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  • World Bank approves $500 million to help Pakistan’s COVID-19 emergency response

    World Bank approves $500 million to help Pakistan’s COVID-19 emergency response

    WASHINGTON: The World Bank’s Board of Executive Directors approved today a $500 million program to help Pakistan improve access to quality healthcare and education, support economic opportunities for women, and strengthen social safety nets as the country braces to limit the impact of the COVID-19 pandemic.

    The Securing Human Investments to Foster Transformation (SHIFT) program will support policy reforms to help Pakistan’s COVID-19 emergency response and protect human capital investments, a statement said.

    It will support greater coordination between provinces and federal authorities to immunize millions of children and reduce their risks of contracting polio and other diseases.

    SHIFT also improves targeted safety net programs that will benefit 12 million people impacted by the COVID-19 crisis, both at the federal and provincial levels.

    “The global COVID-19 pandemic is impacting day-to-day life in Pakistan – not solely from economic disruptions but also additional stress on public services that jeopardize human capital accumulation,” said Illango Patchamuthu, World Bank Country Director for Pakistan.

    “This program underscores the criticality of universal healthcare and social protection services that are durable to exogenous shocks such as Pakistan is facing now.”

    SHIFT supports three policy reforms aimed at building Pakistan’s workforce and improving social safety-net programs, which are:

    (i) increase the quality of essential services, especially primary health care and equitable access to basic education, and civil registration and vital statistics,

    (ii) recognize women’s economic contributions and support participation in the labor force through appropriate working conditions, and

    (iii) improve efficiencies in safety nets for COVID-19 response, and strengthen the effectiveness national and federal safety net programs in the short to medium term.

    “Pakistan’s ability to mitigate socio-economic impacts of COVID-19 depends on how quickly and efficiently social safety net programs can reach those most in need,” said Cristina Panasco Santos, Task Team Leader for the program.

    “This program supports alignment efforts between Ehsaas, safety nets provincial programs to ensure that the most vulnerable and affected populations are identified and receive assistance.”

    The World Bank Group, one of the largest sources of funding and knowledge for developing countries, is taking broad, fast action to help developing countries strengthen their pandemic response.

  • MCC Gwadar announces auction of confiscated vehicles on June 03

    MCC Gwadar announces auction of confiscated vehicles on June 03

    KARACHI: Model Customs Collectorate (MCC) Gwadar has announced auction of confiscated vehicles to be held on June 03 and June 10, 2020 at the Custom House Gwadar.

    A notification issued by the Collectorate stated that vehicles old and used of different make and model and launch without engine would be presented at first auction to be held on June 03, 2020 and in second auction to be held on June 10, 2020 at Custom House Gwadar.

    Following vehicles will be presented for the auction:

    1. Toyota Axio Luxel, 1800CC, Model 2007, Chassis No. ZRE142-6007330, Engine No. ZZRFE-4093073
    2. Toyota Hilux Surf SSR-X, 2700CC, Model 2000, Chassis No. VZN185-9041829, Engine No. 5VZ-FE-3378
    3. Suzuk Jimmy Jeep, 1300CC, Chassis No. JB31W-10334
    4. Land Cruiser V8, 4700CC, Model 2002, Chassis No. UZI100-0140536, Engine No. 2UZ-FE-829811
    5. Toyota Land Cruiser, 4700CC, Model 1998, Chassis No. UZI100-0003462, Engine No. ZUZ-FE4663
    6. Toyota Hilux Surf, 3000CC, Model 1998, Chassis No. RZN185-9041977, Engine No. 3RZ-FE
    7. Toyota Land Cruiser 03 door, Chassis No. VZJ1125-0001242, Engine No. 5VZ-FE-3378
    8. Toyota Corolla X, Chassis No. NZE-120-0123636
    9. Toyota Corolla X, 1500CC, Model 2004, Chassis No. NZE-121-3277622
    10. Toyota Premio, 1794CC, Model 2004, Chassis No. ZZT240-5036121, Engine No. A-582907
    11. Toyota Premio, 1800CC, Model 2006, Chassis No. ZZT240-0113265
    12. Toyota Hilux Surf, 3000CC, Model 1992, Chassis No. LN130-0105065
    13. Toyota Corolla X, Model 2005, Chassis No. NZE121-0373068, Engine No. INZ-A65233
    14. Toyota Premio, Model 2005, Chassis No. ZZT140061952, Engine No. ZZEFE-076639
    15. Toyota Premio, Model 2006, Chassis No. ZZT240-5053096, Engine No. IZZ-FE
    16. Toyota Axio X, Model 2007, Chassis No. NZE141-6024739, Engine No. IZZFE
    17. Toyota Corolla Raum, Model 2003, Chassis No. NCZ20-0018417, Engine No. 1NZ-FE-543056
    18. Zamyad Irani Pickup, Chassis No. NAZPL140-0466694
    19. Toyota Hilux Surf (SSRG), 3378CC, Model 2006, Chassis No. VZN215-0004806, Engine No. 5VZ-FE-3378
    20. Toyota Corolla X, Model 2003, Chassis No. NZE121-3260205, Engine No. 1NZ-FE1496
    21. Toyota Corolla X, 1500CC, Model 2005, Chassis No. NZE121-0353837, Engine No. INZ-FE-B715740
    22. Toyota Corolla X, 1500CC, Model 2005, Chassis No. NZE121-0350500, Engine No. INZ-B698369
    23. Toyota Raum, Model 2004, Chassis No. NCZ20-0042911, Engine No. 1NZ-FE-B121410
    24. Toyota Vitz, Model 2003, Chassis No. SCP13-0024190, Engine No. 2SZ-FE
    25. Toyota Premio, Model 2007, Chassis No. ZRT260-3009646, Engine No. 2ZR-4017915
    26. Toyota Premo, Model 2003, Chassis No. ZZT240-5006935, Engine No. 1ZZ-FE
    27. Toyota Raum, Model 2004, Chassis No. NCZ20-0064404, Engine No. 1NZ-B-451502
    28. Mazda Titan (6-wheeler), 1995CC, Chassis No. KC-WG-67H-100108
    29. Launch without engine
  • FBR extends date for POS integration up to June 30

    FBR extends date for POS integration up to June 30

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday extended the date for integration of Point of Sale (POS) by high volume retailers up to June 30, 2020.

    The last date for integrating the POS for Tier-1 retailers was April 30, 2020.

    The FBR said that only those retailers can integrate their POS by June 30 who submit their intention to RTOs/LTUs by June 20, 2020.

    FBR sources said that the decision had been taken due to lockdown in the many parts of the country in order to prevent spread of coronavirus the business activities had become stand still.

    They said that big outlets and shopping plazas are observing closure during the lockdown and many of those big retailers would not able to make compliance.

    The deadline was expired on December 15, 2019 which was given by the FBR to tier-1 retailers to integrate their POSs with the FBR online system.

    All tier-1 retailers are required to integrate all their POSs with FBR’s computerized system.

    Tier-1 retailer is defined in section 2(43A) of the Sales Tax Act, 1990, to be a person who falls in any of the following categories:

    (a) a retailer operating as a unit of a national or international chain of stores;

    (b) a retailer operating in an air-conditioned shopping mall, plaza or centre, excluding kiosks;

    (c) a retailer whose cumulative electricity bill during the immediately preceding twelve consecutive months exceeds Rupees twelve hundred thousand;

    (d) a wholesaler-cum-retailer, engaged in bulk import and supply of consumer goods on wholesale basis to the retailers as well as on retail basis to the general body of the consumers; and

    (e) a retailer, whose shop measures one thousand square feet in area or more.

  • SRB extends return filing date up to June 01

    SRB extends return filing date up to June 01

    KARACHI: Sindh Revenue Board (SRB) has extended the date for filing monthly sales tax return for April 2020 up to June 01, 2020.

    In a circular issued on Thursday, the SRB permitted the registered persons, including the withholding agents covered by the provisions of the Sindh Sales Tax Special Procedure (Withholding) Rules, 2014, to:-

    (i) e-deposit the amounts of Sindh sales tax for the tax period April, 2020, on or before Friday, the May 29, 2020, in Sindh Government’s head of account “B-02384” in the prescribed manner; and

    (ii) e-file their tax returns (in Form SST-03 or Form SSTW-03, as the case may be) for the tax period April, 2020, on or before Monday, the 1st June, 2020, in the prescribed manner.

  • ECC okays mobile device manufacturing policy

    ECC okays mobile device manufacturing policy

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved mobile device manufacturing policy.

    The policy is aimed at to promote local manufacturing and assembly of mobile phone handsets.

    The policy approved in a meeting of the ECC chaired by Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh is aimed at ensuring localisation and indigenization of the parts of the mobile phones.

    Earlier, the ECC was told that under the Mobile Device Manufacturing Policy, parts of mobile phone handsets will be used for the entire range of mobile phone handsets produced in Pakistan instead of limited to a particular model.

    The policy will have a positive impact on allied industry including packaging and plasting.

    The expected arrival of high end brands will give local industry an opportunity to become part of the global value chain.

    In addition, setting up of R&D centres and an ecosystem for software application is also visualised under the policy.

    The ECC discussed various recommendations proposed as part of the policy and approved the following:

    a. Removal of Regulatory Duty for CKD/SKD manufacturing by PTA approved manufactures under input/output Co-Efficient Organization (IOCO) approved import authorization.

    b. Removal of Fixed Income Tax on CKD/SKD manufacturing of mobile devices up to USD 350 category.

    c. Increase in Fixed Income Tax on USD 351-500 USD category by Rs 2000 and>USD 500 by Rs.6300 on CKD/SKD manufacturing only.

    d. Removal of Fixed Sales Tax on CKD/SKD manufacturing of mobile devices.

    e. PTA shall allow activation of handsets manufacturing in the country under import authorization of inputs by IOCO in CKS/SKD kit (8517.1211) and not under HS Code 8517.7000 i.e. parts. This will eliminate misdeclaration in parts category at the import stage. Activation of CBUs imported through notified routes after payment of all levied duties and taxes as fixed by government from time to time shall continue till further amendment.

    f. In up to USD 30 category, words “except smart phones” to be inserted for CBU imports under 8517.1219 to avoid misdeclaration.

    g. R&D allowance of 3 percent to be given to local manufactures for exports of mobile phones.

    h. Locally assembled / manufactured phones to be exempted from 4 percent of withholding tax on domestic sales.

    i. Government to commit maintaining tariff differential between CBU imports and CKS/SKD manufacturing till the expiry of the policy.

    j. Local industry to ensure localization of parts and components as per roadmap included in draft policy.

    k. EDB to act as Secretariat of Mobile Phone Manufacturing Policy and ensure development of allied parts, components and devices.

    Meanwhile, the ECC also considered a proposal brought forward by the Ministry of National Food Security and Research for an intervention price for cotton 2020-21 crop by rationalising earlier proposals after fresh consultation with the stakeholders.

    The members of the ECC had an in-depth discussion on the matter and maintained that an effective and sustained support to the cotton growers was vital and necessary due to the importance of cotton for the local as well as export industry.

    However, such a support should be extended in the form of direct targeted subsidy to the formers.

    ECC further directed the Ministry of National Food Security and Research to bring up to ECC proposals, for promoting research and development and to improve seed quality and yield per acre.

    The ECC decided that since the matter was not federal in nature, a mechanism should also be adopted by the Ministry of National Food Security and Research to engage with the provincial governments, particularly Punjab, at the higher government level for introducing some intervention with regard to ensuring better price to the cotton growers.

  • Foreign exchange reserves decrease by $126 million

    Foreign exchange reserves decrease by $126 million

    KARACHI, May 18, 2020 – The foreign exchange reserves of Pakistan have experienced a decline of $126 million, reaching $18.618 billion by the week ending May 15, 2020, according to a report released by the State Bank of Pakistan (SBP) on Thursday.

    (more…)
  • Share market ends down 96 points in mixed trading

    Share market ends down 96 points in mixed trading

    In a day marked by mixed trading activities, the share market, the Pakistan Stock Exchange (PSX) experienced a decline of 96 points on Thursday, with the benchmark KSE-100 index closing at 33,837 points compared to the previous day’s 33,933 points.

    (more…)
  • No question on source of investment for construction section: FBR

    No question on source of investment for construction section: FBR

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday highlighted tax relief package and said that source of investment for construction sector will not be investigated.

    The government recently tax relief package for construction sector in order to restore economic activities. The package was also aimed to benefit 40 additional construction-linked industries. Besides, it was also aimed to generate more employment.

    Highlighting the salient features, the FBR said that the tax reform package also allowed 90 percent tax reduction on investment in Naya Paksitan Housing Scheme.

    Further, the package allowed fixed tax scheme with facility to pay tax liability in quarterly installments. Further, the incentive package offers easy and simple tax registration.

    The FBR said that the government has granted concession in income tax and capital gain tax for builders and land developers.

    Further, one time exemption of capital gain tax on sale/purchase of personal accommodation (up to 500 square yards house or 4000 square yards apartment).

    The FBR said that the package extended exemption from requirement of withholding tax on building material and services (except steel and cement).

  • Rupee falls by 15 paisas ahead Eid holidays

    Rupee falls by 15 paisas ahead Eid holidays

    KARACHI: The Pak Rupee further eased by 15 paisas against dollar on Thursday ahead of long holidays on the occasion of Eid-ul-Fitr.

    The rupee closed at Rs160.92 to the dollar from previous day’s closing of Rs160.77 in interbank foreign exchange market.

    Currency experts said that the deterioration in rupee value was continued due to higher demand for import and corporate payments. They said that buyers were remained active due to advance payments. They said that the Eid Holidays will commence from May 22 till May 27.

    Further, they said that after ease in lockdown the demand was increasing and importers started purchasing dollars for future buying.

    The currency experts said that fall in exports and remittances also put pressure on the local currency.

    Overseas Pakistani workers sent home $1.790 billion in April, compared with $1.894 billion in previous month.

    Pakistan received $18.781 billion in remittances in July-April FY2020, compared with $17.801 billion in the same period last year.

    However, the experts said that the local currency recovered on the back of improved economic indicators.