Important Business News Tuesday 12th January, 2021

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1. Vast informal sector majority affected by Covid-19: PBS Around 53 percent households faced financial implications, 37 percent of working population i.e. 20.63 million lost their jobs/could not work while 12 percent i.e. 6.7 million experienced reductions in incomes due to closure of business owing to the Covid-19 lockdowns in Pakistan. 1     Business Recorder
2.  Removal of price disparity Hafeez asks PBS to talk to provincial govts
Minister for Finance and Revenue, Dr Abdul Hafeez Sheikh has directed the Pakistan Bureau of Statistics (PBS) to hold a meeting with the provincial governments to remove price disparity in essential items.
1   Business Recorder
3. THE RUPEE: Falls versus USD On Monday, after markets closed on first day of the week, Pakistan Rupee recorded fall against US Dollar in both interbank and open markets. It also went down against AED and SR in open market while remaining unchanged against Euro. 1 Business Recorder
4. Discos sell-off, management contract process expedited The Cabinet Committee on Privatisation (CCoP), Ministry of Privatisation decided to expedite sell-off/management contract process relating to power Distribution Companies (Discos) as already included in the first phase and submit a viable implementation plan in consultation with the Power Division, well-informed sources told Business Recorder. 1   Business Recorder
5. Nepra too forms body to probe power breakdown Taking serious note of the recent nationwide power blackout, National Electric Power Regulatory Authority (NEPRA) has decided to constitute a high powered committee to find out its reasons. 1 Business Recorder
6. Pakistan’s first instant digital payment system launched Prime Minister Imran Khan described the cash economy as a major reason for low tax-to-GDP ratio and low tax collection in the country, and added “major harm of cash economy is to the tax collection.” 1 Business Recorder
7. KSE-100 Index sheds 48.92 points BRIndex100 ends flat
Pakistan Stock Exchange Monday witnessed a mixed trend as investors remained cautious in taking fresh positions.
1 Business Recorder
8. PRGMEA calls for final approval of new textile policy Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) on Monday called for the final approval of new textile policy 2020-25 by the Economic Coordination Committee (ECC) of the Cabinet as it is vital for new investment and marketing plan in this major export-oriented sector. 3 Business Recorder
9. Taxes on import of poultry feed ingredients PPA warns of shortage of chicken, eggs
The Pakistan Poultry Association (PPA) (Northern Region) on Monday warned of severe shortage of chicken meat and eggs in the near future if duties and taxes levied on import of poultry feed ingredients are not withdrawn at the earliest.
3 Business Recorder
10. E-payment facility introduced for all FBR taxes In continuation of the FBR reforms and modernisation drive, e-payment facility for payment of all FBR taxes as well as some provincial taxes has been introduced for convenient and hassle-free payment, said a press release. 5 Business Recorder
11. No payment limit on duties, taxes fixed through e-payment The payment of custom duties and taxes of over Rs 1 million will also be accepted now through e-payment by January 20. 6 Business Recorder
12. Opposition seeks reasons behind low meat export Livestock shares about 11 percent to Pakistan’s GDP, as the opposition sought reasons behind the low meat export of the country during the Sindh Assembly sitting on Monday. 6 Business Recorder
13. KCA raises cotton spot rate by Rs100 to Rs10600 The Spot Rate Committee of the Karachi Cotton Association on Monday has increased the spot rate by Rs 100 per maund and closed it at Rs 10,600 per maund

The local cotton market remained stable on Monday. Market sources told that trading volume was low.
8 Business Recorder
14. Cotton economy portraying gloomy picture in 2020-21: PCGA Pakistan Cotton Ginners Association (PCGA) Chairman Dr Jasu Mal said that it was very dangerous for national economy that cotton production has fallen to 5.5 million from 15 million bales. In spite of this crucial situation Present Government did nothing practical for increasing the cotton production and its activities are confined to mere press statements. 11 Business Recorder
15. Construction package Increasing building material price becoming threat: PBIF
Chairman of National Business Group and President Pakistan Businessmen and Intellectuals Forum (PBIF) Mian Zahid Hussain has said the increasing price of building material has become a threat to the construction package.
11 Business Recorder
16. Collection targets assigned to RTOs withdrawn Taking a major reform initiative, the Federal Board of Revenue (FBR) has withdrawn revenue collection targets assigned to the Regional Tax Offices (RTOs) to fully focus on taxpayer’s facilitation, speedy payment of refunds, discovering new taxpayers, appeals, broadening the tax base and assisting taxpayers in accurate filing of returns and payment of taxes. 12 Business Recorder
17. Buying and selling of goods New regulations issued
The Federal Board of Revenue (FBR) Monday issued new regulations to monitor the buying and selling of goods including digital products through electronic transactions conducted via the internet or other computer-mediated (online communication) networks.
12 Business Recorder
18. ‘Good news’ soon about restarting IMF programme: SBP chief Pakistan is in talks with the International Monetary Fund (IMF) to put its fiscal support programme back on track, the central bank governor said, adding he was optimistic about the economic outlook despite the fallout from the Covid-19 pandemic. 12 Business Recorder
19. Nepra notifies increase in tariffs for Oct, Nov National Electric Power Regulatory Authority (NEPRA) has notified increase in tariffs of Distribution Companies by Rs1.06 per unit for October and November 2020 under monthly fuel price adjustment mechanism. 12 Business Recorder
20. `Good news` soon about restarting IMF programme: SBP governor The is in talks with the International Monetary Fund (IMF) to put its fiscal support programme back on track, State Bank of Pakistan (SBP) Governor Dr Reza Baqir said. 9 Dawn
21. Rs1.06 per unit increase for Discos notified The National Electric Power Regulatory Authority (Nepra) on Monday notified about Rs1.06 per unit increase in electricity rates for ex-Wapda distribution companies (Discos) to generate about Rs8.4bn additional revenue to troubled power sector. 9 Dawn
22. Action against illegal petrol outlets begins The Federal Board of Revenue (FBR) on Monday kicked off a major drive against 195 illegal petrol retail outlets in three provinces on the first day of launching of anti-smuggling operations. 9 Dawn
23. Car sales jump 13pc in 1HFY21 Barring heavy commercial vehicles (HCVs), the entire auto sector gave a brisk performance during the ñrst half of current ñscal year (1HFY21) on account of low interest rates and better farm incomes. 9 Dawn
24. Tax e-payment facility launched The Federal Board of Revenue (FBR) on Monday said that it has introduced e-payment facility for all federal and provincial taxes as part of reforms and moderanisation drive in the tax machinery. 9 Dawn
25. Provinces directed strict price vigilance of food items Finance Minister Dr Hafeez Shaikh has directed the provincial governments to continue momentum of strict price evaluation for provision of basic items to masses at af fordable prices. 9 Dawn
  Editorial News    
26. Rise in exports and trade deficit The data released by Pakistan Bureau of Statistics (PBS) indicates that exports rose by 574 million dollars July-December 2020 compared to the year before – from 11,524 million dollars in 2019 to 12,098 million dollars in 2020 – a rise of 4.98 percent. 10 Business Recorder
27. Power blackout HE electricity blackout that plunged the entire country into darkness late Saturday night is a stark reminder of all that is wrong with our crumbling power sector: poor governance and an incompetent power bureaucracy. 6 Dawn
28. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   160.15 216.25 194.94 24.84 42. 69
17 Business Recorder

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