Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Engro Enfrashare signs Rs4.5 billion Islamic financing

    Engro Enfrashare signs Rs4.5 billion Islamic financing

    KARACHI: Engro Enfrashare, a wholly-owned subsidiary of Engro Corporation, has entered into an Islamic syndicate arrangement amounting to Rs4.5 billion, led by Meezan Bank and Faysal Bank, according to a statement issued on Tuesday.

    The proceeds raised through this Islamic syndication would be utilized to finance the development of tower sites for various mobile network operators (MNOs) operating in Pakistan.

    As per terms of the financing arrangement, the tenor of the financing will be seven years, including a grace period of two years. The syndicate includes Meezan Bank Limited, Faysal Bank Limited, National Bank of Pakistan, MCB Islamic Bank and Allied Islamic Bank.

    Last month, Engro had announced to enhance its total equity investment in the Telecom Infrastructure Vertical to Rs21.5 billion. The Telecom Infrastructure vertical was setup in 2019 to accelerate the development of connectivity infrastructure in Pakistan, thereby providing an opportunity for the people to be part of the new digital era.

    Engro Enfrashare is engaged in the acquisition and construction of shared telecom towers, provision of various telecommunication infrastructure and related services, including state-of-the-art network monitoring solutions.

    Since its inception, the Company has now established strong relationships with all MNOs active in Pakistan and is working closely with them to develop build-to-suit (B2S) sites across the country to serve their coverage and capacity requirements.

    According to Ghias Khan, President & CEO Engro Corporation: “Engro is committed to expanding its footprint in the Telecom Infrastructure vertical to power Pakistan’s progress in the digital era. With the support of banking partners like Meezan Bank, Engro Enfrashare will continue to work towards its purpose of making connectivity more accessible and affordable for everyone.”

    Irfan Siddiqui, Founding President & CEO, Meezan Bank, added that digitization would be a major element driving business success in the era we are entering into.

    Meezan Bank being not only the country’s leading Islamic Bank but also the Best Bank in Pakistan, not only understands the significance of telecom infrastructure but also encourages companies to build strong telecom infrastructure that would support their digitization initiatives and enable them to deliver a better customer experience.

    A signing ceremony of the agreement was signed at the Head Office of Engro Corporation, in the presence of Ghias Khan (President & CEO, Engro Corporation), Mazhar Hasnani (Chief Financial Officer, Engro Corporation), Faisal Sattar (CEO, Engro Enfrashare), Irfan Siddiqui (President & CEO, Meezan Bank), Ariful Islam (Deputy CEO of Meezan Bank), Yousaf Hussain (President & CEO, Faysal Bank) and other senior representatives of both institutions.

    Enfrashare, Telenor sign agreement to develop connectivity infrastructure
  • Dollar hits all-time high against PKR in midday trading

    Dollar hits all-time high against PKR in midday trading

    KARACHI: The US dollar has reached to all time high against the Pak Rupee (PKR) at 168.70 during intraday trading on Tuesday.

    The dollar was seen trading at Rs168.70 during midday trading in the interbank foreign exchange market.

    The rupee came down by 60 paisas to the dollar. The exchange rate ended at Rs168.10 in the interbank market a day earlier.

    The dollar recorded all time at Rs168.44 at interbank foreign exchange market closing on August 26, 2020.

    PKR ends down by eight paisas against dollar
  • Exchange rates in PKR vs other currencies on Sept 14

    Exchange rates in PKR vs other currencies on Sept 14

    KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 14, 2021: The rates are updated at 11.00 AM.

    CurrencyBuyingSelling
    Australian Dollar123125
     Bahrain Dinar386.5388.5
     Canadian Dollar134.5136.5
     China Yuan23.6523.8
     Danish Krone23.3523.65
     Euro197199
     Hong Kong Dollar16.5516.8
     Indian Rupee2.032.1
     Japanese Yen1.411.44
     Kuwaiti Dinar481.85484.4
     Malaysian Ringgit36.6537
     NewZealand $96.3597.05
     Norwegians Krone17.517.75
     Omani Riyal392.7394.7
     Qatari Riyal39.640.2
     Saudi Riyal44.845.3
     Singapore Dollar122.7124.7
     Swedish Korona1818.25
     Swiss Franc159.5160.4
     Thai Bhat4.84.9
     U.A.E Dirham46.346.8
     UK Pound Sterling232234.5
     US Dollar168.6169.40

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    Foreign exchange rates on September 13, 2021
  • FPCCI recommends cut in key policy rate by 100bps

    FPCCI recommends cut in key policy rate by 100bps

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has recommended a reduction of 50 – 100 basis points in the key policy rate, according to a statement issued on Monday.

    The existing policy rate is seven per cent.

    A monetary policy survey – conducted recently prior to SBP’s Monetary Policy Committee (MPC) meeting later in this month – conducted by Policy Research Unit (PRU), Policy Advisory Board, FPCCI has recommended a reduction in the policy rate by 50-100 basis points.

    The FPCCI recommended that key policy rate should not be above six per cent to promote business activities and economic growth.

    The president of the apex body Mian Nasser Hyatt Maggo in a statement on Monday said that the policy interest rate must not be over 6 per cent. “And if SBP wants to promote business activities and economic growth in the country, it should be brought down to 5 per cent.”

    He also pointed out that policy interest rate in the region is 3-4 per cent only and we have to compete with the region.

    FPCCI has recently established Policy Advisory Board under the chairmanship of former Federal Secretary Mohammad Younus Dagha.

    It aims to provide research-based expert input for policy advocacy, ease of doing business initiatives and formalizing the business community’s inputs on policies to various governmental departments, institutions and departments.

    Policy Advisory Board of FPCCI aims to formalize collective opinion of the private-sector for the formulation of business-friendly policies; with an objective to foster economic growth and development.

    The survey results show that 84 per cent of the businessmen and researchers in monetary policy suggest that there should be no increase in the policy rate and nearly half of them suggest a cut between 50-100 bps.

    The policy brief issued on the occasion has noted with a sigh of relief that the core inflation in Pakistan – the most definitive indicator for setting up the policy rate for any central bank – has significantly subsided to 6.3 per cent in August 2021 as compared to 6.9 per cent in July 2021.

    PKR stability must for economic growth: Anjum Nisar
  • 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.