Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Weekly Review: Bulls likely return on attractive levels

    Weekly Review: Bulls likely return on attractive levels

    KARACHI: The stock market may witness bullish trends during the next week after bears dominated the current week, analysts said.

    Analysts at Airf Habib Limited said expect that the market to remain positive in the upcoming weeks since valuations have opened up to attractive levels.

    Moreover, the government intends to issue Rs200 billion Sukuks so as to address problems of power sector. Any development in this regard will serve as a positive trigger for the market. With foreign reserves and external accounts improving as well as stability on PKR/USD front, they expect foreign interest to revive.

    The market commenced on a negative note this week, carrying the pressure from last Friday since Asia Pacific Group kept Pakistan on enhanced monitoring mechanism. Moreover, privatization commission’s decision to divest some portion of government’s stake in State Owned Companies such as OGDC, PPL, KAPCO and PAKRI kept the sentiment weak.

    However, amendment in GIDC Act 2015, giving 50 percent waiver to Fertilizer, Chemical, Cement and Textile Companies, cushioned the dip. Albeit, the market closed at 29,672 points down by a massive 1,678 points (5.4 percent WoW).

    Sector-wise negative contributions came from i) Oil & Gas Exploration Companies (519 points) ii) Commercial Banks (400 points), iii) Oil & Gas Marketing Companies (160 points), iv) Cement (139 points), and v) Power Generation & Distribution (216 points). Scrip-wise negative contributions were led by OGDC (247 points), PPL (193 points), HBL (134 points), BAHL (79 points) and PSO (63 points).

    Foreign buying was witnessed this week clocking-in at USD 0.97 million compared to a net sell of USD 4.97 million last week. Buying was witnessed in Commercial Banks (USD 2.5 million) and Technology and Communication (USD 1.0 million).

    On the domestic front, major selling was reported by Mutual Funds (USD 13.5 million), however Individuals remained net buyers of USD 7.8mn. Average Volumes settled at 124mn shares (down by 29 percent WoW) while average value traded clocked-in at USD 29 million (down by 23 percent WoW).

  • FBR lists prohibited items for import, export

    FBR lists prohibited items for import, export

    KARACHI: Federal Board of Revenue (FBR) has issued list of items that are prohibited for clearance of import or export under Customs Act, 1969.

    The FBR issued Customs Act, 1969 updated till June 30, 2019 (incorporating changes brought through Finance Act, 2019) and explained Section 15 related to prohibition.

    Section 15

    Prohibitions:- No goods specified in the following clauses shall be brought into or taken out of Pakistan, namely:-

    (a) counterfeit coins, forged or counterfeit currency notes, and any other counterfeit product;

    (b) any obscene book, pamphlet, paper, drawing, painting, representation, figure, photograph, film, or, article, video or audio recording, CDs or recording on any other media;

    (c) goods having applied thereto a counterfeit trade mark within the meaning of the Pakistan Penal Code, 1860 (Act XLV of 1860), or a false trade description within the meaning of the Copyright Ordinance, 1962 (XXXIV of 1962), the Registered Layout-Designs of Integrated Circuits Ordinance, 2000 (XLIX of 2000), the Registered Designs Ordinance, 2000 (XLV of 2000), the Patents Ordinance, 2000 (LXI of 2000), and the Trade Marks Ordinance, 2001 (XIX of 2001);

    (d) goods made or produced outside Pakistan and having applied thereto any name or trade mark, being or purporting to be the name or trade mark of any manufacturer, dealer or trader in Pakistan, unless,-

    (i) the name or trade mark is, as to every application thereof, accompanied by a definite indication of the goods having been made or produced in a place outside Pakistan; and

    (ii) the country in which that place is situated is in that indication shown in letters as large and conspicuous as any letter in the name or trade mark, and in the same language and character as the name or trade mark;

    (e) goods involving infringement of copyright, layout-design of integrated circuits, industrial designs, patents within the meaning of the Copyright Ordinance, 1962 (XXXIV of 1962), the Registered Designs Ordinance, 2000 (XLV of 2000), and the Patents Ordinance, 2000 (LXI of 2000), respectively; and

    (f) goods made or produced outside Pakistan and intended for sale, and having applied thereto, a design in which copyright exists under the Copyright Ordinance, 1962 (XXXIV of 1962), the Registered Layout –Designs of Integrated Circuits Ordinance, 2000 (XLV of 2000), the Patents Ordinance, 2000 (LXI of 2000), and the Trade Marks Ordinance, 2001 (XIX of 2001), in respect of the class to which the goods belong or any fraudulent or obvious imitation of such design, patent, copyright except when the application of such design has been made with the license or written consent of the registered proprietor, right holder of the design, patent or copyright, as the case may be:

    Provided that offences relating to goods imported or exported in violation of Intellectual Property Rights shall, notwithstanding any thing contained in any other law for the time being in force, be adjudicated under section 179 by the appropriate officer of customs.

    Section 16

    Power to prohibit or restrict importation and exportation of goods.- The Federal Government may, from time to time, by notification in the official Gazette, prohibit or restrict the bringing into or taking out of Pakistan of any goods of specified description by air, sea or land.

    Section 17

    Detention, seizure and confiscation of goods imported in violation of section 15 or section 16.- Where any goods are imported into, or attempted to be exported out of, Pakistan in violation of the provisions of section 15 or of a notification under section 16, such goods shall, without prejudice to any other penalty to which the offender may be liable under this Act or the rules made there under or any other law, be liable to detention, for seizure or confiscation subject to approval of an officer not below the rank of an Assistant Collector of Customs, and seizure for confiscation through adjudication, if required.

    It may be mention here that the ministry of commerce through SROs 927 and 928 dated August 9, 2019 imposed complete ban on trade with India.

  • PM’s economic team to hold dialogues with business community for growth

    PM’s economic team to hold dialogues with business community for growth

    ISLAMABAD: The economic team of the Prime Minister will hold dialogues with business community to take input for economic stability and growth.

    A meeting decided this on Friday to promote dialogue with the business community to seek their views on increasing the pace of growth and achieving economic stability.

    Prime Minister Imran Khan chaired the meeting of the economic team at PM’s Office.

    The meeting was attended by Muhammad Hammad Azhar Minister for Economic affairs, Makhdoom Khusro Bakhtiyar Minister for Planning & Development, Omar Ayub Khan Minister for Power, Muhammad Mian Somro Minister for Privatization, Advisor on Finance Dr. Abdul Hafeez Sheikh, Advisor on Commerce Abdul Razak Dawood, Adviser on Institutional Reforms Dr. Ishrat Hussain, SAPM Dr. Sania Nishtar, SAPM Nadeem Babar, SAPM Dr. Firdous Ashiq Awan, Chairman Board of Investment Syed Zubair Gilani, Chairman FBR Syed Shabbar Zaidi, Deputy Chairman Planning Commission Jehanzeb Khan and senior officials of the government.

    The prime minister directed that promotion of SMEs must be focused to enable such enterprises to flourish in the country.

    The meeting reviewed the current economic situation and initiatives of the government to improve the business climate, increase exports, reduce current account deficit and stabilizing the economy.

    It was noted that current financial year since July 2019 has commenced on a positive note. Exports have registered an increase and the Current Account Deficit has been reduced by 31 percent.

    It is expected that the fuel prices will also decrease on 1st September, 2019.

    The international financial institutions such as the World Bank and Asian Development Bank have restored budgetary support.

    The meeting was informed that ECNEC also approved Rs. 579 billion of projects in agriculture, water and infrastructure sectors including mass-transit projects for Karachi.

  • SBP urges business community to discourage cash transactions

    SBP urges business community to discourage cash transactions

    Dr. Reza Baqir, the Governor of the State Bank of Pakistan (SBP), has called on the business community to reduce cash transactions to aid economic growth. Speaking to members of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday, Dr. Baqir emphasized the importance of promoting transactions through the banking system.

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  • FBR transfers BS-20 officers of Pakistan Customs Service

    FBR transfers BS-20 officers of Pakistan Customs Service

    ISLAMABAD: Federal Board of Revenue (FBR) has notified transfers and postings of officers of BS-20 Pakistan Customs Service (PCS) with immediate effect and until further orders.

    The following customs officers have been transferred and posted:

    01. Dr Samina Taslim Zehra (Pakistan Customs Service/BS-20) has been transferred and posted as Director, Directorate of Input Output Co-efficient Organization (South), Karachi from the post of Chief, Federal Board of Revenue (Hq), Islamabad.

    02. Muhammad Asghar Khan (Pakistan Customs Service/BS-20) has been transferred and posted as Director, Directorate General of Intelligence & Investigation, FBR, from the post of Islamabad Additional Director, Directorate of Post Clearance Audit, Islamabad.

    03. Ms. Rabab Sikandar (Pakistan Customs Service/BS-20) has been transferred and posted as Director, Directorate of Intellectual Property Rights (IPR) Enforcement (Central), Lahore from the post of Director, Directorate of Intelligence & Investigation, FBR, Lahore.

    04. Mirza Mubashir Baig (Pakistan Customs Service/BS-20) has been transferred and posted as Director, Directorate General of IPR Enforcement (North), Islamabad from the post of Collector, Model Customs Collectorate, Faisalabad.

    05. Ms. Saima Shehzad (Pakistan Customs Service/BS-20) has been transferred and posted as Collector, Model Customs Collectorate of Appraisement, Faisalabad from the post of Collector, Collectorate of Customs, (Appeals), Lahore.

    06. Ms. Iram Maqbool Aamir (Pakistan Customs Service/BS-20) has been transferred and posted as Director, Directorate of Training & Research (Customs), Islamabad from the post of Director, Directorate General of Intelligence & Investigation, FBR, Islamabad.

    07. Muhammad Saleem (Pakistan Customs Service/BS-20) has been transferred and posted as Collector, Model Customs Collectorate of Preventive, Multan from the post of Chief, Federal Board of Revenue (Hq), Islamabad.

    08. Ms. Naureen Ahmad Tarar (Pakistan Customs Service/BS-20) has been transferred and posted as Collector, Collectorate of Customs, (Appeals), Lahore from the post of Director, Directorate of Customs Valuation, Lahore.

    09. Ms. Ambreen Ahmad Tarar (Pakistan Customs Service/BS-20) has been transferred and posted as Director, Directorate of Customs Valuation, Lahore from the post of Collector, Model Customs Collectorate, Multan.

    10. Basit Maqsood Abbasi (Pakistan Customs Service/BS-20) has been transferred and posted as Collector, Model Customs Collectorate (AIIA), Lahore from the post of Additional Collector, Model Customs Collectorate of Preventive, Lahore.

    11. Ms. Sadia Munib (Pakistan Customs Service/BS-20) has been transferred and posted as Director, Directorate of Intelligence & Investigation, FBR, Lahore from the post of Additional Director, Directorate of Intelligence & Investigation, FBR, Lahore.

    The FBR said that the officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting.

  • Stock market falls by 487 points

    Stock market falls by 487 points

    KARACHI: The stock market fell by 487 points on Friday as bearish trend prevailed on major scrips.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 29,672 points as against 30,159 points showing a decline of 487 points.

    Analysts at Arif Habib Limited said that the market traded in a narrow band of +/-150 points during the first session, and closed the session at -86 points.

    Bearish pressure carried on in E&P sector from yesterday and saw appointment of financial advisor by Privatization Commission for OGDC and PPL.

    Besides, Fertilizer Sector that came out as winner due to resolution of GIDC issue, also came under fire with significant declines in prices from yesterday’s close. O&GMCs, E&P, Fertilizer, Cement sectors saw selling activity, with Technology sector leading the volumes table with 13.4 million shares, followed by Power (12.8 million) and Cement (11.6 million).

    Among scrips, KEL realized the most volume with 10 million shares, followed by WTL (5.3 million) and MLCF (4.7 million).

    Sectors contributing to the performance include E&P (-126 points), Fertilizer (-106 points), Power (-80 points), Banks (-71 points), O&GMCs (-45 points), Tobacco (+31 points), Inv Banks (+19 points), Food (+18 points).

    Volumes declined further from 118.6 million shares to 110.0 million shares (-7 percent DoD). Average traded value also declined by 10 percent to reach US$ 25.3 million as against US$ 27.9 million.

    Stocks that contributed significantly to the volumes include KEL, WTL, MLCF, TRG and UNITY, which formed 27 percent of total volumes.

    Stocks that contributed positively include PAKT (+31 points), MCB (+26 points), DAWH (+19 points), NESTLE (+14 points) and MUREB (+9 points). Stocks that contributed negatively include OGDC (-58 points), HUBC (-56 points), PPL (-51 points), and FFC (-39 points).

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  • Rupee ends with 36 paisas gain against dollar

    Rupee ends with 36 paisas gain against dollar

    KARACHI: The Pak Rupee ended with gain of 36 paisas against dollar on Friday owing to improved inflows of remittances and export receipts.

    The rupee ended Rs156.86 to the dollar from previous day’s closing of Rs157.22 in interbank foreign exchange market.

    The currency experts said that the rupee value was improved on inflows of remittances and export receipts.

    The foreign currency market was initiated in the range between Rs157.20 and Rs157.30. The market recorded day high of Rs157.20 and low of Rs156.75 in interbank foreign exchange market.

    The exchange rate in open market also witnessed 50 paisas appreciation in value of the local currency.

    The buying and selling of dollar was recorded at Rs156.50/Rs157.00 from previous day’s closing of Rs157.00/Rs157.50 in cash ready market.

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    Rupee gains 47 paisas in mid-day trade

  • Rupee gains 47 paisas in mid-day trade

    Rupee gains 47 paisas in mid-day trade

    KARACHI: The Pak Rupee made significant gain of 47 paisas against dollar in mid-day trading on Friday owing to inflows of remittances and export receipts.

    The dollar is being traded at Rs156.75 to the dollar in interbank foreign exchange market in early trading.

    The exchange rate ended at Rs157.22 to the dollar in interbank foreign exchange market on Thursday.

    Currency experts said that the improved inflows of worker remittances and export receipts helped the local currency to make gains against the greenback. They said that encouraging economic figures in the month of July and following in August helped to improve sentiments of businesses.

    The exchange rate in open market also witnessed appreciation in rupee value in mid-day trading. The dollar is being traded at Rs157.30 from previous day’s closing of Rs157.50.

  • Rupee gains 27 paisas in early trade

    Rupee gains 27 paisas in early trade

    KARACHI: The Pak Rupee made significant gain of 27 paisas against dollar in early day trading owing to inflows of remittances and export receipts.

    The dollar is being traded at Rs156.95 to the dollar in interbank foreign exchange market in early trading.

    The exchange rate ended at Rs157.22 to the dollar in interbank foreign exchange market on Thursday.

    Currency experts said that the improved inflows of worker remittances and export receipts helped the local currency to make gains against the greenback. They said that encouraging economic figures in the month of July and following in August helped to improve sentiments of businesses.

  • FBR issues draft corporate income tax return form

    FBR issues draft corporate income tax return form

    The Federal Board of Revenue (FBR) took a significant step on Thursday as it released the draft return forms for tax year 2019, specifically designed for companies.

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