Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • KPT asks terminal operators to ensure implementation of axle load regime

    KPT asks terminal operators to ensure implementation of axle load regime

    KARACHI: Karachi Port Trust (KPT) has asked terminal operators to ensure implementation of Axle Load Regime.

    In this regard the KPT sent letters to: Pakistan International Container Terminal, East Wharf; M/s. South Asia Pakistan Terminal Limited, South Wharf; Karachi International Container Terminal, West Wharf.

    The KPT informed the terminal operators that the ministry of commerce had amended in axel load regime, which should be implemented in its true letter and spirit.

    The ministry of commerce on January 15, 2020 issued notification on subject of implementation of Axle Load Regime on national highways and motorways.

    The notification said that implementation of Axle Load Regime on the National Highways and Motorways should be implemented as per provision of the relevant clauses of NHSO-2000. “However, penal provisions contained in Section 75(1) of the NHSO-2000 will be triggered once the weight of transport/goods vehicle exceeds 15 percent of the load prescribed in the Sixth Schedule.”

  • 46 essential consumer items out of 51 register price hike in one year; prices go up to 116.82%

    46 essential consumer items out of 51 register price hike in one year; prices go up to 116.82%

    ISLAMABAD: About 46 essential consumer items out of 51 have registered increase in prices during past one year showing the inflationary pressure on the masses.

    The inflation data based on Sensitive Price Indicator (SPI) released by Pakistan Bureau of Statistics (PBS) for the week ended January 01, 2020.

    The PBS calculates the weekly SPI with base 2015-16=100 covering 17 urban centres and 51 essential items for all expenditure groups/quintiles and combined.

    The following is the comparison of price increase for the period between January 23, 2020 and January 24, 2019:

    01. Onions: 116.82 percent

    02. Potatoes: 111.15 percent

    03. Pulse Moong (Washed): 88.52 percent

    04. Garlic (Lehsun) 1 Kg: 65.43 percent

    05. Tomatoes: 56.91 percent

    06. Pulse Mash (Washed): 50.9 percent

    07. Gur (Average Quality): 43.26 percent

    08. Chicken Farm Broiler (Live): 41.73 percent

    09. Cigarettes Capstan 20’S Packet: 36.81 percent

    10. Sugar Refined: 31.95 percent

    11. Long Cloth 57″ Gul Ahmed/Al Karam: 31.3 percent

    12. Pulse Gram: 30.2 percent

    13. Lawn Printed Gul Ahmed/Al Karam: 28.52 percent

    14. Petrol Super: 27.88 percent

    15. Vegetable Ghee DALDA/HABIB or Other superior Quality 1 kg Pouch: 24.87 percent

    16. Pulse Masoor (Washed): 22.92 percent

    17. Wheat Flour Bag 20 Kg: 21.16 percent

    18. Cooked Beef at Average Hotel: 20.26 percent

    19. Hi-Speed Diesel: 19.18 percent

    20. LPG 11.67 kg Cylinder: 18.87 percent

    21. Cooking Oil DALDA or Other Similar Brand (SN), 5 Litre Tin: 17.98 percent

    22. Vegetable Ghee DALDA/HABIB 2.5 kg Tin: 16.8 percent

    23. Tea Prepared Ordinary: 16.6 percent

    24. Shirting (Average Quality): 16.46 percent

    25. Powdered Milk NIDO 390 gm Polybag: 16.29 percent

    26. Cooked Daal at Average Hotel: 16.27 percent

    27. Bananas (Kela) Local: 15.51 percent

    28. Mustard Oil (Average Quality): 15.38 percent

    29. Sufi Washing Soap: 14.61 percent

    30. Bread plain (Small Size): 12.39 percent

    31. Georgette (Average Quality): 11.85 percent

    32. Rice IRRI-6/9 (Sindh/Punjab): 11.38 percent

    33. Toilet Soap LIFEBUOY 115 gm: 11.14 percent

    34. Eggs Hen (Farm): 10.4 percent

    35. Mutton (Average Quality): 10.3 percent

    36. Tea Lipton Yellow Label 190 gm Packet: 10.29 percent

    37. Electricity Charges for Q1: 10.26 percent

    38. Beef with Bone (Average Quality): 9.79 percent

    39. Milk fresh (Un-boiled): 9.19 percent

    40. Match Box: 8.47 percent

    41. Energy Saver Philips 14 Watt: 8.37 percent

    42. Firewood Whole 40 Kg: 7.08 percent

    43. Rice Basmati Broken (Average Quality) 1 Kg: 6.6 percent

    44. Curd (Dahi) Loose: 6.49 percent

    45. Chilies Powder NATIONAL 200 gm Packet: 3.98 percent

    46. Salt Powdered (NATIONAL/SHAN) 800 gm Packet: 0.91 percent

    47. Gents Sandal Bata: 0 percent

    48. Gents Sponge Chappal Bata: 0 percent

    49. Ladies Sandal Bata: 0 percent

    50. Gas Charges upto 3.3719 MMBTU: 0 percent

    51. Telephone Call Charges: 0 percent

  • Weekly Review: Equity market likely gain on improved economic indicators

    Weekly Review: Equity market likely gain on improved economic indicators

    KARACHI: The stock market likely to remain positive due to improved macro-economic position on the back of enhanced inflows in debt securities and rising foreign exchange reserves.

    Analysts at Arif Habib Limited said that the market to remain positive on the back of improving macroeconomic position, country witnessing foreign net inflows in debt securities to $2,588 million in FY20TD, rising foreign exchange reserves improving investor’s sentiments, and stable market determined exchange rate.

    Moreover, with the likelihood of Pakistan to get out of FATF’s grey list, investor sentiment should remain upbeat.

    The KSE-100 is currently trading at a PER of 7.3x (2020) compared to Asia Pac regional average of 12.5x while offering a dividend yield of ~6.4 percent versus ~2.7 percent offered by the region.

    This week trading commenced on a negative note attributable to OGRA’s proposing gas price hike coupled with government’s decision to eliminate GIDC on fertilizer sector to reduce prices of Urea which may hurt bottom line of some companies due to different type of gas tariffs.

    On the other hand, Oil and Gas Exploration sector remained under pressure amid decline in international oil prices by 2 percent WoW coupled with appointment of financial advisor to sell stake of OGDC.

    Meanwhile, increase in prices of key commodities like wheat and sugar is set to elevate headline inflation with a stronger force considering their weights in CPI index.

    As a result, the benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed below 43,000-mark at 42,633 points, decreasing by 535 points or 1.24 percent WoW.

    Contribution to the downside was led by i) Fertilizer (-204 points) due to removal of GIDC, ii) Commercial Banks (-87 points) amid profit taking, iii) Oil and Gas Marketing Companies (-71 points), iv) Oil and Gas Exploration Companies (-61 points) due to decline in international oil prices, and v) Tobacco (-61 points). Scrip wise major losers were ENGRO (-153 points), OGDC (-93 points), EFERT (-80 points), PAKT (-53 points), and HMB (-36 points). Whereas, scrip wise major gainers were FFC (+56 points), MARI (+48 points), and COLG (+27 points).

    Foreigners accumulated stocks worth of $4.81 million compared to a net buy of $2.81 million last week.

    Major buying was witnessed in Oil and Gas Marketing Companies (USD +7.73 million) and Fertilizer (USD +1.88 million). On the local front, selling was reported by Individuals (USD -19.31 million) followed by Broker Proprietary Trading (USD -3.05 million).

    That said, average daily volumes for the outgoing week were down by 31 percent to 187 million shares likewise value traded decreased by 10 percent to USD 51.3 million.

  • CNIC condition not to apply on purchases by end consumers

    CNIC condition not to apply on purchases by end consumers

    KARACHI: The requirement of Computerized National Identity Card (CNIC) is not applicable on purchases above Rs50,000 made by end consumers, tax officials said on Friday.

    They said that the condition of CNIC will be applicable from February 01, 2020 on sales by registered persons to unregistered persons.

    Every registered person is required to collect information of buyer making purchases above Rs50,000.

    The officials said that the condition of CNIC shall not apply on ordinary consumer, which means a person who is buying the goods for his own consumption and not for the purpose of re-sale or processing.

    Through Finance Act, 2019, it was made mandatory that a registered person making a taxable supply shall issue a serially numbered tax invoice at the time of supply of goods containing the following particulars, in Urdu or English language, namely: –

    The condition of CNIC or NTN was made mandatory from August 01, 2019.

    However, on opposition from small traders the government after an agreement on October 30, 2019, postponed the applicability of CNIC till January 31, 2020.

    The FBR on October 04, 2019 issued definition / rules related to condition of CNIC.

    The FBR said that keeping in view the problems reported by the registered persons is ensuring proper identity of the buyer to fulfil the requirement of reporting NTN/NIC of the buyer in terms of section 23 of the Sales Tax Act, 1990, it is directed that the NIC/NTN of the buyer with respect to taxable supplies to an unregistered person shall be deemed to have been reported in good faith by the supplier provided that:

    (a) The tax invoice complies with the requirements of section 23(b) of the Act.

    (b) Payment made by or on behalf of the unregistered purchaser of the amount of the tax invoice, inclusive of sales tax and applicable further tax, is deposited into the supplier’s declared business bank account.

    (c) The NIC provided by the purchaser is found authenticated by the National Data and Registration Authority (NADRA).

    (d) The NIC/NTN provided is not of the employee of the seller or of his associates as defined under the Income Tax Ordinance, 2001.

    The issuance of a show cause notice to a registered person being a seller on account of any matter arising out of the NIC provided by a purchaser shall not be made without the prior approval of the Member (IR-Operations), FBR after providing an opportunity to be heard.

  • New mobile phone registration payment validity is seven days: PTA

    New mobile phone registration payment validity is seven days: PTA

    ISLAMABAD: Pakistan Telecommunication Authority (PTA) on Friday said that payment of duty and tax for new mobile phone registration has to be made within seven days.

    In a statement, the authority said that the validity of all applications and payment slip identification (PSID) is seven days. During this period the applicant has to pay duty and taxes with the Federal Board of Revenue (FBR).

    The PTA said that after lapse of seven days in which payment has not been made then the application/PSID would automatically deleted from the system. In such cases the claimants could not make payment at banks on invalid PSID.

    The authority said that in case expiry the applicants need to re-submit application for issuance of new PSID.

    The PTA introduced Device Identification Registration Blocking System (DIRBS). As par law all the new mobile phones has to get registration through this system within 60 days before linking to any local cellular provider.

    The PTA facilitated the registration of new mobile phones through three different ways including website, SMS and franchise of mobile operators/service centers.

  • Pakistan takes preemptive measures against Corona virus

    Pakistan takes preemptive measures against Corona virus

    ISLAMABAD: Pakistan has taken preemptive measures to deal with the situation in wake of Corona virus cases in China.

    Dr. Zafar Mirza, Special Assistant to Prime Minister on Health, reviewed the situation while chairing a high level meeting participated by heads of federal hospitals and health institutions.

    He directed to expedite the establishment of a robust surveillance system at all ports of entry before February 8, 2020 with quarantined areas.

    SAPM monitored the situation in the Emergency Operations Centre established in the Ministry of National Health, Services, Regulations & Coordination.

    He directed that a dedicated Helpline be established by next week for provision of information on the disease to the general public and health-care providers.

    He reviewed measures taken by major hospitals to receive possible cases of Corona virus emphasized that all necessary arrangements be made to receive patients of the disease.

    SAPM also stressed to accelerate the steps required for public awareness and education related to the symptoms of the disease, preparedness level, mitigation and response in case of any emergency.

    Special information stalls should be established in arrival areas of airports for information of travelers.

    Dr. Zafar Mirza directed that Thermo Guns be made available to screen passengers in addition to Thermo scanners. SAPM further directed that National Institute of Health should act as a hub where all information should be updated.

    The meeting was informed that there are at present 890 reported cases of Corona virus with 26 deaths.

    In addition to a beefed up surveillance mechanism and public awareness, all Provincial Chief Ministers are being advocated to notify a focal person to coordinate with point of entry staff and manage suspected cases of coronavirus infection.

    NDMA is also taken on board to support in case of any emergency, the meeting was informed.

  • FDI data collected on fiscal year basis: Finance Division

    FDI data collected on fiscal year basis: Finance Division

    ISLAMABAD: The Finance Division on Friday clarified news reports and said that the data of Foreign Direct Investment (FDI) collected on fiscal year basis not on calendar year basis.

    Finance Division has described as factually incorrect and misleading a news item published in a section of the press claiming that the foreign direct investment flows into Pakistan had dropped by 20 per cent in 2019.

    In an official statement, the Finance Division has clarified that a news report published in a segment of the press has highlighted that Foreign Direct Investment (FDI) inflows into Pakistan declined by 20 percent to $1.9 billion in 2019 (calendar year) against $2.4 billion in 2018.

    In this context, it is clarified that FDI data is collected on the basis of fiscal years, whereas the quoted figure is taken on calendar year basis.

    Furthermore, on fiscal year basis, FDI has increased by 68.3 percent during July-December 2019 as compared to same period of last year (from $0.797 billion to $1.341 billion)

  • Stock market gains 126 points in mixed trading

    Stock market gains 126 points in mixed trading

    KARACHI: The stock market gained 126 points on Friday amid mixed trading sessions. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 42,633 points as against 42,507 points showing an increase of 126 points (+0.3 percent DoD).

    Analysts at Arif Habib Limited said that the market recovered some losses made earlier during the week and closed the session +126.08 points.

    During the session, the index swayed from -256 points to +200 points.

    Cement sector gained both in volume and value, with KOHC hitting upper circuit and healthy buying activity observed in Cement heavy weights including LUCK, DGKC and MLCF.

    E&P sector also showed some signs of recovery with PPL crossing recent highs.

    Similarly, positive move was observed in Refineries, which saw ATRL and NRL closing at upper circuits. Cement Sector led the volumes with 36.5 million shares, followed by Food (18.8 million) and Banks (18.7 million).

    Among scrips, MLCF registered trading volume of 17.3 million shares, followed by ASC (14 million) and HASCOL (13.9 million).

    Sectors contributing to the performance include Cement (+41 points), E&P (+29 points), Power (+19 points), Textile (+18 points) and Banks (+15 points).

    Volumes declined back from 230.8 million shares to 173.0 million shares (-25 percent DoD). Average traded value also declined by 31 percent to reach US$ 43.5 million as against US$ 63.2 million.

    Stocks that contributed significantly to the volumes include MLCF, ASCR, HASCOL, UNITY and AVN, which formed 36 percent of total volumes.

    Stocks that contributed positively include PPL (+42 points), BAHL (+17 points), LUCK (+16 points), HUBC (+15 points) and MCB (+15 points). Stocks that contributed negatively include POL (-21 points), HBL (-15 points), SHFA (-12 points), BAFL (-9 points), and PMPK (-8 points).

  • Rupee gains five paisas on inflows

    Rupee gains five paisas on inflows

    KARACHI: The Pak Rupee made gain five paisas against dollar on Friday owing to inflows of export and remittances.

    The rupee ended Rs154.57 to the dollar from previous day’s closing of Rs154.62 in interbank foreign exchange market.

    Currency dealers said that the market witnessed supply of dollars during the day which helped the rupee to make gain.

    The foreign currency market was initiated in the range of Rs154.65 and Rs154.68. The market recorded day high of Rs154.65 and low of Rs154.56 and closed at Rs154.57.

    The exchange rate in open market witnessed stable rupee value. The buying and selling of dollar was recorded at Rs154.60/Rs154.90, the same previous day’s closing, in cash ready market.

  • OGDCL announces gas discovery in Sindh

    OGDCL announces gas discovery in Sindh

    KARACHI: Oil and Gas Development Company Limited (OGDCL) on Friday announced discovery of gas in the exploratory well located in Khairpur Sindh.

    In an information shared with Pakistan Stock Exchange (PSX), the company announced that the joint venture of Ranipur Block comprising OGDCL as operator (95 percent), Government Holdings Private Limited (GHPL) (2.5 percent and Sindh Energy Holding Company (Private) Limited (SEHCL) (2.5 percent had discovered gas and condensate in the exploratory well Metlo 01, which is located in District Khairpur, Sindh Province.

    The OGDCL said that the Metlo-1 was spud on November 17, 2019 and reach a depth of 1504 meters inside Upper Goru Formation. Based on wireline logs, drill stem test (DST) was conducted in Ranikot Formation and Sui Main Limestone.

    The well has tested 1.85 million cubit feet per day of gas, 6 barrels per day of condensate and 38 barrels of water through 32/64” choke at well head flowing pressure of 285 pounds per square inch (Psi) from lower Ranikot Formation.

    The discovery of Metlo-1 is the result of aggressive exploration strategy adopted by the company. “This discovery will add to the hydrocarbons reserves of OGDCL, GHPL, SEHCL and of the country and will contribute in reducing the gap between supply and demand of oil and gas in the country through the exploitation of indigenous resources.