IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS SUNDAY 12th September, 2021

S.# Description Pg. # Source
1. 103 tax credit cases FTO directs FBR to recheck record
The Federal Tax Ombudsman (FTO) has directed the FBR to recheck/reexamine the record in 103 tax credit cases for the tax years, 2014-2021 in the light of provisions of Section 65-D of the Income Tax Ordinance 2001 and to process 281 cases of tax credit claim pending with the department. https://epaper.brecorder.com/2021/09/12/1-page/900326-news.html
1 Business Recorder
2. Carry forward-based LTUs, RTOs directed to process non-export refunds
The Federal Board of Revenue (FBR) has issued instructions to the Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) for the processing of sales tax refunds filed by non-export sectors involving multi-tax period (carry forward based refunds).  
1 Business Recorder
3. Owner of single vehicle allowed to carry transshipment goods The Federal Board of Revenue (FBR) has allowed single transport vehicle owner to transport transshipment goods.
https://epaper.brecorder.com/2021/09/12/1-page/900329-news.html
1 Business Recorder
4. Elections law amendment sans consensus Legitimacy of future elections to come into question: FAFEN
Any effort to amend the Elections Act, 2017 without a greater political consensus will bring into question the legitimacy of future elections and may cause political instability that can potentially reverse the process of democratic consolidation in Pakistan, says Free and Fair Election Network (FAFEN) in a press statement issued here on Saturday, September 11, 2021. https://epaper.brecorder.com/2021/09/12/1-page/900337-news.html
1 Business Recorder
5. Only one CMO turns up $279m realised thru auction for NGMS spectrum
The government has realised $279 million i.e., 33 percent of the estimated amount of $831.8 million from the Next Generation Mobile Services (NGMS) spectrum auction, after three cellular companies did not show interest in the process, while quoting price mechanism as a major hurdle. https://epaper.brecorder.com/2021/09/12/2-page/900342-news.html
2 Business Recorder
6. Prices of essential kitchen items register significant increase Prices of essential kitchen items have witnessed significant increase during this week past as compared with the previous week, a survey carried out by Business Recorder revealed here on Saturday. https://epaper.brecorder.com/2021/09/12/2-page/900343-news.html 2 Business Recorder
7. Gold prices fall Gold prices on Saturday lost a bit on the local market, traders said. https://epaper.brecorder.com/2021/09/12/3-page/900355-news.html 3 Business Recorder
8. Cotton market closes week on negative note The Spot Rate Committee of the Karachi Cotton Association (KCA) on Saturday decreased the spot rate by Rs 100 per maund and closed it at Rs 13100 per maund. https://epaper.brecorder.com/2021/09/12/7-page/900377-news.html 7 Business Recorder
9. Sept 30 last date to file tax returns: FBR Every registered person, being a private or public limited company, is required to file annual sales tax returns by September 30, 2021. https://epaper.brecorder.com/2021/09/12/8-page/900393-news.html 8 Business Recorder
10. SECP amends Voluntary Pension System Rules The Securities and Exchange Commission of Pakistan (SECP) has restrained the Pension Fund Manager, on behalf of the pension fund, to purchase from or sell any security to any connected person or employee of the Pension Fund Manager. https://epaper.brecorder.com/2021/09/12/10-page/900407-news.html 10 Business Recorder
11. Talks with IMF for sixth tranche to start by month-end Pakistan will start staff level discussions with the International Monetary Fund by end of the current month for the release of sixth tranche under the $6 billion Extended Fund Facility (EFF), a top official confirmed Dawn on Saturday. https://epaper.dawn.com/DetailImage.php?StoryImage=12_09_2021_009_007 9 Dawn
12. Local investors help PSX bounce back The stock market managed to bounce back in the outgoing week with the KSE-100 index locking in gains of 241 points, or 0.5 per cent, to close at 47,198 points. https://epaper.dawn.com/DetailImage.php?StoryImage=12_09_2021_009_006 9 Dawn
13. Real estate sector strikes gold The advent of Naya Pakistan seems to have set off a real estate gold rush as the number of newly registered companies in the land development segment grew 132 per cent in 2020-21. https://epaper.dawn.com/DetailImage.php?StoryImage=12_09_2021_009_004 9 Dawn
14. Manufacturers refuse to cut prices of edible oil, ghee Prices of edible oil and ghee are less likely to come down not only because of technical reasons but also due to lack of regulatory oversight. https://epaper.dawn.com/DetailImage.php?StoryImage=12_09_2021_009_008 9 Dawn
15. High-value products to be sent to Turkey this month In a bid to revive the Istanbul-Tehran Islamabad (ITI) road corridor, the National Logistic Cell (NLC) is all set to perform the first commercial run by transporting high-value products from Pakistan to Turkey in the last week of this month. https://epaper.dawn.com/DetailImage.php?StoryImage=12_09_2021_009_005 9 Dawn
16. Islamic banking achieves highest growth since 2015 The Islamic banking industry (IBI) has achieved the highest year-on-year growth in assets and deposits since 2015 increasing the market share in the overall banking industry to 17pc and 18.7pc, respectively. https://epaper.dawn.com/DetailImage.php?StoryImage=12_09_2021_009_009 9 Dawn
  International News    
17. Afghanistan remittance payouts limited to local currency Afghanistan’s central bank has ordered banks to pay out remittances in local currency only, the latest move to preserve scarce US dollars, say sources familiar with the matter. https://epaper.brecorder.com/2021/09/12/1-page/900333-news.html 1 Business Recorder

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