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Author: Faisal Shahnawaz

  • SBP launches three Sharia compliant refinancing schemes for SMEs

    SBP launches three Sharia compliant refinancing schemes for SMEs

    KARACHI: State Bank of Pakistan (SBP) has issued three Shariah Compliant Refinance Schemes that are expected to provide level playing field to the Islamic banking industry, a statement said on Friday.

    Currently, SBP offers various subsidized refinance facilities to the banks / DFIs to channelise the funds into priority sectors.

    It is worth mentioning here that Shariah compliant Islamic Export Refinance facility and Islamic long term financing facility for the exporters are available to the Islamic banking industry.

    However, addition of Shariah compliant financing facility for Renewable Energy, financing facility for storage of agricultural produce and Refinance facility for modernization of SMEs will meet the long awaited demand of the industry, especially for the Agriculture and SME sectors.

    Mudarabah based facilities would provide long term cheaper liquidity to the end users. The financing under Islamic financing facility for Renewable Energy will be available in two categories.

    These are (i)prospective sponsors desirous of setting up renewable energy power projects with capacity ranging between 1 – 50 MW and (ii) consumers willing to install facility using renewable energy source for generation of electricity ranging between 4 KW – 1 MW for own use and/or for supplying to the distribution company.

    Islamic Financing facility for storage of agricultural produce will be available for setting up silos, warehouses and cold storages. Refinance facility for modernization of SMEs will be available for purchase of new imported/ local plant & machinery for SMEs.

  • KSE-100 index sheds 55 points

    KSE-100 index sheds 55 points

    KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended down by 55 points on Friday due to lack of interest by investors.

    The index closed at 40,016 points as against 40,070 points showing a decline of 55 points.

    Analysts at Arif Habib Limited said that with a lack of fanfare and excitement, the market finally ended the week in red.

    Banking sector realized the most volumes (20 million), followed by Chemical Sector (8.7 million).

    Among the banking sector, UBL hit lower circuit again with a traded volume of 4.2 million shares at lower circuit.

    Following the bearish sentiment, BOP, NBP and HBL also traded in red.

    NBP’s announcement of financial results sans dividend failed to impress the investors, which resulted in stock trading at lower than yesterday’s closing.

    Overall, the index went down by 279 points, however, recovery of around 200 points was seen by end of session.

    Sectors contributing to the performance include Banks (-99 points), Miscellaneous (-26 points), E&P (+23 points), Autos (+20 points).

    Volumes declined from 103 million shares to 98 million shares (-4 percent DoD). Average traded value also declined by 10 percent to reach US$ 39 million as against US$ 44 million.

    Stocks that contributed significantly to the volumes include BOP, PAEL, OGDC, LOTCHEM and UBL, which formed 26 percent of total volumes.

    Stocks that contributed positively include MCB (+26 points), OGDC (+16 points), HUBC (+13 points), THALL (+13 points), and MEBL (+12 points).

    Stocks that contributed negatively include UBL (-77 points), PSEL (-26 points), HBL (-22 points), ENGRO (-16 points) and HMB (-15 points).

  • Rupee gains against dollar for third consecutive day

    Rupee gains against dollar for third consecutive day

    KARACHI: The Pak Rupee gained for the third consecutive day against dollar on Friday owing to shrinking current account deficit and foreign inflows.

    The rupee ended with gain of eight paisas to end at Rs138.55 to the dollar as compared with previous day’s closing of Rs138.63 in interbank foreign exchange market.

    The rupee maintained gains for the third consecutive day as exchange rate was reached to Rs138.92 to the dollar on February 19, 2019.

    Currency experts said that the improved inflows of workers remittances and narrowed current account deficit improved the local currency.

    The interbank foreign exchange market was initiated in the range of Rs138.70 and 138.75.

    The market recorded day high of Rs138.70 and low of Rs138.52 and closed at Rs138.55.

    Pakistan’s current account deficit has narrowed by 16.8 percent to $8.424 billion owing to declining imports and improved foreign remittances.

    According to statistics released by State Bank of Pakistan (SBP) on Thursday, the current account deficit narrowed to $8.424 billion during July – January 2018/2019 as compared with the deficit of $10.124 billion in the corresponding period of the last fiscal year.

    The exchange rate in open market was remained flat.

    The buying and selling of dollar was recorded at Rs138.50/Rs138.90 from previous day’s closing of Rs138.50/139.00 in cash ready market.

  • FBR issues tax directories of parliamentarians, companies and individuals

    FBR issues tax directories of parliamentarians, companies and individuals

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday issued tax directories of parliamentarians and general taxpayers including companies in order to public the information about contribution of different segments of taxpayers.

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  • Classes of taxpayers require sales tax registration

    Classes of taxpayers require sales tax registration

    KARACHI: Federal Board of Revenue (FBR) has listed classes of taxpayers, who are required to get sales tax registration to declare their monthly transactions to the tax authorities.

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  • Rupee advances against dollar in early trade

    Rupee advances against dollar in early trade

    KARACHI: The Pakistani Rupee (PKR) extended its gains against the US Dollar in early trading on Friday, buoyed by a significant reduction in the country’s current account deficit, according to currency dealers.

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  • Income Tax Ordinance 2001: procedure for claiming refund, additional payment for delay

    Income Tax Ordinance 2001: procedure for claiming refund, additional payment for delay

    KARACHI: A commissioner of Inland Revenue is responsible for making payment at KIBOR plus 0.5 percent per annum for late payment of income tax refund.

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  • Amendments to help Pakistan in controlling offshore tax evasion, avoidance: Vishno Raja

    Amendments to help Pakistan in controlling offshore tax evasion, avoidance: Vishno Raja

    KARACHI: Amendments to Income Tax Ordinance, 2001 will help Pakistan in controlling offshore tax evasion and avoidance.

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  • KCCI expresses concerns over shifting weekly holiday rumors

    KCCI expresses concerns over shifting weekly holiday rumors

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has cautioned that any move to shift weekly holiday from Sunday to Friday would be resisted and it should not be done as it will completely cutoff Pakistan from many western countries around the world for three-and-a-half consecutive days.

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  • FPCCI laments delay in releasing refunds, duty drawback

    FPCCI laments delay in releasing refunds, duty drawback

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has lamented delay in issuance of refunds and duty drawback to exporters.

    Engr. Daroo Khan Achakzai, FPCCI, President in a statement on Thursday urged the Finance Minister Asad Umar to release the exports sector’s overall outstanding refund claims including deferred claims; Customs Duty Drawback; DLTL etc., which have been lying pending for payment since long.

    FPCCI Chief recalled that he, during the Finance Minister’s Pre-Budget visit to FPCCI Head Office Karachi on January 12, 2019 and thereafter on his post budget visit to FPCCI Regional Office Lahore had stressed the need for an early clearance of back-log of refund claims and automatic payment within the stipulated time limit as the inordinate delay had made the exporters to suffer from liquidity crunch in meeting future export orders well in time.

    While referring to the Finance Supplementary (2nd Amendment) Bill, 2019 regarding issuance of Promissory Notes to exporters on annual profit of 10 percent with maturity period of 3 years for stuck-up refunds, he lamented: “There is a very slow progress in processing of the pending Sales Tax refunds and issuance of RPOs.”

    He wanted that all types of refunds including DLTL, Income Tax etc, should also be included in the Promissory Note Scheme to help the exporters to overcome financial crunch and ensure availability of working capital.

    He proposed that the Government may dole out funds – like for revival of PIA, Pakistan Steel Mills etc., – for clearance of stuck-up refunds, one time full-fledged.