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Author: Mrs. Anjum Shahnawaz

  • Hubco declares commercial operation date for 1320MW coal-based power plant

    Hubco declares commercial operation date for 1320MW coal-based power plant

    KARACHI: China Power Hub Generation Company (CPHGC) – a joint venture between The Hub Power Company Ltd. (HUBCO) and China Power International Holding – has declared the Commercial Operations Date (COD) of its 1320MW imported coal power plant and integrated jetty with coal transhipment capacity of 4.2 MTPA, a statement said on Sunday.

    Developed in record time, as per schedule and within projected costs, the CPHGC project is a part of the early harvest energy projects under China Pakistan Economic Corridor (CPEC) framework, making it truly a project of national and strategic significance.

    The plant will add 9 billion kWh of electricity to the national grid every year, meeting electricity needs of 4 million households in the country. The Project’s two units achieved synchronization with the National Grid on December 28, 2018 and May 28, 2019, respectively, while the Integrated Coal Jetty became operational in December 2018 with arrival of the first shipment of coal.

    “The successful completion of CPHGC project has fortified the dream of energy independence of Pakistan. Since the synchronization earlier in May, we conducted extensive testing of the systems to make sure we deliver quality while keeping HSE as our top-priority. I am glad that this Pak-China synergy has resulted in engineering excellence and has fulfilled our promise of providing Pakistan with affordable and ample energy” said Khalid Mansoor, CEO HUBCO.

    It is important to note that the Project has also delivered on various social commitments for improving the lives of the local community of Hub and Lasbella.

    Together with its partners, CPHGC has setup a school in Gadani, a floating jetty for fishermen in Abbas Village and has conducted various training and development programs for the local youth of Balochistan.

    The Pakistani principal of the project, The Hub Power Company Limited currently produces over 2920 MW through its four plants spread over Baluchistan, Punjab and Azad Jammu & Kashmir.

    HUBCO is the only power producer in Pakistan with four projects listed in the CPEC out of which three are under-construction namely Thar Energy Limited (TEL) and Thalnova Power Thar (Pvt.) Ltd. and Sindh Engro Coal Mining Company (SECMC) at Thar Block II.

    The power generation capacity of the Company will enhance to over 3580MW after completion of the aforementioned power projects.

  • SBP sets maximum payment limits for board members of banks, DFIs

    SBP sets maximum payment limits for board members of banks, DFIs

    KARACHI: The State Bank of Pakistan (SBP) on Saturday amended Prudential Regulations G-1 and sets maximum limits for payment to board members of banks and Development Financial Institutions (DFIs).

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  • FBR starts verifying imported goods in spot checking of markets, shopping plazas

    FBR starts verifying imported goods in spot checking of markets, shopping plazas

    ISLAMABAD: Federal Board of Revenue (FBR) has decided to launch mega crackdown against smuggled goods and in this regard joint teams of the revenue body will visit markets and shopping plazas in major cities of the country from September 01, 2019.

    The FBR on Saturday issued a notification related to anti-smuggling drive, which highlighted the adverse impact of smuggled goods on the economy in general and industrial activities in particular.

    The FBR said that it had started phased program, which included verification of imported documents of foreign goods available in the market.

    “With effect from September 01, 2019 special joint teams of the FBR may be visiting major shopping areas especially large retailers in major cities to check the import documents the imported goods available for sale to ensure compliance to various requirement of the law,” it said.

    The FBR clarified that such checking would not be called ‘raid’. “All teams will be conducting respective identification as being officially designated and the team will be headed by a senior person.”

    It further said that in case a retailer/shopkeeper had not documents at the time of checking then the team would provide adequate opportunity to submit the document in respective offices/shops after reasonable time.

    The FBR said that all relevant persons are expected to cooperate with the FBR personnel during this exercise which is being undertaken to ensure compliance of laws and discourage sale of smuggled goods.

    The FBR asked Member Customs (Operations) and Member (IR-Operations) to supervise the activity and provide complete assistance to the joint team wherever required.

    The FBR also directed Director General (I&I) and Director General (I&I) Inland Revenue to constitute joint teams under intimation to this office and concerned Member Operations keeping in view the scope of the activity on countrywide basis.

  • Karachi traders criticize FBR for not including in consultative committee

    Karachi traders criticize FBR for not including in consultative committee

    Traders associations from Karachi have strongly criticized the Federal Board of Revenue (FBR) for excluding representatives of small traders and shopkeepers from Pakistan’s commercial capital in its newly formed consultative committee on the fixed tax scheme.

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  • Foreign exchange reserves increase by $557 million to $15.577 billion

    Foreign exchange reserves increase by $557 million to $15.577 billion

    KARACHI: The foreign exchange reserves of the country have increased by $557 million to $15.577 billion by week ended August 09, 2019 as compared with $15.02 billion a week ago, State Bank of Pakistan (SBP) said on Saturday.

    The foreign exchange reserves held by the central bank were increased by $535 million to $8.264 billion by August 09 as compared with $7.729 billion a week ago.

    The increase in central bank’s reserves is mainly due to inflow of $500 million received from Asian Development Bank (ADB), the SBP said.

    The reserves held by commercial banks also increased by $22 million to $7.313 billion as compared with $7.291 billion.

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  • FBR constitutes consultative committee for fixed tax scheme

    FBR constitutes consultative committee for fixed tax scheme

    ISLAMABAD: The chairman of Federal Board of Revenue (FBR) on Friday constituted a committee to finalize fixed tax scheme and simplified tax procedure for traders.

    The committee has been constituted comprising following members:

    01. Ms. Nausheen Amjad, Member (TPA) – Convener

    02. Faheem ul Haq, Member, Accounting

    03. Ms. Seema Shakeel, Member (IR-Operations)

    04. Dr. Hamid Ateeq Sarwar, Member (IR-Policy)

    05. Ashfaque Tola, Chartered Accountant

    06. Abid Shaban, Advocate

    07. Naeem Mir, All Pakistan Anjuman-e-Tajiran

    08. Khawaja Sulaiman Siddique, Tanzeem-e-Tajran Pakistan

    09. Malik Khalid, Qaumi Tajir Ittehad, Pakistan

    10. Mohammad Ali Mian, Pakistan Traders Alliance

    11. Ashraf Bhatti, Anjuman-e-Tajran (Bhatti Group)

    12. Kashif Chaudhry, Tanzeem-e-Tajran Pakistan.

    The FBR said that the committee would discuss the various aspects of the draft of fixed tax scheme for small traders / shopkeepers and simplified tax procedure for traders and shall come up with finalization of the same in the present or amended form after through discussion and consultation.

    Member (IR-Policy), FBR shall act as secretary to the committee.

    The committee shall submit its recommendations not later than August 25, 2019 to the office of the chairman FBR.

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  • FBR further extends date for filing sales tax, FE returns

    FBR further extends date for filing sales tax, FE returns

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday extended the last date for filing sales tax and federal excise (FE) return for the tax period of July 2019.

    Previously the FBR extended the date for filing sales tax and federal excise return on August 09 considering the Eid holidays.

    As per the latest notification, the FBR further extended the date for filing and said that the annexures of sales and purchases, which are due on August 10, 2019 can be submitted up to August 19, 2019.

    The FBR said that payment of sales tax and federal excise duty, which is due on August 15, 2019 can be made up to August 21, 2019.

    Similarly, the date for submitting sales tax and federal excise return, which is due on August 18, 2019, has been extended up to August 23, 2019.
    The FBR said that the date has been extended considering the Eid holidays.

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  • FBR posts six IR officials to FATF Cell

    FBR posts six IR officials to FATF Cell

    ISLAMABAD: Federal Board of Revenue (FBR) has appointed six officials of Inland Revenue to Financial Action Task Force (FATF) Cell.

    The FATF cell will be headed by Ijlal Khattak, Director (Headquarters) and other members are included: Zahid Bhatti, Additional Director (HQ); Sarwar Habib Malik, Deputy Director-I; Rizwan Shahzad, Senior Auditor; Yasir Shah, IIR; and Muhammad Yousuf, Assistant.

    A Financial Action Task Force (FATF FBR-IR) Cell is hereby constituted to ensure effective and timely completion of FATF related Action Plan and is placed under the Director General, Intelligence & Investigation-IR, Islamabad. The FATF (FBR-IR) Cell will serve as focal point for all activities related to Inland Revenue for FATF issues.

    The FATF (FBR-IR) Cell may seek information required for FATF related work from the Board, field formations, directorates and record of meetings.

    The head of field formations/directorates are requested to create enabling environment for this unit considering its sensitive nature.

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  • Stock market ends down by 664 points on negative sentiments

    Stock market ends down by 664 points on negative sentiments

    KARACHI: The stock market ended down by 664 points on Friday as various negative reports were flowing on economic front.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 28,765 points as against 29,429 points showing a decline of 664 points.

    Analysts at Arif Habib Limited said that the market continued trending down even after a break of a week. A host of negative news flow on economic front as well as on the border kept Investors’ nerves jittery.

    Mutual Funds have lately been the dominant seller, for reasons of redemption, in E&P, Power and Banking sectors.

    Other than ISL (financial results due to be announced on Aug 19th) and NCL (news of Buy back), both of which hit upper circuit, majority stocks went down.

    PPL hit lower circuit in the closing minutes, whereas LUCK also traded at lower circuit.

    E&P sector led the volumes table with 9.7 million shares, followed by Cement (9.1 million) and Banks (7.2 million). PPL did the most volume with 6.3 million shares, followed by MLCF (3.8 million) and ISL (3.7 million).

    Sectors contributing to the performance include E&P (-169 points), Fertilizer (-144 points), Banks (-100 points), Cement (-63 points), Power (-54 points).

    Volumes declined further from 76.4 million shares to 65.1 million shares (-15 percent DoD). Average traded value on the contrary increased by 11 percent to reach US$ 21.5 million as against US$ 19.5 million.

    Stocks that contributed significantly to the volumes include PPL, MLCF, ISL, OGDC and EPCL, which formed 31 percent of total volumes.

    Stocks that contributed positively include DAWH (+5 points), ISL (+5 points), MCB (+4 points), BAFL (+4 points) and NCL (+3 points). Stocks that contributed negatively include ENGRO (-70 points), PPL (-62 points), OGDC (-61 points), FFC (-52 points) and LUCK (-48 points).

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  • Rupee slips by 52 paisas in interbank

    Rupee slips by 52 paisas in interbank

    The rupee faced a decline of 52 paisas against the US dollar on Friday as the interbank market resumed operations following an extended week-long closure due to Eid and regular weekend holidays. The local currency ended at Rs158.96 against the dollar, compared to its previous close of Rs158.44 last Friday.

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