Author: Faisal Shahnawaz

Equity market gains 200 points on improved sentiments

KARACHI: The equity market gained 200 points on Tuesday after improved trading sentiments.

The KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,329 points as against 38,129 points showing an increase of 200 points.

Analysts at Arif Habib Limited said that the market sentiment improved after a long time and the index closed positive.

After an initial down side of 89 points at the beginning of session, the market turned positive and investors took positive bets on the outcome of Supreme Court’s decision relating to Nawaz Sharif, which is considered to be a sign of resolving political stalemate at the parliament and focusing on core economic issues by the government.

Cement, Fertilizer, Autos and E&P sector contributed the most to the upside, especially by the end of session. O&GMCs, especially SSGC, also went up with expectation of financial results to be announced soon as the extension got turned down by SECP.

Sectors contributing to the performance include E&P (+101 points), Autos (+22 points), Fertilizer (+20 points), Engineering (+14 points) and O&GMCs (+13 points).

Volumes increased significantly from 56.5 million shares to 86.1 million shares. Average traded value also increased by 33 percent to reach $ 25.2 million as against $ 19 million.

Stocks that contributed significantly to the volumes include WTL, KEL, OGDC, FCCL and TRG, which formed 38 percent of total volumes.

Stocks that contributed positively include OGDC (+54 points), PPL (+30 points), MARI (+12 points), SNGP (+11 points), and SEARL (+9 points). Stocks that contributed negatively include FCCL (-8 points), PSO (-7 points), SPWL (-5 points), KTML (-5 points) and HBL (-4 points).

March 26, 2019
Rupee ends with two paisas gain

KARACHI: The Pak Rupee gained two paisas against dollar on Tuesday amid higher demand for import and corporate payments.

The rupee ended Rs140.27 to the dollar from previous day’s closing of Rs140.29 in interbank foreign exchange market.

The interbank foreign exchange market was initiated in the range of Rs140.25 and Rs140.30.

The market recorded day high of Rs140.30 and low of Rs140.26 and closed at Rs140.27.

The exchange rate in open market however ended with appreciation of local currency against the dollar.

The buying and selling of dollar was recorded at Rs140.50/Rs141.00 from previous day’s closing of Rs140.80/Rs141.30 in cash ready market.

March 26, 2019
MCC Preventive announces auction of confiscated vehicle on March 28

KARACHI: Model Customs Collectorate (MCC) Preventive, Karachi has announced auction of confiscated vehicle to be held on March 28, 2019 at Anti-Smuggling Organizations (ASO), Ghasbandar, East Wharf, Karachi.

The following vehicles will be presented for the auction:

1. Mitsubishi Pajero Jeep ( Used) GS-2000 Model-1994, Reg. GS-2000 / V46 – 4034791.

2. Used Lexus Car – Reg No. UC – 868 -Model – 2006 – 3450cc, JTHBG 963905034702.

3. Used Toyota Premio Car VVT – Reg no. AAH – 747 Model – 2007, ZZT240 0140149.

4. Used Toyota Harrier Jeep Reg no. JAA – 452 – Model – 1998 – 2999 cc, Chassis no. MCU – 10 – 0013510 Engine no. IMZ – FE 6688090.

5. Used Toyota Hilux Surf – Reg no- CP – 0693/ Model – 1990/ 2958cc, Chassis no. LN – 130 – 0009771.

6. Used Honda Saloon Accord Car/ Reg no. BFT – 418/ Model 2003/ 1990cc, Chassis no. LC7 – 3006339/ Engine no. 33101802.

7. Toyota Hiluc Surf SSR – X – 3.0/ Reg no. BD – 8045/ Model KD – KZN130W – GKPQT/ 2962 cc, Chassis no. KZN 130 – 9048116/ Engine no. IKZ – TE.

8. Used Mercedes Benz ( AG) Fake Reg no. AB – 1001/ 2999cc, Chassis no. WDB1240312B476728.

9. Used Toyota Mark – II Saloon Car/ Reg no. BBL – 708/ Model – 2000/ 1800HP, Chassis no. JZX110 – 6000922/ Engine no. 1JZ – 075 – 075010.

10. Used Toyota Hilux Surf/ Reg no. BD – 1688/ Model – 1994 ( As per seat belt), Chassis no. LN – 130 – 0123784.

11. Used Toyota AXIO – X Car – White colour – Reg no. BFE – 068 – 1496 cc – Model – 2007, Chassis no. NZE – 141 – 6028039/ Engine no. INZ – CO360547.

12. Toyota Primo Car Used – Reg no. AAM – 095 – Model – 2005 – 1794 cc, Chassis no. ZZT – 240 – 5039822/ Engine no. IZZFE – 12557.

13. Used Honda Civic Saloon Car – White Colour Reg no. AAM – 988 (Quetta) – Model – 2007, Chassis no. FD – 31001100/ Engine no. MF – 5100586 – 1800cc.

14. Used Toyota Land Cruiser Jeep – Silver Colour – Reg no. BG – 1131 – Model – 1989 – 3431 cc, Chassis no. BJ 60 – 023765 – Engine no. 38 – 1098887(As per Reg.Book).

15. Used Toyota Corolla Car – Model – 2015, Reg no. BDE – 852 – Chassis no. NZE170R4016729.

16. Used Toyota Crown Saloon Car – Model – 2004, Reg no. BHK – 012/ Chassis no. GRS182 – 5014910 – Engine no. 3GR – FSF – 2994cc.

17. used toyota saloon car XE-Model -1999 – 1500cc chassis No AE-100-5171778-engine No SA-FE-1500cc

18. Used Toyota Mark-X Car, Reg no BGB-453-Model -2005, Chassis No GRX-121-3000684-Engine No 3GR-FSE0077053-2497cc.

19. Used Toyota Premio Saloon Car Reg No, AXE-317, Chassis No ZZT 240-0124717- Engine No 1ZZ-2614685.

20. Used Toyouta Premio Saloon Car, Reg No BFM-306-Model- 2004, Chassis No AZT240-0017447, engine No 1AZ-4802097-1998cc.

21. Used Toyota Mark-X Car, Reg No BBC-301, Model -2005, Chassis No GRX-120-0042956-Engine No 4GR-FSE-2499cc.

22. Used Landcruiser Jeep, Reg No E-1132, Model -1997, Chassis No KZJ95-0080245, Engine No IKZ-TE-0547566-2982cc.

23. Used Toyota Hilux Surf Jeep, Reg No BJ-933, Model -2000, Chassis No RZN-185-9029667-Engine No 3RZ-FE-2122003-2963cc.

24. Used Toyota Vitz Car, Reg No RFL-1788, MOdel -2004, Chassis No SCP-13-0048794-Engine No 2SZ-FE-1297cc.

25. Used Toyota Land Cruiser Jeep, Reg No GR-541, Model-2015, chassis No TRJ150-051668, Engine No 2TR-FE.

26. Used Toyota Crown Royal Saloon (G)Car, Fake Reg No BEZ-998, Model-2005, Chassis No GRS 182-1015624-Engine No 0123426, 2994cc.

March 26, 2019
Income Tax Ordinance 2001: Corporate tax rate to be reduced to 25pc

The government of Pakistan has undertaken a strategic initiative to gradually reduce corporate income tax rates, aiming to bring them down to 25% by the tax year 2023 and onwards.
(more…)

March 26, 2019
Restriction on non-filers for car buying considerably reduces own money

KARACHI: The restriction on non-filers to purchase cars during first half of current fiscal year has reduced the delivery time and also reduce the own money for immediate delivery in the grey market.
(more…)

March 26, 2019
PNSC adds MoGas Carrier vessel to its fleet

KARACHI: Pakistan National Shipping Corporation (PNSC) has added MoGas Carrier LR-1 vessel to its fleet on Monday, Federal Minister for Maritime Affairs Syed Ali Haider Zaidi said.

The ship, which has been named Bolan, will help reduce the dependency on foreign vessels and will help in saving million of dollars in freight chares, he said in a tweet.

He termed it as another step towards self reliance of the country.

Zaidi said that the with the addition of latest carrier the PNSC fleet increased to 10, out of which five ships are bulk cargo and four were crude oil.

He congratulated chairman PNSC for successful acquisition. Zaidi said that another ship would be added to PNSC fleet before end of Summer 2019.

March 26, 2019

Tax rates for salary, business individuals

KARACHI: Following are the tax rates for individuals under First Schedule of Income Tax Ordinance, 2001.

The tax rate as updated through Finance Supplementary (Amendment) Act, 2018 to Income Tax Ordinance, 2001, issued by Federal Board of Revenue (FBR).

Rates of tax for individuals

(1) The rates of tax imposed on the taxable income of every individual, not being an individual to which paragraph (1A) of this Division applies, shall be as set out in the following table, namely:—

Table

S. No.	Taxable Income	Rate of Tax
01	Where the taxable income does not exceed Rs. 400,000	0 percent
02	Where the taxable income exceeds Rs. 400,000 but does not exceed Rs. 800,000	Rs1,000
03	Where the taxable income exceeds Rs. 800,000 but does not exceed Rs. 1,200,000	Rs2,000
04	Where the taxable income exceeds Rs.1,200,000 but does not exceed Rs. 2,400,000	5 percent of the amount exceeding Rs. 1,200,000
05	Where the taxable income exceeds Rs. 2,400,000 but does not exceed Rs. 3,000,000	60,000 + 15 percent of the amount exceeding Rs. 2,400,000
06	Where the taxable income exceeds Rs. 3,000,000 but does not exceed Rs. 4,000,000	150,000 + 20 percent of the amount exceeding Rs. 3,000,000
07	Where the taxable income exceeds Rs. 4,000,000 but does not exceed Rs. 5,000,000	350,000 + 25 percent of the amount exceeding Rs. 4,000,000
08	Where the taxable income exceeds Rs. 5,000,000	600,000 + 29 percent of the amount exceeding Rs. 5,000,000

Provided that where the taxable income exceeds eight hundred thousand rupees the minimum tax payable shall be two thousand rupees.

Salary persons

(1A) Where the income of an individual chargeable under the head “salary” exceeds fifty per cent of his taxable income, the rates of tax to be applied shall be as set out in the following table, namely:—

Table

S.No.	Taxable Income	Rate of Tax
01	Where the taxable income does not exceed Rs. 400,000	0 percent
02	Where the taxable income exceeds Rs. 400,000 but does not exceed Rs. 800,000	Rs1,000
03	Where the taxable income exceeds Rs. 800,000 but does not exceed Rs. 1,200,000	Rs2,000
04	Where the taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 2,500,000	5 percent of the amount exceeding Rs. 1,200,000
05	Where the taxable income exceeds Rs.2,500,000 but does not exceed Rs. 4,000,000	65,000 + 15 percent of the amount exceeding Rs. 2,500,000
06	Where the taxable income exceeds Rs. 4,000,000 but does not exceed Rs. 8,000,000	290,000 + 20 percent of the amount exceeding Rs. 4,000,000
07	Where the taxable income exceeds Rs. 8,000,000	1,090,000 + 25 percent of the amount exceeding Rs. 8,000,000

Provided that where the taxable income exceeds eight hundred thousand rupees the minimum tax payable shall be two thousand rupees.

March 25, 2019

Prize bonds investment soars by 17.07 percent to Rs929.64bn

KARACHI: The investment in prize bonds has soared to Rs929.64 billion by January 2019 as compared with Rs794.09 billion by the same month of the last year, showing an increase of 17.07 percent.

According to statistics issued by State Bank of Pakistan (SBP), the savings mobilized through prize bonds had increased to Rs929.64 billion January 2019 through different categories of prize bonds.

The statistics have shown the investment in higher denomination prize bonds increased more rapidly then the lower denomination.

Following is the position of investments in different prize bonds:

(Rs in million)

S. No.	Prize Bonds	Jan 2019	Jan 2018	% Increase
01	Rs100	9,771	8,795	11.09
02	Rs200	29,325	27,076	8.30
03	Rs750	98,590	86,520	13.95
04	Rs1,500	105,019	90,078	16.58
05	Rs7,500	96,221	75,317	27.75
06	Rs15,000	173,803	144,780	20.04
07	Rs25,000	156,923	135,080	16.17
08	Rs40,000	259,130	225,586	14.86

March 24, 2019

FBR estimates Rs50 billion income tax loss from salary

The Federal Board of Revenue (FBR) has recently presented a comprehensive revenue position to the finance ministry, highlighting an estimated loss of Rs50 billion resulting from the downward revision of tax rates on salary income.
(more…)

March 24, 2019
FBR holds awareness sessions for online payment of duty, taxes

In a proactive step towards modernizing tax procedures and enhancing ease of doing business, the Federal Board of Revenue (FBR) organized informative sessions in Karachi and Lahore for the business community and tax consultants.
(more…)

March 23, 2019