Important Business News Sunday14th February, 2021

S.# Description Pg # Source
1. Prices of POL products likely to surge The prices of POL products are likely to be increased in the second half of February due to significant surge in oil price globally. 1 Business Recorder
2. Power sector tops list PSO seeks ministry’s help for settlement of Rs197.7bn dues

The state-owned oil company – Pakistan State Oil (PSO) – has sought help from the Ministry of Petroleum for early settlement of Rs197.7 billion outstanding dues with the power sector to avoid financial default and to continue the supply of fuel for power generation.
1     Business Recorder
3. PPRA rules PLL granted partial exemption
The Cabinet has granted partial exemption to Pakistan LNG Limited (PLL) from Rule-35 by relaxing the period between announcement of evaluation report and award of six LNG tenders in the name of national interest.
1   Business Recorder
4. FBR investigating automobile under-invoicing scam Federal Board of Revenue (FBR) is reportedly investigating a mega under-invoicing scam showing the purported involvement of one of the new companies owned by a leading Chinese automobile corporation, well-informed official sources told Business Recorder.
1 Business Recorder
5. Tax Law Amend Ord, 2021 NRPs to be facilitated to open ‘NRVAs’
The Tax Law Amendment Ordinance, 2021, would introduce measures to facilitate non-resident Pakistanis to open non-resident Pakistani Rupee Value Accounts (NRVAs) and abolish sales tax on the import of CKD kits for electric vehicles by local manufacturers and removal of additional customs duty on imports of EV cars up to June 30, 2026.
1    Business Recorder
6. Prices of sugar, pulses and poultry items increase Prices of essential kitchen items especially sugar, all the pulses, packed milk, eggs, chicken and chicken meat have witnessed an increase during this week past as compared with the previous week, revealed a survey conducted by Business Recorder here on Saturday. 2 Business Recorder
7. FBR proposes setting up of CITRO for centralised payment of refunds The Federal Board of Revenue (FBR) has proposed setting up of a Centralized Income Tax Refund Office (CITRO) under the FBR for centralized payment of refunds. 2 Business Recorder
8. FPCCI chief for extending ‘Refinance Scheme’ for payment of wages, salaries President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Mian Nasser Hyatt Maggo has urged the State Bank of Pakistan (SBP) to extend the Refinance Scheme for Payment of Wages and Salaries, launched to support employees and prevent layoffs due to the Covid-19 outbreak in Pakistan for one year. 7 Business Recorder
9. NHA generates Rs21.617bn revenue in 1HFY21 The National Highways Authority (NHA) has generated Rs21.617 billion of revenue in the first half (July-December) of the 2020-21 from various sources i.e. 55 percent of the target of Rs39.044 billion for the entire fiscal year. 10 Business Recorder
10. Cotton spot rate rises by Rs100 to Rs11100 The Spot Rate of cotton on Saturday reached at Rs 11,100 per maund which is highest in 11 years. Market sources told that Spot Rate Committee of the Karachi Cotton Association on Saturday has increased the spot rate by Rs 100 per maund and closed it at Rs 11,100 per maund. 12 Business Recorder
11. 20 items contribute 33pc to Rs1.136tr revenue collection: FBR Twenty products contributed Rs365 billion (33 per cent) to the total revenue proceeds during the first seven months (July-January) of the current financial year. 3 Dawn
12. Import of new cars surges three times in 1HFY21 The 196 per cent hike in imports of completely built-up (CBU) cars to $94 million during the first half of the current fiscal year (1HFY21) has raised doubts in the auto sector if the import of new vehicles by recent market entrants is on the rise or the arrival of used vehicles is increasing. 9 Dawn
13. Stocks lose 2.4pc in jittery week Stocks put up a dismal performance in the outgoing week with all five trading sessions ending in the red. The KSE-100 index plunged by 1,098 points, or 2.4 per cent, over the week and settled below the 46,000 level at 45,808. 9 Dawn
14. Rupee hits 3-month high vs dollar The US dollar`s weakness against international currencies and higher inflows helped the rupee stage a recovery to a three-month peak against the greenback in the interbank market, currency dealers and experts said on Saturday. 9 Dawn
15. Karachi port handles 894,017 tonnes of cargo Cargo handling operations remained active at Karachi port and Port Qasim during the outgoing week. 9 Dawn
16. Khyber Pakhtunkhwa plans three more industrial estates The Khyber Pakhtunkhwa government is planning to launch three industrial estates in Chitral, Ghazi (Swabi) and Bannu under its revised Industrial Policy 2020-30. 9 Dawn
17. Plea to remove GST, petroleum levy disparity between local, imported LPG The local producers and marketing companies of liquefied petroleum gas (LPG) have asked the government to remove the disparity in General Sales Tax (GST) and the petroleum levy between the locally produced LPG and the imported product. 12 Dawn
  International News    
18. Maryland becomes first US state to tax digital ad revenue Maryland on Friday became the first US state to tax digital ad money taken in by internet giants. 1 Business Recorder

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