Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Engro Corp declares 45 percent growth in annual profit

    Engro Corp declares 45 percent growth in annual profit

    KARACHI: Engro Corporation (PSX: ENGRO) has declared 45 percent increase in annual profit to Rs44.4 billion for the year ended December 31, 2020 as compared with Rs30.59 billion in the preceding year.

    Engro’s consolidated revenue grew by 10 PERCENT, from Rs225.76 billion during 2019 to Rs248.81 billion primarily attributable to higher revenue from full-year operations of Thar energy projects.

    On a standalone basis, the company posted a profit after tax of Rs16.30 billion against Rs14.30 billion for the comparative year, translating into an earnings per share of Rs28.29 per share.

    Increase in standalone profitability is primarily on account of higher dividends from subsidiaries as well as full inter-corporate tax relief on dividends in 2020 versus partial relief in 2019.

    The company announced a final cash dividend of Rs2/- per share for the year. This is in addition to Rs24/- per share announced during the year, bringing cumulative payout to Rs26/- per share.

    COVID-19: Hussain Dawood Pledge

    The Covid-19 pandemic continues to be an unprecedented global challenge that is, to date, having devastating effects on public health, economies, and societies around the world. As vaccination programs roll-out globally, Pakistan is procuring Covid-19 vaccines from various manufacturers and planning to launch its Covid-19 vaccination drive in the first quarter of 2021.

    Despite these challenging times, we remain committed to our Central Idea which guides us to improve lives of all Pakistanis and have a positive impact on the society. In order to tackle the pandemic’s negative impacts on Pakistan, Chairman Hussain Dawood, on behalf of Dawood Hercules Corporation, Engro Corporation, and his family, pledged a contribution in services, kind, and cash of Rs1 billion for short / medium / and long-term recovery. To date,  Rs301 million have been donated via cash and kind with focus on disease prevention, protecting and enabling healthcare practitioners and frontline workers, enabling patient care and facilities and bolstering livelihoods and sustenance of the most deserving in society.

    We believe we must remain fully transparent while attempting to make an impact and work towards saving lives. Further details regarding the Pledge and its initiatives may be viewed at

  • PSX issues notices to 11 companies for unusual price movement

    PSX issues notices to 11 companies for unusual price movement

    KARACHI: Pakistan Stock Exchange (PSX) on Thursday issued notices to 11 listed companies for unusual price movement in their share prices during the past three months.

    The PSX said that while reviewing the trading data, it had been observed that the price and volume of the said companies had experienced substantial increase during last three months.

    The PSX issued notices to the following companies:

    KASB Modaraba

    Sally Textile Mills Limited

    J A Textile Mills Limited

    Pakgen Power Limited

    Ibrahim Fibers Limited

    Nazir Cotton Mills Limited

    Sana Industries Limited

    Hala Enterprises Limited

    Landmark Spinning Industries Limited

    Media Times Limited

    Frontier Ceramics Limited

    The PSX directed the companies to furnish reasons and any other material information which may had resulted in substantial increase in price and volume in terms of clause 5.6.3 of PSX Regulations and Section 97 of the Securities Act, 2015 immediately.

  • KSE-100 index plunges by 625 points amid selling

    KSE-100 index plunges by 625 points amid selling

    KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) on Thursday witnessed decline of 625 points following aggressive selling during the day.

    The index closed at 46,143 points as against previous day’s closing of 46,768 points showing a decline of 625 points.

    Analysts at Arif Habib Limited said that the market saw aggressive selling today after spate of financial result announcements which had consistent earnings but declared lesser dividends than anticipated.

    Banking sector saw major attrition today, however, profit booking was also observed in Cement, O&GMCs and E&P sectors.

    Market on Close (MOC) saw intense selling in Banking sector. Important results announced today included ENGRO, PSO, MEBL but ended the session at a low ebb due to the general disappointment. Among scrips, DSL topped the volumes with 58.6 million shares, followed by TELE (34.3 million) and KEL (29.3 million).

    Sectors contributing to the performance include Banks (-247 points), Cement (-83 points), Fertilizer (-74 points), E&P (-68 points) and O&GMCs (-55 points).

    Volumes declined from 701.7 million shares to 578.0 million shares (-18 percent DoD). Average traded value also declined by 19 percent to reach US$ 146.0 million as against US$ 179.4 million.

    Stocks that contributed significantly to the volumes include DSL, TELE, KEL, WTL and ANL, which formed 30 percent of total volumes.

    Stocks that contributed positively to the index include ANL (+10 points), GHGL (+5 points), AICL (+4 points), THALL (+3 points) and KTML (+3 points). Stocks that contributed negatively include HBL (-91 points), ENGRO (-58 points), PSO (-52 points), LUCK (-44 points) and MCB (-41 points).

  • FBR transfers BS-19 IRS officers

    FBR transfers BS-19 IRS officers

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified transfers and postings of BS-19 officers of Inland Revenue Service (IRS) with immediate effect and until further orders.

    Following are the list of officers who are transferred:

    01.  Fazal-e-Subhan (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue (OPS) (Zone-II) Regional Tax Office, Abbottabad from the post of Additional Commissioner, Regional Tax Office II, Karachi.

    02. Naib Ali Pathan (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue(OPS) (Audit-II) Large Taxpayers Office, Multan from the post of Additional Commissioner, Large Taxpayers Office, Karachi

    03. Rana Waqar Ali (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue(OPS) (Legal) Large Taxpayers Office, Multan from the post of Additional Commissioner, Medium Taxpayers office, Karachi.

    04. Ms. Rizwana Qazi (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner InlandRevenue Corporate Tax Office,Islamabad from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    05. Anwar Zeb (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner InlandRevenue Corporate Tax Office,Islamabad from the post of Additional Commissioner, Regional Tax Office, Rawalpindi.

    06. Muhammad Waqas Hanif (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Corporate Tax Office, Islamabad from the post of Secretary, (FATF Cell) Federal Board of Revenue (Hq), Islamabad.

    07. Mohammad Iqbal Khan (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Corporate Tax Office, Islamabad from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    08. Bilal Ahmed (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office, Multan from the post of Additional Director, Addl. Directorate of Internal Audit (Inland Revenue), Faisalabad.

    The FBR said that tThe Officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting.

  • Rupee appreciates by 33 paisas on inflows

    Rupee appreciates by 33 paisas on inflows

    KARACHI: The Pak Rupee appreciated by 33 paisas against the dollar on Thursday owing to improved inflows of workers’ remittances and export receipts.

    The rupee ended Rs158.93 to the dollar from the previous day’s closing of Rs159.26 in the interbank foreign exchange market.

    Currency experts said that the inflows of the foreign currency into Roshan Digital Accounts, workers remittances and export receipts helped the rupee to make gains against the greenback.

    The inflows in Roshan Digital Account increased to $500 million.

    The experts hoped that the local currency would gain more value in coming days owing to positive sentiments prevailing over inflows from IMF and workers remittances.

  • Car import jumps up by 166 percent in seven months

    Car import jumps up by 166 percent in seven months

    ISLAMABAD: The import of used and old cars recorded a growth of 166 percent during first seven months (July – January) of 2020/2021 owing to significant decline in coronavirus cases and relaxation in economic activities by easing COVID lockdown.

    According to data released by Pakistan Bureau of Statistics (PBS) on Wednesday, the import payment for used and old cars surged to $116 million during first seven months of the current fiscal year as compared with $43.64 million in the corresponding months of the last fiscal year.

    Sources in Pakistan Customs attributed the growth in imported cars to ease in travel restriction following decline in coronavirus cases across the world and start of vaccination to cure the pandemic.

    As per import policy of Pakistan every person can bring a new motor car by paying prevailing rate of duty and taxes. However, the commercial import of motor cars is not allowed.

    The import of used cars is allowed under various schemes to facilitate Pakistanis living abroad. The overseas Pakistanis can bring motor cars under personal baggage, transfer of resident or gift schemes.

    New vehicles can be imported into Pakistan freely by any one against payment of duty & taxes under generally applicable import procedures and requirements.

    Officials in Pakistan Customs said that Pakistani nationals residing abroad including dual nationals can import old and used vehicles into Pakistan under the following 03 schemes: Personal Baggage; Gift Scheme; Transfer of Residence.

    Cars not older than 03 years and other vehicles not older than 05 years can be imported under these schemes.

    The structure of duty and taxes under these 03 schemes remains the same. Motorcycles and Scooters can only be imported under Transfer of Residence Scheme.

    Students receiving remittance from Pakistan, non-earning members of the Pakistani nationals living abroad and those who have imported, gifted or received a vehicle in the past two years are not eligible.

    The customs authorities said that all vehicles in new/used condition to be imported under transfer of residence, personal baggage or under gift scheme, the duty and taxes shall be paid out of foreign exchange arranged by Pakistan nationals themselves or local recipient supported by bank enchashment certificate showing conversion of foreign remittance to local currency, as under:

    a. the remittance for payment of duty and taxes shall originate from the account of Pakistani national sending the vehicle from abroad; and

    b. the remittance shall either be received in account of Pakistani national sending the vehicle from abroad or, in case, his account is non-existent or inoperative, in the account of his family.

  • Pakistan spends Rs185 billion for mobile phones import in July – January

    Pakistan spends Rs185 billion for mobile phones import in July – January

    ISLAMABAD: Pakistan has expended a substantial amount of Rs185 billion on the import of mobile phones during the first seven months (July – January) of the fiscal year 2020/2021, according to data released by the Pakistan Bureau of Statistics (PBS) on Wednesday.

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  • Customs agents express concern over delay in consignment clearance

    Customs agents express concern over delay in consignment clearance

    KARACHI: Karachi Customs Agents Association (KCAA) has expressed concerns over delay in consignment clearance due to shortage of customs officials.

    In a statement issued on Wednesday, the association said that it had already informed the customs collectorates regarding the alarming situation that has been created due to shortage of staff for clearance of consignments at custom stations i.e. Model Customs Collectorate Appraisement & Facilitation of East, West, AFU Port Qasim and Exports.

    Unnecessary delay of several days is being faced by the trade in the clearance of their consignments incurring additional cost to traders.

    KCAA highlighted the following issues:

    • The appraisement staff is quite busy attending file work, PRV, AIB, RND, Audit, FTO, Tribunal and hearings in the Court of Law on regular basis. 

    • Most of the Goods declarations remain in queue for two to three days before being assigned to the appropriate officers i.e. A/O if the same goods declaration mark to examination.

    • Thereafter it takes more two to three days for grounding and examination.

    • After examination it takes further two to three days for the Good declaration to be opened by the assessment officer. 

    • There is only one examiner posted for examination at all three sheds at Air Freight Unit causing severe delays for clearance of by air consignments which are often urgent in nature.

    • Dilemma is that the concerned AC/DC are over burden by multiple charges and are busy with file work i.e. board’s issues, audit and recovery etc. and unable to pay their full attention towards the group monitoring and hearing. 

     The association pointed out that in this current era of devaluation of our currency most of the items being imported are raw materials that are imported by the industries for subsequent exportation after processing.

    If the current situation of shortage of staff is not dealt with it may results in loss of export orders, foreign exchange and may bring dreadful repute to our country in the international market. 

    It suggested that the powers of Section 203 of Customs Act 1969 and increase the free period time for import consignments because due to late completion of goods declaration traders are suffering unnecessary heavy losses in terms of shipping line container detention & port demurrage charges while the same amount is being remitted by the terminal operators and shipping companies to their principal foreign offices in shape of foreign exchange. 

    The association urged the prime minister and FBR chairman to issue necessary instruction to depute sufficient number of staff at all collectorate.

    The association also suggested a separate dedicated Law Department may be established and the staff posted therein be assigned to attend the hearings of the cases and other court related matters.

  • Portal launched for expeditious corporate bank account opening

    Portal launched for expeditious corporate bank account opening

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has launched a portal for expeditious bank account opening for newly registered companies, a statement said on Wednesday.

    The online portal provides banks real time access to statutory records of companies, thus enabling them to open corporate accounts without seeking physically certified copies of statutory documents, it added.

    Through this portal, the banks can access and verify company information directly from SECP’s records. The online availability of statutory records will reduce the turn-around-time for opening of corporate bank account or for availing other banking services. On the other hand, it will facilitate banks in carrying out due diligence of their corporate customers, for account opening and other services.

    Any bank can access the portal by applying to the SECP for creating their user accounts. Initially, this facility is being launched for private limited, public limited and companies formed for not-for-profit objects. In due course, data of foreign companies and limited liability partnerships will also be linked and made available.

    The SECP is planning to discontinue issuance of certified true copies in physical form and consequently, banks will only be able to access SECP’s records through this portal.

  • People urged to use CNICs for heavy amount transactions

    People urged to use CNICs for heavy amount transactions

    ISLAMABAD: Special Assistant to Prime Minister on Revenue Dr. Waqar Masood on Wednesday urged people to use their Computerized National Identity Cards (CNICs) at the time of making heavy amount transactions.

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