KARACHI: State Bank of Pakistan (SBP) on Tuesday restricted the amount of foreign currency in cash up to equivalent to USD 5,000 from USD 10,000.
(more…)Category: National
-
Bank holiday restored on November 09, 2022
KARACH: The State Bank of Pakistan (SBP) on Tuesday announced bank holiday on November 09, 2022.
Therefore all commercial banks and financial institutions will remain closed on November 09, 2022 on the occasion of Iqbal Day.
Earlier the federal government issued a circular restoring the holiday on occasion of Iqbal Day.
In continuation of Cabinet Division’s circular No. 10-01/2021-Min-II dated December 17, 2021, it is for information that the Prime Minister is pleased to restore the public holiday on occasion of Allama Iqbal Day i.e. November 9, 2022. Therefore, Wednesday November 09, 2022 shall be observed as public holiday throughout the country.
-
SBP, FIA jointly take action against illegal exchange companies
KARACHI: State Bank of Pakistan (SBP) and Federal Investigation Agency (FIA) have decided to jointly take action against illegal exchange companies.
A statement issued on Tuesday stated that a high-level meeting was held between the SBP governor and the Director General, FIA on November 8, 2022.
READ MORE: US Dollar falls by 26 paisas to PKR 221.66 in interbank market
The meeting took stock of illicit foreign exchange activities and chalked out a comprehensive plan of action against illegal foreign exchange businesses being carried out in the country.
It was agreed during the meeting that concerted joint effort is required to apprehend and implicate the illegal foreign exchange operators and speculators across the country.
READ MORE: Faysal Bank enables donations through WhatsApp
Accordingly, SBP and FIA have jointly initiated action against illegal foreign exchange operators in Pakistan. To this effect, joint teams from SBP and FIA shall identify and take penal/legal action against the perpetrators so as to curb speculation and the grey market.
The teams, while remaining within the legal mandate allowed to them by the relevant laws, would crack down on all illegal foreign exchange operators and businesses across Pakistan.
READ MORE: Pakistan should ban trade in cash dollars: forex association
Banks and Exchange Companies are authorized by the SBP to carry out Foreign Exchange business in Pakistan. Involvement of any person or entity, other than banks and Exchange Companies, in foreign exchange business is illegal under the Foreign Exchange Regulation Act, 1947.
The illegal foreign exchange business also adversely affects the open market exchange rate and increases the gap between the interbank and open market exchange rate.
-
Sindh exempts sales tax on services provides for floods relief by customs agents, port operators
The Sindh government has taken a significant step in supporting flood relief operations by exempting sales tax on services provided by customs agents and terminal operators.
(more…) -
ECC approves raising petroleum levy to Rs50 per liter on RON 95
ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Friday approved increasing petroleum levy to Rs50 per liter on RON 95.
Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the ECC at Finance Division.
READ MORE: Petroleum sales decrease by 22% in four months of 2022-2023
Federal Board of Revenue (FBR) presented a summary on increase in rate of Sales Tax on HOBC. It was conveyed that the rates of Sales Tax on POL products were reduced to zero from February 01, 2022, that put pressure on FBR’s efforts to achieve its revenue targets.
Therefore, the ECC after deliberation allowed to increase petroleum levy from Rs 30 up to Rs. 50/Liter on RON 95 and above with effect from November 16, 2022, which is a luxury good being consumed by wealthy consumers in expensive vehicles.
READ MORE: K-Electric posts huge losses despite 144% jump in tariff adjustment revenue
Federal Minister of Planning, Development and Special Initiatives Ahsan Iqbal, Federal Minister for Power Khurram Dastgir Khan, Shahid Khaqan Abbasi MNA/ex-PM, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Musadik Masood Malik, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Pasha, Federal Secretaries, Chairman FBR and other senior officers attended the meeting.
READ MORE: OGDCL announces huge oil discovery at Attock
Ministry of energy (Petroleum Division) submitted a summary on High Speed Diesel/ Gas oil premium and informed that due to difference of premium on import of HSD for importing OMCs and PSO, there is an unsustainable position for importing OMCs and smooth supply of HSD in the country. In order to ensure sustained supply/import security, the ECC after detailed discussion allowed premium on HSD subject to maximum capping at US$ 15/BBL for importing OMCs other than PSO for the months of November and December, 2022.
The ECC also approved Technical Supplementary Grants of Rs. 5 billion for conduct of 7th population census.
READ MORE: Electricity withholding tax not applicable on ATL domestic consumers
-
Faysal Bank enables donations through WhatsApp
KARACHI: Faysal Bank Limited as part of its digital transformation journey has introduced a new innovative feature of Donation Payments via its WhatsApp banking channel.
Faysal Islami WhatsApp Banking enables its subscribers to make real-time donation payments to over 25 reputable charitable organizations such as SKMT, TCF, SIUT, Indus Hospital, Alamgir Welfare Trust and Pink Ribbon to mention only a few.
The launch of the Donations Payments services through WhatsApp banking channel of Faysal Bank could not have come at a more opportune time as October is the month of breast cancer awareness and major donation drives towards this cause.
Speaking on the occasion of the launch, Shaheryar Saeed Khan, Chief Digital Officer, Faysal Bank Limited said, “With the wide-spread use of the Faysal Islami WhatsApp channel, the Bank intends to better serve its diverse customers by introducing more and more innovative features to it.”
Present at the occasion Omer Aftab, Chief Executive Officer, Pink Ribbon said, “The launch of this innovative feature by Faysal Bank Limited will enable us to promote the cause of breast cancer awareness and facilitating quick and easy donation payments by all.”
The event was attended by other senior team members of both organizations.
-
Headline inflation surges by 26.6% in October 2022
ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) registered an increase of 26.6 per cent in the month of October 2022, according to data released by Pakistan Bureau of Statistics (PBS) on Tuesday.
The details showed that CPI inflation general increased to 26.6 per cent on a year-on-year basis in October 2022 as compared to an increase of 23.2 per cent in the previous month and 9.2 per cent in October 2021. On a month-on-month basis, it increased to 4.7 per cent in October 2022 as compared to a decrease of 1.2 per cent in the previous month and an increase of 1.9 per cent in October 2021.
READ MORE: Pakistan’s headline inflation rises 23.2% in September 2022
CPI inflation Urban, increased to 24.6 per cent on year-on-year basis in October 2022 as compared to an increase of 21.2 per cent in the previous month and 9.6 per cent in October 2021. On month-on-month basis, it increased to 4.5 per cent in October 2022 as compared to a decrease of 2.1 per cent in the previous month and an increase of 1.7 per cent in October 2021.
CPI inflation Rural, increased to 29.5 per cent on year-on-year basis in October 2022 as compared to an increase of 26.1 per cent in the previous month and 8.7 per cent in October 2021. On month-on-month basis, it increased to 5.0 per cent in October 2022 as compared to an increase of 0.2 per cent in the previous month and an increase of 2.2 per cent in October 2021.
READ MORE: Pakistan’s headline inflation hits 47-year high in August 2022
Sensitive Price Indicator (SPI) inflation on YoY increased to 24.0 per cent in October 2022 as compared to an increase of 28.6 per cent a month earlier and an increase of 15.3 per cent in October 2021. On MoM basis, it decreased by 1.5 per cent in October 2022 as compared to a decrease of 1.4 per cent a month earlier and an increase of 2.1 per cent in October 2021.
READ MORE: Pakistan inflation hits 14-year high at 25% in July
Wholesale Price Index (WPI) inflation on YoY basis increased to 32.6 per cent in October 2022 as compared to an increase of 38.9 per cent a month earlier and an increase of 21.2 per cent in October 2021. On MoM basis, it decreased by 0.5 per cent in October 2022 as compared to an increase of 1.4 per cent a month earlier and an increase of 4.2 per cent in corresponding month i.e. October 2021.
READ MORE: Pakistan inflation crosses 33% on high petroleum prices
-
Petroleum prices in Pakistan effective from November 01, 2022
ISLAMABAD: The government of Pakistan on Monday decided to keep the petroleum prices unchanged for next fortnight starting from November 01, 2022.
Finance Minister Ishaq Dar announced the decision to keep the prices unchanged for next 15 days.
“The government has decided to keep the prices of Petrol, High Speed Diesel, Light Diesel, and Kerosene Oil unchanged for next 15 days”, Ishaq Dar said.
It was second straight announcement to keep the prices of petroleum products unchanged. Previously, on September 30, 2022 following changes in petroleum prices were announced:
READ MORE: Pakistan keeps petroleum prices unchanged from October 16, 2022
The rate of petrol has been reduced by Rs12.63 per liter to Rs224.80 from Rs237.43.
The price of high speed diesel has been cut by 12.13 per liter to Rs235.30 from Rs247.43.
The rate of Kerosene oil has been slashed by Rs10.19 to Rs191.83 from Rs202.02.
The price of light diesel oil has been reduced by Rs10.78 to Rs186.50 from Rs197.28.
The government has taken the latest decision amid challenges including long march initiated by leading opposition party and rising benchmark Brent crude rates in international markets.
READ MORE: Pakistan sharply reduces petroleum prices from October 01, 2022
The present coalition government led by PML-N is under immense pressure since coming into power in April 2022. This government is mainly criticized for sky rocket prices of all essential items bringing inflation to record levels. The present government had opportunity to attract masses by lowering petroleum prices.
On the other hand, Imran Khan, Chairman, Pakistan Tehreek I Insaaf (PTI) launched long march on October 28, 2022 from Lahore demanded the present government to announce general election as the country on the brink of default and masses were witnessing the brunt of high prices.
The present government has annoyed people through its last decision to keep the prices of petroleum products unchanged. Experts had opinion that the government had room to give benefit by slashing the prices.
The experts believed that now the government would have fewer options to cut the prices of petroleum products due to rising global oil prices and depreciation in currency value at home.
Benchmark US Brent soared to $95.77 per barrel as of October 28, 2022. The commodity witnessed an increase of over $5 during the month of October 2022.
Pakistan is the net importer of petroleum products to meet the domestic demands. Oil import bill of the country went up to $4.86 billion during first quarter (July – September) of the current fiscal year as compared with $4.59 billion in the corresponding quarter of the last year.
READ MORE: Pakistan reviews petroleum prices on Sept 30, 2022 amid crash in global rates
On the other hand the rupee once against started depreciation due to political instability and falling foreign exchange reserves. Although, the SBP recently received $1.17 billion from the International Monetary Fund (IMF) to buffer its foreign exchange reserves and support the local currency. Yet the scheduled repayment gradually dry to foreign exchange reserves position.
Most recently, the SBP again received $1.5 billion from the Asian Development Bank (ADB) to strengthen the foreign exchange reserves position. However, the repayment pressure and rising political noise the rupee unable to show resistance against the dollar.
The previous government of PTI had kept both the petroleum levy and sales tax at zero in order to provide relief to the masses. The PTI government also provided a huge subsidy on prices of petroleum products in order to lower the rates and provide relief to the masses.
READ MORE: New petroleum prices in Pakistan effective from September 21, 2022
However, former Prime Minister Imran Khan was removed through a vote of no-confidence motion on April 10, 2022. Since then the new coalition government led by PML-N increased the prices of petroleum products sharply on three different occasions.
The present government in the budget estimated to collect Rs855 billion as petroleum levy during the fiscal year 2022/2023. As this fiscal year is starting from July 01, 2022, it is likely that the government will opt to impose the levy from this date.
-
FBR may extend return filing date due to political unrest, floods, IRIS errors
KARACHI: Federal Board of Revenue (FBR) may further extend the last date for filing income tax returns for tax year 2022.
The FBR has already given one date extension from September 30, 2022 to October 31, 2022.
Previously, the FBR extended the date on the complaints from the stakeholders that many errors on the IRIS portals hampered the return filing activities.
Although, currently many glitches have been addressed on return filing portal yet a large number of calculation errors still challenging the taxpayers.
Tax experts said that that long march started by PTI chairman, Imran Khan caused political uncertainty which has adversely affected the business activities in Pakistan
READ MORE: PTBA seeks clear 90 days for return filing after making portal error free
Pakistan Tax Bar Association (PTBA) and Karachi Tax Bar Association (KTBA) in different communications with the FBR chairman urged for the extension in last date because of the error in the IRIS portal.
The experts also said that the IRIS portal is surrounded with many calculation errors which is preventing the taxpayers while filing their income tax returns.
Therefore, the apex tax body urged the FBR to first remove errors on the portal and then provide statutory time to taxpayers in discharging their national duty.
The unprecedented flash floods in the country have terribly affected the cash flow of many businesses and receivables of previous fiscal year from several parts of the country.
The PTBA demanded the tax authorities of providing clear 90 days for return filing from the date when the portal is error free.
READ MORE: KCCI demands one month date extension for return filing
The increase in the last date will facilitate the taxpayers and business community at large scale to file income tax return on the error free IRIS portal.
The PTBA also suggested that timely decision be appreciated by the taxpayers/legal fraternity, who are working very hard day & night by playing their part towards the legal responsibility for contributing towards national exchequer.
It will also help in the collection of taxes at the appropriate time.
READ MORE: Calculating property valuation uphill task in completing tax return: Rehan Jafri
-
Jazz supports breast cancer awareness campaign
KARACHI: Aimed at raising awareness on breast cancer, Jazz, Pakistan’s leading digital operator and the largest internet and broadband service provider, conducted month-long campaigns to drive reinforcement for prevention, reminder of periodic checkups, and educate the masses including its own employees.
Pakistan has the highest incidence of breast cancer among Asian countries; one in nine women is at risk of being diagnosed with breast cancer, and 40,000 women die of breast cancer every year, out of which only 19,000 women are diagnosed with breast cancer.
Jazz offices and experience centers were lit up pink to serve as a reminder and draw attention to this critically important message, encouraging women to have regular check-ups and destigmatize the taboos associated with breast cancer.
Additionally, the company collaborated with Pink Ribbon to organize nationwide awareness sessions for all branches and joined hands with Shaukat Khanum Memorial Cancer Hospital and Research Centre for SMS and billboard awareness campaigns.
“Jazz is committed to empowering Pakistani women through the power of the internet by providing digital access to effective, quality essential health care services. With over 21,000 women remaining undiagnosed with breast cancer, our campaigns were aimed at creating conversation around this topic. Our thoughts and prayers remain with those who have lost their lives fighting against breast cancer,” said Sabahat Bokhari, Head of D&I, Jazz.
Shaukat Khanum, Pink Ribbon, and ITTEHAD teams also visited Jazz offices to highlight the importance of breast cancer early detection, destigmatizing the examination, timely diagnosis, and efficient treatment methods. Jazz has provided employees with Pink Cards (valid for family members as well), which offer females up to 50% discount on various healthcare tests such as hormone profiles, and mammograms, among other women-related medical tests.