Tag: TECHNOLOGY & COMMUNICATION

October 18, 2018: The federal government has released Rs136.9 million out of total allocation of Rs770 million for various development schemes and projects of industries and production division under its Public Sector Development Programme (PSDP) 2018-19.

According to the break up figures, the government has released an amount of Rs40 million for Fruits, vegetable and condiments processing center, district Nausheroferoze, Sindh for which an amount of Rs250 million has been allocated for the year 2018-19.

Similarly for National Business Development Programme for Small and Medium Enterprises (SMEs), an amount of Rs40 million has been released out of total allocation of Rs200 million, a latest data of Pakistan Bureau of Statistics (PBS) said.

For product development center for composites based sports goods, Sialkot, the government has also released Rs40 million for which an amount of Rs200 million was earmarked for the current fiscal year.

For the project Peshawar Light Engineering Center (PLEC), Rs5.7 million were released out of total allocation of Rs28.7 million whereas Rs3.98 million were released for Fruit Dehydration Unit Swat for which an amount of Rs19.94 million was earmarked for the year 2018-19.

(APP)

October 18, 2018: Federal Board of Revenue (FBR) has issued a separate and simplified income tax return form for the salaried persons who also have other means of sources where income from salary is more than 50 percent of the total income.

A notification of FBR explained that as per Income Tax Ordinance, 2001, income is classified under five heads of income namely salary, business, house property (rental income), capital gains and other sources.

The separate return form is meant only for persons deriving salary income or a combination of salary income and income from other sources where salary is more than 50 percent of the total income.

Income from other sources is a residual head of income and includes profit on debt (interest income) and various other categories mentioned in section 39 of the Income Tax Ordinance, 2001 which are not included in any other head of income.

It further said that accountability in the return of income for persons deriving salary and other sources income (where salary is more than 50 percent of the total income), under the head, "income from other sources", "profit on debt" has been mentioned and the remaining categories of income specified in section 39 have been shown under "other receipts".

However, the notification clarified that it is to be noted that for persons deriving income from business, house property or capital gains income along with the salary income is required to file the main return form containing all heads of income and not the simplified return form for salary and other sources where salary is more than 50 percent of the total.

Income from rendering of services falls under the head, "Income from business". So any salaried persons who is also deriving income from services would have to file the main return form and not the simplified return form for salaried individuals.

This is because the separate and simplified return form for salaried individuals is not meant to declare services receipts which fall under the head "Income from business".

The main return form contains all heads of income so a professional deriving salary income and service receipts (business income) has to file declaration on the main return form which contains all heads of income.

(APP)

October 18, 2018 (MLN):  Phillip Morris Pakistan’s bottom-line gains for the nine-month period ended September 30, 2018, have demonstrated an outstanding improvement when compared to profits made during the corresponding period of last year.

As per the company’s official financial earnings report, its net turnover recorded a noteworthy growth of 32.5% or Rs.2.7 billion while gross profits rose by Rs.1.6 billion.

Despite increments in overall expenses and taxation, the company still managed to bring about a rise of Rs.802 million in profits.

Phillip Morris further reported its earnings per share at Rs.7.18 per share

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October 18, 2018 (MLN):  National Food’s improved topline earnings brought about an increment of 22% in profit for the period July-Sept, 2018.

According to the company’s financial earnings report, National foods’ sales rose by 11.4% while its gross profits recorded a growth of 13.7% over the corresponding period of last year.

While overall expenses along with finance costs grew on the whole, a comparatively small relief from reduced tax provisions, and the higher topline earnings managed to ensure a rise in profits by Rs.82 million.

National foods also reported a 26.9% increase in its basic and diluted earnings per share as they logged in at Rs.4.15 per share against Rs.3.27 per share, previously.

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October 18, 2018 (MLN): Pakistan's largest Independent Power Producer, the Hub Power Company Limited (HUBCO), has announced the appointment of Mr. Ruhail Mohammad as CEO of Hub Power Holdings Limited (HPHL) which is the 100% owned subsidiary of HUBCO, effective from December 1, 2018. Ruhail will be spearheading the development of HUBCO’s future growth, power and water Projects.

The Hub Power Company Limited currently produces 1601 MW of power through its three plants located at Hub, Narowal and Azad Jammu Kashmir. HUBCO is the only power producer in Pakistan which is executing three projects worth over USD 3 billion listed in the China Pakistan Economic Corridor (CPEC), namely 1320MW imported coal-based China Power Hub Generation Company (Private) Limited (CPHGC) at Hub, 330MW Thar lignite-based Thar Energy Limited (TEL) at Thar and Sindh Engro Coal Mining Company Limited (SECMC) developing Block II of Thar Coal Field.

Ruhail Mohammed was previously the Chief Executive Officer of Engro Fertilizers Limited. In the past, Ruhail has also held the positions of Chief Financial Officer of Engro Corporation Limited and the Chief Executive Officer of Engro Powergen Limited (which owns a 217 MW IPP). He has over 30 years of experience in General Management, Change Management, Business Development, Strategy & Financial Planning and People Development.  He has worked in these areas in Pakistan, UAE and Europe. He has also been on the Boards of Hubco, Engro Corporation and various Engro subsidiaries and Pakistan Mercantile Exchange Limited.

Ruhail holds an MBA degree in Finance from the Institute of Business Administration Karachi and is also a Chartered Financial Analyst (USA).

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