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【Daily】21 Jan Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Jan 21, 2022

-Daily Market-

KSE 100 44,825.97 ▼0.02%
KMI 30 72,824.64  ▲ 0.39% 

KASB Tech Index 432.44 ▼1.29%

 

KASB Market View

·         Market is anticipating a status quo in the upcoming monetary policy announcement , any further increase in interest rates may daunt the sentiments.

·         Continuous rise in COVID cases in the country alongside increasing restrictions remains a source of concern for investors.

 

National News

 

Local supply of plants, machineries: Sales tax zero-rating withdrawn

The Federal Board of Revenue (FBR) has withdrawn sales tax zero-rating on local supply of plant and machinery to Export Processing Zones (EPZs), duty-free shops, local supplies to exports covered under the Export Facilitation Scheme, and supply/repair/maintenance of ships and relatedequipment and machinery from January 16, 2022.

https://www.brecorder.com/news/40148788/local-supply-of-plants-machineries-sales-tax-zero-rating-withdrawn

 

Govt projects GDP growth at 5.4pc for current fiscal

Minister for Energy Hammad Azhar on Thursday expressed the hope that the national economy would grow at 5.4 per cent rate during the current fiscal year.

https://www.thenews.com.pk/print/926859-govt-projects-gdp-growth-at-5-4pc-for-current-fiscal

 

K-Electric to reimburse Re0.759 per unit to consumers in Feb bills

The National Electric Power Regulatory Authority (Nepra) on Thursday directed the K-Electric to reimburse Rs0.7591 per unit cost of electricity to the power consumers in their bills of February 2022, as the company in November 2021 had charged higher than what was the actual fuel cost for power generation.

https://www.thenews.com.pk/print/926863-k-electric-to-reimburse-re0-759-per-unit-to-consumers-in-feb-bills


Pharmaceutical sector: FBR says ‘no’ to ST refund at purchase stage

The Federal Board of Revenue (FBR), Thursday, out rightly rejected a demand of the pharmaceutical sector to issue sales tax refunds immediately, after import of raw materials/ inputs, saying it would be issued after zero-rated supply of finished products, i.e., medicines.

https://www.brecorder.com/news/40148785/pharmaceutical-sector-fbr-says-no-to-st-refund-at-purchase-stage

 

Restaurants, bakeries, caterers: FBR to charge 17pc sales tax

The Federal Board of Revenue (FBR) will charge 17 percent sales tax on the food, food stuff, and sweetmeats supplied by restaurants, bakeries, caterers, and sweetmeat shops from January 16.

https://www.brecorder.com/news/40148784/restaurants-bakeries-caterers-fbr-to-charge-17pc-sales-tax

 

Re-basing of national accounts approved: Debt-to-GDP ratio up, tax-to- GDP ratio down

The PTI government on Thursday approved the re-basing of national accounts, resulting in jacking up of GDP growth rate from provisional 3.94 percent to 5.57 percent for the last fiscal year 2020-21.

https://www.thenews.com.pk/print/926864-re-basing-of-national-accounts-approved-debt-to-gdp-ratio-up-tax-to-gdp-ratio-down

 

Forex reserves decline $552mln

Pakistan’s foreign exchange reserves declined by $552 million or 2.3 percent in the week ended January 14, the State Bank of Pakistan (SBP) said on Thursday.

https://www.thenews.com.pk/print/926821-forex-reserves-decline-552mln

 

White elephant PSM: 6 parties submit SoQs

The Privatisation Commission Board deliberated upon the report pertaining to the pre-qualification of potential investors for the revival of Pakistan Steel Mills (PSMC) in a meeting held Thursday.

https://www.brecorder.com/news/40148787/white-elephant-psm-6-parties-submit-soqs

 

REER drops to 96.7 in December 2021

The Real Effective Exchange Rate (REER) of Pakistan decreased to 96.7 in December 2021, a decline of 1.85% compared to 98.5 recorded in November 2021, the latest monthly data published by the State Bank of Pakistan (SBP) showed on Thursday.

https://mettisglobal.news/reer-drops-to-96-7-in-december-2021/

 

Digital Pakistan Vision: 13-member IMT/5G tech advisory panel to be set up

The government has decided to constitute 13-member broad-based International Mobile Telecommunications (IMT)/5G Technology Advisory Committee

https://www.brecorder.com/news/40148768/digital-pakistan-vision-13-member-imt5g-tech-advisory-panel-to-be-set-up


International News

Oil prices slip from 2014 highs, supply concerns limit losses

Oil slipped on Thursday on indications of rising US stocks and as investors took profits after a recent price rally, but strong demand and short-term supply disruptions continue to support prices close to their highest since 2014.

https://www.brecorder.com/news/40148614/oil-prices-slip-from-2014-highs-supply-concerns-limit-losses

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