Important Business News 11th October, 2020

S.# Description Pg # Source
1. PM promises firm action to bring food prices down Prime Minister Imran Khan on Saturday vowed to put in place a strategy to bring down food prices. Khan took to Twitter on Saturday, and stated that starting Monday in the coming week, the government would use all the resources at state’s disposal to bring down food prices. 1     Business Recorder
2. Govt to waive GST on sugar import through TCP The federal government has decided to waive off domestic sales tax on import of sugar through Trading Corporation of Pakistan (TCP) as estimated retail price of imported sugar is over Rs 96 per kg with taxes and incidental charges, official sources told Business Recorder. 1   Business Recorder
3. Restriction placed on foreign currency account holders The federal government has restricted foreign currency account holders from depositing locally-purchased foreign exchange into their accounts. 1 Business Recorder
4. Youth entrepreneurship loans Deputy SBP Governor-led body formed
Prime Minister Imran Khan, on Saturday, decided to constitute a steering committee, headed by the deputy governor of the State Bank of Pakistan (SBP), to ensure smooth and undisrupted grant of youth entrepreneurship loans.
1   Business Recorder
5. Principal on loan obligations Rs653bn payments deferred by banks so far: IMF
Under the State Bank of Pakistan’s temporary regulatory measures, banks have deferred a total of Rs653 billion of clients’ payment of principal on loan obligations for one year so far, to maintain banking system soundness, and sustain economic activity, says the International Monetary Fund (IMF).
1     Business Recorder
6. Synopsis of Foreign Currency Account Rules, 2020 Tola associates
In an effort to document economy, dismantle manipulations of foreign currency markets and money laundering, the Federal Government has notified Foreign Currency Accounts Rules, 2020 w.e.f. 9th October 2020. Our comments are as follows:  
2     Business Recorder
7. ‘Faster Plus’ will resolve issues of refunds blockage: Member IR FBR The member IR (operations) Federal Board of Revenue Dr. Muhammad Ashfaq has said that an upgraded version of Fully Automated Sales Tax e-Refund (Faster) system has officially been launched for expeditious and transparent processing and issuance of exporters’ refunds. Faster Plus will resolve the issues of refunds blockage. 2   Business Recorder
8. Governor emphasizes need to unearth, utilise minerals Governor Sindh Imran Ismail has said that many minerals are found in Pakistan and it was the need of the hour to unearth and utilise them for strengthening our economy.   3   Business Recorder
9. Cotton spot rate rises further by Rs100 to Rs9500 The Spot Rate Committee of the Karachi Cotton Association on Saturday has increased the spot rate by Rs 100 per maund and closed it at Rs 9500 per maund. 5 Business Recorder  
10.   Rs1bn or more turnover New LTO created to deal with Multan cos
All companies having annual turnover of Rs1 billion or more, within the territorial jurisdiction of Multan and nearby areas, would be transferred to the new Large Taxpayer Office (LTO) Multan.                                                                                   
8 Business Recorder
11. Social Media Rules AIC concerned at lack of transparency in consultation
The Asia Internet Coalition (AIC) has approached Prime Minister Imran Khan while expressing concerns over lack of transparency in the consultation on social media rules stating that the Rules, if improperly formulated, would actively harm the business environment and its attractiveness as an investment destination for technology companies.
8 Business Recorder
12. WHT exemption on plant, machinery Issuance of exemption certificates automated
The Federal Board of Revenue (FBR) has automated the system for issuance of the exemption certificates to exempt withholding tax on import stage on plant, machinery and raw material and allied equipment for setting up industrial undertakings including hotels.
8 Business Recorder
13. Another hike in prices of essential food items observed Prices of essential kitchen items witnessed another hike during this week comparing the preceding one, a survey carried out by Business Recorder revealed here on Saturday. 8 Business Recorder
14. 270 onion-laden trucks await clearance at Torkham border More than 270 trucks loaded with onions from Afghanistan were awaiting clearance at the Torkham borderfor enteringinto Pakistan on Saturday. 9 Dawn
15. Stocks recover 727 points after three-week rampage Bulls staged a comeback at the stock market in the outgoing week to carry the KSE-100 index up by 727 points (1.8 per cent) to close at 40,798.   9 Dawn

Leave a Reply