IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS SUNDAY 17th OCTOBER, 2021

S.# Description Pg. # Source
1. PL, GST rates stay put Massive increase in POL products’ prices announced
The federal government Saturday opted to increase the ex-refinery prices of all petroleum products but maintained the rates of petroleum levy (PL) and General Sales Tax (GST) at the level of first half of October. https://epaper.brecorder.com/2021/10/17/1-page/904332-news.html
1 Business Recorder
2. Petrol prices cheaper than those in 130 countries: minister Federal Minister for Aviation Ghulam Sarwar Khan, on Saturday, said that oil prices were increased in the country due to soaring oil prices in the international market, but petrol prices are still cheap compared to 130 countries of the world. https://epaper.brecorder.com/2021/10/17/1-page/904334-news.html 1 Business Recorder
3. Govt blames global price rise, rupee depreciation for hikes The government said on Saturday that the continuous depreciation of rupee against the US dollar and increase in the petrol prices in the international market have led to increase in the prices of petroleum products in the domestic market. https://epaper.brecorder.com/2021/10/17/1-page/904336-news.html 1 Business Recorder
4. Crucial approval needed for setting up of CPEC Tower The Board of Investment (BoI) has moved a summary to the Cabinet Committee on China-Pakistan Economic Corridor (CCoCPEC), seeking approval for the establishment of the “CPEC Business and Industrial Tower in Islamabad.” https://epaper.brecorder.com/2021/10/17/1-page/904329-news.html 1 Business Recorder
5. EDF exempted from PPRA rules The Federal Cabinet has exempted Export Development Fund (EDF) from Public Procurement Regulatory Authority (PPRA) 2002 meant to facilitate Better Work Program (BWP), official sources told Business Recorder. https://epaper.brecorder.com/2021/10/17/1-page/904330-news.html 1 Business Recorder
6. TCP issues new sugar tender Pakistan’s state trading agency the Trading Corporation of Pakistan (TCP) is believed to have made no purchase in an international tender for 50,000 tonnes of sugar which closed on Oct 13, European traders said on Saturday. https://epaper.brecorder.com/2021/10/17/1-page/904337-news.html 1 Business Recorder
7. GST on TDS: PD seeks legal opinion The Power Division has sought legal opinion from the Law Ministry on the interpretation of applicability of Sales Tax on Tariff Differential Subsidy (TDS) meant for electricity consumers as the FBR is unwilling to back out from recovery of GST on subsidies, well-informed sources told Business Recorder. https://epaper.brecorder.com/2021/10/17/1-page/904339-news.html 1 Business Recorder
8. Prices of essential kitchen items increase further Prices of essential kitchen items have witnessed a further 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/2021/10/17/5-page/904367-news.html 5 Business Recorder
9. Spot rate gains amid moderate trading The Spot Rate Committee of the Karachi Cotton Association on Saturday increased the spot rate by Rs 200 per maund and closed it at Rs 14300 per maund. https://epaper.brecorder.com/2021/10/17/7-page/904373-news.html 7 Business Recorder
10. Shift to digital payments Steel sector urges Tarin to extend grace period to six months
The documented steel sector has approached Finance Minister Shaukat Tarin to increase the grace period of 40 days to six months for the corporate taxpayers to switch over to the digital mode of payments under Tax Laws (3rd Amendment) Ordinance, 2021. https://epaper.brecorder.com/2021/10/17/8-page/904385-news.html
8 Business Recorder
11. PAAPAM urges govt to withdraw ‘anti-business’ bank account freeze decision The Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM) has expressed serious concern over the decision of the Federal Board of Revenue to once again give the Inland Revenue (IR)’s Chief Commissioners authority of freezing the bank accounts of the businessmen, appealing the government to review this policy and withdraw this anti-industry step so that a tangible and investment-friendly atmosphere could prevail in the country. https://epaper.brecorder.com/2021/10/17/9-page/904396-news.html 9 Business Recorder
12. FBR working on plan to rightsize PRAL The Federal Board of Revenue (FBR) has started working on a plan on rightsizing of the Pakistan Revenue Automation Limited (PRAL) to get rid of ghost employees. https://epaper.brecorder.com/2021/10/17/10-page/904400-news.html 10 Business Recorder
13. Export of textile, clothing up 27.4pc Pakistan’s textile and clothing exports post impressive growth in the first quarter of this year, increasing by 27.41 percent to $4.42 billion compared to $ 3.4bn over the same period last year. https://epaper.dawn.com/Advt.php?StoryImage=17_10_2021_001_003 1 Dawn
14. Price rise not linked to IMF talks: Tarin Finance Minister Shaukat Tarin has said that the latest increase in petroleum prices is not linked to Pakistan`s talks with the International Monetary Fund (IMF) for the resumption of a loan facility. https://epaper.dawn.com/DetailImage.php?StoryImage=17_10_2021_003_003 3 Dawn
15. Textile, clothing exports post spectacular growth Pakistan`s textile and clothing exports posted impressive growth in the first quarter of this year, increasing by 27.41 per cent to $4.42 billion compared to $3.46bn over the year, data released by the Pakistan Bureau of Statistics (PBS) showed on Saturday. https://epaper.dawn.com/DetailImage.php?StoryImage=17_10_2021_009_008 9 Dawn
16. Stocks close week on bullish note The Pakistan Stock Exchange (PSX) saw its benchmark index close in green as the feel-good factor returned to the bourse in the outgoing week. https://epaper.dawn.com/DetailImage.php?StoryImage=17_10_2021_009_004 9 Dawn
17. Private sector borrows Rs175bn in 1QFY22 The private sector borrowed Rs175 billion from the banking sector during the first quarter of this fiscal year reflecting improved economic activities when compared with a net debt retirement in the same period last year. https://epaper.dawn.com/DetailImage.php?StoryImage=17_10_2021_009_009 9 Dawn
18. Chinese firm blacklisted for a month over `forged` documents The National Transmitted and Dispatch Company (NTDC) has blacklisted a Chinese firm and barred it from participating in all tenders/bidding process for a month. https://epaper.dawn.com/DetailImage.php?StoryImage=17_10_2021_009_006 9 Dawn
19. No immediate impact of SBP measures on auto financing, imports As assemblers have advance booking orders for the next four to five months, the State Bank of Pakistan`s recent decision of putting brakes on booming auto financing and curbing import of vehicles is unlikely to have any immediate impact on auto sales. https://epaper.dawn.com/DetailImage.php?StoryImage=17_10_2021_009_007 9 Dawn
20. Oil import bill widens 97pc in first quarter The country`s oil import bill widened by over 97 per cent to $4.59 billion in the first quarter of current fiscal year (3MFY22) from $2.32bn over the corresponding months of last year owing to rising price in the international market and depreciation of the rupee. https://epaper.dawn.com/DetailImage.php?StoryImage=17_10_2021_012_005 12 Dawn
  International News    
21. Uzbekistan, Taliban hold talks on trade, aid Representatives of the Taliban visited neighboring Uzbekistan for talks on humanitarian aid and trade on Saturday, the Central Asian country’s foreign ministry said. https://epaper.brecorder.com/2021/10/17/1-page/904338-news.html 1 Business Recorder

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