【Daily】13 Dec. Brief of Pak BizNews
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KSE 100 43,395.78 ▼ 0.28% KASB Tech Index 430.94 ▼ 1.56%
KASB Market View · Rising market yields reinforce expectations of another rate hike in Dec21’s monetary policy. These expectations are a product of a weakening macro-economic landscape with considerable external leakages and rising inflation. · The banking sector is likely to benefit from the stabilization cycle because of a likely expansion in the sector’s NIMs. · We also highlight macro-insulated sectors, such as technology and textiles, to perform over cyclical stock.
National News
Mini budget next week: Many items to become pricier The government is set to present a mini-budget before Parliament for withdrawal of General Sales Tax (GST) exemptions and slapping standard rate of 17 percent on import of mobile phones, computers, silver/ gold, different articles of jewelry, re-meltable scrap, LPG and many other products. https://www.thenews.com.pk/print/915724-mini-budget-next-week-many-items-to-get-pricier
ECC defers approval of SMEs, auto policies to develop consensus Economic Coordination Committee (ECC) of the Cabinet on Friday deferred approval of Small & Medium Enterprises (SMEs) Policy 2021-25 to remove objections raised by stakeholders.
Pakistan gets $685mln from ADB for health, energy reforms The Asian Development Bank (ADB) on Friday approved two loans totalling $685 million for Pakistan to support health and energy sector reforms. https://www.thenews.com.pk/print/915774-pakistan-gets-685mln-from-adb-for-health-energy-reforms
SSGC to suspend gas supply to non-export industries from 11th The Sui Southern Gas Company (SSGC) on Friday announced that the gas supply to the non-export industries of Sindh and Balochistan will be suspended from December 11 (Saturday) to ensure supply to domestic consumers.
Tax evasion by five sectors amounts to Rs310b Illicit trade is weakening Pakistan’s performance in the global arena and the country is losing a hefty chunk of tax revenue, which can be used to enhance development spending. https://tribune.com.pk/story/2333400/tax-evasion-by-five-sectors-amounts-to-rs310b
Tarin hints at relief on fuel prices Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin has said following the drop in prices in the global market, petrol prices in Pakistan will also undergo a reduction. https://tribune.com.pk/story/2333447/tarin-hints-at-relief-on-fuel-prices
MPMG: Banks receive Rs245bn mortgage finance applications Latest data by the State Bank of Pakistan (SBP) has revealed that loan approvals and disbursements under the government’s flagship markup subsidy scheme, commonly known as Mera Pakistan Mera Ghar (MPMG) scheme by banks is getting traction. https://www.brecorder.com/news/40139356/mpmg-banks-receive-rs245bn-mortgage-finance-applications
Electric vehicles, kits: sales tax exemptions retained The government has decided to retain sales tax exemptions on electric vehicles and kits imported by local manufacturers of electric cars under the Tax Laws (Fourth) Amendment Bill, 2021. https://www.brecorder.com/news/40139348/electric-vehicles-kits-sales-tax-exemptions-retained
SNGPL refrained from charging textile industry high gas tariff The Lahore High Court has given interim relief to as many as 78 textile units against the high gas tariff introduced by the government and directed the Sui Northern Gas Pipelines Limited (SNGPL) to issue revised bills at concessional tariff of $6.5/mmbtu.
Modaraba Al-Mali aims to revive dormant firm Modaraba Al-Mali, a small entity with market capitalization of just Rs148 million, told investors that it’s made an “arrangement” with Drekkar Kingsway Ltd (DKL) that will allow the Islamic finance company to revive the listed but completely dormant entity and restore its “going concern assumption”. https://www.dawn.com/news/1663320/modaraba-al-mali-aims-to-revive-dormant-firm
Proposed Tax Laws (Fourth) Amendment Bill: FBR seeks to slap 17pc ST on various items The Federal Board of Revenue (FBR) has proposed to impose sales tax worth Rs350 billion on a wide range of items including 17 percent sales tax on the import of LPG, mobile phones, computers, plant, machinery/equipment, and a lower rate of sales tax on the import of raw materials used in the manufacturing of medicines under the Tax Laws (Fourth) Amendment Bill, 2021.
Daily Change: 1-Day Change
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