【Daily】30 June Brief of Pak BizNews
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KSE 100 41,297.73▼1.12% KMI 30 68,207.02 ▼0.86% KASB Tech Index 268.48▼1.91%
KASB Market View
· Increasing taxation on certain sectors kept the markets performance at bay · The upcoming cpi numbers, which are expected around 19.0%, will drive interest rate expectations. · Currency has appreciated because of the resumption of the IMF program, likely helping cyclical stocks
National News
15 sectors; 10pc supertax imposed on income exceeding Rs300m The amended Finance Bill 2022 has imposed a 10 percent supertax for the Tax Year 2022 on persons including companies engaged in the business of airlines, automobiles, beverages, cement, chemicals, cigarettes/tobacco, fertilizer, iron/steel, LNG terminal, oil marketing, oil refining, petroleum and gas exploration and production, pharmaceuticals, sugar and textile where income exceeds Rs300 million. https://epaper.brecorder.com/2022/06/30/1-page/935080-news.html
NA approves revised salary income tax The National Assembly has approved revised income tax slabs for the salaried class amid pressure from the IMF to generate incremental revenue. https://profit.pakistantoday.com.pk/2022/06/29/na-approves-revised-salary-income-tax/
Auction for MTBs; Rs1.74trn mopped up to finance fiscal deficit The federal government Wednesday borrowed Rs 1.74 trillion from domestic banking system to finance the rising fiscal deficit. https://epaper.brecorder.com/2022/06/30/12-page/935159-news.html
Amendment-laden finance bill easily sails through NA The National Assembly on Wednesday passed Federal Budget, 2022-23 by incorporating significant amendments to the Finance Bill, 2022 on the dictation of the International Monetary Fund (IMF). https://epaper.brecorder.com/2022/06/30/1-page/935077-news.html
THE RUPEE: PKR strengthens The rupee on Wednesday extended its gain for the second successive session against the US dollar in the inter-bank market, on account of positive developments on the external front. https://epaper.brecorder.com/2022/06/30/1-page/935085-news.html
Amendment to Petroleum Products (Petroleum Levy) Ordinance approved The National Assembly has approved, on Wednesday, an amendment of the Petroleum Products (Petroleum Levy) Ordinance, 1961 (XXV of 1961), which will allow the government to increase maximum limit of petroleum levy (PL) from Rs30 to Rs50 per litre on all petroleum products in the next financial year 2022-23. https://epaper.brecorder.com/2022/06/30/1-page/935081-news.html
KE makes another Rs500 million payment to SSGC Despite facing financial constraints, KE has made another payment of PKR 500 million to SSGC on 29 June 2022, bringing the total payout to over PKR 6 billion during the month. https://mettisglobal.news/ke-makes-another-rs500-million-payment-to-ssgc/
Capital value tax reduced on automobiles in amended Finance Bill The Federal Board of Revenue (FBR) has reduced the capital value tax (CVT) from 2% to 1% on automobiles in an amendment to the Finance Bill 2022.
Atlas Honda increases motorcycle prices by as much as Rs15,000 as Honda has jacked up prices of its motorcycles by as much as Rs15,000, with new rates kicking in from July 1, said dealers on Wednesday.
Power Cement increases share capital to Rs13.9bn Power Cement (PSX: POWER) has increased its authorized share capital to Rs13.9 billion from Rs13.1 billion, company’s filing on the bourse showed today. https://mettisglobal.news/power-cement-increases-share-capital-to-rs13-9bn/
Visiting Pakistan on order of Nawaz Sharif: Ishaq Dar PML-N senior leader and former finance minister Ishaq Dar Wednesday said his visit to Pakistan next month was finalised on the directions of party supremo, Nawaz Sharif. https://www.thenews.com.pk/latest/970181-visiting-pakistan-on-order-of-nawaz-sharif-ishaq-dar
The State Bank of Pakistan will remain closed for public dealing on Friday, July 1, 2022 All banks, DFIs and MFBs will, therefore, remain closed for public dealing on the aforementioned date. However, employees of the banks, DFIs and MFBs will attend the office as usual. https://epaper.brecorder.com/2022/06/30/12-page/935165-news.html
Commodities and Currency: 1-Day Change
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