In a move to enhance transparency and streamline tax-related processes, the Federal Board of Revenue (FBR) has made it mandatory for all individuals and entities involved in commercial transactions to display and quote their National Tax Number (NTN).
(more…)Author: Mrs. Anjum Shahnawaz
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ECC sets up committee to examine proposal of manufacturing SIM/smart cards
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday constituted a committee to examine a proposal for manufacturing of SIM/Smart-cards in the country.
The meeting of the cabinet committee was chaired by Advisor to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Sheikh while among others it was attended by Minister for Industries and Production Hammad Azhar, SAPM on Revenue Dr. Waqar Masood, SAPM on Petroleum Nadeem Baber and Advisor to the PM for Institutional Reforms and Austerity Dr. Ishrat Hussain attended the meeting. Governor State Bank of Pakistan Dr. Reza Baqir also participated through video link.
In light of a summary presented by the Ministry of IT and Telecommunication regarding manufacturing of SIMs/Smart-cards in Pakistan, after due deliberation, the chair directed to constitute a Committee to examine the proposal and present a report for a way forward within two weeks.
The Committee would be chaired by the Minister of Industries and Production Hammad Azhar and would include representatives from the Ministry of IT & Telecom., FBR and Board of Investment (BOI).
The ECC constituted a committee to decide a timeline for export of mango and kinnow after due consultation with the stakeholders.
The committee consisting of representatives from the Ministry of Commerce and Ministry of National Food Security and Research (MNFS&R), according to press statement issued by the Finance Ministry here.
The ECC approved budgetary allocation in favour of NITB for provision of ICT services at the Prime Minister’s Office for Prime Minister’s Kamyab Jawan Programme for FY/2020-21 to the tune of Rs53 million as requested by the Ministry of Information Technology and Telecommunication.
The ECC gave concurrence to the proposal by the Petroleum Division, in principal, regarding allocation of gas from Bashar X-IST to third party up to 1.0 MMCFD.
A summary was presented by the PIACL, Aviation Division before ECC regarding GOP cash support for the Voluntary Separation Scheme (VSS). After thorough discussion, it was decided to approve, in principle, the voluntary separation from service scheme for PIA.
The ECC also approved four separate Technical Supplementary Grants for the Ministry of Defence and Ministry of Interior for various projects during current FY 2020-21.
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Stock market ends down by 65 points amid lackluster investors’ response
KARACHI: The stock market fell by 65 points on Monday as investors have shown lackluster response owing to rising COVID cases.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,504 points from last Friday’s closing of 40,569 points, losing 65 points.
Analysts at Topline Securities, the stock market had opened the week with a lackluster session with uncertainty regarding the lockdown owing to rising COVID cases.
The KSE-100 Index managed to close the day at 40,504.75 (down 0.16%) albeit with thin volumes. Positive news flow was there with PTI managing to secure a lead in the Gilgit-Baltistan elections, cement price per bag is expected to increase by PKR 5/bag w.e.f tomorrow and FDI for the month of October 2020 witnessed a growth of 151 percent YoY and 68 percent MoM.
However, investors shrugged off these positive developments as rising COVID cases continued to weigh on sentiment.
KEL was today’s volume leader with 24.9 million shares traded and the stock closed the day up 5.04 percent as the federal government sought two weeks’ time from Supreme Court of Pakistan to present a viable solution to Karachi Electric’s (KE) issues including exclusivity after 2023.
SHEL (up 3.86 percent) also saw renewed buying interest after the company notified the exchange that the BoD have approved an increase in the Authorized Share capital from Rs1.5 billion to Rs3 billion.
Total traded volume declined by 25 percent DoD to 181.22 million shares while total traded value clocked in at Rs6.17 billion (down 21.8 percent DoD).
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Rupee eases against dollar
KARACHI: The Pak Rupee eased against the dollar on Monday after maintaining a 23-day gaining streak. The rupee ended at Rs158.17 to the dollar from last Friday’s closing of Rs158.16 in the interbank foreign exchange market.
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Tax return filing hits new peak at 2.93 million
ISLAMABAD: The tax return filing has reached a new peak of 2.93 million, according to the updated Active Taxpayers List (ATL) issued by Federal Board of Revenue (FBR) on Monday.
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Foreign direct investment grows by 9 percent in four months
The State Bank of Pakistan (SBP) reported a 9.1% increase in net inflows of foreign direct investment (FDI) during the first four months of the current fiscal year (July – October). The net FDI inflows amounted to $733 million, up from $672 million in the same period of the previous fiscal year, signaling a moderate improvement in investor confidence in Pakistan’s economy.
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Special procedure for capital gain tax computation
The Federal Board of Revenue (FBR) has recently implemented a comprehensive update to the special procedure governing the computation of capital gain tax and the collection of tax.
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Prices of petrol, diesel reduced for next fortnight
ISLAMABAD: The federal government on Sunday decided to reduce prices of petroleum products for next fortnight effective from November 16, 2020.
A statement issued by the finance division said that the price of petrol has been reduced by Rs1.71 per liter and rate of high speed diesel reduced by Rs1.79 per letter.
The new prices of petroleum products will be as under effective from November 16, 2020:
Petrol Rs100.69/liter
High Speed Diesel Rs101.43/liter
Kerosene Oil Rs 65.29/liter
Light Diesel Oil Rs62.86
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Reduced tax rate criteria for Shari’ah compliant listed companies
In a bid to promote and incentivize Shari’ah-compliant business practices, the Federal Board of Revenue (FBR) has issued a set of criteria defining the eligibility for reduced tax rates for companies whose shares are traded on a stock exchange.
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MCC Islamabad announces auction of vehicles on November 17
ISLAMABAD: Model Customs Collectorate (MCC) Islamabad has announced auction of vehicles to be held on November 17, 2020 at Maralla Dry Port 1-9 Industrial Area, Islamabad.
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