KARACHI: Pakistan Tax Bar Association (PTBA) on Saturday welcomed the appointment of Syed Masoud Ali Naqvi as Chairman Policy Board of the Securities and Exchange Commission of Pakistan (SECP).
In a statement, the tax bar said that Naqvi would able to guide the SECP effectively on various matters and challenges that the commission was facing as a regulator.
The tax bar particularly pointed out that Naqvi would able to make the capital market an attractive avenue for local and foreign investors.
KARACHI: All candidates of Businessmen Group (BMG) have been elected unopposed for the Managing Committee of Karachi Chamber of Commerce & Industry for the term 2019-2021.
According to details, a total of 32 nominations were received by the Election Commission who all belonged to Businessmen Group, a statement said on Saturday
The nominations papers were scrutinized by the Election Commission, which rejected 10 nomination papers by declaring them invalid whereas 7 candidates withdrew their nomination papers, resulting in unanimous election of the remaining 15 BMG candidates.
Therefore, all 15 BMGIANs were declared successful in KCCI’s Election 2019-21.
Siraj Kassam Teli, Chairman Businessmen Group (BMG) and Former President KCCI, on the occasion, expressed gratitude to Almighty Allah and conveyed thanks and compliments to the Business and Industrial community of Karachi for reposing confidence and trust on Businessmen Group.
Siraj Teli said, “By the grace of Almighty Allah, BMG has been winning all the elections without losing a single seat for the last 22 years and after terribly defeating the opponents in last year’s election with double the votes, BMGIANs have been blessed with an unopposed victory by the Almighty Allah.
He said that 22 years of success is an acknowledgement of the public service by the Businessmen Group which also testifies that overwhelming majority of Business and Industrial Community endorses the policies of BMG because they understand and believe that BMGians are serving them selflessly for their betterment.
BMG Chairman hoped that the newly elected BMGians will make all out efforts in espousing the cause of Business and Industrial Community and to further enhance the status of public service which is the motto of BMG.
The successful BMGians include names of Mohammad Junaid Mundia, Arshad Islam, Agha Shahab Ahmed Khan, Muhammad Altaf Tai, Abdul Samad Shaikh, Atif Jamil ur Rehman, Muhammed Asif, Chaudhry Nasir Abdullah, Ibrahim Mustafa Ahmed Shamsi, Rafiq Muhammad Siddiq, Khurram Ajaz, Ovais Adil, Abdul Rehman Punjwani, Sohail Usman Sheikh and Junaid ur Rehman.
As the Managing Committee members have been unanimously elected, hence no general election for Managing Committee will be held on September 21, 2019 whereas the election of KCCI’s Office Bearers for 2019-20 is scheduled to be held on Thursday, September 26, 2019 wherein BMG’s candidates Agha Shahab Ahmed Khan for President, Arshad Islam for Senior Vice President and Shahid Ismail for Vice President will be elected unanimously as the Managing Committee comprises of all BMGIANs.
With the index set to pause for the Eid break next week, stock investors have an opportunity to step back, reflect, and strategize. The recent tumultuous week has left market participants grappling with substantial losses, but analysts at Arif Habib Limited encourage reassessment of the situation, highlighting potential value-buying opportunities amid the downturn.
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KARACHI: The stock market registered 309 points decline on Friday amid selling pressure in blue chip stocks.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 29,429 points as against 29,738 points showing a decline of 309 points.
Analysts at Arif Habib Limited said that the market continued trimming down today, with selling pressure in Banks, E&P and Cement sector stocks.
Coming MSCI review had Investors concern about selling activity from Foreigners, which caused this selling pressure in blue chip stocks in Banks, E&P and Cement sectors.
Mid cap Cement, Steel and Refinery sector scrips traded green. NCL hit upper circuit upon notification of buy back. Cement sector led the volumes table with 14.8 million shares, followed by Technology (9.8 million) and Banks (9.5 million). MLCF led the volumes with 7.7 million shares, followed by EPCL (5 million) and TRG (4.8 million).
Sectors contributing to the performance include Banks (-143 points), E&P (-119 points), Fertilizer (-49 points), O&GMCs (-22 points), Chemical (-11 points).
Volumes declined from 109.3 million shares to 76.4 million shares. Average traded value also declined by 29 percent to reach US$ 19.5 million as against US$ 27.4 million.
Stocks that contributed significantly to the volumes include MLCF, EPCL, TRG, WTL and UBL, which formed 31 percent of total volumes.
Stocks that contributed positively include NESTLE (+14 points), MCB (+11 points), DGKC (+10 points), KTML (+5 points) and MLCF (+5 points). Stocks that contributed negatively include HBL (-75 points), OGDC (-47 points), PPL (-46 points), BAHL (-30 points) and ENGRO (-29 points).
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ISLAMABAD: Federal Board of Revenue (FBR) on Friday directed gas utilities not to provide connection to unregistered persons or not appeared on Active Taxpayers List (ATL).
Chairman FBR Syed Shabbar Zaidi has sent letters to Managing Directors Sui Northern Gas Company Limited (SNGPL) and Sui Southern Gas Company Limited (SSGCL) wherein he has requested that consumers not present on ATL under Section 181A of Income Tax Ordinance, 2001 may not be provided commercial and industrial gas connections.
Section 181 AA states: “Notwithstanding anything contained in any law, for the time being in force, any application for commercial or industrial connection, of electricity or gas shall not be processed and such connection, shall not be provided unless the person applying for electricity or gas connection is registered under Section 181A.”
Under this provision of law a person seeking gas connection should be on Active Taxpayers List of the FBR.
The chairman has stated in the letter that many users of commercial and industrial gas connection do not fall within ATL of the FBR.
The chairman has requested that the list of all persons using industrial and commercial gas connections be shared with FBR as soon as possible.
Moreover, intimation may be issued by the company to the users of such connections to comply with the aforesaid conditions laid down under the Income Tax law.
The chairman has suggested appointing a ‘focal person’ to coordinate with FBR for this purpose.
ISLAMABAD: Federal Board of Revenue (FBR) has urged consumers to provide invoices showing deduction of sales tax by unregistered persons.
The FBR on Friday appealed the people to file complaints against charge of sales tax by unregistered businessmen.
“The consumers’ are encouraged to send the images of such invoices or report the matter to FBR for action,” said a statement.
It said that the FBR had issued a circular which has stated that general public has reported complaints against the businessmen who are charging sales tax from consumers without being registered with FBR under the Sales Tax Act, 1990.
It is, therefore, clarified that sales tax registration number (STRN) (thirteen digits) is issued to every person who is registered for sales tax purpose and only that person is authorized to change sales tax on his taxable sales except where goods fall under third schedule to the Sales Tax Act, 1990.
A business which is not registered for sales tax and does not have an STRN is not authorized to charge sales tax on the invoice.
It is advised in the public interest that an invoice which does not bear a valid STRN should not include any sales tax amount and if any sales tax amount is indicated, the customer is entitled to demand a sales tax invoice with STRN printed on it.
FBR has further clarified that mentioning of NTN is not a substitute for STRN. In order to facilitate the general public and providing a check on abuse of system, FBR has installed a special help line for this matter.
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KARACHI: Overseas Pakistani workers have remitted $2.04 billion in the first month of fiscal year 2019/2020 as compared with $1.98 billion in the same month of the last fiscal year, State Bank of Pakistan (SBP) said on Friday.
During July 2019, the inflow of worker’s remittances amounted to $2.04 billion, which is 23.91 percent more than June 2019 and 2.9 percent more than July 2018.
The country wise details for the month of July 2019 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $470.95 million, $427.33 million, $332.37 million, $299.27 million, $198.06 million and $58.30 million respectively compared with the inflow of $437.48 million, $446.25 million, $291.87 million, $298.51 million, $199.30 million and $64.96 million respectively in July 2018.
Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during July 2019 amounted to US $253.01 million together as against US $243.35 million received in July 2018.
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KARACHI: State Bank of Pakistan (SBP) will monitor the working of Automated Teller Machines (ATMs) during Eid holidays to ensure uninterrupted availability of cash.
The central bank on Friday said that it had provided a sufficient quantity of fresh and good quality ATM notes of higher denominations to commercial banks for smooth ATM operations during the Eid Holidays.
“In this regard, special teams of SBP and SBP BSC officials shall inspect and monitor the working of ATMs across Pakistan to ensure uninterrupted availability of cash to the general public during the Eid holidays.”
The SBP, through 16 field offices of its subsidiary SBP Banking Services Corporation (SBP BSC), issued fresh banknotes of various denominations aggregating to Rs284 billion, including Rs.274 billion via commercial banks and Rs.10 billion via cash counters of SBP BSC , during days leading to Eid-ul-Azha.
Out of the total notes issued to commercial banks, Rs. 12 billion of lower denominations (upto Rs.100), fresh notes have been provided for onward distribution among general public and account holders, the SBP said.
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ISLAMABAD: Pakistan has completely cut trade ties with India as the ministry of commerce issued notification for banning import and exports with the neighboring country.
The ministry of commerce on Friday issued SRO 927(I)/2019 and SRO 928(I)/2019 to impose ban on trade with India.
Through SRO 927 (I)/2019, the ministry of commerce amended Import Policy Order, 2016 and included India in the list of countries having not trade links. Earlier, only one country i.e. Israel was on the list.
With the amendment the goods of Indian or Israeli origin or imported from India or Israel are prohibited.
Similarly, through SRO 928(I)2019, the ministry of commerce also restricted exports to India.
The ban has been imposed on trade with India following decision taken at the National Security Committee (NSC) against atrocities of India on Kashmiri people.
Prime Minister Imran Khan on Wednesday chaired meeting of the National Security Committee at Prime Minister’s Office.
The meeting was attended by Foreign Minister, Defence Minister, Interior Minister, Minister for Education, Minister for Human Rights, Minister for KA&GB, Law Minister, Adviser Finance, CJCSC, COAS, CAS, CNS, SAPM on Information, DG-ISI, DG-ISPR, Secretary Foreign Affairs and other senior officers.
The Committee discussed situation arising out of unilateral and illegal actions by the Indian government, situation inside Indian Occupied Jammu and Kashmir and along LOC.
The Committee decided to take following actions:- 1. Downgrading of diplomatic relations with India. 2. Suspension of bilateral trade with India. 3. Review of bilateral arrangements. 4. Matter to be taken to the United Nations, including the Security Council. 5. Independence Day this 14 August to be observed in solidarity with brave Kashmiris and their just struggle for their right of self-determination. 15th August will be observed as Black Day.
PM directed that all diplomatic channels be activated to expose brutal Indian racist regime, design and human rights violations. PM directed Armed Forces to continue vigilance.
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KARACHI: The Pak Rupee ended down by 19 paisas against dollar on Friday owing to higher demand for import payments ahead of Eid and weekly holidays.
The rupee closed at Rs158344 to the dollar from previous day’s closing of Rs158.25 in interbank foreign exchange market.
Currency experts said that demand for greenback was high due to Eid and weekly holidays. The market will remain close for next six days and will reopen next Friday August 16, 2019.
The government has announced holidays for Eid-ul-Azha from August 12 to August 15.
The exchange rate in open market also witnessed significant depreciation in rupee value. The buying and selling of dollar was recorded at Rs158.30/Rs159.30 from previous day’s closing of Rs157.40/Rs158.40 in cash ready market.
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