Pkrevenue.com

Author: Faisal Shahnawaz

  • Customs intelligence announces auction of confiscated vehicles on April 23

    Customs intelligence announces auction of confiscated vehicles on April 23

    KARACHI: Directorate General of Intelligence and Investigation, Customs, Karachi announced auction of confiscated vehicles to be held on April 23, 2019 at PECHS Karachi.

    01. Toyota Crown Car, Reg No. AA-7095, Model 1995

    02. BMW Car, Reg No QZ-318, Model 2000

    03. Mercedes Benz Car (E-500), Reg No. AC-3077, Model 2002

    04. Toyota Crown Car, Reg No. AAK-226, Model 2005

    05. Honda Inspire Car , Reg No. GS-4012, Model 2003

    06. Toyota Crown Car, Reg No. AAJ-191, Model 2002

    07. Mercedes Benz Car, Reg No. AAJ-106, Model 2001

    08. Toyota Crown Car (Athelete), Reg No. AAQ-425, Model 2004

    09. Toyota Land Cruiser Jeep, Reg No. BRN-124689, Model 1990

    10. Honda Civic Car, Reg No. NE-345, Model 2006

    11. Toyota Premio Car, Reg No. BFB-537, Model 2005

    12. Toyota Premio Car, Reg No. LT-737, Model 2003

    13. Toyota Land Cruiser, Reg No. JAF-935, Model 1994

    14. Toyota Land Cruiser, Reg No. IDL-535, Model 1992

    15. Toyota Surf Jeep, Reg No. BF-4215, Model 1992

    16. Mercedes Benz Car(S-550), Reg No. CZ-672, Model 2007

    17. BMW 760 Li Car, Reg No. BCP-523, Model 2002

    18. Honda Civic Car, Reg No. BDV-517, Model 2006

    19. Toyota Surf Jeep, Reg No. BG-0115, Model 2001

    20. Toyota Surf Jeep, Reg No. BD-0310, Model 2003

    21. Toyota Premio Car, Reg No. QBB-0022, Model 2007

    22. Honda Civic Car, Reg No. NE-345, Model 2006

    23. Toyota Crown Car, Reg No. BBL-439, Model 2004

    24. Honda Accord Car, Reg No. AXY-881, Model 2003

  • PTCL quarterly revenue grows by 11 percent

    PTCL quarterly revenue grows by 11 percent

    ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL) on Wednesday announced group’s revenue growth by 11 percent for first quarter ended March 2019.

    The financial results announced at the Board of Directors’ meeting held in Islamabad on April 17, 2019.

    PTCL Group’s revenue for the quarter has grown YoY by 11 percent to Rs.33.5 billion as a result of an accelerated growth in the Ufone and Ubank revenues.

    Ufone revenue has increased double digits YoY, UBank, a microfinance banking subsidiary of PTCL, has shown significant growth of 53 percent in its quarterly revenue over last year.

    PTCL Group’s operating profit and net profit for the quarter have improved by 34 percent and 95 percent respectively as a result of the revenue growth.

    PTCL revenue of Rs.17.9 billion for the quarter is slightly lower than last year.

    PTCL’s flagship Fixed Broadband services posted revenue growth of 5.8 percent over last year.

    PTCL continues its journey to upgrade top 100 exchanges under Network Transformation Project (NTP) in different parts of Pakistan.

    For the 76 exchanges fully transformed to date in 12 cities YoY revenue growth is even higher at 12 percent and there is 40 percent reduction in customer complaints.

    Corporate business continued its growth momentum from a strong 2018 and has achieved a double digit growth YoY. Growth drivers for corporate business are Cloud Infrastructure, IT, Security and Managed Services projects.

    Wireless revenue for the quarter has declined on year-on-year basis due to strong competition by the cellular companies providing wireless data services.

    There is continued decline in domestic and international voice revenues due to illegal/grey traffic termination, continued conversion of subscribers to OTT and cellular services resulting in declining voice traffic volumes.

    PTCL posted a Net Profit after Tax which is 10 percent higher than last year.

    Operating profit for the quarter remained under pressure compared to last year mainly due to increase in operating cost on account of significant hike in power tariffs.

    However, non-operating income has increased due to higher income on investments as a result of significant increase in benchmark interest rates by the State Bank of Pakistan.

  • Commerce Ministry Help Sought as South Africa Imposes Anti-Dumping Duty on Pakistani Cement

    Commerce Ministry Help Sought as South Africa Imposes Anti-Dumping Duty on Pakistani Cement

    KARACHI: Chairman Pakistan-South Africa Business Forum (PSABF) Mohammad Rafiq Memon has said that Pakistan’s cement exports to South Africa have suffered terribly during the last couple of years because of the anti-dumping duty imposed by the South African government that resulted in shrinking cement export to around US$100 to US$150 million which was around US$700 million prior to imposition of anti-dumping duty.

    (more…)
  • Equity market plunges by 600 pts on selling pressure

    Equity market plunges by 600 pts on selling pressure

    KARACHI: The equity market plunged by over 600 points on Wednesday owing to selling pressure and proposed treasury single account.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,753 points as against 37,382 points showing a decline of 629 points.

    Analysts at Arif Habib Limited said that the profit booking at the bourse turned into panic selling, courtesy of banking sector.

    Market opened 5 points plus and could gain a total of 37 points after which the selling pressure started building.

    O&GMCs, Cement and Fertilizer were the sectors that saw some uptick in the beginning however, selling pressure in Engineering (ISL) on the back of yesterday’s disappointing result and Banks (due to proposal of setting up Treasury Single Account) caused havoc.

    BOP saw lower circuit breaker and +50M shares by the end of session.

    Amongst other banking sector scrips, HBL also saw lower circuit that added pressure on the Index.

    Overall, Banking sector realized 65M shares, followed by Vanaspati (UNITYR1) and Cement. Besides BOP, MLCF and FCCL ranked among top 10 scrips in traded volume.

    Sectors contributing to the performance include Banks (-245 points), Power (-58 points), O&GMCs (-46 points), E&P (-38 points) and Cement (-38 points).

    Volumes bounced back from 140 million shares the other day to 173 million shares (+23 percent DoD). Average traded value also increased by 5 percent to US$34.8 million and from US$33.3 million.

    Stocks that contributed significantly to the volumes include BOP, UNITYR1, MLCF, TRIBL and LOTCHEM, which formed 54 percent of total volumes.

    Stocks that contributed positively include POL (+10 points), KTML (+4 points), NRL (+2 points), SCBPL (+2 points), and LOTCHEM (+2 points). Stocks that contributed negatively include HBL (-97 points), HUBC (-38 points), NESTLE (-28 points), OGDC (-26 points) and BOP (-24 points).

  • Rupee ends firmer on lower dollar demand for imports

    Rupee ends firmer on lower dollar demand for imports

    KARACHI: The Pak Rupee ended firmer against dollar on Wednesday amid static demand for import and corporate payments.

    The rupee ended Rs141.40 to the dollar, the 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 Rs141.39 and closed at Rs141.40.

    The currency experts said that the falling imports and narrowing trade deficit up to month of March 2019 had helped the rupee to maintain levels.

    In the open market the rupee further strengthened owing to inflows.

    The buying and selling of dollar was recorded at Rs141.50/Rs142.00 from previous day’s closing of Rs141.70/Rs142.20 in cash ready market.

  • Senior citizens allowed investment in national savings on expired CNICs

    Senior citizens allowed investment in national savings on expired CNICs

    KARACHI: The Central Directorate of National Savings (CDNS) has issued directives to its zonal offices, instructing them to follow the policy outlined by the central bank to facilitate older citizens aged 65 years and above in making investments using expired Computerized National Identity Cards (CNICs).

    (more…)
  • Sales Tax Act 1990: requirement of issuing tax invoice

    Sales Tax Act 1990: requirement of issuing tax invoice

    KARACHI: A person making taxable supplies is required to issue serially numbered tax invoice at the time of making supply of goods.

    (more…)
  • Sales tax auditors form association against FBR’s unfair treatment

    Sales tax auditors form association against FBR’s unfair treatment

    KARACHI: The officers of Sales Tax have formed an association to voice against biased treatment of Federal Board of Revenue (FBR).

    A statement issued on Tuesday said that Senior Auditors of BS-16 and Audit Officers of BS-16 had formed the association against unfair treatment of the FBR.

    They said that the sales tax officers had been continuously ignored after the integration of services by the FBR.

    They said that the BS-18 audit officers had been compelled to work under BS-16 and BS-19 officers of Income Tax.

    The statement said that the situation was frustrating as officers having 20 years experience were compelled to work under inexperienced income tax officers. This situation has also jeopardized the revenue collection efforts.

    The statement pointed out that sales tax officers having higher education caliber including MBA, MCOM, ICMA etc, had been deprived of promotions. Instead those officers were upgraded in the name of promotions.

    It said that the sales tax wing was major arm of FBR and contributing huge sum in the shape of revenue collection. But the FBR is continuously ignoring the experience of sales tax officers, which is resulting in massive revenue shortfall.

    The association requested Prime Minister Imran Khan, Finance Minister Asad Umar and State Minister Hamad Azhar to take notice of unfair treatment of FBR and resolve the issue.