Important Business News 2nd January, 2020

 

S.# Description Pg # Source
1.

We can provide food security to Mideast: PM

Prime Minister Imran Khan has acknowledged that 2019 was a difficult year for the people of the country as stabilization of the economy fuelled inflation, maintaining that 2020 would be a year of development. https://epaper.brecorder.com/2020/01/02/1-page/817895-news.html

1 Business Recorder
2.

Hafeez asks FBR to redouble efforts

Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh has asked Federal Board of Revenue (FBR) to aggressively follow up on its agreement with traders to expand the tax base.                https://epaper.brecorder.com/2020/01/02/1-page/817898-news.html

1 Business Recorder
 

3.

Cash currency smuggling

The government has promulgated Tax Laws (Second Amendment) Ordinance 2019 for major increase in penalties on cash currency smuggling, ranging from $10,000- $200,000 and above,               https://epaper.brecorder.com/2020/01/02/1-page/817899-news.html

1 Business Recorder
4.

FBR issues SRO to launch Phase-II of Pak-China FTA

The Federal Board of Revenue has issued the SRO 1640(I)/2019 dated Islamabad, the 31st December, 2019 to implement the protocol agreed between China and Pakistan  https://epaper.brecorder.com/2020/01/02/3-page/817918-news.html

3 Business Recorder
5.

Tepid expansion in exports

been a lot of improvement in the merchandise account of the country during the first five months of FY20, this positive development has been highly lop-sided in the sense that it has been basically due to the compression of imports while expansion in exports is only lukewarm. https://epaper.brecorder.com/2020/01/02/18-page/818042-news.html

18 Business Recorder
6.

July-Dec FY20

Federal Board of Revenue (FBR) Member IR Policy Hamid Ateeq Sarwar on Wednesday said that the sales tax collection during (July-December) 2019-20 has shown remarkable growth of 25 percent as compared to same period of the last fiscal year. https://epaper.brecorder.com/2020/01/02/20-page/818059-news.html

20 Business Recorder
7.

Punjab’s cottage industry to be given soft loan

Punjab government has formulated a plan for rehabilitation and strengthening the cottage industry across the Province. Official sources told Business Recorder here on Wednesday that under the plan                             https://www.brecorder.com/2020/01/02/558151/punjabs-cottage-industry-to-be-given-soft-loan/

5 Business Recorder
8.

Sale of Rs10m goods to unregistered buyers

In order to document big distributors, the Federal Board of Revenue (FBR) would not allow input tax adjustment to those manufacturers who would sell Rs 10 million goods on a monthly basis to unregistered buyers.                                          https://epaper.brecorder.com/2020/01/02/15-page/818016-news.html

15 Business Recorder
9.

Increase in power tariffs to decrease industrial output’

Business and industrial community while expressing deep concern on the recent announced increase in power tariffs from January said that increased power tariffs and petroleum prices have brought the industry on the verge of closure.                https://epaper.brecorder.com/2020/01/02/15-page/818017-news.html

15 Business Recorder
10.

PM’s aide directs FBR to raise revenue collection

In the wake of massive shortfalls in revenue collection, Adviser to the Prime Minister on Finance and Revenue Dr Hafeez Shaikh on Wednesday held a detailed meeting with top tax officials and expressed                                           https://www.dawn.com/news/1525763/pms-aide-directs-fbr-to-raise-revenue-collection

1 Dawn
11

Profit outflow rises to $600m

Repatriation of profits and dividends on foreign direct investment (FDI) in Pakistan increased to $600 million during the first five months of FY20, reflecting enhanced profits of companies having foreign investment.                                 https://www.dawn.com/news/1525804/profit-outflow-rises-to-600m

10 Dawn
12. Inflation clocks in at 12.63pc in December                            Pakistan`s inflation rate slightly eased to 12.63 per cent in December from 12.7pc last month but still scaled the highest level in nine years, the Pakistan Bureau of Statistics (PBS) reported on Wednesday https://epaper.dawn.com/DetailImage.php?StoryImage=02_01_2020_010_008 10 Dawn
13. CDWP approves Rs13bn development projects             

The Central Development Working Party (CDWP) on Wednesday approved eight projects worth Rs13 billion with the aims of improving livelihoods, transport and communications, urban resources and water management. https://epaper.dawn.com/DetailImage.php?StoryImage=02_01_2020_010_003

10 Dawn
14. Nepra notifies tariff hike

The National Electric Power Regulatory Authority (Nepra) on Wednesday notified the increase of Rs1.56 per unit in power tariff on account of fuel adjustment cost of electricity consumed in October 2019 putting an additional burden of around Rs14.50 billion on consumers across the country except K-Electric. https://epaper.dawn.com/DetailImage.php?StoryImage=02_01_2020_010_006

10 Dawn
15. IPO regime made simpler, more efficient                                        The Securities and Exchange Commission of Pakistan (SECP) has revamped initial public of fering (IPO) regime to make the IPO process simple, cost-effective and more efficient. https://epaper.dawn.com/DetailImage.php?StoryImage=02_01_2020_010_002 10 Dawn
 

16.

LPG producers oppose further concessions to importers

The local producers of liquefied petroleum gas (LPG) on Wednesday opposed to fresh concessions to the importers claiming that it will result in flooding of local market with cheap imported fuel. https://epaper.dawn.com/DetailImage.php?StoryImage=02_01_2020_011_004

11 Dawn
17. Record urea sales in December

Record urea offtake at 1.22 million tonnes was witnessed in December 2019 compared to 0.38m tonnes in the previous month. https://epaper.dawn.com/DetailImage.php?StoryImage=02_01_2020_011_003

11 Dawn
18. Tax laws changed to punish currency smugglers, benefit traders

The government through a presidential ordinance has introduced significant changes to tax laws to implement concessions promised to traders, reduce duty on import of low-value mobile phones,  https://epaper.dawn.com/DetailImage.php?StoryImage=02_01_2020_014_006

14 Dawn
19. Currency exchange rates

 

Countries

 

U.S.

U.K

EURO

CHINA

SAUDIA ARABIA

Symbol

 

$

£

¥

﷼, SR

Rates

 

155.00

203.50

171.77

22.14

41.24

9 Business

Recorder

 

 

 

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