Important Business News Tuesday16th February, 2021

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1. FY22 Budget More exemptions to be withdrawn: FBR chief

The Federal Board of Revenue (FBR) Chairman Javed Ghani Monday said the government would withdraw more exemptions allowed to various sectors of the economy in the coming budget as total exemptions in the taxes had increased to Rs1.14 trillion.
1 Business Recorder
2. DRA for govt employees MoF all set to file summary to Cabinet
Ministry of Finance (MoF) is all set to submit a summary to the Federal Cabinet in its forthcoming meeting for an increase of 25 per cent in basic salaries of employees from BS-1 to BS-19 as Disparity Reduction Allowance (DRA), sources close to Finance Minister told Business Recorder.
1     Business Recorder
3. Remittances exceed $2bn for eighth straight month Inflows of home remittances continued to post strong growth, exceeding $2 billion for the eighth consecutive month in January 2021 supported by the measures taken by federal government and the State Bank. 1   Business Recorder
4. THE RUPEE: Rising trend lost After market close on start of the week, Pakistan Rupee lost its rising trend and fell against US Dollar in both interbank and open markets. It also went down against Euro and SR in open market. 1 Business Recorder
5. Housing finance SBP allows third-party guarantee
The State Bank of Pakistan (SBP) has allowed acceptance of a third-party guarantee up to a maximum of one year for housing finance facility.
1    Business Recorder
6. PSX jumps 567.23 points BRIndex100 edges up
Pakistan Stock Exchange Monday witnessed a bullish trend on the back of healthy buying at attractive low levels.
1 Business Recorder
7. Treasury Senator opposes Discos’ sell-off criteria Treasury Senator Nauman Wazir Khattak Monday opposed the government’s criteria for privatisation of Distribution Companies, saying that privatisation is not the solution to the problem. 3 Business Recorder
8. Another FIR registered against Tandlianwala Sugar Mills Muzaffargarh Police have registered an FIR against Rehman Hajra Muzaffargarh unit of the Tandlianwala Sugar Mills on the charges of not providing cane procurement record to the representatives of the Cane Commissioner Punjab and not paying to the growers within the stipulated period of 15 days after issuing the Cane Procurement Receipt (CPR). 3 Business Recorder
9. FBR grants relief from WHT on NTC services The Federal Board of Revenue (FBR) has granted exemption from withholding tax on services provided by the National Telecommunication Corporation against telecommunication services. 5 Business Recorder
10. CDWP approves two projects worth Rs5bn The Central Development Working Party (CDWP) approved two projects at the cost of Rs 5 billion, and recommended three projects at the cost of Rs 53.50 billion to the Executive Committee of the National Economic Council (ECNEC) for further consideration. 5 Business Recorder
11. Automobile, fisheries and IT Japan, Sindh govt agree to work together

Sindh Chief Minister and Japanese ambassador in Pakistan Kuninori Matsuda agreed to work together for the development of fisheries, automobile and IT-based youth exchange programmes from next year.
6 Business Recorder
12. EFP asks govt to extend financing schemes for a year Ismail Suttar, President Employers’ Federation of Pakistan (EFP), on behalf of the manufacturers & exporters, has appealed to the government to extend financing schemes like deferred loans and advanced salaries by just one more year, as COVID-19 is not over and business community is still fighting with the effects of the initial shutdown in global trade and industries of the crisis. 6 Business Recorder
13. KCA cuts cotton spot rate by Rs100 to Rs11000 The Spot Rate Committee of the Karachi Cotton Association on Monday has decreased the spot rate by Rs 100 per maund and closed it at Rs 11,000 per maund. 8 Business Recorder
14. The Tax Laws (Amendment) Ordinance, 2021 — I A.F. Ferguson & Co

Chartered Accountants

This memorandum gives a brief overview of significant amendments made by the Tax Laws (Amendment) Ordinance, 2021 in the fiscal laws of Pakistan.
11 Business Recorder
15. POL products’ prices remain unchanged The federal government has announced to maintain the prices of petroleum products for second half of February at the existing level under the pressure from general public and political parties. 12 Business Recorder
16. PM underscores need for creative thinking aimed at reducing indirect taxes Prime Minister Imran Khan has directed his economic team to suggest out-of-the-box solutions for reducing the burden of indirect taxes, on the one hand, and also to ensure balance between state revenue and expenditure, on the other. 12 Business Recorder
17. No amendment introduced to IT Ordinance 2001 Despite the commitment of the government, the Tax Laws Amendment Ordinance 2021 has not introduced any amendment to the Income Tax Ordinance 2001 to reduce turnover tax on the retail side of the steel sector. 18 Business Recorder
18. Over $2bn remittances for straight seventh month Inflow of remittances remained above $2 billion in January, helping the country to receive 24 per cent more remittances compared to the last financial year. 1 Dawn
19. PIA fails to pay VSS dues to 1,924 employees The cash-strapped Pakistan International Airlines has failed to pay retirement dues of around 2,000 employees who had opted for the Voluntarily Separation Scheme (VSS) that ended on Dec 31 last year, it emerged on Monday. 3 Dawn
20. 80pc cane crushing complete, NPMC informed Millers have completed 80 per cent of crushing of sugarcane during the current season, Industries Minister Hammad Azhar said on Monday. 5 Dawn
21. No change in petroleum rates as govt cuts levy The government on Monday decided not to increase petroleum prices for the next 13 days. 9 Dawn
22. Tracking system for tobacco, fertilisers soon, Senate panel told The Federal Board of Revenue (FBR) will roll out a Track & Trace (T&T) system for tobacco, cement, fertilisers and sugar from July 1 in a bid to enhance revenue collection in the country, a meeting of the Senate Standing Committee on Finance, Revenue and Economic Affairs was informed on Monday. 9 Dawn
23. Delay in Chinese financing leaves Railways in limbo RECENTLY, new Railways Minister Azam Khan Swati revealed that the Pakistan Railways had suffered accumulated losses of Rs1.2 trillion in the last 50 years. 9 Dawn
24. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   158.80 220.76 193.50 24.94 42. 34
17 Business Recorder

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