Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Loan disbursement to young entrepreneurs to start from next month

    Loan disbursement to young entrepreneurs to start from next month

    ISLAMABAD: The disbursement of loans to young entrepreneurs will start from next month after completing all the formalities, it was agreed at a meeting on Thursday to review Youth Entrepreneurship Scheme of Kamyab Jawam Programm.

    The meeting agreed that the disbursement of loans to the successful applicants under the scheme would start in December 2019 after completing all the required formalities.

    Muhammad Usman Dar, Special Assistant to the Prime Minister on Youth Affairs; along with Asad Umer, Chairman National Assembly Standing Committee on Finance, chaired a high-level meeting with the representatives from State Bank of Pakistan, Presidents and senior officials of National Bank of Pakistan, Bank of Punjab, and Bank of Khyber to review the processing of loan applications received under Youth Entrepreneurship Scheme (YES) of Kamyab jawan Programme.

    All the three executing banks of the scheme: National Bank of Pakistan, Bank of Punjab, and Bank of Khyber would strengthen their infrastructure both in terms of human resource and technology to cope with the huge challenge of processing one million applications received so far under the scheme.

    Speaking on the occasion, Muhammad Usman Dar reiterated his resolve to strictly follow merit and transparency in the processing and disbursement of loans to the potential entrepreneurs.

    This would not only create number of employment opportunities for youth but would also contribute remarkably to the national economic growth.

    Muhammad Usman Dar appreciated the commitment and efforts of State Bank of Pakistan and the three executing banks: National Bank of Pakistan, Bank of Punjab, and Bank of Khyber, in making this scheme a real game changer for the creation of jobs through the promotion of SME sector in the country.

  • Pakistan’s foreign exchange reserves fall to $15.5 billion

    Pakistan’s foreign exchange reserves fall to $15.5 billion

    KARACHI: Pakistan’s liquid foreign exchange reserves fell by $16 million to $15.502 billion by week ended November 08, 2019 as compared with $15.518 billion a week ago, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves held by State Bank increased by $40 million to $8.397 billion by week ended on November 08, 2019 as compared with $8.357 billion a week ago.

    However, the reserves held by commercial banks fell by $56 million to $7.104 billion as compared with $7.16 billion a week ago.

  • Stock market gains 76 points amid profit taking

    Stock market gains 76 points amid profit taking

    KARACHI: The stock market increased by 76 points on Thursday amid profit taking during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 37,243 points as against 37,167 points showing an increase of 76 points.

    Analysts at Arif Habib Limited said that the market gained +340 points and closed the session +76 points. Cement, Steel, Autos and Fertilizer stayed in the limelight with buying activity, whereas E&P and blue chip banks faced selling pressure.

    Concerns on political uncertainty caused the investors to be cautious of downward adjustment in the Index and preferred booking profits wherever they could.

    A major chunk of trading volumes was generated in MLCF’s Right shares, which registered volume of 38.6 million shares (11.5 percent of total).

    Prices of MLCF and its Right went down in initial trading but saw heavy buying activity that took the prices towards upper circuit. Cement sector led the volumes with 47.4 million shares, followed by Banks (36.1 million) and Engineering (31.9 million). Among scrips, MLCFR1 registered volume of 38.6 million, followed by BOP (17.6 million) and PAEL (16.3 million).

    Sectors contributing to the performance include Autos (+40 points), Banks (+23 points), Cement (+23 points), Pharma (+17 points), Technology (+13 points), E&P (-33 points), and O&GMCs (-16 points).

    Volumes increased from 275.4 million shares to 336 million shares (+22 percent DoD). Average traded value however, declined by 6 percent to reach US$ 65.4 million as against US$ 69.2 million.

    Stocks that contributed significantly to the volumes include MLCFR1, BOP, PAEL, TRG and DSL, which formed 30 percent of total volumes.

    Stocks that contributed positively include MEBL (+26 points), BAHL (+22 points), INDU (+16 points), MTL (+16 points) and DGKC (+12 points). Stocks that contributed negatively include HBL (-32 points), COLG (-12 points), OGDC (-11 points), POL (-9 points), and LUCK (-9 points).

  • Pakistan’s trade deficit narrows by 33.52 percent in July – October

    Pakistan’s trade deficit narrows by 33.52 percent in July – October

    ISLAMABAD: Pakistan’s trade deficit has narrowed by 33.52 percent during first four months (July – October) of current fiscal year owing to improving exports.

    According to data released by Pakistan Bureau of Statistics (PBS) on Thursday, the trade deficit reduced to $7.77 billion during July – October of current fiscal year as compared with the deficit of 11.7 billion in the corresponding period of the last fiscal year.

    The country’s exports registered four percent growth during the period under review. The exports grew to $7.54 billion during first four months of the current fiscal year as compared with $7.27 billion in the same period of the last fiscal year.

    However, the import bill of the country sharply fell by 19.21 percent during the period. The import bill declined to $15.32 billion during July – October of the current fiscal year as compared with $18.96 billion in the corresponding period of the last fiscal year.

  • Rupee ends down by two paisas on import payment demand

    Rupee ends down by two paisas on import payment demand

    KARACHI: The Pak Rupee ended down by two paisas against dollar on Thursday amid demand for import payment.

    The rupee closed at Rs155.42 to the dollar from previous day’s closing of Rs155.40 in interbank foreign exchange market.

    Currency dealers said that the demand for the foreign currency was higher earlier in the day. However, inflows helped the rupee to recovery early day losses.

    The foreign currency market was initiated in the range between Rs155.40/Rs155.45. The market recorded day high of Rs155.47 and low of Rs155.40 and closed at Rs155.42.

    The exchange rate in open market witnessed slight appreciation in rupee value. The buying and selling of dollar was recorded at Rs155.20/Rs155.40 from previous day’s closing of Rs155.20/Rs155.50 in cash ready market.

  • Honda Atlas Cars declares 50 percent drop in after tax profit

    Honda Atlas Cars declares 50 percent drop in after tax profit

    KARACHI: Honda Atlas Cars (Pakistan) Limited on Thursday announced 50 percent drop in net profit for the quarter ended September 30, 2019.

    According to financial results of the company the profit after tax for the quarter (July – September) 2019 fell to Rs509.69 million as compared with the net profit of Rs1,030 million in the corresponding quarter of the last year.

    The sales of the company fell to Rs11.64 billion for the quarter under review as compared with Rs25.81 billion in the corresponding period of the last year, posting 55 percent decline.

    The gross profit of the company declined to Rs1.21 billion for the quarter ending September 30, 2019 as compared with Rs1.65 billion in the same period of the last year.

    The company declared profit of Rs1.1 billion for the half year (April – September) 2019 as compared Rs3.24 billion in the same half of the last year.

    The sales of the company during the half fell to Rs29.52 billion as compared with Rs49.67 billion in the same half of the last fiscal year.

  • FBR, PBA to discuss, resolve access to bank accounts

    FBR, PBA to discuss, resolve access to bank accounts

    KARACHI: Federal Board of Revenue (FBR) and Pakistan Bankers Association (PBA) will discuss and resolve the matter pertaining to information of bank account holders.

    Senior officials at Large Taxpayers Unit (LTU) Karachi said at a press briefing on Wednesday.

    They said that the matter of obtaining financial transactions by account holders had been stayed by the court of law for the past many years.

    However, in the latest hearing on November 07, 2019 the court directed the FBR and PBA to find out solution and present in the next hearing i.e. November 21, 2019, they said.

    Through Finance Act, 2013 Section 165A was inserted to Income Tax Ordinance, 2001 making it mandatory for banks to provide details of transactions made by their account holders.

    As per law the banks are bound to provide details of account holders, included: a list of persons making cash withdrawal of Rs50,000 per day or over Rs1 million in a month; deposits of Rs10 million in a month; credit card payment of Rs250,000 per month; persons receiving profit on debt above Rs500,000 in a year.

    The laws in Income Tax Ordinance, 2001 have superseded other laws including Banking Companies Ordinance, 1962; the Protection of Economic Reforms Act, 1992; the Foreign Exchange Regulation Act, 1947 etc. yet the banks were not providing the details on the grounds of various excuses.

    It is interesting to note that Chairman FBR held many meetings with banks during past three months but the matter was still unresolved.

    FBR chairman Syed Shabbar Zaidi recently asked the banks to provide details of those individuals who invested in government securities through banks.

    The LTU officials said that the issue would be resolved soon and banks would start transmitting details of financial transactions made by bank account holders.

    Pakistan has large undocumented economy and undisclosed money is believed to be parked in banking system.

  • LTU Karachi identifies unregistered 100,000 commercial gas connection holders

    LTU Karachi identifies unregistered 100,000 commercial gas connection holders

    KARACHI: The Large Taxpayers Unit (LTU) Karachi on Wednesday said that it has identified over 100,000 persons having commercial gas connections but not registered with the Federal Board of Revenue (FBR).

    This was disclosed by chief commissioners of LTU Karachi at a press conference. The media interaction is part of the strategy to update about performance of tax machinery.

    Zulfiqar Memon and Girdhari Mal, the chief commissioners of the LTU Karachi, informed that the persons had been identified through data verification obtained from Sui Southern Gas Company Limited (SSGCL) and available record from tax offices.

    They said that the FBR would enforce mandatory sales tax registration on those commercial gas connection holders.

    About measures against tax evasion, they said that in the first four months of current fiscal year the unit examined financial records of companies and issued notices to around 10 companies for concealing Rs100 billion. They said that one company alone evaded Rs23 billion.

    The LTU officers said that the unit registered growth of 16 percent in revenue collection during first four months of current fiscal year. The revenue collection of the unit was Rs402.16 billion during July – October 2019/2020 as compared with Rs346.86 billion in the corresponding period of the last fiscal year.

    They attributed the revenue growth to the recent reforms initiative by the government. They said that the reforms had resulted in economic activities and subsequently rise in revenue collection.

    Sector wise major revenue contributor was banking sector followed by refineries, oil marketing companies and textile etc.

    The LTU Karachi has jurisdiction over 5,056 big turnover units. As per criteria the LTU Karachi will have jurisdiction over a company having over Rs400 million turnover or Rs20 million as tax contribution in a year.

    Talking about the recent reforms initiatives by the government including proposed formation of Pakistan Revenue Authority (PRA), the officials said that the filed units were not against the government plan.

    However, they said, the FBR chairman had assured to address grievances of tax employees related to reform program.

  • Committee directs PTA to take harsh measures against hate speech on social media

    Committee directs PTA to take harsh measures against hate speech on social media

    ISLAMABAD: The Standing Committee on Cabinet Secretariat on Wednesday directed Pakistan Telecommunication Authority (PTA) to take harsh measures against hate speech and religious intolerance on social media.

    The Committee met under the chairmanship of Syed Amin-ul-Haque, MNA in Parliament House and directed PTA to assert its regulatory role on telecommunication sector for improvement in service delivery and coverage in far flung areas.

    The Committee also directed PTA to take stringent measures to address the menace of hate speech and religious intolerance on social media.

    The Committee was given a comprehensive briefing about the regulatory mechanism of PTA and its future initiatives.

    The Chairman PTA apprised the Committee that PTA was actively pursuing its role as regulator on the telecommunication sector.

    He informed that PTA had ensured service delivery in accordance with the terms and conditions specified in the telecommunication licenses, modernization of services, regulate competition between telecom operators besides protecting consumers’ interests.

    Responding to a query of a Member, the Chairman PTA apprised that the Authority also ensures effective compliance of telecom services in far-flung areas by operators through Universal Support Fund (USF).

    He assured that PTA would take up the provision of telecom services through USF in Baluchistan and erstwhile FATA Districts.

    The Chairman PTA further informed that installation of Mobile Towers especially in the residential areas was allowed after a stringent process of verification and compliant to universal health and safety standards.

    The Committee appreciated the performance of PTA, however, directed to take appropriate measures against fraudulent element defrauding people of their money through mobile networks, obscenity, spreading hate speech, sectarianism and religious intolerance.

    He informed that investment conducive environment created by government had resulted in 70 percent rise in mobile devices assembly which would ultimately result in their manufacturing in Pakistan.

    The Committee while reviewing compliance of Committee’s earlier directives/recommendations appreciated the timely response by the Establishment Division.

    The Committee recommended for developing Standard Operation Procedure for disposal of cases of deputation in Federal Government Department under wedlock policy.

    The Committee directed Federal Public Service Commission to conclude inquiry into the alleged unauthorized amendment in FPSC rules within six weeks.

    The meeting was attended by Ali Muhammad Khan, Minister of State for Parliamentary Affairs MNAs; Ali Nawaz Awan, Aamir Talal Gopang, Muhammad Aslam Khan, Ms. Uzma Riaz, Mir Ghulam Ali Talpur, Mohsin Dawar, Additional Secretary, Establishment, Chairman PTA, Secretary Federal Public Service Commission and Senior Officers of the concerned departments.

  • Stock market increases by 401 points; crosses 37,000 points after seven months

    Stock market increases by 401 points; crosses 37,000 points after seven months

    KARACHI: The stock market gained 401 points on Wednesday to cross 37,000 mark after seven months.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 37,167 points from last day’s closing of 36,7666 points.

    Analysts at Topline Securities said that after depicting a flattish trend in last session, KSE-100 index returned to its upward trajectory to record gain of 1.09 percent/401 points to close at 37,167 level.

    The last time the market saw 37,000 was back in Apr-2019 7 months ago.

    Furthermore, today the value traded of Rs10.7 billion was the highest of the year thus far.

    As per rumors in the market, Pension fund has made investment in mutual funds which led the index to rally 401 points.

    Furthermore, (NML) Nishat Mills Limited ,(GATM) Gul Ahmad Textile Mills & FML Feroze Mills Limited closed positively in range of 3-5 percent on recent export based incentives package announced by state bank of Pakistan.

    Top contributors to the Index were HBL (+64), followed by BAHL (+44) , ENGRO (+34) & MARI (+30).

    Investor participation in terms of volume was recorded at 275 million shares down 6 percent; while traded value was up by 8 percent at Rs.10.7 billion.

    UNITY was the market leader followed by WTL & TRG which cumulatively added 24 million shares to total volume.