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  • FBR, traders discuss broadening of tax base

    FBR, traders discuss broadening of tax base

    ISLAMABAD: A Consultative Meeting between the Traders Associations and FBR representatives was held in the Broadening Tax Base Zone (BTB), Islamabad to find ways of broadening the tax base.

    The Consultative Meeting was chaired by Mir Badshah Khan Wazir, DG, BTB and was attended by Commissioner BTB (HQ) and Commissioner BTB Zone Islamabad.

    The BTB Zone Islamabad had invited Traders Association of G-11 Markaz and F-11 Markaz, Islamabad to seek business community’s views on broadening the tax base.

    The Traders Associations were represented by Aftab Gujjar and Mahar Khuda Dad, Presidents of Traders Associations of G-11 and F-11 Markaz respectively along with their office bearers.

    The Director General BTB apprised the participants about the significance of broadening of tax base in enhancing national tax revenue.

    He stated that due to smaller tax base, the burden gets shifted to existing taxpayers. He stressed on the need to have cooperation of trade bodies in the identification and enrollment of potential taxpayers and sought their help to hold facilitation camps in their respective areas.

    The representatives of trade bodies appreciated the initiative of DG BTB for holding the consultative meeting.

    They shared views on the difficulties’ faced by the business community in the enrollment and filing of returns.

    They advocated the idea of fixed tax regime for the small traders. They agreed to extend cooperation in holding awareness and enforcement camps of BTB Zone in their respective areas.

  • Equity market ends flat amid selling pressure

    Equity market ends flat amid selling pressure

    KARACHI: The equity market gained 25 points on Tuesday amid selling in major scrips.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 35,631 points as against 35,605 points showing an increase of 25 points.

    First day of Ramadan started on a positive note, went up by 200 points and ended in green zone with 42 points (unadjusted).

    Nonetheless, several scrips including blue chips saw aggressive selling at bourse, such as SNGP, PSO, OGDC, KEL, HUBC etc. Banking sector, on the contrary, performed well with HBL closing near upper circuit whereas UBL was also seen trading near upper circuit.

    Banking sector topped with 12.4M shares, followed by Power (12M). Among scrips, KEL ranked first with 9.6M shares, followed by BOP (5.3M).

    Other scrips which generated volumes include SNGP, MLCF, HUBCR, and LOTCHEM.

    Sectors contributing to the performance include Banks (+190 points), Food (+17 points), Cement (-44 points), O&GMCs (-29 points), Power (-28 points), E&P (-21 points), Pharma (-16 points).

    Volumes declined again from 71.4mn shares to 65.4mn (-8 percent DoD). Average traded value also declined by 13 percent to reach US$ 19.4mn as against US$ 22.4mn.

    Stocks that contributed significantly to the volumes include KEL, BOP, SNGP, MLCF and HUBCR, which formed 37 percent of total volumes.

    Stocks that contributed positively include HBL (+86 points), UBL (+54 points), MCB (+28 points) NESTLE (+22 points) and NBP (+14 points). Stocks that contributed negatively include LUCK (-21 points), SEARL (-18 points), HUBC (-15 points), PSO (-13 points) and ENGRO (-12 points).

  • KTBA discusses tax proposals at pre-budget seminar

    KTBA discusses tax proposals at pre-budget seminar

    KARACHI: Karachi Tax Bar Association (KTBA) on Monday organized pre-budget seminar to recommend tax proposals for year 2019/2020.

    Ali A Rahim, Director, Bakertilly Chartered Accountants presented income tax recommendations for the upcoming budget.

    Rahim presented following recommendations:

    Depreciation on Musharika Assets Under Section 22(15)C

    Proposal: The depreciation on Musharika assets to be allowed retrospectively since inception.

    Set off of Losses against income from property Under Section 56

    Proposal: The position prior to amendment made through Finance Act, 2013 should be restored to allow set off against property income as well.

    Restriction on setting off of depreciation losses Under Section 57

    Proposal: The amendment brought through Finance Bill 2018 relating to unabsorbed depreciation and amortization is proposed to be deleted.

    Workers Welfare Fund and Workers Profit Participation Fund Under Section 60A & 60B

    In both the Law it is categorically stated that this shall be allowed if the payment is made to the Federal Government. Since the enactment of the 18th Amendment in 2010, the same is collected by the Provincial Government.

    Since, there is no mention of the payment to the Provincial authorities the same is being disallowed by the Income Tax Authorities.

    Proposal: It is therefore proposed that the payment made under the Provincial Laws may be incorporated in Section 60A and 60B.

    Tax Credit to persons registered under Sales Tax Act, 1990 Under Section 65A

    Tax credit of 2½ was available from tax year 2009 to Manufacturers registered under the Sales Tax, if 90% of the sales were to those persons registered in Sales Tax. In 2016 this was increased to 3%, to encourage persons towards documentation.

    However to reasons best known to the Government, this was deducted vide Finance Act, 2017

    Proposal: It is proposed that this section should be reincorporated in the tax Law.

    Non Recognition Rules Under Section 79(2)

    This section excludes any gain or loss arising from disposal of assets if certain conditions are fulfilled including gift of an assets to a relative.

    However, if the recipient is a non-resident at the time of the acquisition then the said person is not entitle to an exemption which is very unfair as now every family has persons living abroad.

    Proposal: It is therefore proposed that section 79(2) should be deleted.

    Adjustment of Minimum Tax payment in case of Tax Loss Under Section 113(2)(c)

    The following Explanation is proposed to be inserted:

    “Explanation –For the removal of doubt, it is declared that the expression “the excess amount of tax” apply to all cases where no tax is payable for any reason whatsoever including any loss of income, profits or gains or set-off of losses or unabsorbed depreciation of earlier years, exemption from tax and allowances and deductions admissible under any provision of this Ordinance.

    Appointment of the Appellate Tribunal Under Section 130

    Accountant members are posted in the Tribunal from the tax department and can be reposted back in the tax department and hence are very conservative when imparting Justice.

    Proposal: It is proposed that once an officer is posted to the Tribunal, he should then retire from there and should in no way go back to the tax department. This will go a long way in imparting Justice.

    Stay order by Tribunal should be valid till Disposal of its Appeal Under Section 131

    Proposal: It is proposed that the said amendment be deleted and the earlier position of law should be restored in the interest of natural justice so as to provide relief to the taxpayer.

    Tax deduction on Import of Plant and Machinery by Service Sector Under Section 148(7)

    It is proposed to insert the following in the list of exceptions provided under sub-section (7) of section 148:

    Equipment imported by service sector companies for their own use.

    Exemption from Income Tax on Imports to NPOs Under Section 148 SRO 947 of 2008

    It is proposed that such exemption is also extended at least to such non-profit organizations whose income is exempt in terms of Clause (66) of Part I of the Second Schedule.

    Excessive Tax Deduction from Salary Under Section 149

    It is proposed to:

    -replace section 64 with 62A of the Ordinance to allow tax credit on House Loan.

    -insertion of new clause to allow tax adjustment for deductible allowances on account of Zakat, Allowance for payment of Profit House Loan and Education expenses under Sections 60, 60C and 60D, respectively.

    -tax withheld and paid under any other Section of the Ordinance.

    Withholding on Local Royalty Under Section 153

    It is proposed that the separate flat rate of tax withholding is specified if royalty is paid to residents which should fall under Final Tax Regime.

    Deduction of tax Under Section 153

    No withholding in the case of registered persons [Filers]

    It is proposed to amend the Section 153 that the withholding agents should only deduct/collect tax in the cases of Non-Filers or Unregistered Services providers, Suppliers & Contractors.

    Automatic credit of tax deducted Under Section 153

    It is proposed that when the tax is deducted, credit of the same should automatically be given to the withholdee.

    Withholding on Rent in case of Multiple Years Under Section 155

    It is proposed to include an explanation under Section 155 that tax withholding is required on the basis of annual rent paid for a tax year at the applicable rates to each year.

    Time limit for Monitoring of Withholding of Income Tax Under Section 161 & 162

    It is proposed to insert the following provisions under Section 161/162:

    Proceedings for monitoring of withholding taxes should not be initiated for a tax year after expiry of 6 tax years

    Allow ability of Tax Payment as a Credit after Monitoring of Withholding of Taxes. Under Section 161 (1A)

    It is proposed that the withholder should be allowed to deposit the tax in the

    name of the parties whose withholding fell short.

    Bi-Annual Statements to be replaced with Monthly Withholding Statement Under Section 165

    It is proposed that the filing of biannual is replaced with monthly filing of withholding statement.

    Offences and Penalties Under Section 182(1)

    An explain was incorporated explaining “Tax Payable” and it stipulated to mean tax chargeable on the basis of the taxable income.

    The purpose of the penalty is to educate the taxpayers and the same should not be for the purpose of tax generation. In addition taxes deducted/paid, other then payment along with the return, is already with the Government, hence there is no loss of revenue.

    It is therefore proposed that penalty should be on the balance of tax payable along with the return and not the total tax liability.

    Returns Not filed within due date Under Section 182A

    A person filing the returns late by even 1 day will be treated as a non filers for the full year.

    There is already a provision in the Law under section 182 for imposition of penalty for late filers.

    Proposal: Section 182A should be withdrawn and the person filing the return late should also be considered as a filer, after payment of the penalty under section 182.

    Duplication of Advance tax on payment of foreign Education made through Credit Card or Debit Card or Prepaid Card Under Sections 236R & 236Y

    The provisions should be withdrawn in its entirety for filers.

  • ICAP submits tax proposals for ease of doing business

    ICAP submits tax proposals for ease of doing business

    KARACHI: The Institute of Chartered Accountants of Pakistan (ICAP) has submitted tax proposals for budget 2019/2020 and suggested measures for ease of doing business.

    The ICAP suggested following tax proposals for ease of doing business:

    Facilitating Small and Medium Enterprises (SMEs)

    The ICAP said that SMEs serve as the backbone of the economy by playing the most vital role of production, employment generation etc. To facilitate their growth and ease of doing business, there is dire need for SME and retailers to have a separate and simplified income tax regime. It is proposed that, with simplified one-page return and minimum possible book-keeping requirement, the taxation regime should encourage SME/retailers for income based taxation.

    “It is proposed to exclude SMEs from the list of withholding tax regime specified within different sections of the Income Tax Ordinance, 2001. Such simplified regime should also be aligned with the sales tax regime.”

    A special regime in the form of Ninth Schedule (as presented by Tax Reform Committee) should be adopted.

    Retailers falling under SRO 1125(I)/2011 dated December 31, 2011 are allowed reduced sales tax rate of six percent, if their sales transactions are integrated with the FBR system. Considering the effectiveness of this system and in order to curtail loss of revenue in other sectors due to under-reporting of revenue, option may be provided to all the retailers to install real-time sales reporting system and those availing such facility should be allowed to charge reduced rate of sales tax.

    Income Tax Credit for sales tax registered person:

    In this regard, Section 65A of Income Tax Ordinance, 2001 is proposed to be reinstated with a higher rate of tax credit in order to encourage documentation in the economy and broadening of tax base.

    Moreover, condition of 90 percent supplies to registered persons should be reduced to 75 percent. Further, the restricted benefit of this tax credit to manufacturers should be extended to all persons registered under the Sales Tax Act, 1990.

    Promoting Local Industry, Brand Made in Pakistan for import substitute:

    A long term solution to reduce export-import gap, as also envisaged in the medium term economic framework, import substitution is one of the highest priorities for the government at the moment.

    In this regard, some of the steps proposed here should play a key role: a trade license mechanism should be introduced with a legal onus on the supply chain member to check that the goods are not from illegal or smuggled source.

    Radiography scanning of all inbound and outbound containers should be made mandatory to curb smuggling and plug revenue leakages. Import stage tax incidence on raw material should be reduced enough to provide manufacturers to bear the expense of value addition and local taxes.

    This would discourage import of finished goods, which can be manufactured in Pakistan and thus can reduce country’s reliance on imports, leading to saving of precious foreign exchange.

    Foreign exchange regime needs to be further strengthened to ensure that values are properly declared and taxes at import stage.

    Encourage Domestic and Foreign Investment

    At present, amongst other factors both the new local as well as foreign investors are reluctant to invest in manufacturing industry of Pakistan due to various impediments.

    These include collection of sales tax at 17 percent and income tax at 5.5 percent at import stage on plant and machinery and spare parts.

    In order to promote industrialization in the country, it is suggested that the exemption from tax collection at import stage on import of plant and machinery and spare parts by newly established manufacturing company/for expansion by the existing company should be allowed at least for five years from the date of incorporation of the new company/initiation of expansion projects by the existing company.

    This amendment will encourage new much needed investment in the manufacturing sector of the country without any additional cost / burden on the government’s exchequer as tax collected at import stage is already adjustable/refundable.

    Income Tax Exemption

    The ICAP proposed that restriction in respect of issuance of exemption certificate for new projects/capacity expansion/formula and process changes should be removed.

    Further, under the current law, tax exemption is conditional upon payment of tax on the basis of proceeding two years’ tax liability. The said condition, to meet the tax payment equal to previous tax years, is proposed to be abolished and the same should also be linked with the payment of advance tax liability for the respective period.

  • Jazz, Enfrashare partner to accelerate telecom infrastructure

    Jazz, Enfrashare partner to accelerate telecom infrastructure

    KARACHI: Jazz, Pakistan’s leading digital communications company, and Enfrashare (Private) Limited have signed an agreement to accelerate growth in telecommunications infrastructure.

    This partnership will propel Jazz in strategically expanding its digital infrastructure robustness across both the rural and urban sections of the country, said a statement on Monday.

    Under this partnership, Enfrashare will develop the telecom infrastructure and also provide key services for Jazz, thereby reducing Jazz’s capital investment, paving the way for the digital giant to focus on core business functions and continue upscaling its connectivity reach.

    This collaboration will also enhance Pakistan’s critical communication infrastructure network, while also allowing Jazz to meet its coverage and capacity requirements.

    Aamir Ibrahim, CEO – Jazz commented on the deal: “We aim for rapid digitalization through such strategic investments. Our partnership with Enfrashare marks a new milestone for Pakistan’s connectivity agenda.

    “Together, we are enhancing the local telecom infrastructure and expanding Jazz’s effort to spur the digital turn-around even further.”

    Enfrashare, with its expertise and investment in infrastructure provides an opportunity for the country to be part of the new digital era upon which the sectors of education, agriculture, financial services and health can capitalize and grow.

    To enable this and establish operations, Engro Group has already approved an investment of PKR 7.5 billion in the company.

    Rehan Hassan, CEO, Enfrashare said, “Enfrashare firmly believes that connectivity is now a basic human need, it is the conduit that enables social and financial inclusion.

    “This requires significant capital investments in infrastructure while displaying the highest levels of service quality. We are proud to be recognized by Jazz as a trusted partner to develop and manage these critical assets.”

  • PBC suggests measures for broadening tax base by enhancing withholding tax rates on non-filers, unregistered persons

    PBC suggests measures for broadening tax base by enhancing withholding tax rates on non-filers, unregistered persons

    KARACHI: Pakistan Business Council (PBC) has suggested measures for broadening tax base through enhancing withholding tax rates on non-filers and unregistered persons in various sectors.

    The PBC – the advisory council of large corporate entities – in its budget proposals for 2019/2020 said that the concept of separate withholding tax rates for filers and non-filers was introduced as a measure for increasing documentation of the economy.

    “Though large amounts are being collected from non-filers, no effort has been made to increase the tax base. The non-filers for the most part have build the cost of this government levy into pricing and passed it on to their customers.”

    The PBC said that in order to broaden the tax base and to achieve increase in overall tax collection without burdening existing taxpayers, the policy to increase tax on non-filers / unregistered persons should be implemented specifically in the following cases:

    a. unregistered industrial / commercial entities (not having STRN) having bill amount in excess of Rs20,000 per month, extra sales tax should be increased from five percent to 20 percent.

    b. After collection of extra tax for a continuous period of six months, all these connections should be provisionally converted into NTN and STRN and return filing from these connections should be enforced.

    c. In case of provisional registration, utility companies should be directed to issue show cause notices where annual billing amount exceeds Rs2.4 million and directing provisionally registered persons to obtain permanent registration. In case of non-compliance, utility companies should be directed to disconnect utility connections.

    d. Moreover, in order to bring all commercial/industrial users in the tax net and to verify filer status, electric distribution companies should provide one year to all such consumers to get their NTN registered with electricity distribution companies. In case of failure to provide NTN, electricity connection should be disconnected. Considering the fact that all industrial/commercial connections will be linked with NTN, the tax department will then be in a better position to assess the electricity consumed by commercial/industrial users and corroborate the same with amount of sales/ production etc. reported in sales tax/income tax return.

    e. In order to bring all commercial/industrial users in the tax net and to verify filer status, electric distribution companies should provide one year to all such consumers to get their NTN registered with them. Thereafter, such commercial / industrial consumers without NTN should be charged advance income tax at 30 percent (from existing 12 percent) on their utility bills. Those with NTN but non-filer status should be charged at 20 percent withholding tax.

    f. Residential consumers should be made liable to provide NTN in case of electricity bill amount exceeds Rs1.2 million per year or levy advance income tax withholding of 20 percent.

    g. All exemption (like exemption on agriculture income) under the income tax law should only be made available to filers so that exempt income is also reported and wealth is reconciled.

    h. withholding tax on international business class tickets under Section 236L is same Rs16,000 for filer and non-filer, it should be increased to Rs50,000 for non-filers.

    i. Withholding tax at five percent or Rs20,000, whichever is higher, is applicable under Section 236D on all functions organized by filers as well as non-filers. Rate of withholding should be increased for non-filers to Rs100,000 as minimum and no withholding tax from filer.

    j. Function halls withholding tax on electric bills should be 30 percent which can be adjusted against tax liability by providing proof of tax deducted from their customers.

    k. Withholding income tax on interest income under section 151 of Income Tax Ordinance, 2001 is 10 percent for filer and 17.5 percent for non-filer. Rate should be increased to 30 percent for non-filers.

    l. Annual private motor vehicles tax under section 234 of the ordinance for non-filers is Rs15,000 for 1600 cc-1999cc and Rs30,000 for 2000cc and above. Rate for non-filers should be increased to Rs50,000 for 1600cc – 1999cc and Rs200,000 for 2000cc and above.

    m. Advance income tax is collected on sales of immovable property under Section 236, which is 2 percent for non-filers, should be increased for non-filers to 10 percent for properties of 900 square yards or more.

    n. Purchase of land (above specified limit) is only allowed by filers, however, holding of land and its sale by non-filers is still allowed. Holding of land by non-filers should be made more expensive by asking those authorities collecting property tax (cantonment boards/ societies/ registrars) to collect adjustable advance income tax, form non-filers, on behalf of the federal government as: Rs500,000 per year for 800 yards or more but less than 1800 yards; Rs1 million per year for 1800 yards and above.

  • OMCs sales sharply decline by 25pc in 10 months

    OMCs sales sharply decline by 25pc in 10 months

    KARACHI: The sales of Oil Marketing Companies (OMCs) massively declined by 25 percent during first ten months (July – April) of current fiscal year owing to slowdown in economic activities.

    The sales of OMCs fell to around 15.28 million tons during July – April 2018/2019 as compared with 20.4 million tons in the same period of the last fiscal year.

    Analysts at Topline Securities attributed the massive fall in sales to slowdown in economic activities and sharp decline in furnace oil.

    They said that Pakistan OMCs sales continued to suffer, where volumetric sales for April 2019 nosedived 16 percent YoY on back of 33 percent YoY lower furnace oil volumes and decline in high speed diesel volumes by 18 percent YoY.

    FO sales continued to feel pinch amid availability of RLNG/Coal for power generation. While, HSD volumes are down on YoY basis due to slowdown in economic activities.

    Petrol sales touched 20-Month high (in absolute terms), +2 percent YoY vs. +17 percent YoY in April 2018.

    Lower growth in MS could be attributed to increase in its prices by around 15 percent YoY coupled with overall slowdown in economy.

    In MS oil segment, PSO witnessed increase in market share by 4.3ppts YoY to 39.6 percent, while Hascol share has declined by 8.3ppts YoY to 7 percent as the company has changed its focus from higher volumes to higher margins.

    Similarly, unlisted player GNO gained 3.4ppts YoY in its market share.

    On HSD front, Hascol has lost 7.5ppts YoY in its market share to 7.1 percent, while GNO has gained 7.5ppts YoY and now commands 12 percent of the market.

  • Meeting reviews progress on FATF Action Plan

    Meeting reviews progress on FATF Action Plan

    ISLAMABAD: Dr. Abdul Hafeez Shaikh, Adviser to Prime Minister on Finance, Revenue and Economic Affairs on Monday chaired a meeting to review progress on Financial Action Task Force (FATF) Action Plan.

    The Secretary Finance updated all the key stakeholders on the critical nature of the meeting, serious challenges at hand and top priority that is being assigned by the government.

    The chair was updated by all the key stakeholders regarding progress made by Pakistan on FATF Action Plan.

    The stakeholders demonstrated coordination and commitment to achieve this national objective.

    The finance adviser advised all stakeholders to work round the clock and give highest priority, efforts as well as extra time for achieving and surpassing to FATF action plan.

    The meeting was attended by Secretary Finance, Secretary Interior, Chairman FBR, Chairman SECP, Deputy Governor SBP, Director General FMU, Director General CT Ministry of Foreign Affairs, Director General CT NACTA and representatives of Law enforcement and intelligence agencies.

    Earlier in February 2019 meetings of Financial Action Task Force (FATF) took place at OECD, Paris to review the compliance of a number of countries with the international standards on Anti-Money Laundering and Counter Financing of Terrorism (AML-CFT).

    Pakistan was earlier placed by FATF in its Ongoing Compliance Document in view of an Action Plan undertaken by it to strengthen its CFT Regime.

    The FATF reviewed the progress made by Pakistani authorities concerned with CFT role, based upon an analysis carried out by Asia-Pacific Joint Group.

    The FATF noted that Pakistan took several steps to implement the Action Plan including by undertaking Risk Assessment of Terrorism Financing and Cash Smuggling in the country.

    The FATF advised Pakistan for continue work on action plan, included:

    (1) adequately demonstrating its proper understanding of the TF risks posed by the terrorist groups above, and conducting supervision on a risk-sensitive basis;

    (2) demonstrating that remedial actions and sanctions are applied in cases of AML/CFT violations, and that these actions have an effect on AML/CFT compliance by financial institutions;

    (3) demonstrating that competent authorities are cooperating and taking action to identify and take enforcement action against illegal money or value transfer services (MVTS);

    (4) demonstrating that authorities are identifying cash couriers and enforcing controls on illicit movement of currency and understanding the risk of cash couriers being used for TF;

    (5) improving inter-agency coordination including between provincial and federal authorities on combating TF risks;

    (6) demonstrating that law enforcement agencies (LEAs) are identifying and investigating the widest range of TF activity and that TF investigations and prosecutions target designated persons and entities, and persons and entities acting on behalf or at the direction of the designated persons or entities;

    (7) demonstrating that TF prosecutions result in effective, proportionate and dissuasive sanctions and enhancing the capacity and support for prosecutors and the judiciary; and

    (8) demonstrating effective implementation of targeted financial sanctions (supported by a comprehensive legal obligation) against all 1267 and 1373 designated terrorists and those acting for or on their behalf, including preventing the raising and moving of funds, identifying and freezing assets (movable and immovable), and prohibiting access to funds and financial services;

    (9) demonstrating enforcement against TFS violations including administrative and criminal penalties and provincial and federal authorities cooperating on enforcement cases;

    (10) demonstrating that facilities and services owned or controlled by designated person are deprived of their resources and the usage of the resources.

    The FATF urged Pakistan to swiftly complete its action plan, particularly those with timelines of May 2019.

  • KSE-100 index falls by 518 points on upcoming MSCI review

    KSE-100 index falls by 518 points on upcoming MSCI review

    KARACHI: The stock exchange fell by 518 points on Monday owing to upcoming MSCI review and reports of tax laden budget.

    The benchmark KSE-100 index of Pakistan Stock Exchange closed at 35,605 points as against 36,123 points showing a decline of 518 points.

    Market continued negative drive today amidst issues like MSCI review on May 13th, impending tough budget, possibility of policy rate hike by SBP by month end and pending IMF package.

    Volumes were driven by Cement Sector that couldn’t find solution of sales quota and declining sales volume.

    Market volumes have been anemic since last week, which was the case even today. All shares index registered a volume of 71M shares, with Cement Sector leading the index (14.7M shares), followed by Banks (11.7M) and Engineering (6M).

    Steel scrips traded at and close to lower circuit. Among scrips, MLCF topped the chart with 6.4M shares followed by BOP (5.7M). market closed near day’s low of 553 points.

    Sectors contributing to the performance include E&P (-117 points), Banks (-99 points), Cement (-72 points), Fertilizer (-71 points) and Power (-51 points).

    Volumes improved slightly from 64mn shares to 71mn shares (11 percent DoD). Average traded value also increased by 8 percent to reach US$ 22.4mn as against US$ 20.65mn.

    Stocks that contributed significantly to the volumes include MLCF, BOP, UNITY, FCCL and UBL, which formed 31 percent of total volumes.

    Stocks that contributed positively include COLG (+12 points), BAFL (+8 points), AGIL (+4 points) and DAWH (+4 points). Stocks that contributed negatively include PPL (-58 points), LUCK (-44 points), ENGRO (-42 points), UBL (-37 points) and HUBC (-32 points).

  • Shabbar Zaidi appointed as 26th FBR chairman

    Shabbar Zaidi appointed as 26th FBR chairman

    The federal government has appointed Shabbar Zaidi as the Chairman of the Federal Board of Revenue (FBR). This significant announcement, made by Prime Minister Imran Khan during a media interaction on Monday, marks a departure from tradition as Zaidi becomes the first chairman selected from the private sector.

    (more…)