Asim Ahmed, Chairman of the Federal Board of Revenue (FBR), inaugurated the Secretariat of the Anti-Benami Adjudicating Authority in Islamabad on Wednesday. This milestone event is expected to enhance the efficiency and effectiveness of the Authority in combating benami transactions and illegal asset holdings.
(more…)Author: Mrs. Anjum Shahnawaz
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Hammad Azhar continues to head AML/CFT coordination group
ISLAMABAD: Hammad Azhar, Federal Minister for Energy, will continue to act as chairman of the National Coordination Group of Anti-Money Laundering (AML) / Combating of Financing of Terrorism, (CFT), a statement said on Wednesday.
Owing to the recent change of portfolios in the Prime Minister’s Cabinet, the Cabinet Division, Islamabad has notified that Muhammad Hammad Azhar, former Federal Minister for Industries and Production and now Federal Minister for Energy will continue to act as the Chairman of the National Coordination Group of Anti-Money Laundering (AML) / Combating of Financing of Terrorism, (CFT).
Under the Chairmanship of Federal Minister Hammad Azhar, Pakistan has been making all out endeavors in achieving full compliance with Financial Action Task Force (FATF) Plan of Action and the standards and safeguards set by FATF and Asian Pacific Group (APG).
Over the years, Pakistan has demonstrated significant progress, more work is required to mainstream FATF/APG safeguards across various sectors of the economy and national and sub national systems.
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SECP company registration increases to 141,805
ISLAMABAD: The total number of registered companies with the Securities and Exchange Commission of Pakistan (SECP) with addition of 2,185 new company registration in April 2021, a statement said on Wednesday.
The SECP said that the company registration has been increased by 186 percent in April 2021 as compared with the same month of the last year.
In April 2021, around 99 percent companies were registered online, 29 percent of applicants completed the incorporation process the same day while 220 foreign users were also registered from overseas.
SECP chairman Amir Khan attributed the trend of growth to digitalization and automation, introduction of simplified combined process for name reservation and incorporation, very low level of fees, and assistance provided for incorporation by the newly established business center.
The SECP said that the April incorporation including 67 percent private limited companies, 29 percent single member companies and the remaining 4 percent were public unlisted companies, not for profit associations, trade organizations, foreign companies and limited liability partnership (LLPs).
The IT sector, for the first time, took lead with the registration of 194 new companies in a month. The IT sector was followed by the trading sector with registration of 180 new companies, construction with 117, import and export with 115, and consultancy services with 110 companies.
Foreign investment has been reported in 47 new companies. These companies have foreign investors from USA, China, Saudi Arabia, Germany, UAE, Greece, Turkey, Norway, Canada, Netherlands, Syria, UK, Hong Kong and Australia.
The highest numbers of companies i.e. 736 were registered in Islamabad, followed by 667, 378 and 151 companies registered in Lahore, Karachi and Peshawar, respectively. The CRO in Multan, Faisalabad, Gilgit-Baltistan, Quetta and Sukkur registered 131, 48, 48, 23 and 3 companies respectively.
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FBR urged to extend date for filing sales tax return
LAHORE: The apex tax bar of the country on Wednesday demanded the chairman of Federal Board of Revenue (FBR) to extend the date for filing monthly sales tax return due to extended Eid holidays and prevailing restrictions due to coronavirus pandemic.
Pakistan Tax Bar Association (PTBA) in a letter to FBR chairman Asim Ahmed highlighted the problems faced by taxpayers and tax practitioners due to extended Eid holidays and third wave of coronavirus.
The PTBA said: “The government has announced holiday from May 08 – 15, 2021 on the eve of Eid-ul-Fitr while considering current situation of the third wave of pandemic COVID-19 in the country.”
The government has not only announced national holidays week-long holidays but also going to be made complete lockdown in the country on the recommendations of NCOC during the aforesaid period, due to increase in the number of cases on daily basis, it added.
In this situation the working for preparation for sales tax returns as well as deposit of sales tax liability up to May 15 (which is due date of deposit of sales tax liability under the law) is not possible for the taxpayers in general, the PTBA said and added that after re-joining the offices by the public after Eid holidays from May 17 onwards, only two days would had been left for filing of sales tax returns for the tax period April 2021.
The PTBA informed the FBR chairman that in this situation neither the taxpayers can deposit their sales tax liability within the due date nor they can prepare and submit their sales tax returns with the date as provided under the law. “Thus, time for payment of due sales tax liability as well as submission of sales tax returns, is required to be extended for at least 10 days beyond the prescribed date and time in the light of the facts.”
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Trade deficit widens by 21.6pc in 10 months
ISLAMABAD: Pakistan’s trade deficit has expanded significantly, rising by 21.6 percent during the first ten months (July–April) of fiscal year 2020–2021, according to official data released by the Pakistan Bureau of Statistics (PBS) on Wednesday. The increase in the trade deficit is attributed largely to a sharp surge in the country’s import bill, which has outpaced the growth in exports.
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Equity market gains 380 points despite adverse in technology stocks
The equity market in Karachi closed on a positive note on Wednesday, with the benchmark KSE-100 index gaining 380 points to settle at 44,944, up from the previous day’s closing of 44,564 points. This gain came despite volatile performance in the technology sector, which weighed down some key scrips.
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Rupee makes 20 paisas gain against dollar
KARACHI: The Pak Rupee gained 20 paisas against the dollar on Wednesday owing to inflows of workers’ remittances and export receipts.
The rupee ended Rs153.04 to the dollar from previous day’s closing of Rs153.24 in the interbank foreign exchange market.
Currency dealers said that the rupee was appreciated due to inflows of Eid related remittances. They said that overseas Pakistanis usually send money to their relatives for Eid celebrations.
They further said that the positive sentiments were prevailed as exports receipts were over $2 billion for the last 10 consecutive month in April 2021.
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Shamshad Akhtar appointed PSX board’s chairperson
KARACHI: Dr. Shamshad Akhtar has been appointed as the chairperson of the board of Pakistan Stock Exchange (PSX), a notification said on Wednesday.
The notification stated that the board of directors of the PSX at its meeting held on May 04, 2021 appointed Dr. Shamshad Akhtar as the chairperson of the board of the exchange.
Dr. Shamshad Akhtar has already served as Governor, State Bank of Pakistan.
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Pensioners living abroad require presenting life certificate
ISLAMABAD: The finance division has made it mandatory for pensioners living abroad to submit life certificate in place of biometric verification.
The ministry of finance on Tuesday issued a notification stating that through a SRO issued January 28, 2021 it was made mandatory for pensioners to ensure verification of biometric in order to receive pension.
The ministry however stated that the pensioners receiving pension abroad through Pakistan Mission Office, Ministry of Foreign Affairs (MOFA) / Chief Accounts Officer, MOFA will continue to provide proof of life through a medical certificate or by way of Life Certificate signed by a Gazetted Officer of Pakistan Mission in that area/country.
The Pakistan Mission, shall forward the life certificate or medical certificate through chief accountants office, MOFA to Accounts Office concerned for information and record purposes.
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PPL commences commercial gas production from Shah Bandar Block
KARACHI: Pakistan Petroleum Limited (PPL) on Tuesday announced start of commercial gas production from a block located in the province of Sindh.
PPL, the operator of the Block 246-16 (Shah Bandar), announced the commencement of commercial gas production from Benari Development & Production Lease (Benari D&PL) in Shah Bandar Block with effect from May 03, 2021.
The block is located in district Thatta and Sujawal, Sindh and lies in the southernmost part of the lower Indus basin.
PPL had announced discovery of gas from this block on December 08, 2018.
Benami X-1 well in Benari D&PL is the first exploratory well drilled in Shah Bandar block which is operated by PPL with 63 percent working interest along with its joint venture partners, Mari Petroleum Company Limited (MPCL) having 32 percent working interest, Sindh Energy Holding Company Limited (SEHCL) and Government Holding Private Limited (GHPL) with 2.5 percent working interest each.
Shah Bandar Joint Venture decided to process gas from Benamri D&PL at MPCL’s operated Sujawar Gas Processing Facility for onward injection in to SSGC network.
The expected gas production from the field is round 9 MMSCFD. “This arrangement has resulted in early commercialization of gas from Benari D&PL, which will add additional hydrocarbons enabling the energy sector to reduce the demand and supply gap of natural gas in the country.”