ISLAMABAD: The Federal Board of Revenue (FBR) issued the updated Income Tax Ordinance, 2001 after incorporating amendments brought through Finance Act, 2021. The Section 4 of the Income Tax Ordinance, 2001 deals with tax on taxable income.
(more…)Author: Faisal Shahnawaz
-
Tax auditor awarded major penalty for misconduct
In a recent development, the Federal Board of Revenue (FBR) has awarded with a major penalty to a tax auditor, Sardar Abdul Rab Nashtar, Assistant Director (Audit) of the Inland Revenue Service (IRS).
(more…) -
ECC approves hike in prices of sugar, wheat flour, edible ghee
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Friday approved increase in prices of three essential items.
Shaukat Tarin, Federal Minister for Finance and Revenue chaired the meeting.
Ministry of Industries and Production presented a summary regarding extension of the Prime Minister’s Relief Package-2020. The package has provided subsidies on five essential commodities from July 15, 2021 to September 30, 2021. The extension has been provided till the Enterprise Resource Planning (ERP) system becomes fully operational.
Moreover, the ECC also approved the revision in prices of three essential commodities namely Atta (20 kg bag) to Rs. 950, Ghee (per kg) to Rs. 260 and Sugar (per kg) to Rs. 85 respectively. The increase was granted because of increasing gap between the subsidized prices and the prevailing market prices.
The committee approved revision in prices of three essential commodities to rationalize provision of subsidies by the Utility Stores Corporation (USC).
Federal Minister for National Food Security and Research Fakhar Imam, Federal Minister for Energy Hammad Azhar, SAPM on Finance and Revenue Dr. Waqar Masood, SAPM on Power and Petroleum Tabish Gauhar, SAPM on Youth Affairs Usman Dar, Secretary Finance Division, Secretary Communication, Secretary M/o Industries and Production, Governor SBP, Chairman PTA and other senior officers participated in the meeting.
The ECC considered and approved a summary regarding the elimination of documents attestation fee for goods imported into Pakistan from Kenya as this Non-Tariff Measure (NTM). The decision by the Committee would facilitate trade between the two countries and enhance Pakistan’s market share in the region.
The ECC approved a summary regarding non-cash settlement for power sector re-lent loans against subsidies payable by the government amounting Rs.116 billion.
The ECC approved “Kamyab Pakistan Program”. A flagship program which shall extend micro-loans to entrepreneurs and farmers under “Kamyab Karobar” and “Kamyab Kissan” schemes respectively.
The program shall also provide low cost housing loans through NAPHDA. The Kamyab Pakistan Program also includes ongoing skill development program for educational and vocational training under the title “Kamyab Hunarmand”.
The Kamyab Pakistan Program is aimed at extending loans to 04 million households at the lowest strata, as registered with the National Socio Economic Registry (NSER) of Ehsaas. Loans worth Rs.0.5 million, Rs.0.150 million and Rs.0.2 million through Micro-Finance Providers for Kamyab Karobar and Kamyab Kissan at 0% mark up will be provided. The third component of the scheme is introduction of a new tier in Naya Pakistan Low Cost Housing Scheme wherein loans of Rs.2.7 million (for NAPHDA) and Rs.2 million (for Non-NAPHDA) projects will be given at subsidized rates.
The salient features of the Kamyab Pakistan Program include loan size of Rs.150,000 (per crop) for purchase of agricultural inputs. The commutative disbursement under the program would be Rs.1.6 billion over the period of 03 years. It shall benefit 30,00,000 families.
The ECC commended all concerned for working out such a detailed program aimed at “bottom-up approach” for reducing poverty as envisaged by the Prime Minister.
The Finance Minister stated that the consultative process was followed in working out modalities of the Kamyab Pakistan Program ensuring that all relevant stakeholders are on board and micro-loans shall be disbursed as per the given criteria.
The ECC also considered and approved the Draft Policy Directives related to Auction of Next Generation Mobile Services (NGMS) in Azad Jammu & Kashmir (AJK) as submitted by the Ministry of Information Technology and Telecommunication before the Committee. This is the first time that the NGMS will be auctioned in AJK and it will improve mobile broadband services in the region.
Moreover, ECC also decided that for the payment of the Auctioned licence fee, the method in-vogue in the earlier auction processes will be followed. Ministry of Maritime Affairs presented a summary regarding award of Engineering Consultancy Service contract for up-gradation of Port Qasim Authority (PQA) amounting to Rs.86.6 million.
The ECC approved the execution of the project. ECC allowed Post Qasim Authority, Karachi Port Trust and Gwadar Port Authority Boards to transfer their Marine assets to the Pakistan Marine and Shipping Services Company Private Limited (PMSSC), a subsidiary of Pakistan National Shipping Corporation.
The maximum rates to be charged by the Pakistan Marine & Shipping Services Company (PMSSC) from the Public Sector ports & harbours shall be determined from time to time by Ministry of Maritime Affairs through a notification in official gazette.
The Ministry of National Food Security and Research (M/o NFS&R) presented a summary regarding procurement of 200,000 cotton bales by TCP to promote cotton production and bring stability in the domestic market.
The ECC also approved formation of Cotton Price Review Committee (CPRC) with a mandate to review market price and propose intervention at fortnightly basis.
The ECC also approved a summary by the M/o Industries and Production for importing 200,000 metric tons of sugar to build strategic reserves and minimize the role of speculative elements in the domestic market. In case of need more reserves will be built through import, the ECC decided.
ECC approved the amendment in its earlier decision dated 19-02-2021 regarding the “Prime Minister’s” fiscal package for Agriculture in the wake of COVID-19 Kharif”. The package offered subsidy on DAP@1500Rs/acre for cotton and rice crops, during the Kharif Season 2021. Now according to the amendment, the farmers can avail subsidy on any phosphatic fertilizer according to their choice.
-
Stock market gains 137 points in mixed trading
KARACHI: The stock market increased by 137 points on Thursday in mixed trading during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,628 points from previous day’s closing of 47,491 points, showing an increase of 137 points.
Analysts at Arif Habib Limited said that after consolidating in the past couple of sessions, the Index regained confidence today and added a total of 246 points, on the back of OGDC, PSO and otherwise the Technology sector.
Profit booking brought the index down by the end of session, closing +137 points.
Cement, Fertilizer and Refinery sectors bore selling pressure, whereas Steel, Chemical and Banking sector stocks contributed positively to the index. Flat steel players (ASL & ISL) increased prices today, which prompted an uptick in both stock prices.
Among scrips, WTL topped the volumes with 50.6 million shares, followed by KEL (38.9 million) and TPL (36.1 million).
Sectors contributing to the performance include E&P (+41 points), Technology (+37 points) Banks (+26 points), O&GMCs (+19 points) and Vanaspati (+15 points).
Volumes declined slightly from 508.2 million shares to 506.3 million shares (-0.5 per cent DoD). Average traded value declined by 4 per cent to reach US$ 97 million as against US$ 101 million.
Stocks that contributed significantly to the volumes include WTL, KEL, TPL, PIBTL and TPLP, which formed 36 per cent of total volumes.
Stocks that contributed positively to the index include OGDC (+28 points), TRG (+26 points), BAFL (+16 points), UNITY (+15 points) and PSO (+13 points). Stocks that contributed negatively include PAKT (-21 points), PSX (-15 points), HBL (-9 points), FFC (-8 points) and NML (-6 points).
-
POL prices increased for next fortnight; per liter petrol up by Rs5.4 to Rs118.09
ISLAMABAD: The government on Thursday announced increase in petroleum prices to be implemented midnight with effect from July 16, 2021 for next fortnight.
The government announced an increase of Rs5.4 to Rs118.09 in price of petrol from Rs112.69.
Likewise, the prices of high speed diesel increased by Rs2.54 per liter, from Rs113.99 to Rs116.53; kerosene oil by Rs1.39 per liter, from Rs85.75 to Rs87.14 whereas the price of light diesel oil increased by Rs1.27, from Rs83.40 per liter to Rs84.67 per liter.
The Oil and Gas Regulatory Authority (OGRA) had recommended Rs11.50 increase in per liter petrol, however the Prime Minister, considering to provide maximum relief to the public allowed only Rs5.4 liter increase, said a press statement issued by the Finance Ministry here.
In this way, the government observed Rs6.10 price hike in the commodity, it added. “The government has been providing maximum relief to the consumers by reducing the price of the petroleum products since April 2021,” it added.
The statement said that although the international oil prices have been on rise, the government took the decision not to pass on the entire burden of increase to the consumers.
The rates of sales tax and petroleum levy have been adjusted in a manner that maximum relief is provided to the consumers.
-
SBP issues list of banks operating in Pakistan
KARACHI: The State Bank of Pakistan (SBP) has issued a list of banks operating in the country. The list contained all the banks including public sector banks, local private banks, foreign banks and specialized banks.
The central bank said that by end of December 31, 2020 the total number of banks were 32 in Pakistan as compared with 33 by end of December 31, 2019.
Following is the list of banks:
A. Public Sector Com. Banks (5)
1. First Women Bank Ltd.
3. Sindh Bank Ltd.
4. The Bank of Khyber
5. The Bank of Punjab
B. Local Private Banks (20)
1. AlBaraka Bank (Pakistan) Ltd.
2. Allied Bank Ltd.
3. Askari Bank Ltd.
4. Bank AL Habib Ltd.
6. BankIslami Pakistan Ltd.
7. Dubai Islamic Bank Pakistan Ltd.
8. Faysal Bank Ltd.
10. Habib Metropolitan Bank Ltd.
11. JS Bank Ltd.
12. MCB Bank Ltd.
13. MCB Islamic Bank Ltd.
15. SAMBA Bank Ltd.
16. Silk Bank Ltd
17. Soneri Bank Ltd.
18. Standard Chartered Bank (Pakistan) Ltd.
19. Summit Bank Ltd
20. United Bank Ltd.
C. Foreign Banks (4)
1. Citibank N.A.
2. Deutsche Bank AG
3. Industrial and Commercial Bank of China Ltd.
4. Bank of China Limited
D. Specialized Banks (3)
1. Punjab Provincial Co-operative Bank Ltd
2. SME Bank Ltd.
3. Zarai Taraqiati Bank Ltd.
-
Eid holidays announced by PSX
KARACHI: The Pakistan Stock Exchange (PSX) will remain closed from Tuesday July 20, 2021 to Thursday July 22, 2021 on account of Eid ul Adha, according to a statement issued on Wednesday.
The stock exchange shall reopen from Friday, July 23, 2021, it added
The PSX informed all the brokers, staff and concerned that the government Govt. of Pakistan vide Notification No.01/01/2020-Public dated July 13, 2021 has announced 20th to 22nd July, 2021 as public holidays on the occasion of Holy Festival of Eid ul Adha.
Therefore, Pakistan Stock Exchange Limited will remain closed from Tuesday, July 20, 2021 to Thursday, July 22, 2021 on account of Eid-ul-Adha.
-
Stock market ends flat amid selling pressure
KARACHI: The stock market recorded an increase of 11 points at the end of the trading on Wednesday as selling pressure witnessed during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,491 points as against previous 47,480 points showing an increase of 11 points.
Analysts at Arif Habib Limited said that the market remained range bound today, oscillating between -38 points and +114 points.
Large cap blue chip stocks (including ENGRO, POL, LUCK, SYS) kept the index balanced, which was otherwise under selling pressure in E&P, O&GMCs, Cement, Steel and Technology sectors.
Worsening situation at Afghanistan border and imposition of COVID lockdown in Sindh made the investors rethink portfolio positions, in addition to facing CGT liability to be settled by July 16th. Among scrips, WTL realized trading volumes of 44.5 million shares, followed by GGGL (44 million) and TPL (40.7 million).
Sectors contributing to the performance include Textile (+34 points), Autos (+26 points), Inv Banks (+19 points), Transport (+12 points), Technology (-25 points), Banks (-24 points) and Fertilizer (-20 points).
Volumes increased from 496.8 million shares to 508.3 million shares (+2 per cent DoD). Average traded value declined by 1 per cent to reach US$ 101 million as against US$ 102 million.
Stocks that contributed significantly to the volumes include WTL, GGGL, TPL, KEL and TPLP, which formed 33 per cent of total volumes.
Stocks that contributed positively to the index include PSX (+19 points), LUCK (+12 points), PIBTL (+12 points), INDU (+12 points) and NML (+11 points). Stocks that contributed negatively include TRG (-33 points), MCB (-28 points), EFERT (-17 points), MARI (-10 points) and FFC (-8 points).
-
Rupee ends down by 19 paisas against dollar
KARACHI, Date – The Pakistani Rupee experienced a modest decline of 19 paisas against the US Dollar on Monday in the interbank foreign exchange market.
(more…) -
Rupee weakens by 67 paisas against dollar
The Pakistani Rupee (PKR) witnessed a sharp decline against the US Dollar on Tuesday, weakening by 67 paisas due to increased demand for import and corporate payments. The rupee closed at Rs154.37 against the dollar in the interbank foreign exchange market, compared to the previous Friday’s closing of Rs153.70.
(more…)