January 9, 2022 (MLN): The highlights of the important economic and business events that took place during the last week are in order so as to become acquainted with the recent developments in Pakistan’s economic and public policy.

• On Saturday, the Federal Board of Revenue (FBR) has launched the National Sales Tax Return (NSTR).
• Adviser to the Prime Minister on Commerce and Investment, Abdul Razak Dawood on Friday said that there is a lot of scope to increase exports in Information Technology (IT) from the non-traditional sector at present.
• On the same day, the Ministry of Finance issued an official statement in a response to a common misperception about the State Bank of Pakistan (SBP)’s Amendment Act 2021. 
• Meanwhile, the unregistered potential taxpayers were warned by the Federal Minister for Finance and Revenue, Shaukat Tarin to initiate paying taxes before the government reaches them within a couple of months with documentary evidence of their assets.
• Senate was informed on Friday that currently, 1HFY22 average inflation stands at 9.8 percent YoY in the country adding that in the next three to four months it would be further decreased.
• On Thursday, the Senate Standing Committee on Finance Revenue and Economic Affairs unanimously rejected the proposal to increase the sales tax on jewellery or parts of precious metal to 17%.
• Independent Power Producer (IPPs) received the first installment of Rs60 billion, 40% of the total agreed amount of Power Policy 2002 by Power Division.
• On the aviation side, Pakistan International Airlines (PIA) Europe operations, suspended in 2020 over safety concerns, are expected to restart in February or March.
• During the departed week, the Economic Coordination Committee (ECC) approved the import of 1.5 million tons of fertilizer from China and the first shipment of 50,000 tons will arrive on the 10th of next month.
• Under the banner of the China Pakistan Economic Corridor (CPEC) framework, as many as four coal-based power projects have already been commissioned while the remaining five projects are at different stages of implementation.
• Minister for Communications and Postal Services Murad Saeed on Wednesday said that National Highway Authority (NHA) has generated record revenue with a 124.50 percent increase since August 2018.
• The Ministry of Commerce released Rs4 billion under the duty drawback on local taxes and levies (DLTL) scheme.
• With an objective to improve the timely inflow of foreign exchange from exports proceeds in the market, the State Bank of Pakistan (SBP) has amended foreign exchange regulations requiring exporters to bring export proceeds within a maximum period of 120 days from the date of shipment.
• The National Electric Power Regulatory Authority (Nepra) on Tuesday, notified an increase of Rs1.075 per unit in the electricity tariff for K-Electric (KE) consumers for the month of October 2021 under the fuel cost adjustment (FCA) mechanism.
• During the same week, SBP issued its compendium as per which deposits grew by 16.9%  in 1QFY22.
• In order to generate more economic activities as well as enhance the quantum of exports, President Dr. Arif Alvi called for increasing the trade crossing points with the neighboring countries in Balochistan.
• On Monday, FBR launched Parliamentarians’ Tax Directory for Tax Year-2019 in a special ceremony organized at FBR (HQs).
• While on the same day SBP introduced Licensing and Regulatory Framework for Digital Banks in line with international best practices.
• Muzzammil Aslam, the spokesperson to Finance Minister has also been appointed as spokesperson on the energy issues.
• During 2021, the listed companies paid the highest ever dividends amounting to Rs499.84 billion which was 87% higher compared to CY20.
• On the IMF front, the government informed that the International Monetary Fund (IMF) board will approve the new tranche for Pakistan, once all the required actions would be completed.

Announcement:

• On the equity front, Nishat Power Limited (NPL) and Saif Power Limited (SPWL) received Rs5.701 billion and Rs3.802bn from the power purchaser.
• During the departed week, Adamjee Life Assurance Company Ltd (ALACL) announced its listing plans at PSX to raise Rs700 million through an offer for sale, with a floor price of Rs28 per share.
• Bilal Fibres Limited requested PSX to remove its name from the defaulter’s segment.
• JS Momentum Factor Index (JSMF) went live along with its ten constituents from January 07, 2022.
• Power Cement Limited (POWER) signed an agreement with M/s. Burj Solar Energy (Private) Limited for procurement of electricity on a fixed tariff, around 40% lower than the existing grid tariff for the next twenty years.
• Samin Textiles Limited requested PSX to shift the company from defaulter to regular counter as it is now a going concern as per the audit report.
• Avanceon Limited (AVN) resolved to convert its long-term interest-free receivables from subsidiary companies into equity as fully paid ordinary shares in its subsidiaries.
• The board of directors of NetSol Technologies Limited (NETSOL) reappointed Mr. Salim Ullah Ghauri as Chief Executive Officer (CEO) with effect from January 14, 2022.
• Supernet Limited announced the award of a sizeable telecommunications infrastructure development project from a Pakistani mobile network operator.
• The management of Al-Abbas Sugar Limited informed the Pakistan Stock Exchange (PSX) that Unit no. 2 of the distillery has resumed its operation.
• Al Shaheer Corporation Limited launched its new brand “Chef One” nationwide.
• The management of Azgard Nine informed that sub PPTFCs and new zero-coupon PPTFCs instruments have been credited in CDC on December 31, 2021.
• Avanceon Group of Companies secured a high-value five-year contract to set up and maintain industrial data center infrastructure for one of the largest FMCG corporations in Pakistan.
• TPL properties completed the acquisition of 40 Acres of land, located in Korangi Cantonment, adjacent to the Korangi Creek in Karachi through a 100% owned SPV.
• The shareholders of Energy Infrastructure Holding (Private) Limited decided to dispose-off its 100% shareholding in Quality 1 Petroleum Limited at an aggregate sale price of Rs2 billion.
• Flying Cement Company Limited successfully started commercial operations of a captive power plant of 12 MW at its site in district Khushab.

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