IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS SUNDAY 2nd May, 2021

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1. July-April collection stands at Rs3.78trn The Federal Board of Revenue (FBR) has collected net revenue of Rs 3,780 billion during Jul-April (2020-21) against the assigned target of Rs 3,637 billion, reflecting an increase of Rs143 billion. https://epaper.brecorder.com/2021/05/02/1-page/884589-news.html 1 Business Recorder
2. Collusion with fraudsters in bogus refund claims FTO tells FBR to take disciplinary actions against taxmen The Federal Tax Ombudsman (FTO) has strongly recommended to the Federal Board of Revenue (FBR) to take criminal and time-bound disciplinary actions against tax officials who were found involved in collusion with the fraudsters to claim bogus refund claims on fake documents. https://epaper.brecorder.com/2021/05/02/1-page/884598-news.html 1 Business Recorder
3. SHC strikes down Section 5A of Income Tax Ordinance 2001 The Sindh High Court (SHC) has struck down Section 5A of the Income Tax Ordinance 2001 by declaring it ultra vires to the Constitution. https://epaper.brecorder.com/2021/05/02/1-page/884591-news.html 1 Business Recorder
4. Punjab raises workers` minimum wage to Rs20,000 Punjab Chief Minister Usman Buzdar on Saturday announced an increase in minimum wage of workers, fixing it at Rs20,000 per month. https://epaper.dawn.com/DetailImage.php?StoryImage=02_05_2021_001_001 1 Dawn
5. Inflation in double digits again after 12 months April saw a doubledigit increase in prices of consumer items as inflation edged up to 11.1 per cent from 9.1pc in March, showed data released by the Pakistan Bureau of Statistics on Saturday. https://epaper.dawn.com/DetailImage.php?StoryImage=02_05_2021_001_006 1 Dawn
6. Trade, industry decry long Eid holidays The export-oriented industry and trade on Saturday strongly rejected the government`s announcement of a five-day Eidul Fitr holiday from May 10 to 15, claiming that the break would cause a loss of over $300 million in exports. https://epaper.dawn.com/DetailImage.php?StoryImage=02_05_2021_009_005 9 Dawn
7. PSX suffers losses amid Covid surge Enhanced restrictions amid surging Covid third wave did hurt sentiments at the stock market in the rollover week triggering profit-selling by investors with the result the benchmark KSE 100-index lost 444.41 points, or 0.99 per cent, to close the week at 44,262.35 points. https://epaper.dawn.com/DetailImage.php?StoryImage=02_05_2021_009_006 9 Dawn
8. Number of tax return filers rises by 12pc to 2.9m As part of broadening of tax base, the Federal Board of Revenue (FBR) has received 2.9 million income tax returns for tax year 2020 as against 2.6m returns in the previous year, showing an increase of 12 per cent. https://epaper.dawn.com/DetailImage.php?StoryImage=02_05_2021_009_002 9 Dawn
9. Foreign inflows in domestic bonds rise With the improvement in the external account of the country, foreign inflows have also increased in domestic bonds, with both the treasury bills (T-bills) and Pakistan Investment Bonds (PIBs) collectively attracting $770 million during 2020-21. https://epaper.dawn.com/DetailImage.php?StoryImage=02_05_2021_009_004 9 Dawn
10. Aptma terms EU resolution `disastrous` Large-scale export manufacturing industry, especially textile, has expressed grave concern over review of the GSP plus status for Pakistan through adoption of a resolution by the European parliament and termed it a disaster for the country that is already passing through an economic crisis. https://epaper.dawn.com/DetailImage.php?StoryImage=02_05_2021_176_006 13 Dawn
  International News    
11.  TCP buys about 50,000 tonnes of white sugar in tender Pakistan’s state trading agency TCP is believed to have purchased some 50,000 tonnes of white sugar in an international tender which closed on Tuesday, European traders said on Saturday. https://epaper.brecorder.com/2021/05/02/1-page/884586-news.html 1 Business Recorder
  Editorial News    
12.  EU trade review HE European Parliament`s resolution calling for a review of the EU`s trade relations with Pakistan is deeply unsettling. https://epaper.dawn.com/DetailImage.php?StoryImage=02_05_2021_006_002 6 Dawn

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