ISLAMABAD: Federal Board of Revenue (FBR) has postponed the implementation of new valuation of immovable properties for major cities of the country for calculation of tax.
(more…)Author: Mrs. Anjum Shahnawaz
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FBR allows reduced duty rates for import of certain CBU vehicles
KARACHI: Federal Board of Revenue (FBR) has allowed reduced rate of customs duty on import of certain automotive vehicles in Completely Built Units (CBUs) under Automotive Development Policy 2016-2020.
Following are the automotive vehicles, which are granted reduced customs duty rates on import:
1. Agricultural Tractors, having an engine capacity exceeding 26 kW but not exceeding 75kW (PCT code 8701.9220, 8701.9320) at 15 percent.
2. Agricultural Tractors (other than mentioned at S. No. 1 above) (PCT Code 8701.9100, 8701.9400, 8701.9500) at 10 percent.
3. Fully dedicated LNG buses (CBU) (PCT Code 8702.9030) at one percent
4. Fully dedicated LPG buses (CBU) (PCT Code 8702.9040) at one percent
5. Fully dedicated CNG buses (CBU) (PCT Code 8702.9050) one percent.
6. Hybrid Electric Vehicle (HEV) (CBU) (PCT code 8702.2090, 8702.3090) at one percent.
7. Hybrid Electric Vehicle (HEV) (CBU) (PCT code 8704.2214, 8704.2294, 8704.2340, 8704.3240) at one percent.
8. Trailers (PCT code 87.16) at 15 percent
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Aviation industry allowed duty free import of aircraft, spare parts
KARACHI: Federal Board of Revenue (FBR) has allowed duty free import of aviation related goods including aircraft and spare parts under National Aviation Policy 2015.
According to Finance Act, 2019 following goods related to aviation have been allowed duty free import:
1. Aircraft HS Code 8802.4000 at zero percent customs duty under condition whether imported or acquired on wet or dry lease. In case of M/s Pakistan International Airlines (PIA) Corporation this exemption shall be admissible on and from the 19th March, 2015.
2. Spare parts Respective headings at zero percent for use in aircraft, trainer aircraft and simulators.
3. Maintenance Kits Respective headings at zero percent for use in trainer aircraft (8802.2000 & 8802.3000).
4. Machinery, equipment & tools respective headings at zero percent for setting up Maintenance, Repair & Overall (MRO) workshop by MRO company recognized by Aviation Division.
5. Machinery, equipment, operational tools, furniture& fixture respective headings at zero percent on one time basis for exclusive use of New/Greenfield airports by company authorized by Aviation Division.
6. Aviation simulators Respective headings zero percent on one time basis for aircrafts by airline company recognized by Aviation Division.
The FBR said that for the purposes of this Part, the following conditions shall apply besides the conditions as specified in column (5) of the Table below:—
(i) the Chief Executive, or the person next in hierarchy duly authorized by the Chief Executive or Head of the importing company shall certify that the imported goods/items are the company’s bonafide requirement. He shall furnish all relevant information online to Pakistan Customs Computerized System against a specific user ID and password obtained under section 155D of the Customs Act, 1969 (IV of 1969). In already computerized Collectorates or Customs stations where the Pakistan Customs Computerized System is not operational, the Director Reforms and Automation or any other person authorized by the Collector in this behalf shall enter the requisite information in the Pakistan Customs Computerized System on daily basis, whereas entry of the data obtained from the customs stations which have not yet been computerized shall be made on weekly basis;
(ii) the exemption shall be admissible on production of certificate by the Aviation Division, Government of Pakistan to the effect that the intending importer is operating in the country or intends to operate in the county in the airline sector;
(iii) the list of imported items is duly approved by the Aviation Division, Government of Pakistan in line with Policy Framework approved by the Government of Pakistan;
(iv) the Chief Executive, or the person next in hierarchy duly authorized by the Chief Executive or Head of the importing company shall furnish an undertaking to the customs authority at the time of import that the goods imported shall be used for the purpose as defined/notified by the Aviation Division, Government of Pakistan under the Aviation Policy; and
(v) in case of deviation from the above stipulations, the Collector of Customs shall initiate proceedings for recovery of duty and taxes under the relevant laws.
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Weekly Review: PSX likely to stay positive
KARACHI: Pakistan Stock Exchange (PSX) likely to remain positive in upcoming week owing to IMF package approval and appreciation in Pak Rupee value.
Analyst at Arif Habib Limited said that the market to remain positive in the upcoming week in lieu of the IMF package approval and recent appreciation of PKR against green back which will lift investors sentiments.
However, they pointed out risks to the index including economic concerns on account of high Current Account Deficit, slowdown in large scale manufacturing and further monetary tightening expected in upcoming monetary policy on the back of tariff hike of utilities (Gas and Electricity) which could trigger inflation noticeably going forward.
This week trading commenced on a positive note as investors rejoiced the 3 day extension in Tax Amnesty Scheme as well as finance bill approval in the parliament.
Furthermore, first tranche of the USD 500 million received from Qatar along with loans arranged from syndicated Banks and World Bank aided foreign currency reserves.
Tally by the end of first three trading days unveiled a positive run 995 points at the index.
However, investors resorted to profit taking post official agreement of the IMF Board for a USD 6 billion package for Pakistan coupled with strike from cement dealers, automobile dealers and closure of textile units on budgetary measures.
As a result, the benchmark KSE-100 index closed at 34,190 points, up by 288 points or 0.9 percent WoW.
Contribution to the upside was led by i) Fertilizer (+180 points) amid news of GIDC settlement of up to 50 percent, ii) Commercial Banks (+122 points) given indication of further rate hikes (tight monetary policy) by the IMF, iii) Chemicals (+18 points), iv) Insurance (+14 points), and v) Automobile Assemblers (+13 points).Scrip wise major gainers were FFC (+113 points), HBL (+86 points), NBP (+36 points), ENGRO (+35 points), and EFERT (+31 points).
Foreign buying continued this week clocking-in at USD 5.9 million compared to a net buy of USD 7.9 million last week. Major buying was witnessed in Power Generation & Distribution (USD 3.7 million) and Commercial Banks (USD 1.7 million).
On the local front, selling was reported by Insurance Companies (USD 4.6 million) followed by Mutual Funds (USD 2.6 million). That said, average daily volumes for the outgoing week were down by 41 percent to 87 million shares likewise value traded decreased by 29 percent to USD 20 million.
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FBR transfers 20 sales tax BS-18 auditors
ISLAMABAD: Federal Board of Revenue (FBR) has notified transfers and postings of 20 sales tax auditors (BS-18) with immediate effect and until further orders.
Following sales tax auditors of BS-18 have been transferred through a notification issued on Friday:
01. Zulfiqar Ali Khokhar, Assistant Director, (Audit)/BS-18, Corporate Regional Tax Office, Karachi has been transferred and posted as Directorate of Internal Audit -IR, Karachi.
02. Zahid ul Bari, Assistant Director (Audit)/ BS-18, Directorate of Internal Audit-IR, Karachi has been transferred and posted as Corporate Regional Tax Office, Karachi.
03. Fazal Hameed, Assistant Director (Audit)/ BS-18, Regional Tax Office, Peshawar has been transferred and posted as Office of Commissioner Inland Revenue (Appeals), Peshawar.
04. Ajmal Khan, Assistant Director (Audit)/BS-18, Regional Tax Office, Islamabad has been transferred and posted as Directorate of Internal Audit, Rawalpindi.
05. Inam ul Haq, Assistant Director (Audit)/BS-18, Regional Tax Office, Islamabad has been transferred and posted as Directorate of Internal Audit, Rawalpindi.
06. Saifur Rehman Assistant, Director (Audit)/ BS-18, Directorate of Intelligence & Investigation, Peshawar has been transferred and posted as Regional Tax Office, Peshawar.
07. Syed Mehmood Ali Shah (18), Assistant Director (Audit)/BS-18, Directorate of Intelligence & Investigation, Peshawar has been transferred and posted as Regional Tax Office, Peshawar.
08. Aziz ur Rehman (18), Assistant Director, (Audit)/BS-18, Regional Tax Office, Peshawar has been transferred and posted as Directorate of Intelligence & Investigation, Peshawar.
09. Abidullah Jan Assistant Director (Audit)/ BS-18, Regional Tax Office, Peshawar has been transferred and posted as Directorate of Intelligence & Investigation, Peshawar.
10. Muhammad Javaid Akhtar, (Audit)/BS-18, Chief Commissioner Office, RTO Faisalabad has been transferred and posted as Assistant Director Corporate Zone, RTO Faisalabad.
11. Zaheer Ahmad, Assistant Director (Audit) / BS-18, Chenab Zone, RTO Faisalabad has been transferred and posted as Lyallpur Zone, RTO Faisalabad.
12. Abdul Rashid, Assistant Director (Audit) / BS-18, Lyallpur Zone, RTO Faisalabad has been transferred and posted as Chenab Zone, RTO Faisalabad.
13. Nasir Ijaz, Assistant Director (Audit) / BS-18, Chenab Zone, RTO Faisalabad has been transferred and posted as Lyallpur Zone, RTO Faisalabad.
14.Syed Shakeel Abbas, Assistant Director (Audit) / BS-18, Corporate Zone, RTO Faisalabad has been transferred and posted as Chenab Zone, RTO Faisalabad.
15. Ashiq Ali, Assistant Director (Audit) / BS-18, Jhang Zone, RTO Faisalabad has been transferred and posted as Office of Commissioner (Appeals), Faisalabad.
16. Riaz Hussain Tahir, Assistant Director (Audit) /BS-18, Chenab Zone, RTO Faisalabad has been transferred and posted as Corporate Zone, RTO Faisalabad.
17. Muhammad Nawaz, Assistant Director (Audit) /BS-18, Office of Commissioner (Appeals), Faisalabad has been transferred and posted as Jhang Zone, RTO Faisalabad.
18. Ghulam Abid, Assistant Director (Audit) / BS-18, Chief Commissioner Office (PAC Cell), RTO Faisalabad has been transferred and posted as Chenab Zone, RTO Faisalabad.
19. Ahmad Sohail, Assistant Director (Audit) / BS-18 19. Lyallpur Zone, RTO Faisalabad has been transferred and posted as Corporate Zone, RTO Faisalabad.
20. Syed Azhar Abbas Sherazi, Assistant Director (Audit) / BS-18, Corporate Zone, RTO Faisalabad has been transferred and posted as Chief Commissioner Office, RTO Faisalabad.
The FBR said that the above-named officers, if drawing performance allowance equal to. 100 percent of their basic pay, shall continue to draw the same on their new place of posting.
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FBR asks SEPC to ensure quality financial reporting by registered companies
ISLAMABAD: Federal Board of Revenue (FBR) has asked Securities and Exchange Company of Pakistan (SECP) to ensure quality of financial reporting of registered companies.
In this regard Chairman FBR Syed Muhammad Shabbar Zaidi, in his letter to Chairman SECP, has requested to ensure correct and transparent submission of financial statements by the companies.
In his letter the Chairman has stated that it has been observed that in many cases the quality of the accounts/financial statements prepared by the financial businesses specially in the cases of private limited companies is not in line with the quality standards and in many cases huge additions to income, are made, which are in many cases, are non-defensible, in taxation proceedings.
Chairman FBR further added that quality of ‘Audit’ by the taxation officer is not as per best practices. FBR is improving the system and shall seek Institute’s assistance or guidance on the matter, he added.
The extension in date of filing for return for companies also for Tax Year 2018 has only been given to provide an opportunity to the companies, especially private companies, to review their accounts and file improved position if required. In the past, FBR’s stance on the matter was different and as per information, no case was ever referred to for any disciplinary proceedings against Auditors by the institute or Management of the companies by SECP to FBR.
“Now we intend to act diligently in the matter,” Chairman FBR added.
The government has initiated an overall reform package for improving documentation and improving the quality of financial accounting which form the basis of taxation.
The accounts prepared under the Companies Ordinance, 2016 form the basis for the same. However, this objective can only be achieved once the quality of annual financial statements are in line with the international best practices. It is therefore suggested that special and concerted emphasis be laid down by both the addressee institutions for assuring that the financial statements furnished reflect correct financial position and there is no possibility of any understatement, including non-compliance with the laws of taxation as prevalent in Pakistan especially withholding provisions.
In order to achieve this task, it is advised that immediate actions be undertaken to start the reformed process. Chairman FBR stated that necessary instructions be issued for the same to the relevant field formations.
Furthermore, if allowed under the law, the investigations and disciplinary proceedings initiated against the Directors and the Auditors by SECP and the Institute respectively, if any, are shared with the Federal Board of Revenue, if possible, under the law, in order to ensure proper accounting of income and amount of taxes due.
Chairman FBR assured that such information will remain confidential. Chairman FBR also suggested an urgent meeting with Chairman SECP in this regard.
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FBR transfers 317 inspectors, IROs working in Karachi
KARACHI: Federal Board of Revenue (FBR) on Friday notified transfers and postings of 317 inspectors and Inland Revenue Officers (IROs) BS-16 working at Karachi offices with immediate effect until further orders.
Following are the officials who are transferred and posted through this notification:
1. Shabbir Hussain
2. Syed Nisar Ahmed
3. Muhammad Ali
4. Ashfaq Ali
5. Aijaz Hussain Sahto
6. Ghulam Sarwar
7. Abdul Jalil Khan
8. Yousuf Bashir
9. Muhammad Aftab Amin
10. Mukesh Kumar
11. Jamil Ahmed Soomfo
12. Abbas Jan Muhammad
13. Syed Fauzal Azim
14. Lais Hasni
15. Khawar Iqbal
16. Muhammad Arshad
17. Waheed-ul-Haq
18. Muhammad Azam Mughal
19. Muhammad Farhan Khan
20. Shahanshah Muhammad Yousaf
21. Syed Zafar Iqbal Zafri
22. Shahid Mahmood Ishaqui
23. Asif Hasan Wasti
24. Salman Zubaid
25. Syed Muhammad Kamal
26. Madad Ali Bhatti
27. Muhammad Tahir
28. Mazhar Ali Khan
29. Abdul Jabbar Bhutto
30. Muhammad Jawed
31. Rizwan Ahmed Kazmi
32. Shahid Asif Siddiqui
33. Mirza Baqaullah Baig
34. Syed Zaheer Haider Zaidi
35. Mohsin Alam Khan
36. Muhammad Parvez
37. Adeel Sikandar Yousfani
38. Arif Iqbal Qadri
39. Asim Hussain Khan
40. Ayaz Ali Shaikh
41. Ambrat Rai Chawla
42. Muhammad Nawaz Mughal
43. Athar Jawed Khan
44. Mehboob Hussain
45. Arif Hussain Shaikh
46. Muhammad Mubin Khan
47. Shujiat Hussain
48. SYe.dsIqbal -Arif
49. MaciSdodAhmed Jafri
50: Khalid,Akbar ‘
51: Aftab Ahmed Khan
52. Muhammad Nadeem
53. Anwar Siddiqui
54. Noor-Ul-Qamar Khan
55. Mukafa Shaukat
56. Khalid Masood
57. Muhammad Usman Khan
58. Muhammad Sami
59. Muhammad Shahid Irfan
60. Salem Ahmed Siddiqui
61. Asghar Ali
62. Azad Ali Cheema
63. Syed Ashraf Hussain
64. Muhammad Hafeez
65. Rais-ul-Hassan
66. Muhammad Saeed
67. Abdul Khalid Khan
68. Muhammad Javed Akhtar Awan
69. Syed Saghir Hussain •
70. Nadir Ali
71. Qaiser Anwar Khan
72. Sheikh Nazar Ahmad
73. Asif Ali
74. Syed Mateeuddin
75. Zahid Akhtar
76. Syed Zeeshan Haider
77. Abdul Khalid
78. Nadeem Ahmed
79. Muhammad Saleem Khatri
80. Zia-Ul-Hassan
81. Ahmed Mian
82. Rizwan Haider
83. Ghulam Shabbir Shaikh
84. Muhammad Saleem
85. Waqar Ahmed
86. Muhammad Aslam Khan
87. Syed Shamshad Hussain
88. Khalid Hassan Burney
89. Barkat Ali Awan
90. Masood ul Hassan
91. Syed Ali Muhammad
92. Shakeel Ahmed
93. S ibghatullah
94. Rahat H. Malik
95. Muhammad Amin
96. Bashir Muhammad
97. Manzoor’Alam
98. Yaseen Wajid
99. Mumtaz Ali Nizmani
100. Syed Shahzad Hussain Rizvi
101. Qamar Raza Rizvi
102. Muhammad Sohail Akhter Hashmi
103. Muhammad Rashid Khan
104. Manzar Kamal
105. Fareed Alam
106. Niaz Shakir
107. Saif ul Islam
108. Waqar Najmi
109. Zia Moin
110. Muhammad Abid
111. Khalid Memon
112. Muhammad Aquil Alam
113. Tasawar Sultan
114. Salman Qamar
115. Muhammad Moosa
116. Muhammad Saj id Warsi
117. Syed Masood Pervez
118. Farooq Ahmed Khan
119. Nadeem-ul-Haq
120. Syed Asif Ali
121. Nasir Mahmood
122. Arshad Mahmood
123. Nooruddin
124. Muhammad Masood Siddiqi
125. Amin Ahmed
126. Muhammad Javed Akhter Khan
127. Irfanul Haq Siddiqi
128. Muhammad Riaz
129. Munir Ahmed
130. Sheikh Adnan Aftab
131. Muhammad Yasin
132. Syed Muhammad Saleem
133. Syed Muhammad Imtiaz
134. Nasreen Begum
135. Muhammad Khalid Zafar
136. Habib-ur-Rahman
137. Syed Qamar Ali
138. Muhammad Nasim Akhtar
139. Muhammad Anjum
140. Shiraz Ali
141. Syed Sajjad Haider
142. Shaikh Muhammad AbdUllah
143. Riaz Javed
144. Syed Yaqoob
145. Syed Anjum Burney ‘
146. Shahid Mahmood
147. Faisal Rehman
148. Muhammad Shahid
149. Abdul Hameed Khan
150. Abdul Mujeeb Khan
151. Javed Haider
152. Intilar Hussain
153. Gian Chand Chawla
154. Muhainmad Anwar Khan
155. Muhammad Salahuddin Khan
156. Muhammad Anwar
157. Muhammad AYAZ
158. Syed Shahid Hussain
159. Ziauddin Ahmed Siddiqui
160. Arshad Ali Nasir
161. Muhammad Ashraf
162. Muhammad Shakir Khan
163. Abdul Waheed Khan Sherwani
164. Gulzar Bano
165. Syed Nadeem Ahmed
166. Muhammad Ali
167. Ghulam Abbas
168. Muhammad Sitwat Waqar Siddiqui
169. Muhammad Nasir Khan
170. Abdul Basit
171. Hamid Mukhtar
172. Javed Iqbal
173. Muhammad Khalid
174. Muhammad Asim Khan
175. Sadruddin Khosa
176. Shams-uz-Zaman
177. Najamul Hassan
178. Saghir Ahmed
179. Akhlaq Ahmed
180. Muhammad Ibrahim Khan
181. Salahuddin Khan
182. Abdul Mugees Khan
183. Abdul Hameed Khan Ghouri
184. Iqbal Hussain
185. Muhammad Farooq
186. Kunawar Tariq
187. Muhammad Akram
188. Zakir Ali Khan
189. Ch. Nisar Ahmed
190. Javed Iqbal
191. Muhammad Shaheen Akhtar
192. Muhammad Javed
193. Muhammad Manzoor Alam
194. Tufail Ahmed Soomro
195. Waseem Ahmad
196. Muhammad Shahid
197. Muhammad Saleem
198. Kashif Khan
199. Amir Iqbal Qureshi
200. Abdul Saleem Khan
201. Tayyaba Rahim
202. S. Muhammad Jaffar
203. Zahid Hassan
204. Mehdi Hassan
205. Shabab Raza
206. Asim Riaz
207. Faisal Saeed
208. Muhammad Izhar Khan
209. Kabir Khan
210. Asad Maqsood Siddiqui
211. Muhammad Niazuddin
212. Abdul Khaliq
213. Akhtar Hussain
214. Ahmed Ali
215. Amj ad Javed Mirza
216. Rasheed Alam Khan
217. Shahrukh Qamar Rizvi
218. Syed Samar Mehdi Rizvi
219. Syed Aftab Ahmed
220. Arshad Ali
221. Jaffar Hussain
222. Shahid Samim
223. Ismat Muab Rizvi
224. Irfanullah Fakhi
225. Zafar Mumtaz
226. Muhammad Siddique
227. Syed Imtiaz Ahmed
228. Syed Nazim Hussain
229. Gul Bahar Khan
230. Sher Muhammad Khan
231. Salahuddin Mehmood
232. Syed Majid Ali
233. Muhammad Imtiaz Alam
234. Ej az Ahmed
235. Syed Razi Hyder
236. Bader ud Duja Minai
237. AhMed Naveed
238. Salma Kanwal
239. Khurram ‘Saeed ‘
240. Muhammad 4361
241. Maqsood Alam
242. Shahabuddin Bhatti
243. Muhammad Mohsin Khan
244. Syed Mushtaq Hussain
245. Qamar Ali Khan
246. Syed Muhammad Tausif A’li
247. Qaiser Younus
248. Abid Pervez
249. Shair Gul
250. Junaid Maqbool Shaikh
251. Syed Noorul Hamid
252. Akhtar Hussain Panwar
253. Nusrat Hussain Jafri
254. Syed Tariq Hasan
255. Muazzam Ali Khan
256. Muhammad Naeemuddin
257. Abdul Ghani Qazi
258. Syed Sarwar Ali
259. Farooq Khan
260. Babar Jehangir Khan
261. Ishrat Masood
262. Tehseen Ahmed
263. Shamsher Khan
264. Saeed ur Rehman
265. Syed Waseem Farooq
266. Syed Aijaz Ali Shah
267. Rubina Habib
268. Muhammad Hassan
269. Raees Ahmad
270. Syed Muhammad Raza Alvi
271. Fahimuddin
272. Syed Nasir Hussain
273. Hamid Shahab Siddiqui
274. Naser Raees Qureshi
275. Muhammad Sohail Khan
276. Hameed Ullah Khan Niazi
277. Kashif Fida
278. Shabbir Khan
279. Kashif Nawab
280. Kamran Waqar Siddiqui
281. Muhammad Aslam.
282. AliNawz Channa
283. Muhammad Zubair Lodhi
284. Syed Irfan Ali
285. Muhammad S. Solangi
286. Muhammad Siddiq
287. Laeeq Ahmad
288. Qazi Mahmood Mohayy-ud-Din
289. Asghar Ali
290. Muhammad Rafique Abu Bakar
291. Muhammad Bilal Jilani
292. Imtiaz Ahmed Shaikh
293. Farhan Ahmed Siddiqui
294. Yasir Ashraf
295. Hanif Baig
296. Muhammad Nazim
297. Faisal Waseem
298. Muhammad Ali
299. Irshad Hussain
300. Abdul Hamid
301. Kamran Haider
302. Anzar Ali
303. Nasarullah
304. Jamil Akhtar
305. Syed Moin Iqtidar
306. Mushtaq Ahmed
307. Irshad Uz Zaman Khan
308. Muhammad Farooq
309. Syed Nadeem Ali
310. Muhammad Ajmal
311. Mateen Ahmed
312. Imran Bin Mushir
313. Faisal Jamil Butt
314. Mushtaq Ali
315. Sooraj Kumar
316. Abdul Hameed Khan Ghouri
317. Mirza Muhammad Ali
Download details of transfers and posting
The FBR said that iIf they are drawing Performance Allowance prior to issuance of this notification they will continue to draw the same on the new place of posting.
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FBR extends application of locally manufactured goods list up to June 2020 for exemption, concessions
ISLAMABAD: Federal Board of Revenue (FBR) has extended the application the list of locally manufacturing goods up to June 30, 2020 for the purpose of allowing concession and exemption at customs clearance stage.
The FBR issued Customs General Order (CGO) No. 09 dated July 02, 2019 to amend previous CGOs where the list was applicable up to June 30, 2019.
For the purpose the FBR issued CGO No. 02 dated April 19, 2017 titled list of locally manufactured goods/items for the purpose of concessionary notification etc.
The FBR said that the goods detailed in the list of CGO No. 03/2017 are manufactured locally. The list is compiled and updated by Engineering Development Board (EDB) in consultation with stakeholders.
Henceforth the appended list of locally manufactured goods is applicable for reference purpose to all the exemptions and concessionary notifications.
The FBR said that the collectors of customs and the staff responsible for allowing concessions under different notifications/orders are advised to follow this list for the purposes of allowing concessions from customs duties and sales tax etc.
“The information if any, along with evidence regarding the local manufacture of goods, not indicated in the list, may be forwarded to the FBR forthwith so that the list of locally manufactured goods/items is up-dated in consultation with the EDB,” he FBR said.
The collectors are, however, authorized to allow release of goods/items indicated in the list of locally manufactured goods/items against bank guarantee for a period of three months if the importer produces a certificate issued by the renowned local manufacturers of the disputed items from EDB stating that the imported item is not being manufactured locally and the importer shall produce a clarification from FBR to this effect within the above stated period of three months.
Related CGOs
List of locally manufactured goods under CGO No. 02/2017 dated April 19, 2017.
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Stock market ends down by 381 points on selling pressure
KARACHI: The stock market ended down by 381 points on Friday owing to selling pressure on the last trading of the week.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,190 points as against 34,571 points showing a decline of 381 points.
Analysts at Arif Habib Limited said that the market was opened on a negative note with -45 points and continued the down trend, which ended -381 points and merely around 20 million shares by the end of first session.
Second session contributed an additional 30M shares to end the total volume traded with 51M shares. Fertilizer, O&GMCs, Cement, Banks and E&P sector came down during the trading session. Chemical Sector led the volumes with 9.3M shares, followed by Cement 7.4 million shares.
Among scrips, LOTCHEM registered highest volume with 6.9 million shares, followed by DCR 6 million shares.Sectors contributing to the performance include Banks (-90 points), Fertilizer (-67 points), E&P (-63 points), Cement (-37 points) and Power (-36 points).
Volumes declined to 51 million shares from 112 million shares (-54 percent DoD). Average traded value also declined by 58 percent to reach US$ 11.8 million as against US$ 28 million.
Stocks that contributed significantly to the volumes include LOTCHEM, DCR, MLCF, TRG and UNITY, which formed 40 percent of total volumes.
Stocks that contributed positively include INDU (+9 points), NESTLE (+5 points), MEBL (+5 points), NATF (+4 points) and LOTCHEM (+3 points). Stocks that contributed negatively include HBL (-32 points), POL (-29 points), MCB (-28 points), ENGRO (-22 points) and FFC (-20 points)
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Rupee weakens by 20 paisas on higher import payment demand
KARACHI: The Pak Rupee ended down by 20 paisas against dollar on Friday due to high demand for import and corporate payments.
The rupee ended Rs156.95 to the dollar as compared with last day’s closing of Rs156.75 in nterbank foreign exchange market.
During the week the local currency maintained recovery trend against the greenback after hitting all time low of Rs164.05 on June 27. However, the higher demand on last trading day of the week the rupee weakened.
The foreign currency market was initiated in the range of Rs156.50/Rs157.00. The market recorded day high of Rs157.50 and low of Rs156.75 and closed at Rs156.95.
The exchange rate in the open market witnessed stability in the local currency.
The buying and selling of dollar was recorded at Rs156.00/Rs157.00 the same previous days closing in cash ready market.