Bank AlFalah informed the stakeholders that the Central Bank of UAE has granted the license to the bank to open a Wholesale Banking Branch and conduct business in Dubai, UAE. The Dubai branch will be opened in due course upon completion of formalities.
The notice can be accessed here.
January 21, 2020 (MLN): Chairman of Federal Board of Revenue, Shabbar Zaidi on Tuesday addressed a seminar arranged by the All Pakistan Chambers, wherein he told the attendees that he understood the problems and difficulties faced by traders.
During the occasion, he informed that there are four main sectors according to the tax structure of Pakistan, namely agriculture, manufacturing, retail, and service. He informed that each of these four sectors should contribute 25 percent to the overall tax revenue.
Shedding some light on the current stats, he stated that around 70 percent of the tax collections come from the manufacturing sector, and due to the fact that this particular sector faces most of the tax burden, investors are trying to shift to another sector in order to avoid paying heavy taxes.
Those who do not leave the sector simply adopt the tax evasion strategy, he added.
Due to this problem of tax imbalance, the Chairman stated that there is a need to address the tax system to allow for equal distribution of tax.
One of the solutions to this problem, he suggested, is to circulate source of tax collection around the import stage. Besides that, he felt there was a need for an automated tax system as it will prevent tax evasion and subsequently improve collection.
Further stressing on the point, he said that most of the countries make use of automated platforms whereas Pakistan is still stuck on a manual system. Nonetheless, he assured that the FBR is making efforts to simplify the online tax returns.
Furthermore, he informed that the FBR was working to eliminate the intervention from sales tax officials, trying to ease rules and regulations for registration, and tapping avenues to reduce the volume of black money in the economy.
He also told the onlookers that the audit of firms shall be reduced during the next fiscal year. Once the audit has been done, there wouldn’t be any need for it for three years, he added.
He also shared some insight regarding the amount collected during the last fiscal year, which according to him, stood at Rs. 3,850 billion. Out of this total amount, around Rs. 70 to 80 billion were taken as advances.
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Jan 21, 2020: The Federal Board of Revenue (FBR) on Tuesday issued a clarification on a news item appeared in a section of press about the imposition of health levy on tobacco consumption.
The clarification said that the legal and constitutional experts hold the view that health is a provincial subject and federation cannot levy health tax on tobacco consumption.
As a result, it was decided to enhance the Federal excise duty on cigarettes in order to discourage smoking. The Parliament through Finance Act 2019 abolished three tiered tax structure on cigarettes and also enhanced the FED significantly.
In the Budget Speech 2019-20, the then Revenue Minister had clarified that federal share of Federal Excise Duty realized from tobacco sector would be preferably allocated to Ministry of National Health Services Regulations and Coordination.
Resultantly issue of health levy stands resolved and the information contained in the news item is incomplete, the clarification added.
APP
January 21, 2020: Chairing a high-level meeting on production of cotton, cotton policy and cotton crop in Islamabad, Prime Minister underscored the importance of cotton crop for the national economy and gross domestic product.
He said important sectors including new seed cultivation, promotion of technology, adoption of modern methods of cultivation and farmers' subsidies were ignored in the past to increase the production and promotion of this vital crop. The Prime Minister was informed that steps are being taken to promote cotton in partnership and consultation with farmers, APTMA and other stakeholders.
The meeting was apprised that a centre of Excellence is being established in Multan.
A cotton farming project in Balochistan besides steps to promote the production of the commodity in Khyber Pukhtunkhwa and Sindh.
Radio Pakistan
January 21, 2020: The per tola price of 24 karat gold appreciated by Rs 150 on Tuesday and was traded at Rs 89,950 as compared to Rs 89,800 on last trading day, Karachi Sarafa Association reported.
Likewise, the price of 10-gram gold witnessed an increase of Rs 128 and was traded at Rs 77,118 against the last closing of Rs 76,990.
The price of silver remained stable and was traded at Rs 1030 and that of 10-gram silver was traded at Rs 883.
In the international market, the price of per ounce decreased by $4 and was traded at $ 1556 against 1560, Karachi Sarafa Association reported.
APP
January 21, 2020 (MLN): Bears continued to stay in the front seat at the KSE- 100 index today by upholding the negative drive throughout the session, as investors’ sentiments was roiled amid lack of positive triggers.
The index after losing 121 points, closed in red at 42,626 mark or 0.28% down from yesterday’s close.
The Index traded in a range of 627.72 points or 1.47 percent of previous close, showing an intraday high of 42,965.41 and a low of 42,337.69.
Of the 92 traded companies in the KSE100 Index 37 closed up 54 closed down, while 1 remained unchanged. Total volume traded for the index was 122.51 million shares.
Sector wise, the index was let down by Fertilizer with 139 points, Cement with 15 points, Insurance with 7 points, Chemical with 7 points and Pharmaceuticals with 5 points.
The most points taken off the index was by ENGRO which stripped the index of 88 points followed by EFERT with 35 points, FFC with 18 points, HBL with 9 points and PPL with 8 points.
Sectors propping up the index were Inv. Banks / Inv. Cos. / Securities Cos. with 36 points, Power Generation & Distribution with 30 points, Commercial Banks with 7 points, Food & Personal Care Products with 5 points and Technology & Communication with 4 points.
The most points added to the index was by DAWH which contributed 33 points followed by HUBC with 27 points, MEBL with 9 points, UBL with 9 points and PSO with 8 points.
All Share Volume increased by 3.67 Million to 177.57 Million Shares. Market Cap decreased by Rs.19.11 Billion.
Total companies traded were 344 compared to 353 from the previous session. Of the scrips traded 127 closed up, 205 closed down while 12 remained unchanged.
Total trades increased by 65,533 to 65,533.
Value Traded decreased by 0.24 Billion to Rs.6.81 Billion
| Company | Volume |
|---|---|
| TRG Pakistan | 17,460,500 |
| Byco Petroleum Pakistan | 11,183,000 |
| Fauji Fertilizer Bin Qasim | 9,820,500 |
| Worldcall Telecom | 9,804,500 |
| Engro Polymer & Chemicals | 9,402,500 |
| Summit Bank | 8,601,000 |
| The Bank of Punjab | 7,396,500 |
| Engro Fertilizers | 6,675,000 |
| K-Electric | 5,704,500 |
| Lotte Chemical Pakistan | 4,094,000 |
| Sector | Volume |
|---|---|
| Technology & Communication | 30,772,200 |
| Commercial Banks | 23,410,100 |
| Fertilizer | 18,570,700 |
| Chemical | 17,113,300 |
| Refinery | 13,676,400 |
| Power Generation & Distribution | 10,574,000 |
| Oil & Gas Marketing Companies | 10,457,900 |
| Cement | 10,367,800 |
| Transport | 5,630,000 |
| Inv. Banks / Inv. Cos. / Securities Cos. | 4,027,200 |
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