Pkrevenue.com

Author: Faisal Shahnawaz

  • SBP allows opening of banks during Eid holidays

    SBP allows opening of banks during Eid holidays

    KARACHI: The State Bank of Pakistan (SBP) on Thursday directed banks to open their 50 percent branches on May 10 and 11, 2021 during Eid holidays to facilitate trade and industry.

    In a statement, the central bank said that in order to ensure the availability of banking services to trade and industry in particular and public in general during the extended holidays before the forthcoming Eid-ul-Fitr, it has been decided that banks shall open 50 percent of their total authorized branches dealing in foreign exchange and trade activities on 10th May, 2021 (Monday) while the remaining 50 percent of such branches on 11th May, 2021 (Tuesday) from 9:00 a.m. to 2:00 p.m. (without break).

  • MCC Hyderabad announces auction of non-duty paid motor vehicles

    MCC Hyderabad announces auction of non-duty paid motor vehicles

    KARACHI: The Model Customs Collectorate (MCC) Hyderabad has announced an upcoming auction of non-duty paid motor vehicles scheduled to take place on May 19, 2021.

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  • FBR notifies duty exemption on cotton yarn import

    FBR notifies duty exemption on cotton yarn import

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified exemption of customs duty on import of cotton yarn till June 30, 2021.

    The FBR issues SRO 533(I)/2021 to comply with the decision of Economic Coordination Committee of the Cabinet (ECC) to exempt whole of customs duty on import of cotton and cotton yarn.

    The ECC on April 14, 2021 approved the withdrawal of customs duty to ensure smooth supply of cotton and cotton yarns to the value-added industry, while bridging the gap between domestic production and overall demand for the inputs.

    The FBR allowed duty exemption on cotton yarn on import of following categories:

    — Cotton Yarn (other than sewing thread), containing 85 percent or more by weight of cotton, not put up for retail sale.

    — Cotton Yarn (other than sewing thread), containing less than 85 percent by weight of cotton, not put up for retail sale.

    — Cotton Yarn (other than sewing thread) put up for retail sale.

  • FBR extends date for filing sales tax return

    FBR extends date for filing sales tax return

    The Federal Board of Revenue (FBR) has announced an extension of the deadline for filing monthly sales tax returns for the period of April 2021.

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  • Prolong Eid holidays to adversely affect exports: APTMA

    Prolong Eid holidays to adversely affect exports: APTMA

    KARACHI: All Pakistan Textile Mills Association (APTMA) has strongly reacted to the announcement of the government regarding Eid Holidays and stated the prolong closure may adversely affect economic activities.

    The Patron in Chief APTMA, Gohar Ejaz has rejected the decision of the Government for Eid ul Fitr holidays from 10th to 16th May 2021. While expressing his concerns, stated that this will bring the whole country practically shut down for 10 days from Saturday, 8th May to Monday 17th May 2021.

    Shutting down the country for 10 consecutive days is unacceptable as it would create a lot of glitches for the economy, industries, particularly the exporters who will not be able to dispatch their shipments abroad due to the complete closure of banks, ports, customs, and all other departments during excessive holidays. 

    He warned that we cannot afford such extended holidays as they will result in giving losses of up to billions of rupees to the national exchequer and terribly affect business activities particularly the exports.

    Simultaneously, it will badly affect and deprive the daily wage earners of the country of their desperately needed earnings for continuous 10 days. Workers will find it impossible to feed their families creating a social disaster.

    He particularly highlighted the Textile Industry that despite the issues and hardship, committed to double the exports.

    Textile manufacturers have orders in hand and are working day and night to dispatch shipments according to the agreed schedule.

    This decision will end up in the cancellation of orders which will not only result in losses to manufacturers but also to the country.

    Keeping in view the social overall business climate and economic crises being faced by the country, Gohar Ejaz requested the Government to review the decision of Eid ul Fitr holidays from 10th to 16th May 2021.

    The holidays should only be from 13th to 16th May 2021. The government should not shut down production and transportation for 10 days as the country simply cannot sustain such production and export loss.

  • Pak Suzuki posts sharp 285pc growth in first quarter

    Pak Suzuki posts sharp 285pc growth in first quarter

    KARACHI: Pak Suzuki Motors Company Limited on Thursday announced an unprecedented growth of 285 percent in gross profit to Rs2.21 billion during the first quarter (January – March) of 2021.

    The company declared the gross profit of Rs573 million in the same quarter of the last year.

    The sales of the company sharply grew to Rs36.1 billion for the quarter ended March 31, 2021 as compared with Rs17.74 billion in the same quarter of the last year.

    With the higher sales, the distribution and marketing expenses of the company also increased to Rs710 million during the quarter under review as compared with Rs320 million in the same quarter of the last year.

    The company declared profit from operations at Rs1.12 billion during January – March 2021 as compared with loss of Rs1.32 billion in the same quarter of the last year.

    The net profit of the company was at Rs778 million during first quarter of 2021 as compared with net loss of Rs941 million in the corresponding quarter of the last year.

    The company declared earnings per share at Rs9.45 for the period ended March 31, 2021 as compared with net loss of Rs941 million in the corresponding period of the last year.

  • APTMA disapproves Indian cotton import

    APTMA disapproves Indian cotton import

    KARACHI: All Pakistan Textile Mills Association (APTMA) has strongly disapproved any plan to import cotton yarn from India.

    In a statement issued on Friday, Asif Inam, Chairman – APTMA Sindh-Balochistan Region expressed deep concern on drastic decline in price of fine counts of yarn by Rs. 10,000/- per bag in the Faisalabad Yarn Market which is in expectation of massive tax evasion plan by individuals in anticipation of permission be allowed to import cotton yarn from India through Wagah Border.

    Asif Inam in a statement issued to the press and electronic media has said that industry has procured cotton at very high prices and they are not in a position to sustain these losses.

    He said that about 90 percent of yarn produced in the country is available for the domestic market and there is no shortage of yarn in the country.

    Asif Inam urged the government not to allow import of cotton yarn from India as India has imposed restriction on import of all Pakistani products.

    To restrain import of yarn from India and support the local industry he demanded the government to withdraw levy of sales tax on zero rated sector so that the genuine industry may flourish and be able to provide yarn at affordable prices.

    He also urged the government to save domestic industry from total closure, DLTL should not be provided on those entire textile products produced using imported materials which are either produced or manufactured in Pakistan as all such textile items which are produced using imported materials are incurring losses to the national exchequers because most of the exporters falls under the category of Fixed Tax Regime whereas they are also availing DLTL facility ranging between 2 percent to 4 percent and subsidized Export Refinance Facility which is provided from the revenue earned by the government from Pakistani Taxpayers. DLTL and ERF should only be provided on the products produced using domestic yarn and fabrics, he added.

  • FBR invites customs proposals for budget 2021/2022

    FBR invites customs proposals for budget 2021/2022

    The Federal Board of Revenue (FBR) has opened the floor for customs duty proposals as part of the preparations for the federal budget for the fiscal year 2021/2022.

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  • Weekly Review: market likely to move in green

    Weekly Review: market likely to move in green

    KARACHI: The share market likely to move in green over million doses expected to be purchased from China within the ongoing quarter and subsequent distribution, dampening in COVID-19 concerns may fuel the market pack.

    Analysts at Arif Habib Limited said that bull run energy stocks to roll over next week and keep interest in the bourse alive.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 7.6x (2021) compared to Asia Pac regional average of 15.9x and while offering DY of around 6.1 percent versus around 2.4 percent offered by the region.

    While nervousness ruled market sentiment in the earlier part of the week with 3 cases of the new found coronavirus strain in Pakistan as well as profit taking by institutional investors, the equity bourse quickly posted a rebound amid extension in the Prime Ministers construction package to December 31, 2021.

    We also highlight that potential partial resolution of the circular debt with installment due to IPP’s within Jan’21 aided market momentum. That said, the benchmark KSE-100 index breached the 44k level and closed at 44,435 points, up by 2.34 percent / 1018 points.

    Sector-wise positive contributions came from i) Banks (342 points), ii) Fertilizers (231 points), and iii) Oil & Gas Exploration (202 points) while Power Generation & Distribution declined 37 points. Scrip-wise positive contributions were led by OGDC (112 points), FFC (95 points), MEBL (68 points), ENGRO (64 points), and PSO (63 points). HUBC and KOHC led the negative contributions, declining 43 and 15 points respectively.

    Foreign selling continued this week clocking-in at USD 46.22 million compared to a net sell of USD 20.44 million last week.

    Selling was witnessed in All other sectors (USD 46.14 million) and Technology (USD 0.95 million). On the domestic front, major buying was reported by Companies (USD 41.09 million and Individual (USD 20.04 million).

    That said, average daily volumes and traded value for the outgoing week were up by 4 percent and 3 percent to 528 million shares and USD 142 million, respectively.

  • Dollar eases to Rs159.97

    Dollar eases to Rs159.97

    KARACHI: The Pak Rupee gained 14 paisas against dollar on Tuesday amid inflows of workers’ remittances and export receipts, dealers said.

    The rupee ended at Rs159.97 to the dollar from last day’s closing of Rs160.11 in interbank foreign exchange market.

    Currency experts said that improved receipts of exports and workers’ remittances helped the rupee to make gain.

    They said that the second wave of coronavirus also reduced dollar demand for import payments.