Important Business News 6th February, 2020

 

S.# Description Pg # Source
1.

Wheat flour crisis

Key factors ignored by JIT
The Joint Investigation Team (JIT) headed by Director General FIA, Wajid Zia is said to have ignored key factors and the role of flour mills mafia behind wheat flour crisis sourced to the office of Director Food Punjab.

https://epaper.brecorder.com/2020/02/06/1-page/823402-news.html

1 Business Recorder
2.

27pc increase YoY

Jul-Jan domestic collection stands at Rs1.34trn
The Federal Board of Revenue’s domestic tax collection stood at Rs.1,341 billion during Jul-Jan (2019-20) against Rs.1,066 billion in the corresponding period of last fiscal year, reflecting an increase of 27 percent.

https://epaper.brecorder.com/2020/02/06/1-page/823406-news.html

1 Business Recorder
3.

Shabbar to resume duties: FBR

The Federal Board of Revenue (FBR) Wednesday clarified that the office of the Chairman FBR is not vacant and Shabbar Zaidi will assume the charge of the post of the Chairman FBR as soon as he gets medically fit.

https://epaper.brecorder.com/2020/02/06/1-page/823407-news.html

1 Business Recorder
4.

Investment under CPEC

KHCL still struggling for resolution of issues with AJ&K govt
Kohala Hydro Company Limited (KHCL) is still struggling for resolution of outstanding issues with the government of Azad Jammu and Kashmir (AJ&K) to keep investment on track under CPEC, well-informed sources told Business Recorder.

https://epaper.brecorder.com/2020/02/06/1-page/823400-news.html

1 Business Recorder
5.

Bed-wear textiles posts 3.16pc export growth

Pakistan’s bed-wear textiles posted 3.16 percent export growth to $1.197 billion during July-Dec 2019-20, official figures say.

https://epaper.brecorder.com/2020/02/06/12-page/823496-news.html

12 Business Recorder
6.

Foreign currency & gold: Intelligence-based operations to be conducted to combat smuggling

All intelligence/law enforcement agencies including customs would conduct intelligence-based operations to check smuggling of huge currency and gold cases at land border stations, airports and Pak-Afghan border following information received by Border Task Force on Anti-Money Laundering on smuggling of huge quantity of US dollars from Torkham.

https://www.brecorder.com/2020/02/06/568283/foreign-currency-gold-intelligence-based-operations-to-be-conducted-to-combat-smuggling/

13 Business Recorder
7.

Ogra clarification

The Oil and Gas Regulatory Authority (Ogra) clarified on Wednesday that the incumbent Member Gas advised streamlining the regulatory framework to pave the way for bringing all LPG bowers into regulatory network.

https://www.brecorder.com/2020/02/06/568286/ogra-clarification/

13 Business Recorder
8.

ST regime

FBR examining proposals to bring about changes
The Federal Board of Revenue (FBR) is examining different proposals to bring legal and technical changes in the sales tax regime to generate additional revenue in remaining period of 2019-20.

https://epaper.brecorder.com/2020/02/06/16-page/823532-news.html

16 Business Recorder
9.

FBR explains legality of Benami rules 2019

Federal Board of Revenue Wednesday explained that Benami Transactions (Prohibition) Rules, 2019 under Benami Transactions (Prohibition), Act, 2017 were notified through SRO 326(l)/2019 dated 11th March, 2019 by Dr Hamid Ateeq Sarwar, Additional Secretary (IRS/BS-21 Officer).

https://epaper.brecorder.com/2020/02/06/16-page/823530-news.html

16 Business Recorder
10. Govt faces `very tough` IMF review of fiscal deficit slippages

Pakistani authorities are undergoing a `very tough` second quarterly review with visiting staff of the International Monetary Fund (IMF) as the country`s fiscal deficit breached 2.3 per cent of GDP in the first half of 2019-20 despite a tight control on the government`s expenditure.

https://epaper.dawn.com/DetailImage.php?StoryImage=06_02_2020_009_001

9 Dawn
11. Punjab failing to boost tax collection

The Punjab government seems to be faltering in its effort to boost the provincial tax receipts, raising concern over its ability to achieve the budgeted tax revenue target of Rs294.9 billion for this fiscal year.

https://epaper.dawn.com/DetailImage.php?StoryImage=06_02_2020_009_006

9 Dawn
12. Hot money inflows could soar to $5bn

The government is expecting foreign investment in treasury bills could rise to $5 billion by end of this fiscal year, sources in the financial sector told Dawn. `If the foreign inflows continue in T-bills, the government will not issue Eurobond this fiscal year,` the sources said.

https://epaper.dawn.com/DetailImage.php?StoryImage=06_02_2020_009_005

9 Dawn
13. Currency exchange rates

 

Countries

 

U.S.

U.K

EURO

CHINA

SAUDIA ARABIA

Symbol

 

$

£

¥

﷼, SR

Rates

 

154.40

200.69

170.74

22.08

41.10

7 Business

Recorder

 

 

Leave a Reply