) Food & Personal Care Products (14 points).

    Whereas, sectors which contributed negatively were i) Cement (155 points), ii) Oil & Gas Exploration Companies (56 points) and iii) Fertilizer (34 points).

    Scrip-wise positive contributors were PSEL (164 points), MEBL (147 points), SYS (115 points), TRG (99 points) and NESTLE (39 points). Meanwhile, scrip-wise negative contribution came from LUCK (103 points), HBL (57 points) and ENGRO (51 points).

    Foreign selling continued this week, settling at USD 18.6 million against a net sell of USD 5.9 million last week. Selling was witnessed in Commercial Banks (USD 10.9 million), Cement (USD 6.1 million) and Exploration and Production (USD 0.9 million).

    On the domestic front, major buying was reported by Individuals (USD 12.9 million) and Insurance Companies (USD 6.2 million). Average volumes clocked-in at 429 million shares (down by 7 per cent WoW) while average value traded settled at USD 87 million (up by 5 per cent WoW).

    KSE-100 index gains 573 points amid positive sentiments
  • FBR reviews tax incentives to construction industry

    FBR reviews tax incentives to construction industry

    ISLAMABAD: Dr. Muhammad Ashfaq Ahmed, Chairman of the Federal Board of Revenue (FBR) on Friday reviewed the progress made on the Prime Minister’s relief package for the construction industry.

    Member Inland Revenue (Policy) assisted by Chief IR Policy informed the Chairman that so far 1321 persons have registered themselves through the online system of FBR in 2125 projects.

    Out of these registered projects, 1775 are new projects whereas 350 are existing projects. The total declared investment made in these registered projects comes to Rs493 Billion.

    PM’s Construction Package was introduced through Tax Laws (Amendment) Ordinance, 2020 on 19th April 2020. The salient features of the package include fixed tax for builders and developers, immunity from probes, and concessions from withholding of taxes.

    FBR has provided all the required facilitation to the beneficiaries of the package which includes the establishment of a dedicated web page, a dedicated email to address inquiries, and an online step-by-step guide for the builders and developers.

    Besides, a comprehensive set of FAQs for potential buyers and investors was developed which is available on the FBR website. Moreover, wide publicity through media campaigns was also done to maximize the gains of this relief package.

    Chairman FBR directed that ease of doing business must be ensured to the registered projects under the PM’s Package for Construction Sector. He further desired that regular updates on the progress be communicated through media on weekly basis.

    Salient features of amnesty scheme for housing, construction sector
  • SEC Pakistan brings reforms in voluntary pension system

    SEC Pakistan brings reforms in voluntary pension system

    ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) on Wednesday introduced amendments to Voluntary Pension System (VPS) Rules, 2005 with the intention to bring reforms to facilitate greater pension penetration in the country.

    (more…)
  • PHMA organizes seminar on export facilitation scheme

    PHMA organizes seminar on export facilitation scheme

    KARACHI: A seminar was organized by the Pakistan Hosiery Manufacturers and Exporters Association (PHMA) in collaboration with the Federal Board of Revenue (FBR) on new Export Facilitation Scheme 2021 (EFS 2021).

    The export facilitation scheme was notified through SRO957(I)/2021 dated July 30, 2021.

    The seminar was organized on Wednesday simultaneously at PHMA House, Karachi, Lahore, Faisalabad & Sialkot.

    A large number of textile exporters participated physically at PHMA Offices and also joined this session online on Zoom and YouTube.

    Amir Thahim, Collector, Model Collectorate of Customs (Exports) Port Qasim and Moeen Afzal, Additional Collector, Model Collectorate of Customs (Exports) Port Qasim participated from Customs, Federal Board of Revenue to brief the salient features and registration process of Export Facilitation Scheme 2021 (EFS 2021).

    Muhammad Jawed Bilwani Chief Coordinator & Former Central Chairman PHMA welcomed the Customs Officials at PHMA for this orientation seminar to enlighten the exporters about the main features of EFS and to answer questions asked by exporters.

    He appreciated that PHMA and FBR jointly believe in facilitating the exporters in order to contribute in the economic prosperity of Pakistan.

    Both are working closer like hands in gloves in order to facilitate the taxpayers and exporters. With the best efforts and productive proposals of PHMA, the FBR’s FASTER and WEBOC Systems have been improved and working efficiently and exporters are getting their refunds online smoothly and all credit goes to the then Member IR Operations & sitting Chairman FBR, Dr. Muhammad Ashfaq Ahmed, Member Customs Operations FBR Syed Muhammad Tariq Huda and their team who eliminated human intervention and brought automation and reforms in the FBR System to facilitate the exporters.

    He also appreciated the Government’s initiative of the “Pakistan Single Window (PSW)” portal is to provide a single electronic platform for facilitating compliance with the regulatory regime for cross-border trade in Pakistan.

    Bilwani assured that PHMA shall also extend complete support to Customs with regards to the implementation of EFS 2021. PHMA has also introduced EFS Help Desk at its RDA Cell to support member exporters.

    Amir Thahim, Collector, Model Collectorate of Customs (Exports) Port Qasim addressing the leading exporters stated that the FBR believes in maximum facilitation to exporters enabling them to enhance exports to ultimately benefit the country to earn foreign exchange. He apprised that the FBR has been continuously working to improve and develop the taxation system through reforms and automation.

    In this connection, automation has been enhanced and public dealing has become limited particularly for the exporters. Introduction of export facilitation scheme 2021 is another milestone step from Customs to provide three scheme i.e. Export Oriented Unit, Manufacturing Bond, DTRE under a unified scheme which will benefit exporters particularly SMEs.

    The new scheme is simplified wherein exporters can apply online without visiting Custom House. Focal Person shall also be appointed to promptly address the queries and maximize facilitation to exporters.

    Moeen Afzal Additional Collector, Model Collectorate of Customs (Exports) Port Qasim gave a detailed presentation on the main feature of Export Facilitation Scheme 2021 wherein he informed that the new scheme will run parallel with existing schemes such as Manufacturing Bond, DTRE and Export Oriented Schemes for two years.

    The existing old schemes shall be phased out in the next two years and will be fully replaced by Export Facilitation Scheme-2021. The EFS 2021 Rules can be accessed at the official website of the FBR.

    The powers, functions and role of the Input-Output Coefficient Organisation (IOCO) under the new scheme has also been revised. The IOCO Director shall upload the value of input.

    It is expected that the Export Facilitation Scheme 2021 will reduce the cost of doing business and cost of tax compliance, improve ease of doing business, reduce liquidity problems of exporters by eliminating sales tax refunds and duty drawbacks for the users of the scheme, and shall attract more users and shall ultimately promote exports. Inputs include all goods (imported or procured local) for the manufacture of goods to be exported.

    These include raw materials, spare parts, components, equipment, plant, and machinery. No duty and taxes shall be levied on inputs imported by the authorized users and local supplies of inputs to the authorized users shall be zero-rated.

    Through this new scheme, Common Export House will import inputs duty and tax-free for subsequent sale to the authorized users especially SMEs. This scheme will encourage new entrants and SMEs.

    This scheme will be completely automated under WeBOC and PSW where users of the scheme and regulators (IOCO, Regulator Collector, PCA etc.) shall be integrated through WeBOC and PSW and communicate through these systems.

    In the end, exporters asked several questions related to the new schemes which were answered by the Collector and Additional Collector, Model Collectorate of Customs (Exports) Port Qasim.

  • Ericsson strengthens network services portfolio

    Ericsson strengthens network services portfolio

    KARACHI:  Ericsson has strengthened its network services portfolio with the Intelligent Deployment solution – an agile, digital, and modular suite of tools and services that enable communications service providers to roll out, expand, and upgrade networks based on their specific needs and those of their customers, a statement said on Wednesday.

    With technology advancing rapidly, networks are becoming more complex and diverse. This places an increasing demand for a network deployment best suited to the needs of service providers, with a quick return on investments and future proof.

    With this in mind, Ericsson has redesigned network rollout for the 5G age with Intelligent Deployment. As the building block for optimum network life cycle management, it connects network design, installation, integration, acceptance, maintenance, and services evolution.

    The solution comprises enablers such as artificial intelligence (AI), automation, and a data-driven cloud-based architecture that support different functionalities service providers can use such as Intelligent Site Engineering, Intelligent Integration, and Remote Access.

    Intelligent Deployment will deliver the right network at the right time and use network data for continuous development and improvement. Data-driven and digitalized processes allow service providers to make network management decisions quicker and more effectively to meet market and user expectations. The integration of AI will ensure the evolution of the network with the changing times.

    Nello Califano, Head of Strategy and Portfolio Management, Ericsson Business Area Networks, says: “With our Intelligent Deployment solution, we are vastly improving the way we deploy networks, making it more agile, flexible, and responsive to customer needs. This means we can deliver parts of our portfolio to service providers based on their specific requirements. We use extensive data insights to offer new services as well as pre-empt problems when introducing intelligent monitoring of the network even after the end of deployment. By investing more in our network services, we create better solutions for our customers.”

    The solution includes outcome-based (buying professional services), subscription-based (buying access to standalone capabilities or to the entire offering), or a mix of both as and when needed for the entire intelligent deployment process or specifically for network deployment services.

    This enables service providers to secure higher accuracy, transparency, and cost-efficiency from site survey to acceptance, more flexibility change management, and faster time to market.

    Intelligent Deployment is built on trust and data integrity, affording service providers an end-to-end information process, guiding the workflow at every stage of their services. At the same time, it will ensure the security and safety of data, providing user-friendly solutions and adopting any legal restrictions of the country where they operate.

    In the UK, Vodafone is using Ericsson’s Intelligent Deployment solutions to speed up network upgrades. Drones and Lidar-based 3D technology are collecting high-definition imagery and data across 70 sites to deliver more digitalized and efficient network deployment.

    Ericsson organizes virtual event for Jazz Pakistan
  • Financing for Mera Pakistan Mera Ghar gains momentum

    Financing for Mera Pakistan Mera Ghar gains momentum

    KARACHI: State Bank of Pakistan (SBP) on Wednesday said that as a result of numerous measures of the SBP and full support of the government, bank lending for the government’s flagship markup subsidy scheme, commonly known as Mera Pakistan Mera Ghar (MPMG), has picked up momentum.

    Since the launch of the scheme, applications of Rs 154 billion under MPMG have been received by banks and banks have approved housing finance of over Rs 59 billion up till August 31, 2021. Similarly, the pace of disbursement under MPMG that was initially slow because of a number of factors, including the availability of housing units, has also picked up.

    By August 31, 2021, disbursement under the scheme has reached Rs 11.5 billion, showing an increase of around Rs 3.8 billion or 49 per cent in August 2021.

    On average, to date banks have approved 38 percent of the amount applied and 19 percent of the approved amount has been disbursed.

    These approval and disbursement ratios have similarly risen over the past few months as banks have put in place the needed upfront investment in procedures and technology to process applications for low-cost housing.

    It would be pertinent to mention here that banks disbursed amounts in different stages of construction or purchase. Thus the pace of disbursement is contingent upon the speed of construction and completion of the purchasing process.

    Since the announcement of MPMG scheme last year, SBP has taken various enabling steps such as introducing standardized and simple application form; adopting an informal income assessment model; providing relaxations in prudential regulations; establishing helpdesks at all SBP field offices; and, designing a complaint portal supported by a network of focal persons of all banks across all geographical areas.

    On the instructions of SBP, banks are accepting MPMG applications from over 8,000 dedicated branches across the country. Further, SBP has also allocated targets to each bank under MPMG.

    An e-tracking system within each bank and a dedicated joint call center for the facilitation of the applicants have also been established. Naya Pakistan Housing Development Authority (NAPHDA) and Pakistan Banks’ Association (PBA), a representative body of banks, are fully supporting MPMG.

    It is expected that with the ongoing efforts by SBP, Government, and Banks, bank finance for MPMG will gain further momentum in the days to come.

    PM launches house financing scheme for NRPs
  • Dollar jumps up to Rs167.63 in interbank forex market

    Dollar jumps up to Rs167.63 in interbank forex market

    KARACHI: The US dollar surged to Rs167.63 against the Pakistani Rupee (PKR) on Tuesday in the interbank foreign exchange market, marking a significant rise that places it near its all-time high of Rs168.44, recorded on August 26, 2020.

    (more…)
  • Process of IT licensing for Tier-1 retailers to take time

    Process of IT licensing for Tier-1 retailers to take time

    ISLAMABAD:  Federal Board of Revenue (FBR) on Tuesday said that the process of licensing the IT Service Providers for integration of Tier-1 retailers will take time.

    The FBR issued Rules for licensing of IT Service Providers, rendering IT services to retailers undergoing integration with FBR vide SRO 1063 (I)/2021 dated 24th August 2021.

    “The operationalization of licensing regime may take some time to complete the licensing process.”

    In order to facilitate the retailers and with seamless integration, the current IT service providers will continue to provide services to their clients till such time the Board notifies the licensed IT service providers.

    INTEGRATION OF TIER-I RETAILERS AND LICENSING THEREOF

    150ZQZH. Licensing.—  (1) No person shall carry out integration of the retailers through software unless he has obtained a license under these rules.

    (2) No licensee under these rules shall maintain or operate the system or provide any other service, which is not authorized under these rules.

    (3) Every payment counter whether fixed or portable and generates invoices for receipt of payment either in cash or through debit or credit card shall be connected as per rule 150ZEB.

    (4) Every licensee shall be bound to integrate the payment counter in the manner as prescribed under sub-rule (4), (5),(16) and (17) of rule 150ZEB.

    150ZQZI. Functions of the licensing committee.— (1) The licensing committee shall function in accordance with the provisions of these rules or any other instructions,  procedures, issued by the Board.

    (2) Project Director Retail Monitoring Cell shall be the convener of the licensing committee located at FBR House, Islamabad. The Board shall provide secretarial and other allied support for the functioning of the licensing committee.

    IREN empowered petrol retail outlets to check evasion