Important Business News Wednesday 18th November 2020

S.# Description Pg # Source
1. Hafeez, Faraz tell media persons Govt, IMF to discuss how to move ahead
Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh has said an International Monetary Fund (IMF) mission will be arriving in Pakistan in the next few weeks, and discussions will be structured how to move ahead on revenue mobilisation and power sector reforms.
1     Business Recorder
2. GSP+ scheme of EU Country faces prospect of suspension
Pakistan may reportedly face possible suspension of trade incentives available under Generalized System of Preferences plus (GSP+) scheme of European Union (EU) if any “coercive” action is taken against France, well informed sources told Business Recorder.
1 Business Recorder
3. Circular debt top problem Power sector facing governance issues, NA panel told
The federal government Tuesday said the country’s power sector was facing governance issues and circular debt is one of the key problems. Briefing a Sub-Committee of National Assembly’s Committee on Power, Additional Secretary Power Division, Musaddiq Ahmed Khan Tahirkheli, who has recently been transferred from the post of Secretary Energy Sindh to Federal Government, said that the power sector’s circular debt stood at Rs 2.250 trillion.
1 Business Recorder
4. Dialogue begins on trade, APTTA, PTA The Adviser to Prime Minister on Commerce and Investment, Abdul Razak Dawood led an official delegation to Afghanistan from 16-17 November 2020, for discussions on bilateral trade, Afghanistan-Pakistan Transit Trade Agreement (APTTA), Preferential Trade Agreement (PTA) and investment-related matters between the two countries. 1   Business Recorder
5. Specific funding approved to obtain effective Covid-19 vaccine The government has shown special interest in ensuring quality vaccine at the earliest for Pakistani population and in principle, approved specific funding to obtain an effective vaccine. 3 Business Recorder
6. Transfers, postings in FBR The Federal Board of Revenue (FBR) has transferred and posted assistant commissioners Inland Revenue and other officials to the newly-created Large Taxpayers Office, Multan with immediate effect. 3 Business Recorder
7. Cotton spot rate falls by Rs50 to Rs9250 The Spot Rate Committee of the Karachi Cotton Association on Tuesday has decreased the spot rate by Rs 50 per maund and closed it at Rs 9250 per maund. 8 Business Recorder
8. Punjab cabinet approves ex post facto sugarcane support price The Punjab Cabinet, which met under the chairmanship of Chief Minister Sardar Usman Buzdar on Tuesday, gave ex post facto approval to fix Rs 200 per maund minimum support price of sugarcane along with the approval of transportation charges and sugarcane development cess. 12 Business Recorder
9. Classification of goods FBR asks importers to approach ARC secretary
The Federal Board of Revenue (FBR) has asked the importers to approach the secretary of the Advance Ruling Committee (ARC) for obtaining advance ruling on classification of goods, determination of origin of the goods under bilateral/multilateral agreements, and applicability of notifications under the Customs Act, 1969.
15 Business Recorder
10. FBR reminds taxpayers of filing tax returns before Dec 8 The Federal Board of Revenue (FBR) has again reminded the taxpayers to file their Annual Income Tax Returns before the last date, ie, 8th December, 2020. 15 Business Recorder
11. North-South gas pipeline project Pak-Russia technical talks to conclude today
The three-day technical talks between Pakistan and Russia on the North-South gas pipeline project will end today.
15 Business Recorder
12. FPCCI, SBP hold seminar on provision of soft loans to SMEs Speakers at a seminar on “Provision of soft loans from commercial banks to Small and Medium Enterprises (SMEs),” organized by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in collaboration with the State Bank of Pakistan here at the FPCCI regional office on Tuesday urged the State Bank of Pakistan and commercial banks to simplify procedures of loans for the traders so it can help to mitigate their financial problems as well as helping in expansion of businesses. 15 Business Recorder
13. Poultry prices skyrocket as sugar, wheat show no respite After paying high prices for sugar and wheat flour for months, consumers now have to bear the added burden of increasing rates of poultry and eggs. 9 Dawn
14. Foreign inflows in T-bills rise Net foreign investment in the treasury bills as of Nov 16 amounted to $16 million reflective of growing confidence in government-backed securities, latest data released by the State Bank of Pakistan (SBP) showed on Tuesday. 9 Dawn
15. Shabbar Zaidi in political crossfire Former chairman FBR Shabbar Zaidi found himself in the political crossfire that has gripped the country since the opposition rallied under the banner of the Pakistan Democratic Movement (PDM).   9 Dawn
16. Next auto policy to focus on EVs The National Assembly Standing Committee on Industries and Production was informed on Tuesday that preparations were underway for the new auto policy as the existing Automotive Development Policy (ADP) 2016-21 is set to expire in June next year. 9 Dawn
17. Steelmakers demand check on duty-free imports Pakistan Association of Large SteelProducershas askedthe government to take note of duty-f ree imports of steel products by the companies af filiated with CPEC projects in sheer violence of rules and regulations. 9 Dawn
18. Razak makes headway on Afghan transit treaty After a delay of more than four years, Pakistan and Afghanistan on Tuesday held a meeting of the Afghanistan-Pakistan Transit Trade Coordination Authority (APTTCA) to deal with problems hindering the smooth implementation of a revised transit treaty. 9 Dawn
19. Tax exemption for 61 items for vaccine approved The federal cabinet on Tuesday decided to exempt 61 items used in preparation of coronavirus vaccine from taxes and duties and delegated powers to district and sessions judges in 19 districts to curb smuggling under Covid-19 (Prevention of Smuggling) Ordinance-2020. 12 Dawn
20. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   158.10 209.13 187.54 24.20 42. 20
9 Business Recorder

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