Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • FBR transfers 23 inspectors to speed up action against Benami assets

    FBR transfers 23 inspectors to speed up action against Benami assets

    ISLAMABAD: Federal Board of Revenue (FBR) has transferred 23 inspectors of Inland Revenue to newly established Benami zones in three major cities in order to speed up action against Benami assets.

    According to a notification issued on Thursday the FBR transferred and posted following inspectors of BS-16 with immediate effect until further orders:

    01. Muhammad Jahangir has been transferred from LTU Islamabad to Benami Zone, Islamabad.

    02. Muhammad Afzal Khan has been transferred from RTO Islamabad to Benami Zone, Islamabad.

    03. Ms. Tahmina Bibi has been transferred from RTO Islamabad to Benami Zone, Islamabad.

    04. Khawaja Muhammad Zaheer has been transferred from RTO Islamabad to Benami Zone, Islamabad.

    05. Ms. Tabassum Baig has been transferred from RTO Islamabad to Benami Zone, Islamabad.

    06. Osama Idrees has been transferred from RTO Rawalpindi to Benami Zone, Islamabad.

    07. Ms. Sobia Idrees has been transferred from CRTO Lahore to Benami Zone, Lahore.

    08. Syed Muhammad Zulqarnain Shah has been transferred from LTU Lahore to Benami Zone, Lahore.

    09. Muhamamd Usman has been transferred from LTU Lahore to Benami Zone, Lahore.

    10. Shahbaz Amir Ali has been transferred from RTO-II Lahore to Benami Zone, Lahore.

    11. Muhammad Hamza has been transferred from RTO-II Lahore to Benami Zone, Lahore.

    12. Ms. Mah-e-No Mirza has been transferred from RTO-II Lahore to Benami Zone, Lahore.

    13. Muhammad Ahmad Asghar has been transferred from RTO-II Lahore to Benami Zone, Lahore.

    14. Rana Muhammad Awais has been transferred from RTO-II Lahore to Benami Zone, Lahore.

    15. Ms. Nazia Ghazal has been transferred from RTO-II Lahore to Benami Zone, Lahore.

    16. Mehraj Ahamad has been transferred from CRTO Karachi to Benami Zone, Karachi.

    17. Suhail Ahmad has been transferred from CRTO Karachi to Benami Zone, Karachi.

    18. Kamran Taj has been transferred from RTO-II Karachi to Benami Zone, Karachi.

    19. Muhammad Umair Shaikh has been transferred from RTO-II Karachi to Benami Zone, Karachi.

    20. Dileep Kumar has been transferred from LTU Karachi to Benami Zone, Karachi.

    21. Mansoor Farhad has been transferred from RTO-III Karachi to Benami Zone, Karachi.

    22. Muhammad Ilyas has been transferred from CRTO Karachi to Benami Zone, Karachi.

    23. Amit Kumar has been transferred from RTO-II Karachi to Benami Zone, Karachi.

  • Foreign exchange reserves down by $387 million to $14.486 billion

    Foreign exchange reserves down by $387 million to $14.486 billion

    KARACHI: The liquid foreign exchange reserves of the country have declined by $387 million to $14.486 billion by week ended July 19, 2019 as compared with $15.249 billion a week ago, State Bank of Pakistan (SBP) said on Thursday.

    The reserves held by the central bank fell by$389 million to $7.612 billion by week ended July 19, 2019 as compared with $8.001 billion a week ago. The central bank said that its reserves were reduced due to external debt servicing and other official payments.

    The reserves held by commercial banks were flat at $7.250 billion as compared with $7.248 billion.

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  • KSE-100 index ends flat amid selling pressure

    KSE-100 index ends flat amid selling pressure

    KARACHI: The stock market ended with a nominal gain of 45 points on Thursday amid selling pressure during the first half of trading.

    The benchmark KSE-100 of Pakistan Stock Exchange (PSX) closed at 32,446 points as against 32,401 points showing an increase of 45 points.

    Analysts at Arif Habib Limited said that market traded in a narrow range and saw an oscillation of +101 points and -251 points.

    Early part of the session saw bearish trend, with selling pressure in Cement, Banks, Fertilizer stocks. Sectors contributing positively to the index included E&P and Autos. Among banking sector scrips, HBL performed well despite dismal financial results announced yesterday.

    The Bank is scheduled to hold conference call with Analysts to explain the financial performance.

    Cement sector remained muted throughout the day, giving hope to short sellers, whereby MLCF ended the session at lower circuit.

    Overall volumes were still low, and were mainly contributed by Cement sector (10 million shares), followed by Banks (9 million). BOP ranked top amongst the volume leaders with 5.5 million shares, followed by MLCF (5.3 million).

    Sectors contributing to the performance include E&P (+41 points), Fertilizer (+35 points), Power (+25 points), Banks (+24 points), Cement (-31 points) and O&GMCs (-25 points).

    Volumes declined further from 84.4 million shares to 63.1 million shares (-25 percent DoD). Average traded value also declined by 31 percent to reach US$ 14.6 million as against US$ 21 million.

    Stocks that contributed significantly to the volumes include BOP, MLCF, TRG, UNITY and FFL, which formed 36 percent of total volumes.

    Stocks that contributed positively include HUBC (+26 points), OGDC (+22 points), HBL (+18 points), ENGRO (+15 points) and NESTLE (+14 points). Stocks that contributed negatively include PSO (-14 points), HMB (-9 points), LUCK (-7 points), TRG (-7 points) and FCCL (-6 points).

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  • Rupee gains 33 paisas in interbank market

    Rupee gains 33 paisas in interbank market

    KARACHI: The Pak Rupee gained 33 paisas against dollar on Thursday owing to positive sentiments prevailed following successful visit of the US by Prime Minister Imran Khan.

    The rupee ended Rs160.45 to the dollar from previous day’s closing of Rs160.78 in interbank foreign exchange market.

    The foreign currency market was initiated in the range of Rs160.45 and Rs160.75 in interbank foreign exchange market. The market recorded day high of Rs160.70 and low of Rs160.45 in interbank foreign exchange market.

    Currency experts said that the local unit may under pressure in coming days due to higher import and corporate payments.

    The exchange rate in open market also witnessed appreciated in rupee value. The buying and selling of dollar was recorded at Rs160.20/Rs160.70 as compared with previous day’s closing of Rs160.30/Rs160.80 in cash ready market.

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  • Pak Suzuki declares huge loss of Rs1.52 billion in first half despite multiple increases in prices

    Pak Suzuki declares huge loss of Rs1.52 billion in first half despite multiple increases in prices

    KARACHI: Pak Suzuki Motors (PSMC) has declared massive loss of Rs1.52 billion for the first half ended June 30, 2019 despite multiple increase in prices of vehicles during the period.

    According to half yearly financial results submitted to Pakistan Stock Exchange (PSX), the company posted net loss of Rs1.525 billion as compared with growth of Rs1.29 billion in the corresponding half of the last fiscal year.

    According to Topline Securities, Pak Suzuki Motors posted loss per share (LPS) of 6.62 against earning per share (EPS) of Rs 4.78 for the quarter April to June 2019 in same period last year.

    Significant decline in earnings was mainly due to massive reduction in gross profit margins by 5ppts.

    During outgoing quarter revenue of the company witnessed a mere 1 percent YoY growth to Rs31 billion despite multiples hikes in prices owing to declining volumetric sales in said period.

    Gross profit margin were down by 5ppts, due to significant PKR depreciation against USD by 14 percent in 2QCY19 coupled with inflationary environment leading to high input costs.

    § Distribution cost has increased by 56 percent YoY due to higher transportation costs (from factory to dealer) which is currently borne by the company.

    The company has booked a tax reversal (higher tax recorded in previous accounts) owing to change in turnover expectations.

    Other Income has witnessed decline of 76 percent YoY mainly due to low income from bank deposits as the company has reduced cash balance in its accounts after decline in advance payments from customers.

    Finance cost has increased by 1.8x YoY due to addition of short term borrowings in the outgoing quarter.

    Key risks to company includes 1) Further PKR depreciation 2) slowdown in economy and 3) Entry of new auto players resulting in stiff competition.

  • OGDCL announces discovery of oil and gas in Sindh

    OGDCL announces discovery of oil and gas in Sindh

    KARACHI: Oil and Gas Development Company Limited (OGDCL) on Wednesday announced discovery of oil and gas in District Sanghar of Sindh province.

    In an information to Pakistan Stock Exchange (PSX) it said that the joint venture of Bitrism Block comprising OGDCL as operator 95 percent and Government Holdings (Pvt.) Limited (five percent carried) has discovered oil and gas from its exploratory well Pandhi # 01, which is located in District Sanghar, Sindh Province.

    It said that the structure of Pandhi # 01 was delineated, drilled and tested using OGDCL’s in house expertise. The well was drilled down to the depth of 3600 meters. The well has tested 9.12 million standard cubic feet per day (MMSCFD) of gas and 520 barrels per day of oil through choke at wellhead flowing pressure of 840 pounds per square inch (Psi) from lower Goru (Basal Sand) Formation.

    The discovery of Pandi # 01 is the result of aggressive exploration strategy adopted by the company in pursuance of the government’s directive to explore and produce local oil and gas. It would add to the hydrocarbon reserves of OGDCL and the country.

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  • FBR issues rules for filing biannual withholding statement

    FBR issues rules for filing biannual withholding statement

    ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday notified amendments to Income Tax Rules, 2002 under which withholding agents are required to file withholding statements biannually instead monthly.

    (more…)
  • IRS cadre strength increases to 1,254

    IRS cadre strength increases to 1,254

    ISLAMABAD: Federal Board of Revenue (FBR) is working with 1,254 officers of Inland Revenue Service (IRS) of BS-17 to BS-22, according to a notification issued on Wednesday.

    The FBR said that consequent upon the approval of the Prime Minister of Pakistan for the creation of additional posts in Inland Revenue Service conveyed vide letter dated June 29, 2019, cadre strength of IRS under administrative control of FBR with effect from June 29, 2019 will be as under:

    BS-22: 05

    BS-21: 51

    BS-20: 177

    BS-19: 256

    BS-18: 383

    BS-17: 382

    The prime minister approved creation of 25 additional posts in IRS including BS-21 07, BS21 07, BS-19 01, BS-18 06 and BS-17 04.

    The FBR also sent a communication to Accountant General of Pakistan for arranging financial expenditures for such posts.

  • Comparison of new and old FBR valuations of immovable properties in Karachi

    Comparison of new and old FBR valuations of immovable properties in Karachi

    ISLAMABAD: Federal Board of Revenue (FBR) has revised valuation of immovable properties for various cities of the country in order to boost revenue collection.

    The FBR announced significant increase in valuation of immovable properties in Karachi. In order to calculate the changes in old and new valuation for the purpose of withholding tax rate following are the valuation tables:

  • Stock market ends down by 315 points on heavy selling

    Stock market ends down by 315 points on heavy selling

    KARACHI: The stock market ended down by 315 points on Wednesday owing to heavy selling pressure.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,401 points as against 32,716 points showing a decline of 315 points.

    Analysts at Arif Habib Limited said that although market opened +10 points and went up by 49 points during the session, the index bore heavy selling pressure with a slide of 315 points by end of session.

    E&P, Fertilizer, Autos, Cement and Banking sectors bled throughout the day.

    Financial results of HBL and SNGP were announced during the session, whereby SNGP received heavy bantering in the last half hour and HBL also saw selling pressure upon announcement of lower than anticipated results.

    Investor sentiment remained at low ebb anticipating poor results from listed entities.

    Another important indicator for market would be PIB auction, where an inverted yield curve is anticipated to lure investors back to equities in the medium term.

    Sectors contributing to the performance include E&P (-70 points), Fertilizer (-63 points), Banks (-52 points), Power (-49 points) and O&GMCs (-21 points).

    Volumes declined from 97 million shares to 84.2 million shares (-13 percent DoD). Average traded value declined by 4 percent to reach US$ 21 million as against US$ 21.8 million.

    Stocks that contributed significantly to the volumes include UNITY, MLCF, DGKC, PAEL and TRG, which formed 37 percent of total volumes.

    Stocks that contributed positively include MCB (+17 points), INDU (+8 points), DGKC (+7 points), IGIHL (+4 points) and AGP (+4 points). Stocks that contributed negatively include ENGRO (-41 points), HUBC (-35 points), HBL (-33 points), PPL (-28 points) and FFC (-18 points).

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