The Federal Board of Revenue (FBR) has taken a proactive step to facilitate taxpayers by directing offices of Inland Revenue (IR) to observe extended working hours.
(more…)Author: Faisal Shahnawaz
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Stock market gains over 1,000 points on market support fund
KARACHI: The stock market on Wednesday witnessed sharp gain of over 1,000 points over clarity in market support fund.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 35,959 points as against 34,949 points showing an increase of 1010 points.
Analyst at Arif Habib Limited said that market bounced from the word Go. Within minutes of initial trading, the index was +150 points and did not see back. Clarity on Market Opportunity and Market Support Fund gave much needed confidence amongst investors and the erosion saw yesterday in the shape of a drop of ~750 points was recovered today.
During the session, the index increased by 1044 points and closed (unadjusted) near day’s high at +1010 points. Buying was observed across the board and especially in stocks that could be of significance to the Government Supported Funds.
Banks led the volumes table with 40 million shares (contributed by BOP 17 million), followed by Cement Sector with 23M shares (led by FCCL with ~12M shares).
Sectors contributing to the performance include Fertilizer (+206 points), E&P (+201 points), Banks (+196 points), Power (+101 points) and Cement (+100 points).
Volumes increased from 152.3mn shares as against 182.4mn shares (+20 percent DoD). Average traded value also increased by 4 percent to reach US$ 50.9mn as against US$ 48.8mn.
Stocks that contributed significantly to the volumes include BOP, FCCL, UNITY, ISL and KEL, which formed 30 percent of total volumes.
Stocks that contributed positively include HUBC (+76 points), ENGRO (+74 points), FFC (+67 points), OGDC (+64 points) and POL (+57 points). Stocks that contributed negatively include NESTLE (-33 points), FFBL (-1 points), GADT (-0 points), GHGL (-0 points) and DCR (-0 points).
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Rupee gains 50 paisas in interbank
KARACHI: The Pak Rupee gained 50 paisas against dollar on Wednesday on positive development on economic front.
The rupee ended Rs149.75 to the dollar as compared with last day’s closing of Rs150.25 in interbank foreign exchange market.
The interbank outright foreign exchange market was initiated in the range of Rs149.50 and Rs150.00.
The market recorded a high of Rs150.25 and low of Rs149.50 and closed at Rs149.75.
The exchange rate witnessed no change in the rupee value against dollar.
The buying and selling of dollar was recorded at Rs149.00/Rs150.00 in cash ready market.
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FPCCI expresses concerns over abolishing zero-rate regime
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed serious concerns over rumors regarding abolishing zero-rated for export sector.
Engr. Daroo Khan Achakzai, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), S. M. Muneer Former President FPCCI and Iftikhar Ali Malik, Former President FPCCI & Sr. Vice President SAARC-CCI show their serious concern over the speculation of withdrawal of Zero Rated Facility for the five Key exports sector in the forth coming budget.
They said that the withdrawal of zero rating facility of key five sector i.e. value added textile, leather, carpet, surgical instruments and sports goods will decline further exports of Pakistan which is confronted with many challenges.
These five sectors contribute 70 percent in exports of Pakistan and contribute significantly in earning foreign exchange and providing employment to skilled and unskilled labor force.
They further stated that the refunds claims of exporters amounting to Rs300 billion is already pending with FBR creating liquidity crunch and hurdles to new investment.
Due to uncertainty in economic environment, the investors are reluctant to make investment in Pakistan. Moreover, the devaluation of Pak. Rupees more than 30 percent in last one year does not impact positively on the enhancement of exports.
They added that the withdrawal of this facility will increase cost of doing business due to 17 percent sales tax and high utility cost, as Pakistan’s exports is already facing a tough competition in international market due to enormous facilities given by the regional countries to their exporters.
They further stated that government should find new avenues for enhancement of its revenue instead of damaging the exports sector which is already on a decline. They further suggested that the government should facilitate the industrialization in Pakistan particularly the agro-based and value added industries for the enhancement of exports.
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Peshawar collectorate announces auction of vehicles on May 30
ISLAMABAD: Model Customs Collectorate (MCC) Appraisement Peshawar has announced auction of large quantity of vehicles to be held on May 30 at Customs Railway Dryport, Peshawar.
S# Make/Chassis No. 1 USED MITSUBISHI EK WAGON CHASSIS NO. :H82W-1342187 Model 2011 2 USED TOYOTA LAND CRUISER PRADO CHASSIS NO.GRJ151-0001019 Model 2009 3 01 UNIT USED CHRYSLER 300 2012 COMPLETE VIN: 2C3CCAUM7DH517194 4 WDB2110722B156275 5 Toyota Corolla Ch No.JTNKU3JE80J011536 6 Toyota Hiace Van Ch No.KDH201-5013055 Model 2013 7 Suzuki Hybrid Car Ch No.FF21S-107822 Model 2016 8 Toyota Land Cruiser Ch No.URJ202-4116930 Model 2016 9 Toyota Land Cruiser Ch No.URJ202-4113863 Model 2016 10 Suzuki Hybrid Car Ch No.FF21S-103154 Model 2016 11 Toyota Lexux Ch No.URJ201-4193562 Model 2015 12 Suzuki Wagon R Ch No.MH34S-745380 Model 2013 13 Toyota Land Cruiser Ch No.URJ202-4134650 Model 2016 14 Toyota Vitz Car Ch No.NSP130-2220121 Model 2015 15 Used Hino Truck JHDFM2PK9D1S13123 16 Used Hino Truck JHDFM2PK9D1S13112 17 Suzuki Ignis Car Ch No. FF21S-106101 Model 2016 18 Suzuki Ignis Car Ch No FF21S-116086 Model 2016 19 Hino Truck Model 2013 Ch No. FD7JLA-13990 20 Honda Insight Car Ch No.ZE2-1128757 Model 2009 21 Honda Pruis Car Ch No ZE2-1100845 Model 2008 22 Honda Insight Car Ch ZE2-1101847 Model 2009 23 Isuzu Mazda Truck Ch No.NJR85-7033961 Model 2013 24 Toyota Pruis Car Ch No.ZVW30-5252971 Model 2010 25 Honda Insight Car Ch No.ZE2-1213085 Model 2010 26 Suzuki Every Van Ch No.DA64V-353777 Model 2009 27 Suzuki Every Van Ch DA64V-364405 Model 2009 28 Suzuki Ch No.HA25S-820648 Model 2011 29 Daihatsu Ch No.S321V-0066949 Model 2009 30 Toyota Hiace Van Ch No.KDH201-5013055 Model 2013 31 Honda Car Ch No.JG1-1013188 Model 2012 32 Toyota Pruis Car Ch No.ZVW30-1327759 Model 2010 33 Toyota Aqua Car Ch No.NHW20-3576346 Model 2010 34 Suzuki Every Van Ch No.DA64W-259752 Model 2008 35 Suzuki Every Van Ch No.DA64W-294817 Model 2008 36 Toyota Passo Car Ch No.KGC30-0016590 Model 2010 37 Suzuki Every Van Ch No.DA64V-294623 Model 2008 38 SCAZN000XHCX20626 39 Toyota Platz Car Ch No.NCP12-0001170 Model 1999 -
Eid-ul-Fitr holidays from June 4-7 announced
The government of Pakistan has officially declared a four-day holiday from June 4 to 7 in celebration of Eid-ul-Fitr, according to a statement released by the Ministry of Interior on Tuesday.
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Engro Fertilizers, DFAT train over 4,000 smallholder farmers
LAHORE: Engro Fertilizers Limited, Engro Foundation and the Department of Foreign Aid and Trade (DFAT), Government of Australia have successfully trained more than 4,000 smallholder farmers so far, including 600 women, on quality certified seed use over two years.
Additionally, the project has developed approximately 290 enterprising smallholder farmers, 124 among whom are women, to produce their own quality farm-saved seed for further exchange, distribution and selling among the fellow farmers in nearby villages.
Co-funded by Engro Fertilizers Limited and the Department of Foreign Aid and Trade (DFAT), Government of Australia, Partnerships and Value Expansion in Seeds Value Chain (PAVE) project aims to build capacities of smallholder farmers to become high-skilled seed multipliers and become part of seed supply chain, as well as using certified seed in their regular cropping to earn higher incomes.
For this successful project, Engro Fertilizers Limited and Engro Foundation have also received an international award at the Asia Responsible Enterprise Awards (AREA) 2019 in Taipei, Taiwan.
Sharing his thoughts on this achievement, Nadir Salar Qureshi, CEO of Engro Fertilizers, said, “At Engro Fertilizers, our goal is to promote food security in Pakistan by empowering smallholder farmers to implement sound agricultural practices, and to equip them to overcome barriers of entry in the marketplace. PAVE is a much-needed initiative in this direction.” He added, “AREA 2019 recognizes some of the most impressive business practices in the region, and we are humbled to be named alongside some very laudable sustainability initiatives.”
PAVE successfully completed its first year of operations in March 2019 and is running under the leadership of Engro Fertilizers’ Crop Sciences Division in partnership with Engro Foundation and Mennonite Economic Development Associates (MEDA), Canada – an implementing partner in the project.
Regarded as the top corporate social responsibility (CSR) awards in Asia, AREA is organized annually by Enterprise Asia, a leading non-governmental organization for responsible entrepreneurship in Asia. AREA aims to recognize and honour Asian businesses and leaders for championing sustainable and socially responsible business practices.
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SBP issues daily exchange rates for payment under amnesty scheme 2019
KARACHI: The State Bank of Pakistan (SBP) is issuing daily exchange rate for payment of duty and taxes under tax amnesty scheme – 2019.
The exchange rates are available at the FBR portal and can be accessed by visiting https://www.fbr.gov.pk/assets-declaration-scheme-2019/132009
The SBP has started issuing the exchange rates from May 27, 2019 in 10 major foreign currencies for conversion into Pak Rupee.
The available conversions for foreign currencies available in US Dollar (USD), Saudi Riyal (SAR), Japanese Yen (JPY), British Pound (GBP), Euro (EUR), Chinese Yuan (CNY), Swiss Franc (CHF), Canadian Dollar (CAD), Australian Dollar (AUD) and UAE Dirham (AED).
The latest following exchange rates are available on the FBR site is for May 28, 2019.
CURRENCY: BUYING RATE
AED: 40.7238
AUD: 103.6792
CAD: 111.3376
CHF: 149.0207
CNY: 21.7252
EUR: 167.5895
GBP: 190.5176
JPY: 1.3657
SAR: 39.8949
USD: 149.5900
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Hafeez Shaikh assures forex dealers of reducing foreign currency limit on travel abroad
ISLAMABAD: Dr. Abdul Hafeez Shaikh, adviser to Prime Minister on Finance and Revenue on Tuesday assured foreign exchange dealers of reducing limit for carrying foreign currency on traveling abroad.
Earlier, a delegation of foreign exchange companies informed the adviser that people traveling abroad were carrying around $6 million daily.
The delegation of Foreign Exchange Dealers, led by the President of Forex Association of Pakistan, Malik Bostan, called on Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh, here today.
The delegation suggested various measures aiming at improving foreign exchange of the country.
In order to reduce the outflow of dollar, the delegation proposed that the foreign currency limit for people, who are travelling abroad, should be revised.
The representatives of the association mentioned that smuggling of dollar to Afghanistan and Iran is a serious issue and the government agencies should take strict action against such elements who are involved in foreign currency smuggling.
The delegation expressed concern over under invoicing by some importers and suggested that the custom authorities should take over the goods, by auctioning them, of the importers who are involved in under invoicing causing losses to national exchequer.
The delegation also offered its support to improve foreign exchange of the country.
The Adviser assured the delegation that their proposals would be considered positively.
The meeting was attended by Secretary Finance, Naveed Kamran Baloch, Governor State Bank of Pakistan, Dr. Reza Baqir, senior officials of Ministry of Finance and representatives of foreign exchange dealers.
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SBP waives 100 percent cash margin requirement on various imported goods
KARACHI: State Bank of Pakistan (SBP) has waived condition of 100 cash margin on import of various goods against five different HS Codes.
The SBP in a circular issued on Tuesday said that it had been decided to waive the condition of 100 percent cash margin requirement on imports made against the HS Codes: 0105.1100, 8472.9090, 8473.3090, 1006.1010, 8472.9010
The SBP said that moreover, it is also clarified that 100 percent cash margin shall not be applicable to the import made by Independent Power Producers and Captive Power Producers against HS Code 8543.7090 – Other.
All other instructions contained in the aforementioned Circulars shall, however, remain unchanged, the SBP said.