Pkrevenue.com

Author: Faisal Shahnawaz

  • MCC Preventive announces auction of vehicles on April 30

    MCC Preventive announces auction of vehicles on April 30

    KARACHI: Model Customs Collectorate (MCC) Preventive, Karachi has announced public auction of confiscated vehicles to be held on April 30, 2019 at NMB WHARF, Ghasbandar, East Wharf, Karachi.

    Following vehicles will be presented for the auction:

    01. Mitsubishi Pajero Jeep, Reg. No. GS-2000, Model 1994, Chassis No. V46-4034791

    02. Toyota Lexus Car, Model 2006, Reg. No. UC-868, Chassis No.JTHBG 963905034702

    03. Toyota Harrier Jeep 2999CC, Model 1998, Reg. No. JAA-454, Chassis No. MCU-10-0013510

    04. Honda Saloon Accord Car 1990CC, Model 2003, Reg. No. BFT-418, Chassis No. CL7-3006339

    05. Mercedes Benz (AG) 2999CC, Model 1991-02, Reg. No. AB-1001, Chassis No. WDB1240312B476728

    06. Toyota Mark-II Saloon 1800HP, Model 2000, Reg. No. BBL-708, Chassis No. JZX110-6000922

    07. Toyota Axio-Car 1496CC, Model 2007, Reg. No. BFE-068, Chassis No. NZE-141-6028039

    08. Toyota Land Cruiser Jeep 3400CC, Model 1989, Reg. No. BG-1131, Chassis No. BJ 60-023765

    09. Toyota Saloon Car XE 1500CC, Model 1999, Chassis No. AE-100-5171778

    10. Toyota Mark-X, Model 2005, Reg. No. BGB-453, Chassis No. GRX-121-3000684

    11. Toyota Premio Saloon Car 1796CC, Model 2006, Reg. No. AXE-317, Chassis No.ZZT-240-0124717

    12. Toyota Premio Saloon Car, Model 2004, Reg. No.BFM-306, Chassis No. AZT240-0017447

    13. Toyota Mark-X car, Model 2005m Reg. No. BBC-301, Chassis No. GRX-120-0042956

    14. Toyota Hilux Surf Jeep, Model 2000, Reg. No. BJ-933, Chassis No. RZN-185-9029667

    15. Toyota Vitz Car 1998 CC, Model 2004, Reg. No. RFL-1788, Chassis No. SCP-13-0048794

    16. Toyota Land Cruiser Jeep, Model 2015, Reg. No. GR-541, Chassis No. TRJ150-0051668

    17. Toyota Crown Royal Saloon, Model 2005, Reg. No. BEZ-998, Chassis No. GRS 182-1015624

    18. Toyota Land Cruiser Jeep 2982CC, Model 1996, Reg. No. LEB-06-2007, Chassis No. VZ95-0004948

    19. Chevrolet (Camero) Car 3600CC, Model 2010, Chassis No. 2GIFBIEVIA-9219497

  • Imran Khan discusses IMF program with Christine Lagarde

    Imran Khan discusses IMF program with Christine Lagarde

    ISLAMABAD: Prime Minister lmran Khan met Ms. Christine Lagarde, Managing Director of International Monetary fund (IMF) on the sidelines of the belt and Road Forum, a statement received here on Friday from Beijing, China.

    The prime minister was assisted by Foreign Minister Makhdoom Shah Mahmood Qureshi, Adviser on Finance Dr. Abdul Hafeez Shaikh and Adviser on Commerce Abdul Razzaq Dawood.

    The meeting reviewed the relationship between Pakistan and the IMF.

    The prime minister identified the areas of reform and initiatives being undertaken by the government to stabilize the economy, control inflation and achieve fiscal balance.

    The two leaders agreed on the importance of the Fund programme and to work towards an agreement for which an IMF delegation is coming to Islamabad.

    The two sides also agreed on the need for a social safety net for the vulnerable groups of the society.

  • Deduction of withholding tax on phone cards begins

    Deduction of withholding tax on phone cards begins

    ISLAMABAD: Federal Board of Revenue (FBR) has started collecting withholding tax on phone cards on Friday following the judgment of the Supreme Court of Pakistan (SCP).

    The apex court a day earlier in its judgment said that it would not interfere the taxation matter. The superior court itself suspended the taxation on phone cards in June 2018 after taking suo moto notice.

    The FBR started up to 12.50 percent withholding tax on prepaid card of mobile phones.

    Besides, the provinces have also started collecting sales tax on services on mobile phones usage at 17 to 19.50 percent.

    In the federal capital territory the FBR is collecting federal excise duty on mobile phones in sales tax mode.

    However, the service charges of mobile phone companies were still undecided as the apex court had not issued any such orders.

  • Pakistan unlikely to get benefit from 2nd phase of China FTA: SITE Association

    Pakistan unlikely to get benefit from 2nd phase of China FTA: SITE Association

    KARACHI: Pakistan may not get benefit from the 2nd phase of Pak China FTA as Chinese imports of $2 trillion are either of raw materials or high-tech equipment.

    “Pakistan does not have the industrial and technical base to produce high-tech equipment such as computers, ICs, telecommunication equipment & automobiles,” Saud Mahmood, Chairman SITE Taxation and Trade Policy, said in a statement on Friday.

    Moreover, he said, exports of minerals, live stock and agricultural products is not accelerated by FTAs as importing countries do not apply duties on raw materials.

    China is known as the supplier of the world with huge current account surpluses with most trading partners.

    After the first phase of PAK China FTA, we had to impose up to 30 percent regulatory duty to save the local industry from closing down.

    Even after the imposition of 30 percent regulatory duty, trade deficit from China is over $15 billion with Pakistan exporting under USD 3bn worth of goods to China, mostly minerals, agricultural products, and livestock.

    In view of the above ground realities, it would be interesting to see in which areas Ministry of Commerce has envisioned growth of Pakistan’s exports to China.

    If exports to China are expected to grow to $6 billion after the 2nd phase of FTA, an item wise break up in which exports are expected to jump should be shared with the industry for their comments.

    In the absence of such a detailed effort duly endorsed by leading chambers, it seems that we are all set to shoot ourselves in the foot again.

  • IMF team to visit Pakistan April 29

    IMF team to visit Pakistan April 29

    ISLAMABAD: A team of International Monetary Fund (IMF) will visit Pakistan starting April 29, 2019 to continue technical discussions for IMF supported program, spokesman of ministry of finance said on Friday.

    Dr. Khaqan Najeeb, Adviser and Spokesman, Ministry of Finance said that extensive preparation for data and macro economic framework finalization and structural reforms were going on.

    The finance ministry held in-depth discussions with all key stakeholders including State Bank of Pakistan, Power and Gas Division, Privatization Commission, Federal Board of Revenue and Benazir Income Support Program among others, he said.

  • Engro Corp announces Rs7.5 billion investment in telecom infrastructure

    Engro Corp announces Rs7.5 billion investment in telecom infrastructure

    KARACHI: Pakistan’s premier conglomerate, Engro Corporation, has announced investment in telecom infrastructure.

    The investment has been approved by board of directors of the corp. in its meeting held on April 25, 2019. The BoD also approved financial results for the quarter ended March 31, 2019.

    Engro Corporation, in light of its long-term strategy, has streamlined its businesses in four verticals namely Food & Agriculture, Energy & Related Infrastructure, Petrochemicals and Telecommunications Infrastructure; focused on creating value and helping Pakistan resolve these pressing issues.

    In order to develop potential business opportunities in the telecommunications infrastructure vertical, the Company had earlier set up Enfrashare (Private) Limited.

    Enfrashare will accelerate development of the country’s connectivity infrastructure, thereby providing an opportunity for people to be part of the new digital era.

    As an initial investment, Enfrashare will engage in the acquisition & construction of shared telecom towers, provision of various telecommunication infrastructure & related services, including state of the art network monitoring solutions.

    “To enable this, the Directors have approved an investment of Rs7.5 billion in this vertical,” a statement said on Friday.

    Ghias Khan, President & CEO Engro Corporation said: “Investments in energy, telecommunications infrastructure, petrochemicals and food and agriculture can accelerate change, help towards increasing exports, substitution of imports, industrialization in the country, job creation and hence build a stronger Pakistan.”

    “Engro Corporation will continue to explore investment opportunities across these four identified verticals with a focus to improve the lives of our stakeholders and communities in which we live and work with a culture founded on truth, trust and a relentless pursuit of excellence.”

    Furthermore, to continue building on Engro’s experience in the Petrochemical sector and keeping with its strategic ambitions that the Company will seek investment opportunities in this vertical, the Board of Directors approved the commencement of a feasibility study of a polypropylene facility based on a propane dehydrogenation plant.

    This will also enable the company to initiate discussions with potential partners and/or stakeholders for developing this project.

    Investment in the Petrochemical sector will create opportunities for both substituting the imports & enhancing the export potential, thus help in building foreign currency reserves of the country.

    Simultaneously with a view to expand its footprint outside Pakistan and to explore potential trading opportunities, the Board has also approved the acquisition of 100 percent shares of Engro Eximp FZE, a wholly owned subsidiary of Engro Fertilizers Limited, for Rs1.76 Billion (subject to adjustments at the date of closing of the transaction and corporate approvals).

    The company’s consolidated revenue grew by 21 percent in comparison to the prior period, driven by higher Urea sales in the Fertilizer business.

    The Company posted a consolidated profit-after-tax (PAT) of Rs6,565 million compared to PKR 6,837 million for the prior period.

  • FBR set asides penalty on four customs officials

    FBR set asides penalty on four customs officials

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday set-aside penalty imposed on four officials of Customs collectorate Quetta with future warning.

    The FBR Member Admin as appellate authority accepted the appeal of four customs officials of BS-16 including Muhammad Arif Dostani, Muhammad Arif, Ghulam Hussain Khoso, Saleem Akhtar, and set aside the minor penalty imposed on the officials.

    The chief management on June 19, 2017 imposed penalty on those four officials of ‘withholding of four increments without cumulative effect.’

  • Prime Minister, World Bank CEO discuss economic, fiscal situation

    Prime Minister, World Bank CEO discuss economic, fiscal situation

    ISLAMABAD: Prime Minister Imran Khan on Friday met Ms. Kristalina Georgieva, Chief Executive Officer (CEO) of the World Bank discussed economic and fiscal situation on the sidelines of the second Belt and Road Forum (BRF), says a press release received here from Beijing, China.

    The prime minister was accompanied by the foreign minister and adviser on finance and adviser on commerce.

    The prime minister informed CEO, World Bank of the recent steps taken by the government for improving the economic and fiscal situation in the country.

    He appreciated the role played by the World Bank in regional connectivity, poverty alleviation, financial management, provisional projects, DASU and other infrastructure projects and ease of doing business.

    The prime minister also informed the CEO about the socio-economic uplift measures taken up by the government and creation of “Ehsaas” social welfare programme.

    The CEO of the World Bank pledged to further strengthen cooperation with Pakistan in the areas of disbursements programme lending and guarantees provision for raising external funds.

  • Equity market gains 335 points amid optimism on IMF loan program

    Equity market gains 335 points amid optimism on IMF loan program

    KARACHI: The equity market gained 335 points on Friday amid optimistic sentiment over IMF loan program.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 37,130 points as against 36,796 points showing an increase of +335 points.

    Analysts at Arif Habib Limited said that the market increased consecutively with another 362 points during the day and ended the session +335 points.

    Optimism can clearly be seen from market participants, which emanates from likely conclusion of IMF package in the first week of May as well as PM’s visit to China.

    Cement sector performed well on the news of settlement of sales quota amongst cement manufacturers on upcoming meeting coming Monday.

    A host of result announcements also helped prop-up the index. BOP topped the volumes table with 20M shares, followed by PAEL (9 million) and UNITY (7 million).

    Banking sector performed well with 27 million shares, which was followed by Cement Sector (23 million shares).

    Sectors contributing to the performance include Cement (+104 points), Tobacco (+38 points), Power (+34 points), Autos (+28 points) and Fertilizer (+19 points).

    Volumes increased from 106.8 million shares to 146.8 million shares (+35 percent DoD). Average traded value also increased by 23 percent to reach US$ 36.8 million as against US$ 29.8 million.

    Stocks that contributed significantly to the volumes include BOP, PAEL, UNITY, TRG and FCCL, which formed 35 percent of total volumes.

    Stocks that contributed positively include LUCK (+51 points), PAKT (+32 points), DAWH (+23 points), DGKC (+16 points), and FCCL (+16 points). Stocks that contributed negatively include MCB (-16 points), BAHL (-15 points), UBL (-9 points), IGIHL (-6 points) and FFC (-5 points).

  • Rupee ends unchanged for 10th consecutive trading day

    Rupee ends unchanged for 10th consecutive trading day

    KARACHI: The Pak Rupee was remained unchanged against dollar on Friday for the 10th consecutive trading day.

    The rupee ended Rs141.40 to the dollar, same previous day’s level, in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs141.39 and Rs141.40.

    The market recorded day high of Rs141.40 and low of Rs141.3975 and closed at Rs141.40.

    The exchange rate in open market was also remained unchanged.

    The buying and selling of dollar was recorded at Rs141.70 / Rs142.20, the same previous day’s closing, in the cash ready market.