Important Business News Monday15th February, 2021

S.# Description Pg # Source
1. New LNG terminals required to indicate needed capacity The federal government has reportedly decided that the two new LNG terminals must indicate their “required” capacity in the existing pipeline system and to give a commitment in writing to accept it on firm basis from their indicated completion dates, well informed sources told Business Recorder. 1 Business Recorder
2. Federal govt decides to retain solar projects The Federal Government has decided to retain three solar PV projects of 50 MW each in category II instead of category III as Sindh Government clarifies its position, well informed sources told Business Recorder. 1     Business Recorder
3. Tax Laws Amendment Ord 2021 promulgated The government has promulgated Tax Laws Amendment Ordinance 2021 to introduce measures to facilitate non-resident Pakistanis to open non-resident Pakistani Rupee Value Accounts (NRVAs); extended 4 percent super tax on banks indefinitely beyond the tax year 2021; imposed withholding tax (Rs 50,000-Rs 200,000) on persons who sell locally manufactured vehicles within 90 days of delivery of such vehicles and offered tax exemptions for the electric vehicles. 1   Business Recorder
4. Non-compliant withholding agents: FTO orders FBR to initiate proceedings Federal Tax Ombudsman (FTO) Mushtaq Ahmad Sukhera has directed the Federal Board of Revenue (FBR) to initiate proceedings against non-compliant withholding agents engaged in collection/deduction of advance tax at the time of sale, purchase or transfer/registration of immovable properties. 1 Business Recorder
5. FATF Action Plan Progress made on all 27 benchmarks

Pakistan has made progress on all the 27 benchmarks laid down in Financial Action Task Force (FATF) Action Plan and sent its compliance report to FATF near end January.
1    Business Recorder
6. Libor nearing its demise?  The London Interbank Offer Rate (LIBOR) is dying a slow but predictable death as after serving as bedrock of the modern financial system for over 30 years, LIBOR is set to discontinue by the end of 2021.,by%20the%20end%20of%202021. 2 Business Recorder
7. PSX witnesses bearish trend BRIndex-100 loses 100.61 points

Pakistan Stock Exchange witnessed bearish trend during the outgoing week ended on Feb 12, due to selling pressure in various sectors.
1 Business Recorder
8. Futures spread increases by 355bps The futures spread increased by 355bps to 9.89 percent on the last

day of outgoing week.

Trading activities on the futures counter remained as average daily volumes decreased by 6.3 percent to 117.63 million shares as compared to previous week’s average of 125.53 million shares. Average daily trading value on the futures counter however increased by 7.6 percent to Rs 11.19 billion during this week.
1 Business Recorder
9. PFMs allowed to digitally open individual pension accounts The Securities and Exchange Commission of Pakistan (SECP) has allowed Pension Fund Managers (PFMs) to digitally open individual pension accounts by complying with the requirements prescribed for digital account opening by Asset Management Companies (AMCs). 2 Business Recorder
10. Private individuals Railways retrieves 439.8 acres of land
Pakistan Railways has retrieved around 439.8 acres precious land worth billion of rupees from private individuals under its anti-encroachment operation across the country from 2018 to till date.
3 Business Recorder
11. Balochistan produces 2,25,000 tonnes dates Balochistan has produced around 225,000 tonnes of dates in last season from an area of 42.3 thousand hectares as the province has huge potential of delicious and unique export quality dates. With the addition of Dates production from Balochistan, the country has become the top Dates exporter to Japan in the year 2020, the Balochistan Board of Investment and Trade (BBoIT) sources said. 3 Business Recorder
12. E-commerce accelerating economic recovery in Pakistan: Cheng The expansion of Pakistan’s e-commerce market and the substantial growth of its turnover are the result of the correct policies adopted by the Pakistani government led by Prime Minister Imran Khan in response to the Covid-19 pandemic, Cheng Xizhong, Visiting Professor at Southwest University of Political Science and Law, Senior Fellow of the Charhar Institute said on Sunday. 3 Business Recorder
13. Prices of kitchen items witness downward trend A downward trend in prices of important kitchen items, except chicken meat, flour, pulses was witnessed in the retail market, it was revealed in a survey conducted by Business Recorder here on Sunday. 3 Business Recorder
14. Key sectors PCA Islamabad detects Rs3.1bn tax evasion
The Directorate of Post Clearance Audit, Islamabad has made huge detections of Rs 3.1 billion in key sectors including telecommunication, aircrafts and imports from Afghanistan and unearthed cases involving evasion of duties/taxes, mis-declarations, misuse of exemption certificates and under-valuations etc at the import stage.
5 Business Recorder
15. FBR to expedite steps against trade of counterfeit, smuggled cigarettes In pursuit to the vision of Prime Minister to curb the menace of trade of counterfeit/non duty paid cigarettes, which are not only hazardous to the health of general public but is also causing huge loss to the Government Exchequer. 5 Business Recorder
16. Weekly Cotton Review Bullish trend prevails in local market
Under the influence of increasing trend in the prices of cotton in international cotton market bullish trend prevails in the local cotton market.
6 Business Recorder
17. Afghan transit goods MoC directs FBR to allow unhindered facilitation
Ministry of Commerce (MoC) has reportedly issued instructions to Federal Board of Revenue (FBR) for unhindered facilitation of Afghanistan destined consignments under Afghanistan Pakistan Transit Trade Agreement (APTTA) as the Federal Cabinet has approved a three-month extension in the pact, well informed sources in FBR told Business Recorder.
12 Business Recorder
18. PTA asks FBR to stop import of GSM amplifiers, boosters The Pakistan Telecommunication Authority (PTA) has asked the Federal Board of Revenue (FBR) to stop the import of GSM amplifiers and boosters by all licensees or non-licensees entities as its import and use is only confined to licensed Cellular Mobile Operators (CMOs)

Industry sources informed that use of sub-standard GSM boosters, amplifiers and repeaters is strictly prohibited and there are a number of complaints with PTA that these instruments have been installed by mobile users themselves, which is resulted in interference in CMOs frequency bands and disturbing the mobile phone services.
12 Business Recorder
19. The Week After a delay of over two years, Finance Minister Dr. Hafeez Shaikh approves the establishment of the Tax Policy Unit in the Ministry of Finance to take away policy formation powers from the Federal Board of Revenue. 1 Dawn Business & Finance  
20. Wooing Pakistan `I HAD great expectations > but Pakistan is always more than what I expect,` said the Italian ambassador Andreas Ferrarese in a recent meeting at Dawn`s office. Amid the usual flowery words of Pakistan being a country with great traditions and a young population with positive energy, the ambassador expressed interest in deepening ties between the two countries. 1 Dawn Business & Finance
21. The pump-and-dump frenzy THE Pakistan stock market > set another record in the later part of the previous week when the traded volume crossed a billion shares in a day. 1 Dawn Business & Finance

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