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KARACHI: Pakistan International Airlines, the national flag carrier, on Wednesday declared a loss of Rs42.72 billion during the first nine months (January – September) of 2021.
The losses of the national flag carrier were over Rs40 billion in the same period of the last year.
The board of directors of PIA in its meeting on October 27, 2021, approved the financial results for the period ended September 30, 2021.
The board has not approved any cash dividend, bonus shares, or right shares for the period.
The revenue of the airline significantly declined to Rs49.36 billion during January – September 2021 as compared with Rs74.36 billion in the same period of the last year.
On account of aircraft fuel, the airline has spent Rs13.44 billion during the period under review as compared with Rs18.08 billion in the corresponding period of the last year.
Administrative expenses of PIA reduced to Rs3.97 billion during the first nine months of the current year as compared with Rs4.53 billion in the same period of the last year.
The exchange losses of the company were at Rs5.18 billion for the period under review as compared with Rs7.57 billion.
The rupee made an all-time low of Rs175.27 on October 26, 2021 due to external payment pressure.
Currency experts said that the foreign currency market had witnessed positive sentiments throughout the day.
Saudi Arabia day before yesterday announced additional support of $3 billion to Pakistan for building its foreign exchange reserves. The additional financial support is besides a $1.2 billion dollars deferred oil facility to Pakistan to help its balance of payment issues, an official statement said.
KARACHI: Housing and construction loan disbursement by banks has reached Rs305 billion by the end of September 2021, which was Rs166 billion at the end of September last year, showing an increase of Rs139 billion and a year-on-year growth of 84 per cent, the State Bank of Pakistan (SBP) said on Wednesday.
The banks have also received applications worth Rs200 billion for low-cost housing financing under Mera Pakistan Mera Ghar (MPMG) scheme.
The SBP said that as per the latest numbers of October 18, 2021, banks have received applications of more than Rs200 billion. The banks have approved financing of Rs78 billion out of which Rs18 billion have already been disbursed.
SBP Governor Dr. Reza Baqir appreciated the progress made by the banking industry in supporting low-cost housing finance for first time homeowners under the Mera Pakistan Mera Ghar.
At the same time, the Governor stressed the need to accelerate the pace of approvals by banks to match the requests for financing to ensure that people are not discouraged by the processing time. He expressed the hope that with the combined efforts of all stakeholders, the dream of Pakistanis to have their own homes can become a reality.
While appreciating the efforts to date, Governor Baqir also asked stakeholders to increase the outreach of the Government’s Markup Subsidy Scheme for Housing Finance commonly known as Mera Pakistan MeraGhar (MPMG) to the wider public. He said that when the journey of MPMG started last year, low-cost housing finance was almost non-existent as commercial banks rarely ventured in this area fearing its inherent risks.
However, the strong commitment of the government especially NAPHDA, SBP, banks, and other stakeholders to promote housing and construction activities in the country is beginning to result in a considerable increase in finance for housing and construction.
To augment this effort the SBP provided an enabling regulatory environment to promote housing & construction finance.
In July 2020, State Bank of Pakistan advised commercial banks to increase their lending for housing and construction sectors to at least 5 percent of their private domestic sector advances by December 2021.
To assist in this, the State Bank advised quarterly targets to each bank after individual consultation, leading to the concerted effort. The focus on this segment increased and for the quarter ending September 30, 2021, banks have achieved 94 percent of their assigned targets on a consolidated basis. During July-September 2021, banks increased their credit to the housing and construction sector by Rs48 billion from Rs257 billion as of June 30, 2021.
An increase in credit to the housing and construction sector reflects that banks have realigned their internal policy dimension/ strategic focus towards the development of housing and construction. The banks have, in recent months, revamped their systems and procedures, upgraded and streamlined technological platforms, and motivated their banking staff through incentives and training.
The banks have also established a joint call center to address queries of the general public regarding MPMG which was recently inaugurated by the Governor SBP. The general public can reach the call center at 0-33-77-786-786. This call center will help resolve complaints and assist common persons who would like to borrow under MPMG but face difficulties in completing the requirements of banks. Earlier, State Bank launched a user-friendly online complaint resolution mechanism in January 2021. The complaint resolution mechanism comprises an IT-based portal supported by a comprehensive network of State Bank and commercial bank staff to take care of problems faced by applicants and resolves complaints within a predefined timeline with proper escalation mechanism.
Some of the other steps taken by SBP in collaboration with NAPHDA, other government agencies, banks and stakeholders include a simplified loan application, standard facility offer letter, amendment in the prudential framework, development of standard risk assessment criteria for builders/developers, development of income proxy model and streamlined financing documents.
Following are the rates of income tax on telephone users that shall be applicable during tax year 2022 under Section 236:
The rate of tax shall be 10 per cent of the exceeding amount of bill in case of a telephone subscriber (other than mobile phone subscriber) where the amount of monthly bill exceeds Rs1000.
The tax rate shall be 10 per cent for tax year 2022 and 8 per cent onwards of the amount of bill or sales price of internet pre-paid card or prepaid telephone card or sale of units through any electronic medium or whatever form in the case of subscriber of internet, mobile telephone and pre-paid internet or telephone card.
236. Telephone and internet users.- (1) Advance tax at the rates specified in Division V Part IV of the First Schedule shall be collected on the amount of –
(a) telephone bill of a subscriber;
(b) prepaid cards for telephones;
(c) sale of units through any electronic medium or whatever form; and
“(d) internet bill of a subscriber; and
(e) prepaid cards for internet.”
(2) The person preparing the telephone or internet bill shall charge advance tax under sub-section (1) in the manner telephone or internet charges are charged.
(3) The person issuing or selling prepaid cards for telephones or internet shall collect advance tax under sub-section (1) from the purchasers at the time of issuance or sale of cards.
(3A) The person issuing or selling units through any electronic medium or whatever form shall collect advance tax under sub-section (1) from the purchaser at the time of issuance of sale of units.
(4) Advance tax under this section shall not be collected from Government, a foreign diplomat, a diplomatic mission in Pakistan, or a person who produces a certificate from the Commissioner that his income during the tax year is exempt from tax.
(Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)
ISLAMABAD: Shaukat Tarin, Adviser to the Prime Minister on Finance and Revenue, on Wednesday directed all the provinces to finalize the indicative price of sugarcane at the earliest.
He issued the directives while presiding over the National Price Monitoring Committee (NPMC).
Chief Secretary Punjab apprised the NPMC that the crushing of sugarcane will begin by 15th November in Punjab. The adviser on Finance and Revenue directed the Chief Secretary, Sindh to ensure the crushing of sugarcane to start as soon as possible to ensure a stable price of sugar across the country. The adviser further directed all Provincial governments to finalize the indicative price of sugarcane at the earliest.
Federal Minister for National Food Security & Research Syed Fakhar Imam, Minister of State on Information Farrukh Habib, Adviser to the Prime Minister on Commerce, Textile and Investment Abdul Razak Dawood, Federal Secretaries, MD Utility Stores, Provincial Chief Secretaries, Chief Statistician PBS, Chairperson CCP, Member FBR and other senior officers participated in the meeting.
The Secretary of Finance briefed the NPMC about the weekly SPI situation which has been increased by 1.38 per cent during the week under review.
While reviewing the price trend of essential commodities, the Secretary of Finance apprised that the rise in global food commodities and petroleum prices has affected the prices of essential food items worldwide.
Prices of 07 essential commodities registered decline whereas prices of 15 items remained stable during the last week, he added.
The Secretary of Finance further updated the NPMC that the prices of the wheat flour bags remained consistent at Rs. 1100 per 20 kg due to the proactive measures of the Punjab Government and ICT administration.
The Adviser Finance commended the efforts of the representatives of the Punjab Government and Islamabad administration and expressed deep concern over the significant price differential in the wheat flour prices in Sindh Province as compared to other Provinces.
He directed the Provincial Chief Secretary of Sindh to expedite the process of daily releases of wheat at the price determined by the Government to ease out the pressure on prices.
The Adviser reiterated the firm commitment of the Government to ensure a smooth supply of wheat flour across the country at the government-specified prices.
While reviewing the price trend of basic commodities, the Adviser to Prime Minister on Finance and Revenue Shaukat Tarin stated that the Government is taking a range of administrative, policy and relief measures to absorb the upward pressure on prices of basic food commodities globally.
The Adviser on Finance and Revenue directed the Pakistan Bureau of Statistics to draw a province-wise comparison of weekly SPI. The decision has been taken to analyze the price differential in SPI among Provinces to differentiate the individual Province’s efforts.
The Chief Secretary Baluchistan also highlighted the need for expanding USC outlets and establishing cold storages facilities in the Province. Adviser to PM on Finance and Revenue directed the concerned Ministries to coordinate with the Baluchistan Government to expedite the matter.
Minister of State on Information highlighted the need to increase the footfall of Sasta Bazars, to make sure the benefit to reach the maximum number of people, and the Adviser to the PM on Finance & Revenue directed the Provincial governments to devise the strategies for the same.
In his concluding remarks, the Adviser to the Prime Minister on Finance and Revenue stated that the Government is taking all possible measures to ensure smooth supply of essential commodities throughout the country.
KARACHI: The Pak Rupee (PKR) rebounded with a gain of Rs2.49 or 1.44 per cent against the dollar on Wednesday after an assistance package was announced for Pakistan.
The rupee made all-time low of Rs175.27 a day earlier due to external payment pressure.
Currency experts said that the foreign currency market had witnessed positive sentiments throughout the day.
Saudi Arabia yesterday announced additional support of $3 billion to Pakistan for building its foreign exchange reserves. The additional financial support is besides a $1.2 billion dollars deferred oil facility to Pakistan to help its balance of payment issues, an official statement said.
KARACHI: Prime Minister Imran Khan on Wednesday thanked Saudi Crown Prince Mohammad Bin Salman for supporting Pakistan with $3 billion as deposit in Pakistan’s central bank and financing refined petroleum product with $1.2 billion.
The prime minister said in a tweet. “KSA has always been there for Pak in our difficult times including now when world confronts rising commodity prices.”
On the other hand the dollar retreated in early trade in interbank foreign exchange market.
The dollar declined by 92 paisas in early trade. The dollar was being traded at Rs174.35 from previous day’s closing of Rs175.27 in interbank foreign exchange market.
Saudi Arabia has announced an additional support of $3 billion to Pakistan for building its foreign exchange reserves.
The additional financial support is besides a $1.2 billion dollars deferred oil facility to Pakistan to help its balance of payment issues, an official statement said.
According to the Saudi Press Agency – SPA, the Saudi Fund for Development in a “generous gesture” announced a deposit of $3 billion dollars with the State Bank of Pakistan (SBP) to help the government support its foreign currency reserves and counter the impact of the Corona pandemic.
Following are the rates of income tax on electricity consumption shall be applicable during tax year 2022 under Section 235:
Electricity Consumption
(1) The rate of collection of tax from commercial and industrial consumers from gross amount of bills shall be as set out in the following Table, namely:—
TABLE S. No
Gross amount of Bill
Tax
1
upto Rs. 500
Rs. 0
2
exceeds Rs. 500 but does not exceed Rs. 20,000
10% of the amount
3
exceeds Rs.20,000
Rs. 1950 plus 12% of the amount exceeding Rs.20,000 for commercial consumers Rs. 1950 plus 5% of the amount exceeding Rs.20,000 for industrial consumers
(2) The rate of tax to be collected on domestic electricity consumption shall be—
(i) zero percent the amount of monthly bill is less than Rs.25,000; and
(ii) 7.5% if the amount of monthly bill is Rs. 25,000 or more;
The rates of tax for domestic users under Section 235 have been amended and additional tax has been imposed on domestic electricity consumers. For further details please visit following link:
(Disclaimer: The text of above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)
ISLAMABAD: Saudi Arabia has announced an additional support of $3 billion to Pakistan for building its foreign exchange reserves.
The additional financial support is besides a $1.2 billion dollars deferred oil facility to Pakistan to help its balance of payment issues, an official statement said.
According to the Saudi Press Agency – SPA, the Saudi Fund for Development in a “generous gesture” announced a deposit of $3 billion dollars with the State Bank of Pakistan (SBP) to help the government support its foreign currency reserves and counter the impact of the Corona pandemic.
The SPA reported that the deposit was in addition, to an oil deferred payment facility of $1.2 billion dollars for petroleum products, during the year.
The SPA said that the gesture reflected the Saudi Kingdom’s continued position in supporting the economy of Pakistan.
The announcement would help ease pressure on Pakistan’s foreign exchange reserves, due to the recent sharp hike in global commodity prices.
In a late-night development Information Minister Ch. Fawad Hussain shared the major development on his Twitter handle, a day after the return of Prime Minister Imran Khan from a three-day visit to the Kingdom to attend the Middle East Green Initiative of the Saudi Crown Prince.
“Breaking news Saudi Arabia announcement support Pakistan with $3 billion as deposit in Pakistan central bank and also financing refined petroleum product with 1. 2 billion us dollars during the year.”
Finance Minister Shaukat Tarin in a tweet early Wednesday said: “Yesterday evening the Finance Minister of Saudi Arabia informed me of the generous gesture of the Kingdom of Saudi Arabia to place $3 billion with SBP and a $1.2 billion deferred oil facility to help the balance of payment of Pakistan.”
“We thank the Crown Prince & the KSA for this kind gesture.”
Minister of Energy Hammad Azhar, who accompanied the Prime Minister on his visit to Saudi Arabia said the Saudi Development Fund has generously announced for Pakistan an oil deferred payments facility of $1.2 billion/annum and a $3 billion deposit with SBP.
“This will help ease pressures on our trade & forex accounts as a result of global commodities price surge,” he said in a message on Twitter.
ISLAMABAD: Chief of Army Staff General Qamar Javed Bajwa called on Prime Minister Imran Khan on Tuesday.
The meeting was part of the ongoing consultation process between the Prime Minister and Chief of Army Staff about the timing of change of command in ISI and selection of the new DG ISI.
During this process a list of officers was received from ministry of Defence. Prime Minister interviewed all the nominees.
A final round of consultation was held between the Prime Minister and Chief of Army Staff today.
After this detailed consultative process, name of Lt. Gen. Nadeem Anjum was approved as new DG ISI.
The designate DG ISI shall assume charge on 20th November, 2021.
