KARACHI: The stock market posted a gain of 55 points on Tuesday, recovering from a significant fall earlier in the day. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 39,127 points, up from 39,072 points, marking an increase of 55 points.
(more…)Author: Mrs. Anjum Shahnawaz
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Rupee strengthens by 29 paisas against dollar
KARACHI: The Pak Rupee strengthened by 29 paisas against dollar on Tuesday owing to improved inflows of export receipts and workers’ remittances.
The rupee ended at Rs164.03 to the dollar from previous day’s closing of Rs164.32 in interbank foreign exchange market.
Currency experts said that the market witnessed sufficient supply of the foreign currency to meet demand for import and corporate payments.
They said that the sentiments were remained positive in the market due to escalating economic activities.
The experts said that the exports registered 18.24 percent growth to $1.873 billion during September 2020 as compared with $1.58 billion in August 2020.
They hoped that present positivity in the market would help the local unit to make gain further against the greenback.
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FBR grants Rs27 billion income tax exemption to power generation companies
The Federal Board of Revenue (FBR) has granted income tax exemptions totaling Rs27 billion during the tax year 2020 to power generation companies operating in Pakistan. These exemptions were extended to 73 companies, underlining the government’s efforts to support the energy sector.
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Withholding tax from cash withdrawal plunges by 52 percent; remains in top 10 revenue spinners
ISLAMABAD, September 15, 2024 – The Federal Board of Revenue (FBR) has reported a sharp decline in the collection of withholding tax (WHT) by 52% during the tax year 2020, following the abolishment of the tax for income tax return filers.
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Gift parcels above $5000 not allowed for export
ISLAMABAD: The ministry of commerce has recently issued Export Policy Order 2020 under which export of gift parcels of a value exceeding five thousand US dollars are not allowed.
The ministry issued SRO 901(I)/2020 dated September 25, 2020 and explained export of goods allowed under the policy.
Export of goods
(1) Export of all goods shall be allowed except those specified in Schedule-I.
(2). Notwithstanding anything contained in sub-paragraph (1), no goods should be allowed to be exported to India, except therapeutic products regulated by the Drug Regulatory Authority of Pakistan.
(3). Export of goods specified in Schedule – II shall be subject to the conditions given therein.
(4) The provisions of this Order shall not apply to-
(a) any goods constituting the stores or equipment or machinery parts and kitchenette of any outgoing vessel, conveyance or airline or the bona-fide accompanied baggage of the crew or of the passengers in such vessel or conveyance or airline:
Provided that banned or restricted items shall not be allowed unless otherwise authorized;
(b) any goods trans-shipped at a port in Pakistan after having been manifested for such trans-shipment at the time of dispatch from a port outside Pakistan:
Provided that goods mentioned in clauses (a) to (h) do not contain control lists commodities, which are subject to licence from Strategic Export Control Division, Ministry of Foreign Affairs;
(c) any goods, stores or equipment when sold abroad on Government-to-Government basis or exported under an export authorization issued by any officer authorized by the Ministry of Defense in this behalf;
(d) export of samples subject to the following conditions, namely: –
(i) that the export of such goods is not banned; and
(ii) any number of samples subject to the condition that their freight on board (F.O.B) value does not exceed twenty-five thousand US dollars or equivalent per exporter per annum except automobile manufacturers who may export samples for free on board value not exceeding one hundred thousand US dollars and pharmaceutical exporting companies which may export free samples to the extent of ten percent of the commercial exports quantity of preceding year. However, pharmaceutical exporting companies may export free samples to the extent of twenty per cent of the quantity of first consignment at the time of launch of a product:
Provided that the monetary limit of twenty-five thousand US dollars shall not be applicable if the samples are exported in a mutilated form;
(e) export of gift parcels, except banned or restricted, of a value not exceeding five thousand US dollars or equivalent in Pakistani Rupees;
(f) export of relief goods to any part of the world by National Disaster Management Authority;
(g) bona fide baggage of persons traveling outside Pakistan; and
(h) persons traveling outside Pakistan may take with them as accompanied baggage, goods without any restriction of quantity, or any requirement of encashment certificates provided that such goods do not include items listed in Schedule I and that in respect of items of Schedule II, the prescribed conditions have been met with.
(5) Transit and border trade shall be allowed under the procedure prescribed for that purpose:
Provided that items falling under export control on goods, technologies, material and equipment related to the Nuclear and Biological Weapons and Their Delivery Systems Act, 2004 (V of 2004) shall not be allowed unless authorized.
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MoU signed for digital platform to support Mutual Fund Industry
The Mutual Funds Association of Pakistan (MUFAP) and the Central Depository Company (CDC) of Pakistan Limited, through its subsidiary ITMinds Limited, have signed a Memorandum of Understanding (MoU) to develop and implement a state-of-the-art digital platform.
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Meezan Bank honored with many titles at CFA Awards
KARACHI: Meezan Bank has been awarded with many titles by the CFA Society of Pakistan, a member society of the CFA Institute, USA at its 17th Annual Excellence Awards ceremony held on October 2, 2020.
A statement issued on Monday said that the bank had been declared as the ‘Best Bank of the Year’ and ‘Best Islamic Bank of the Year’ – 2019.
The Bank has also been recognized as the ‘Corporate Finance House of the Year – Debt’ in recognition of its investment banking performance, providing ground-breaking tailored solutions and advisory services to blue chip corporate clients.
Irfan Siddiqui – President and CEO, Meezan Bank and Ariful Islam – Deputy CEO, Meezan Bank received the awards from Dr. Reza Baqir – Governor, State Bank of Pakistan who graced the occasion as the Chief Guest.
This is the first time that CFA Society of Pakistan has recognized Meezan Bank on an overall industry basis as the ‘Best Bank of the Year’, competing with some of the largest local and conventional players. The Bank has previously been recognized multiple times by the organization for its excellence in providing Islamic financial services to meet the needs of its diverse set of clients.
As a pioneer of Islamic banking in Pakistan, Meezan Bank leads the Islamic finance industry, reaching a broad customer base with competitive, Shariah-compliant products and services.
Commenting on the win, Irfan Siddiqui – President & CEO, Meezan Bank said, “We are honored to receive these awards from the CFA Society of Pakistan. This notable recognition reflects our commitment towards Shariah-compliant banking and the continuous effort and commitment that we have invested in over the years to strengthen our offering.
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FBR officials found involved in exerting political pressure in administrative matters
ISLAMABAD: Federal Board of Revenue (FBR) has taken strict notice against officials involved in exerting political influence in administrative matters.
In an official note issued on Monday, the Member Admin, FBR warned all officials of Inland Revenue and Pakistan Customs to restrained from such activities as same would attract disciplinary action.
The Member said that certain officers in total disregard to rules of Government Servants (Conduct) Rules, 1964 are exerting political/external pressures and interferences in connection with their posting/transfers etc.
“At the outset let me clarify that it is a misconduct under the Government Servant (Conduct) Rules, 1964 read with Government Rule 2(4) of Government Servants (E&D) Rules, 1973 and attracts strict disciplinary action under the said rules,” the Member said.
“However, at a first step let me warn all these officers to shun this attitude,” the Member said, adding that all these officers have been marked and necessary observations have been placed in their personal dossiers.
He said that such observations would be done of the main considerations at the time of making their all career decisions including promotion and disciplinary proceedings besides placement and rotations.
“Therefore, at the cost of the repetition every officer is once again advised to be cautious of the seriousness of this subject at all times,” the Member added.
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Trade deficit increases by 2 percent in first quarter
Pakistan’s trade deficit has expanded by 2 percent in the first quarter (July – September) of the fiscal year 2020/2021, primarily driven by a notable increase in the import bill.
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SRB suspends sales tax registration of seven taxpayers
KARACHI: Sindh Revenue Board (SRB) has suspended sales tax registration of seven taxpayers who failed to comply with filing of returns for four consecutive tax periods.
The SRB in a letter sent to Pakistan Automation Revenue (Pvt) Limited (PRAL) informed that the seven taxpayers had been suspended with immediate effect.
The SRB said that under Section 25(1)(a)(ii) of the Sindh Sales Tax on Services Act, 2011 provides that registration of a registered person can be suspended where registered person ‘has failed to comply with its obligation under the Act.’
Further, Rule 10 of the Sindh Sales Tax on Services Rules, 2011 also provides that where a registered person commits any act of fraud or deliberate and intentional non-payment, short payment or evasion of tax or non-filing of returns for four consecutive tax periods, the SRB or an officer of SRB authorized by the board in this behalf may suspend the registration of such person.
The SRB said that during scrutiny of tax profiles of the taxpayers, that SRB’s registered persons had failed to file their Sindh sales tax monthly returns for the last four consecutive tax periods i.e. May 2020 to July 2020.
This behavior of non-filing is in violation of the provincial tax laws.
