Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Amnesty scheme should be extended for one year: ABAD

    Amnesty scheme should be extended for one year: ABAD

    KARACHI: The Association of Builders and Developers (ABAD) has demanded the government of extending the amnesty scheme granted for boosting of construction sector.

    ABAD Chairman Fayyaz Ilyas in a statement demanded to extend amnesty scheme for real estate and construction industry by at least one year.

    He said that due to unprecedented situation created by Corona pandemic all over the country and long delay in approval of building plans in Sindh a number of builders and developers could not register their projects under this amnesty scheme.

     Fayyaz Ilyas said that Prime Minister Imran Khan had announced and once extended Special package for real estate and construction industry for economic growth through construction industry because this industry is considered the backbone of the economy all over the world.

    Under extended package, source of income will not be asked for investment in real estate and construction upto 30th June, 2021, Fixed Tax Regime for builders and developers upto 31st December, 2021 and project completion period was extended upto 30th June, 2022.

    Chairman ABAD requested the government to extend these periods atleast upto 30th June, 2022, 31st December, 2022 and 30th June, 2023 respectively so that those people can avail this package who could not avail due to pandemic and lengthy delay in project approvals.

    He said that Pakistan’s economy like other parts of the world has suffered a lot due to corona pandemic.

    It is evident that despite the second wave of corona pandemic production of cement, iron bars, paints, tiles etc have created new records, he said adding that to continue momentum of the economic growth the government should extend the Special package for real estate and construction industry otherwise the results achieved through this package will go in the vain.

  • Equity market ends down by 108 points in range bound trading

    Equity market ends down by 108 points in range bound trading

    KARACHI: The equity market ended down by 108 points on Thursday as the trading activity remained range bound owing to political uncertainty.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,574 points as against previous day’s closing of 45,682 points, showing a decline of 108 points.

    Analysts at Arif Habib Limited said that the market traded range bound oscillating between +149 points and -163 points, ending the session -108 points.

    Political uncertainty continued playing with sentiments today besides selling in E&P stocks due to concern over crude oil price in international market and liquidity crunch affecting operational performance of underlying companies.

    Banking stocks followed suit with negative price performance. Besides, Technology stocks saw selling pressure in TRG that put additional pressure on the Index.

    BYCO, which saw significant share transfers in NDMs yesterday, realized healthy volumes with price uptick in the regular market, topping the volume leaders.

    HASCOL realized an upper circuit closing for the second consecutive day. Among scrips, BYCO led the table followed by WTL (77.7 million) and HASCOL (59.5 million).

    Sectors contributing to the performance include Banks (-102 points), E&P (-48 points), Technology (-25 points), Cement (-13 points) and Engineering (-7 points).

    Volumes increased from 578.3 million shares to 784.0 million shares (+36 percent DoD). Average traded value on the other hand remained at US$ 135.7 million as against US$ 135.5 million the other day.

    Stocks that contributed significantly to the volumes include BYCO, WTL, HASCOL, KEL and PIBTL, which formed 45 percent of total volumes.

    Stocks that contributed positively to the index include PIBTL (+15 points), HASCOL (+14 points), SEARL (+13 points), COLG (+13 points) and DAWH (+9 points). Stocks that contributed negatively include HBL (-49 points), OGDC (-24 points), HMB (-21 points), MCB (-17 points) and SYS (-17 points).

  • SBP cuts SLR requirement for exchange companies to 15pc

    SBP cuts SLR requirement for exchange companies to 15pc

    KARACHI: The State Bank of Pakistan (SBP) on Thursday reduced the requirement of Statutory Liquidity Reserve (SLR) for exchange companies from 25 percent to 15 percent in order to channelize home remittances and foreign exchange.

    In a statement the central bank said it had revised SLR requirement of exchange companies from 25 percent to 15 percent of their capital. The enhanced liquidity with exchange companies will enable them to further channelize home remittances and foreign exchange. 

    During the year ended June 2020 Exchange Companies, through their tie up arrangements abroad, have channelized home remittances of $1.44 billion, while this figure stands at $1.67 billion for ten months of current year i.e. 2020/2021.

    This regulatory intervention of State Bank would provide increased liquidity to Exchange Companies to enable them to play their role in increasing the remittances flow and the public will be further facilitated in timely and conveniently receiving home remittances from more than 1,200 outlets of Exchange Companies across Pakistan.   

    At present, out of twenty-seven exchange companies of ‘A’ category, 18 exchange companies are providing home remittances services.

  • SBP cancels exchange company license on regulatory violation

    SBP cancels exchange company license on regulatory violation

    KARACHI: The State Bank of Pakistan (SBP) on Thursday cancelled the license of an exchange company for violation the regulatory provisions.

    The SBP said it cancelled the license of M/s Karwan Exchange Company ‘B’ (Pvt.) Limited on account of violations of SBP’s regulations.

    The said exchange company, including its head office and branches have been debarred from undertaking any kind of foreign exchange related business activity.

  • Fall in rupee value continues

    Fall in rupee value continues

    KARACHI: Deterioration in Pak Rupee continued on Thursday owing to demand for import and corporate payments.

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  • SBP issues annual schedule for monetary policy

    SBP issues annual schedule for monetary policy

    KARACHI: The State Bank of Pakistan (SBP) for the first time issued annual schedule for announcement of monetary policy, a statement said on Thursday.

    The SBP said that taking another step towards making the process of monetary policy formulation more predictable and transparent, the State Bank of Pakistan (SBP) has decided to begin announcing a half-yearly schedule of Monetary Policy Committee (MPC) meetings on a rolling basis. In this regard, the dates for the next four meetings are envisaged as follows:

    May MPC meeting: Friday, 28th May 2021

    July MPC meeting: Tuesday, 27th July 2021

    September MPC meeting: Monday, 20th September 2021

    November MPC meeting: Friday, 26th November 2021

    It is pertinent to mention that a minimum of 6 MPC meetings are scheduled every year. In addition, the MPC can convene emergency meetings during the intervening period, if required.

    In taking this step, SBP is following international best practices. To manage expectations of economic agents, many central banks across the globe release the schedule of Monetary Policy Committee meetings in advance. This practice is consistent with the objective of reducing uncertainty around monetary policy decision making.

    Clear communication helps to make central banks more transparent, and thereby contributes to enhancing their accountability. Central bank communication and transparency are also key for effective transmission of monetary policy decisions. In this context, SBP has over the years been seeking to modernize and increase transparency in the monetary policy making process, in line with international best practices. Some of these initiatives are laid out below:

    In 2005, SBP began releasing Monetary Policy Statements.

    In 2009, it was decided to hold at least 6 meetings on monetary policy, envisaged to take place in the calendar months of January, March, May, July, September and November. It was also decided to hold a press conference to announce the monetary policy decision in the months of January and July, to supplement the Monetary Policy Statement.

    In 2015, after the introduction of an independent Monetary Policy Committee through an amendment in the SBP Act, two major changes were introduced to increase transparency. First, SBP started publishing minutes of the MPC meetings on its website. Second, the voting pattern of the MPC members was also made public.

    In 2020, to make monetary policy communication more effective, SBP enhanced interactions with analysts, the media, various business forums, academics, and investors through regular briefing sessions with its senior management.

    In January 2021, in light of the extreme uncertainty caused by the Covid pandemic, the MPC decided to provide forward guidance on monetary policy for the first time to facilitate policy predictability and decision-making by economic agents.

    Looking forward, SBP remains committed to continue modernizing its communication in line with international best practices and evolving domestic circumstances.

  • FBR directs IRS officers to submit PERs for promotion into BS-18

    FBR directs IRS officers to submit PERs for promotion into BS-18

    The Federal Board of Revenue (FBR) has issued a directive to officers of the Inland Revenue Service (IRS) to submit their performance reports in preparation for the upcoming promotion committee meetings.

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  • Yarn merchants demand date extension for filing sales tax return

    Yarn merchants demand date extension for filing sales tax return

    KARACHI: Pakistan Yarn Merchants Association (PYMA) on Wednesday urged the tax authorities to extend the date for payment of sales tax and filing monthly return for the period April 2021.

    In a joint statement, Hanif Lakhany, Vice President, Federation of Pakistan Chambers of Commerce & Industry (FPCCI) and PYMA Senior Vice Chairman and Farhan Ashrafi, Vice Chairman PYMA & convener FPCCI’s Central Standing Committee on Yarn Trading, have urged the Chairman of Federal Board of Revenue (FBR) for extension in dates of payment and submission of Sales Tax and Federal Excise Return for the Tax Period of April 2021, by at least 2 weeks, as business community could not file sales tax and federal excise returns due to the long Eid holidays.

    In a letter to FBR Chairman Asim Ahmed, Hanif Lakhany and Farhan Ashrafi stated that in response to PYMA’s demand for extension till May 31, 2021, the dates for filing sales tax & FE returns extended till May 18, 2021 only.

    “But the Eid holidays did not benefit the business community and they could not prepare and submit their sales tax and federal excise returns for the month of April 2021 in the limited number of days announced,” according to the statement.

    “It is difficult for the business community to work in the face of the COVID-19 pandemic, given the already limited business hours and the risks of the epidemic,” they added.

    In such a situation, the FBR needs to make it easier for the business community to file their taxes easily.

    Hanif Lakhany and Farhan Ashrafi requested the Chairman FBR to extend the deadline for submission of sales tax and FE returns by at least 2 weeks, so that the business community can submit their returns without any hassle, which will be warmly welcomed by the business community.

  • KTBA strongly condemns Israel’s atrocities in Palestine

    KTBA strongly condemns Israel’s atrocities in Palestine

    KARACHI: Karachi Tax Bar Association (KTBA) on Wednesday strongly condemned Israeli barbaric attacks on innocent Palestinians and demanded immediate halt of barbaric attacks in Gaza.

    KTBA President Muhammad Zeeshan Merchant, while leading the protest rally, expressed deep anger over the current violent Israeli atrocities on the innocent Palestinians.

    Showing solidarity with the Palestinian people, the tax bar expressed concerns over Israeli aggression and brutality in Palestine and strongly condemned the barbaric attacks on the innocent people.

    “The intensifying assault on Gaza is beyond the pale of humanity,” Merchant said, adding that it was an act of aggression and a pompous show of strength on the part of the Israeli military on innocent and helpless Muslims of Palestine.

    “Our members believe that hundreds of civilians’ causalities are horrendous for this so-called civilized world,” KTBA president said.

    The tax bar also condemned the Israeli attacks on offices of media organizations in Gaza. “We demand the atrocities perpetrated by the Israeli government and the military should be stopped immediately in Gaza.”

    “We believe in survival through co-existence but what is happening is not about the so-called Israeli’s right to exist.”

    The KTBA demanded the government to strongly speak and take stand to safeguard the sanctity of Qibla-e-Awwal as well as the right of Palestinians.

  • KSE-100 index ends down by 300 points on political rift

    KSE-100 index ends down by 300 points on political rift

    KARACHI: The benchmark KSE-100 index ended down by 300 points on Wednesday on reports of rift in ruling party, analysts said. The index closed at 45,682 points as against previous day’s closing of 45,982 points, showing a decline of 300 points.

    The analysts at Arif Habib Limited said that the market turned negative today which was a reflection of political uncertainty created by the rifts between the senior members of the ruling party.

    The index bore regression of 369 points during the session and realized a pull back, ending the session -300 points.

    Cement, O&GMCs, Banks, Refinery, Steel sector stocks saw selling pressure.

    However, the sentiment turned particularly negative due to persistent selling in Technology stocks. Among scrips, KEL led the table with 65.4 million shares, followed by UNITY (56.9 million) and HASCOL (44.1 million).

    Sectors contributing to the performance include Technology (-83 points), Cement (-72 points), Banks (-53 points), Textile (-29 points) and O&GMCs (-24 points).

    Volumes increased from 536.8 million shares to 578.3 million shares (+8 percent DoD). Average traded value also declined from US$ 150.8 million to US$ 135.7 million.

    Stocks that contributed significantly to the volumes include KEL, UNITY, HASCOL, WTL and TELE, which formed 41 percent of total volumes.

    Stocks that contributed positively to the index include MARI (+16 points), HASCOL (+14 points), KEL (+14 points), OGDC (+13 points) and ENGRO (+10 points). Stocks that contributed negatively include TRG (-70 points), LUCK (-24 points), HBL (-23 points), PSO (-22 points) and HUBC (-22 points).