Pkrevenue.com

Author: Faisal Shahnawaz

  • OMCs must have 21 days stock of POL products, federal cabinet decides

    OMCs must have 21 days stock of POL products, federal cabinet decides

    ISLAMABAD: Authorities to enforce license condition that Oil Marketing Companies (OMCs) must have 21 days stock in order to ensure availability of petroleum products.

    Prime Minister Imran khan chaired the meeting of the federal cabinet held on Tuesday. The prime minister directed the Minister of Petroleum and Oil and Gas Regulatory Authority (OGRA) to ensure that every OMC maintains 21 days stock to meet its license conditions.

    The cabinet took serious note of the artificial shortage of petrol in the country. The Prime Minister directed that maximum punitive action must be taken against all those responsible for this.

    The following specific directions were given:

    a. The Cabinet noted that OGRA and Petroleum Division have legal authority to physically enter and inspect oil companies storage facilities. The Cabinet directed Petroleum Ministry to form joint raiding teams comprising of representatives of Petroleum Division, OGRA, FIA and District administrations. The teams shall inspect all petrol depots/storage. They have all authority to enter any site. Anyone found involved in hoarding shall face full force of law, including arrest and forced release of such stores.

    b. Any company found not maintaining the mandatory stocks and supply to its outlets, as per their license, shall face punitive actions, including suspension and cancellation of license and heavy fines.

    c. The Prime Minister directed that the Petroleum Division and OGRA take all actions necessary to ensure regular supplies within 48-72 hours.

    d. Ministry of Energy informed the cabinet that while June 2019 total supplies were 650,000 metric tons while supplies arranged for June 2020 are 850,000 metric tons. The cabinet urged the public not to engage in panic buying. The stocks that are being hoarded will be identified and ensured to be available in the market and action taken against hoarders.

  • PBC Advocates Abolishing Anti-Dumping Duty on Raw Material Used for Exports

    PBC Advocates Abolishing Anti-Dumping Duty on Raw Material Used for Exports

    KARACHI: Pakistan Business Council (PBC) has advocated abolishing anti-dumping duty on imported raw material that are used for export oriented units (EOU).

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  • MCC Peshawar announces auction of vehicles, auto parts on May 19

    MCC Peshawar announces auction of vehicles, auto parts on May 19

    ISLAMABAD: Model Customs Collectorate (MCC) Appraisement and Facilitation, Peshawar has announced auction of vehicles and auto parts to be held on May 19, 2020 at State Warehouse (Custom Railway Dry port, Peshawar.

    Following vehicles will be presented for the auction:

    1. Mercedes Benz Car, Chassis No. WDB2110722B156275
    2. Suzuki Wagon R, Chassis No. MH345-745380, Model 2014
    3. Corona Premio Motor Car, Chassis No. NZT240-0001908
    4. Range Rover, Chassis No. SALGA2EE9EA162991, Model 2015
    5. Range Rover, Chassis No. SALGGA2EE6FA232125, Model 2015
    6. Toyota Land Cruiser Prado, Chassis No. GRJ151-0001019, Model 200
    7. Toyota Passo Car, Chassis No. KGC30-0031398, Model 2011
    8. Toyota Passo Car, Chassis No. KGC30-0033637, Model 2011
    9. Toyota Passo Car, Chassis No. KGC30-0094690, Model 2012
    10. Toyota Passo Car, Chassis No. KGC30-0090187, Model 2012
    11. Toyota Passo Car, Chassis No. KGC30-0089661, Model 2012
    12. Toyota Passo Car, Chassis No. KGC30-0095048, Model 2012

    The collectorate also announced the auction of old and used auto parts of five different lots.

  • FBR extends date for payment, return filing

    FBR extends date for payment, return filing

    ISLAMABAD: Federal Board of Revenue (FBR) has extended the last date for filing monthly sales tax return and payment for March 2020.

    In a notification issued on Friday, the FBR extended the date for payment of sales tax and federal excise duty for the month of March 2020 which was due on April 15, 2020 and extended up to May 12, 2020, has been further extended up to May 27, 2020.

    Similarly, the filing of sales tax return for the month of March 2020, which was due on April 18, 2020 and extended up to May 15, 2020, has been further extended up to May 30, 2020.

  • FPCCI recommends audit exemption for commercial importers

    FPCCI recommends audit exemption for commercial importers

    KARACHI – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called on the government to reinstate audit immunity for commercial importers in the upcoming federal budget 2020–2021.

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  • SECP facilitates companies in IAS 39 requirements

    SECP facilitates companies in IAS 39 requirements

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SEC) has allowed relief registered companies that are applying IAS 39/principles of IAS 39 (for Available for Sale equity instruments).

    The SECP issued S.R.O. 414 (I)/2020 and allowed following relief from the requirements contained in IAS 39 in relation to their Available for Sale (AFS) Equity Investments as follows:

    (a) The company/entity can opt to show impairment loss (if any, due to significant or prolonged decline in fair value of AFS equity investment portfolio), as at March 31, 2020, in the statement of changes in equity.

    (b) If the above short-term relief is opted, the company/entity shall disclose in the notes to the financial statements:

    (i) amount of impairment loss included in the statement of changes in equity under (a) above;

    (ii) amount of profit or loss after tax, arrived at by accounting for the impact of impairment loss in accordance with IAS 39; and

    (iii) Earnings per share based on the (ii) above.

    (c) The dividend income and actual realized gain/loss arising from the de-recognition of AFS equity instruments shall be recognised in the profit and loss account in accordance with the requirements of IAS 39.

    (d) The amount of loss taken to equity as per (a) above, shall be treated as a charge to profit and loss account for the purpose of distribution as dividend, where applicable.

    (e) The amount taken to equity as per (a) above for an AFS equity instrument, adjusted with the fair value change of this AFS equity instrument during the period from April 01, 2020 to June 30, 2020, shall be considered for impairment in accordance with the requirements of IAS 39.

    (f) The impairment loss (if any), as of June 30, 2020, as per (e) above shall be taken to the profit and loss account for the year/period ending June 30, 2020.

    The SECP said that companies/entities willing to follow the full requirements of IAS-39 as applicable are encouraged to do so.

  • FBR officials fail to submit asset declarations; names made public

    FBR officials fail to submit asset declarations; names made public

    ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday released the names of officers in Inland Revenue Service (IRS) and Pakistan Customs Service (PCS) who failed to submit their declarations of assets.

    The FBR issued the names BS-18 officers of Inland Revenue Service (IRS) and Pakistan Customs Service (PCS) who are in promotion zone.

    BS-18 officers of Inland Revenue Service (IRS)

    1. Muhammad Tahir Khan, Additional Commissioner IR, RTO, Sialkot (OPS)
    2. Muhammad Asfandyar Janjua, Additional Commissioner IR, RTO-II, Karachi.
    3. Ms. Sadia Ali Akram, Additional Commissioner IR, CRTO, Karachi.
    4. Muhammad Ali Khan, Secretary, FBR.
    5. Ms. Amara Sarwar, Additional Commissioner IR, CRTO, Lahore.
    6. Ms. Neelam Ifzal, on deputation to PRA, Lahore.
    7. Inayat Malik, Additional Commissioner IR, LTU, Islamabad
    8. Laiq Zaman, Additional Commissioner IR, LTU-II, Karachi
    9. Naseebullah, on deputation to BRA, Quetta
    10. Naseer Ahmad, Additional Commissioner IR, CRTO, Karachi
    11. Muhamamd Masood Ahmad Gorsi, Additional Commissioner IR, CRTO, Karachi
    12. Ms. Sadia Iftekhar, Secretary, FBR, Islamabad
    13. Tarique Aziz, Deputy Commissioner IR, CRTO, Karachi.
    14. Nasir Khan, Deputy Commissioner IR, RTO-II, Karachi.

    BS-18 officers of Pakistan Customs Service (PCS)

    1. Jamshed Ali Talpur, Secretary, FBR
    2. Dr. Imran Rasool Khan, Deputy Collector, MCC Hyderabad
    3. Rana Irfan Shaukat, Deputy Director, Directorate of Intelligence and Investigation- FBR, Multan
    4. Saad Ata Rabbani, Deputy Director, Directorate of Intelligence and Investigation, FBR, Karachi.
    5. Wajid Zaman, Deputy Director, Directorate General of Intelligence and Investigation, FBR, Isalmabad.
    6. Ihsanullah Shah, Deputy Collector, MCC Gwadar
    7. Ms. Ammara Durrani, Deputy Collector, MCC (JIAP), Karachi.
  • Equity market increases by 90 points amid selling pressure

    Equity market increases by 90 points amid selling pressure

    KARACHI: The equity market increased by 90 points on Wednesday amid selling pressure witnessed during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,693 points as against 33,603 points showing an increase of 90 points (+0.3 percent DoD).

    Analysts at Arif Habib Limited said that market opened on a positive note today with +125 points and maintained the momentum from yesterday, gaining 200 points before facing resistance.

    MSCI rebalancing did not result in HBL’s ouster, which is the main reason for selling pressure in HBL in the past sessions.

    HBL posted price gains but still stayed within limits. Cement sector bore selling pressure, as did Power and E&P sectors.

    Among pharma stocks, FEROZ posted a consistent upper circuit, whereas buying activity was also observed in SEARL.

    Among O&GMCs, SNGP faced selling pressure due to exclusion from MSCI EM Index.

    Cement sector led the volumes with 69.1 million shares, followed by Technology (32.1 million) and O&GMCs (16.1 million).

    Among scrips, MLCF had 23.2 million shares, followed by DCL (16.2 million) and TRG (15.9 million).

    Sectors contributing to the performance include Banks (+72 points), E&P (+41 points), Pharma (+17 points), Technology (+13 points), Power (-19 points) and Inv Banks (-16 points).

    Volumes declined from 224.5 million shares to 219.2 million shares (-2 percent DoD). Average traded value, on the contrary, increased by 11 percent to reach US$ 51.0 million as against US$ 45.9 million.

    Stocks that contributed significantly to the volumes include MLCF, TRG, DCL, FCCL and HASCOL, which formed 34 percent of total volumes.

    Stocks that contributed positively to the index include HBL (+37 points), PPL (+29 points), MARI (+18 points), TRG (+18 points) and MCB (+15 points). Stocks that contributed negatively include SNGP (-27 points), HUBC (-22 points), ENGRO (-19 points), DAWH (-16 points), and EFUG (-11 points).

  • Dollar strengthens by Re1 in past three days

    Dollar strengthens by Re1 in past three days

    KARACHI: The US dollar strengthened by around one rupee during past three trading sessions owing to fall in remittances and rise in demand for import payments, dealers said on Wednesday.

    The Pak Rupee fell by 50 paisas to close at Rs160.95 to the dollar from previous day’s closing of Rs160.45 in interbank foreign exchange market.

    The rupee closed at Rs159.96 to the dollar on Friday May 08, 2020.

    They said that the after the ease in lockdown from May 10, 2020 the demand of consumer goods increased substantially, which also encouraged the importers to place new foreign orders.

    Overseas Pakistani workers sent home $1.790 billion in April, compared with $1.894 billion in previous month.

    Pakistan received $18.781 billion in remittances in July-April FY2020, compared with $17.801 billion in the same period last year.

  • SBP likely to further ease monetary policy stance by 100bps: analysts

    SBP likely to further ease monetary policy stance by 100bps: analysts

    KARACHI: Analysts believe that the State Bank of Pakistan (SBP) likely to further ease the key policy rate by 100 basis points in the upcoming announcement scheduled for May 15, 2020.

    Analysts Arif Habib Limited said that the monetary policy committee of SBP will convene on Friday (15th May 2020) to announce the monetary policy for the next two months.

    “We expect the SBP to cut policy rates by 100 bps to 8.00 percent in the upcoming monetary policy statement,” the analysts said.

    The said that the SBP may reduce the policy rate due to the following reasons:

    i) Inflation is likely to continue its downward trend due to massive decline in prices of petroleum products (MoGas and HSD prices reduced by Rs15/liter and Rs27/liter) along with lower demand of perishable items which may reduce inflationary pressure; and

    ii) Recent change in macros given outbreak of the Novel Coronavirus which may further induce the SBP  to stimulate the economy by reducing policy rate further.

    Moreover, it seems the fixed income market has already incorporated rate cut as treasury bills of 3-, 6- and 12-month are trading at 8.39 percent, 8.00 percent and 7.75 percent which are lower than current policy rate of 9.00 percent.

    To recall, Monetary Policy Committee (MPC) convened emergency meeting on April 16, 2020 where the SBP announced a further cut in the policy rate by 200 basis points which is in addition to the 225 basis points cut announced in March, taking the policy rate to a single-digit of 9 percent.

    The MPC opted rate cut stance on account of i) to cushion the economic fallout (slowdown in growth and employment) amid Coronavirus, ii) worsening outlook for global and domestic economic activity in the wake of the Coronavirus Pandemic, and iii) SBP forecasting inflation to come down to single digits between 7-9 percent in the next fiscal year.