IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS FRIDAY 7th JANUARY, 2022

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1. FBR chief speaks about IMF’s tax outlook, priorities Federal Board of Revenue (FBR) Chairman Dr Muhammad Ashfaq Thursday said all-out efforts are being made to fix the distortion in the tax system, so that the ongoing Extended Fund Facility should be last programme of the International Monetary Fund (IMF). https://epaper.brecorder.com/2022/01/07/1-page/914265-news.html 1 Business Recorder
2. IMF Board to meet on 12th The International Monetary Fund’s Executive Board is scheduled to meet on January 12 with consideration of Pakistan – 2021 Article IV Consultation, Sixth Review under the Extended Fund Facility (EFF), and Requests for Waivers of Nonobservance of Performance Criteria and Rephasing of Access”. https://epaper.brecorder.com/2022/01/07/1-page/914266-news.html 1 Business Recorder
3. ECC seeks analysis for shifting towards ARR from LIBOR The Economic Coordination Committee (ECC) of the Cabinet has directed Economic Affairs Division (EAD) to prepare an analysis to shift toward Alternative Reference Rate (ARR) in place of London Interbank Offer Rate (LIBOR) to be adopted, like other countries, and submit recommendations to the ECC for consideration, sources close to Finance Minister told Business Recorder. https://epaper.brecorder.com/2022/01/07/1-page/914267-news.html 1 Business Recorder
4. CY21 housing finance soars 85pc to Rs355bn YoY Housing and construction financing by banks posted an unprecedented growth of 85 percent during calendar year 2021 (CY21) supported by the government of Pakistan special markup subsidy scheme “Mera Pakistan Mera Ghar”. https://epaper.brecorder.com/2022/01/07/1-page/914261-news.html 1 Business Recorder
5. PM’s low-cost housing scheme Considerable increase in borrowing from banks
A meeting of the National Coordination Committee on Housing, Construction and Development was informed that there was considerable increase in borrowing from banks for the construction of low-cost houses under Prime Minister Scheme and application for more than Rs6 billion additional loans were received during the last two weeks. https://epaper.brecorder.com/2022/01/07/1-page/914262-news.html
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6. THE RUPEE: Rupee Story dated 06-1-2022 (ftp to EE) After remaining stable for a day, Pakistan’s rupee was back to its depreciating ways, weakening 0.1% against the US dollar in the inter-bank market on Thursday. https://epaper.brecorder.com/2022/01/07/1-page/914271-news.html 1 Business Recorder
7. Deduction in CPP invoice Hubco serves dispute notice to CPPA-G
M/s Hubco has served dispute notice to Central Power Purchasing Agency –Guaranteed (CPPA-G) under Power Purchase Agency (PPA) on deductions made in the company’s Capacity Purchase Price (CPP) invoice for the period of July-September 2021, well informed sources told Business Recorder. https://epaper.brecorder.com/2022/01/07/1-page/914264-news.html
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8. High-profile personalities Shahzad briefed about pace of anti-money laundering probe
Special Assistant to the Prime Minister on Accountability and Interior Mirza Shahzad Akbar visited the Federal Investigation Agency’s Lahore headquarter on Thursday and reviewed in detail progress made on money laundering cases, including those registered against the Sharif family, to meet the targets assigned by the Financial Action Task Force (FATF). https://epaper.brecorder.com/2022/01/07/3-page/914287-news.html
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9. Tax ‘fraud’ FBR unearths ‘invoice skipping’ scam
The Federal Board of Revenue (FBR) has unearthed a new kind of tax fraud, i.e., “invoice skipping” by certain big retailers to document less sales with the FBR’s Point of Sale (POS) system to avoid documentation of their actual sales. https://epaper.brecorder.com/2022/01/07/4-page/914295-news.html
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10. ‘Green development’ SAPM Mansoor, others to discuss proposed pact with China today
Special Assistance to the Prime Minister (SAPM) on China Pakistan Economic Corridor (CPEC) Khalid Mansoor will preside over a meeting on proposed three-year pact on promotion of investment cooperation in ‘green development’ between Pakistan and China on Thursday (today). https://epaper.brecorder.com/2022/01/07/4-page/914291-news.html
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11. Poultry production must be treated on a par with milk production: PPA Patron-in-Chief Pakistan Poultry Association Khalil Sattar has called for treating the poultry production at par with milk production, which is zero rated, so as to reduce/eliminate malnutrition, under-nourishment, stunting and wasting in children in line with the Prime Minister’s vision. https://www.brecorder.com/news/40145348/poultry-production-must-be-treated-on-a-par-with-milk-production-ppa 4 Business Recorder
12. Omani delegation for increased bilateral trade Chairman of Oman Chamber of Commerce & Industry (OCCI) Redha Jumma Mohamed Ali Al-Saleh has said that now was the right time when Omani and Pakistani business communities have to work together, see what needs to be done and how they can improve trade and investment relations. https://epaper.brecorder.com/2022/01/07/5-page/914299-news.html 5 Business Recorder
13. Steel bars PALSP spells out reasons behind increase in prices
The Federal Board of Revenue (FBR) will have major chunk of revenue on steel bars, following surge in its prices and mainly due to massive increase in prices of raw materials in the international market, currency devaluation, increase in discount rate, and surge in prices of utilities/petroleum products. https://epaper.brecorder.com/2022/01/07/12-page/914342-news.html
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14. Goods imported by diplomats, missions Senate panel supports imposition of 17pc GST
Senate Standing Committee on Finance Thursday supported imposition of 17 percent sales tax on goods imported by the diplomats and diplomatic missions, but unanimously rejected withdrawal of sales tax exemption on baby formula milk, donations and contraceptives under the Supplementary Finance Bill 2021. https://epaper.brecorder.com/2022/01/07/12-page/914338-news.html
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15. The imports mystery The imports numbers published by Pakistan Bureau of Statistics (PBS) for the last two months are not adding up. According to the official data, Pakistan imported $7.9 billion worth of goods in November and $7.6 billion in December.  https://epaper.brecorder.com/2022/01/07/13-page/914344-news.html 13 Business Recorder
16. Cotton market Rates firm amid improved business activity
The Spot Rate remained unchanged.  https://epaper.brecorder.com/2022/01/07/16-page/914351-news.html
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17. Financing by banks to construction sector jumps 85pc in 2021 Bank lending to the housing and construction sector increased by an unprecedented 85 per cent during the calendar year 2021 while the loan disbursements under the Prime Minister`s low-cost housing scheme also rose to Rs38 billion. https://epaper.dawn.com/DetailImage.php?StoryImage=07_01_2022_009_009 9 Dawn
18. Plan under way to check inflation, says minister Federal Information and Broadcasting Minister Chaudhry Fawad Hussain on Thursday said that a comprehensive plan was under way to control inflation in the country. https://epaper.dawn.com/DetailImage.php?StoryImage=07_01_2022_009_007 9 Dawn
19. Senate committee rejects 17pc sales tax on infant milk, gold The Senate Standing Committee on Finance and Revenue on Thursday unanimously rejected the proposed 17 per cent sales tax on formula milk saying it will affect the growth and health of infants. https://epaper.dawn.com/DetailImage.php?StoryImage=07_01_2022_009_004 9 Dawn
20. Delay in gas import irks Senate body The Senate Standing Committee on Petroleum on Thursday expressed dismay over the `casual attitude` of some government departments leading to delays in import of liquefied natural gas (LNG) and liquefied petroleum gas (LPG) by the private sector. https://epaper.dawn.com/DetailImage.php?StoryImage=07_01_2022_009_003 9 Dawn
21. SBP reserves down $169m Foreign exchange reserves held by the State Bank of Pakistan (SBP) dropped by $169 million to $17.686 billion during the week ended on Dec 31, the central bank said on Thursday. https://epaper.dawn.com/DetailImage.php?StoryImage=07_01_2022_009_006 9 Dawn
22. Future of e-commerce strong, Alibaba country head tells Pakistanis As part of its strategy to help businesses have the exciting journey into the world of e-commerce, the Alibaba group on Thursday asked Pakistan`s business community to join hands and use its platform for online trading. https://epaper.dawn.com/DetailImage.php?StoryImage=07_01_2022_009_005 9 Dawn
23. Stocks lose 326 points despite foreign buying The stock market remained under pressure on Thursday owing to the investors` concerns about a higher-than-expected trade deficit along with a rising number of Covid-19 cases across the country. https://epaper.dawn.com/DetailImage.php?StoryImage=07_01_2022_009_001 9 Dawn
  Editorial News    
24.  Banking sector’s performance The banking sector’s financial health has improved in the three quarters of calendar year 2021, as revealed by the latest banking compendium numbers published by the SBP (State Bank of Pakistan). https://epaper.brecorder.com/2022/01/07/6-page/914307-news.html 6 Business Recorder
25. Importing urea THE government`s decision to import urea from China should help curb market volatility at a time when wheat farmers are A facing shortages and a spike in retail prices despite record urea sales. https://epaper.dawn.com/DetailImage.php?StoryImage=07_01_2022_006_002 6 Dawn
26. Taxing renewable energy THE imposition of 17pc sales tax on solar energy equipment, as proposed in the Finance Supplementary Bill, 2021, runs counter to the prime minister`s vision of boosting the share of renewables in the overall energy mix to protect the environment and cut reliance on expensive imported fossil fuels.  https://epaper.dawn.com/DetailImage.php?StoryImage=07_01_2022_006_003 6 Dawn
27. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   179.20 241.00 201.00 28.00 47.50
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