January 10, 2021 (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.
Events of Importance through the Week:
On Friday, the Chairman Federal Board of Revenue constituted a committee for timely designing, finalization, and simplification of Income Tax Return forms for individuals, Association of Persons (AOPs), and companies for the tax year 2021.
In addition, FBR authorized certain officials of the Directorate General of Intelligence and Investigation Inland Revenue, Regional Tax Offices, and Model Customs Collectorates to monitor and document jewellers, accountants, and developers/builders under the Anti-Money Laundering Act, 2010 for assisting the Directorate General of Designated Non-Financial Business and Professions (DNFBPs).
On the export front, Adviser on Commerce Razaq Dawood said Pakistan's exports to the UK crossed the one billion dollar mark in the first six months of the current fiscal year.
Furthermore, Prime Minister Imran Khan congratulated the exporters and the Ministry of Commerce for their achievements.by stating that: ‘I have received the regional export trend and this shows that, compared to our exports, the exports of India and Bangladesh for Nov/Dec 2020 showed negative growth. I wish once again to congratulate the exporters and the Ministry of Commerce for this achievement’.
On the upside, the Ambassador of the Republic of Turkmenistan to Pakistan, Atadjan Movlamov called on Advisor to the Prime Minister on Commerce and Investment Abdul Razak Dawood here on Thursday. During the meeting, both sides agreed to increase the bilateral trade to its true potential.
Also, the Ambassador of Saudi Arabia to Pakistan Nawaf bin Saeed Ahmed Al-Maliki called on Minister for Energy Omar Ayub Khan and discussed matters related to joint ventures (JVs) in petroleum and energy projects.
The Economic Coordination Committee of the cabinet approved the import of additional wheat to buffer up existing stocks till the arrival of fresh crops. The ECC, which met in Islamabad on Wednesday with Finance Minister Dr. Abdul Hafeez Shaikh in the chair, also approved additional 200,000 metric tons wheat for Khyber Pakhtunkhwa, 80,000 metric tons for Azad Kashmir, and 220,000 metric tons for Utility Stores Corporation.
On Tuesday, the State Bank of Pakistan released its First Quarterly Report on The State of Pakistan’s Economy for the fiscal year 2020-21 today covering the period July – September 2020, as per which Recovery in economic activity evident across agriculture, industry, and services sectors.
Meanwhile, the federal cabinet meeting chaired by Prime Minister Imran Khan on Tuesday allowed the Ministry of National Health Services, Regulations, and Coordination to purchase the Covid-19 vaccine.
On Wednesday, the SECP launched an electronic certificate of incorporation to make the company incorporation process fully electronic and hassle-free. This development is in line with corporate registries of developed countries. Additionally, SECP allowed digital accounts opening for mutual fund investors in the country.
On the vaccine front, Federal Parliamentary Secretary on National Health Services (NHS) Dr. Nausheen Hamid informed that Pakistan has booked over 1.2 million doses of coronavirus vaccine from Chinese manufacturer Sinopharm which would be available in-country by March 2021.
Pakistan International Airlines Company Limited issued a clarification on the news item published on a social media blog titled: “PIA restructuring Plan 2021 announced with Major revamp of the entire airline.”
Announcements
On the equity front, the Searle Company Limited notified the exchange that it has raised Rs 4.365 billion from the shareholders against the issue size of Rs.4.69 billion through rights issue of shares.
D. G. Khan Cement Company Limited (DGKC), at its site in Hub, Distt. Lasbela completed installation and commissioning of the first phase of captive power plants, 10MW Waste Heat Recovery Power Plant (WHRPP) with Air Cooled Condenser (ACC) technology that has successfully started power generation.
Sazgar Engineering Works Limited (SAZEW) sold a total of 991 units of three-wheelers against the production of 1,608 units during the month of December 2020.
Service Industries Limited (SRVI) informed via notification to Exchange that Service Global Footwear Limited (`SGFL') a subsidiary of the Company will be included as a shareholder in Joint venture project, Service Long March Tyres (Private) Limited ('SLM').
In view of the rising demand for polypropylene bags produced by the Company, the Board of Directors of Cherat Packaging Limited in its meeting held on January 5, 2021, decided to enhance its production capacity by installing its fourth Polypropylene line for woven bags.
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