【Daily】18 Jan. Brief of Pak BizNews
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KSE 100 38,342 ▼3.40% KMI 30 64,821 ▼4.55% KASB Tech Index 459 ▼6.5%
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New tax raising steps under consideration The proposed revenue measures to be taken through the Presidential Ordinance may include an increase in the rates of withholding taxes, more indirect taxation, three percent flood levy on imports, and tax on banks’ foreign exchange income. https://epaper.brecorder.com/2023/01/18/1-page/952721-news.html
Rs200b mini-budget to appease IMF on cards The government may impose taxes to the tune of Rs200 billion – with effect from next month – aimed at breaking a deadlock with the International Monetary Fund (IMF). https://tribune.com.pk/story/2396328/rs200b-mini-budget-to-appease-imf-on-cards
Jul-Nov LSMI output declines 3.58pc YoY The Large Scale Manufacturing Industries (LSMI) output has declined by 3.58 percent during the first five months (July-November) of 2022-23 when compared with the same period of last year, says the Pakistan Bureau of Statistics. According to the provisional Quantum Index numbers of the Large Scale Manufacturing Industries (QIM), the LSMI output decreased by 5.49 percent for November 2022 when compared with November 2021 and increased by 3.55 percent when compared with October 2022. https://epaper.brecorder.com/2023/01/18/1-page/952730-news.html
20th straight loss: rupee depreciates against US dollar Pakistani rupee’s downward trajectory against the US dollar continued for the 20th successive session as it depreciated 0.14% in the inter-bank market on Tuesday https://www.brecorder.com/news/40220695/20th-straight-loss-rupee-depreciates-against-us-dollar
Govt mulling hiking gas tariffs Petroleum State Minister Musadik Malik, Tuesday, indicated a possible increase in gas tariffs in the coming days, saying it was “unaffordable” for the present government to maintain the present gas tariff. https://epaper.brecorder.com/2023/01/18/1-page/952734-news.html
Production of Petroleum Products Down Over 13% in First 5 Months of FY23 The petroleum products production witnessed a decline of 13.63 percent during July-November 2022-23 (FY23) as its indices went down to 88.36 from 102.31 during July-November 2021-22 (FY22), says Pakistan Bureau of Statistics (PBS).
Delay in resolving pending issues; Two key investors’ groups give govt deadline The two key foreign investors’ groups of KE have given one-month deadline to Islamabad for withdrawal of all litigation, clearance of outstanding payments and signing of three long-awaited pacts or face litigation at international forum. https://epaper.brecorder.com/2023/01/18/1-page/952733-news.html
Conversion of Port Qasim power plant to local coal The Central Power Purchasing Agency–Guaranteed (CPPA-G) has advised the Private Power and Infrastructure Board (PPIB) to seek necessary approvals from the authorities concerned for conversion of the Port Qasim coal-fired power plant from imported coal to local coal as the company has offered a different version of minutes of a key meeting, well-informed sources told Business Recorder. https://epaper.brecorder.com/2023/01/18/12-page/952795-news.html
ECC approves import of ‘old’ tractors The Economic Coordination Committee (ECC) of the Cabinet approved import of up to five years old tractors with a duty reduction allowing for depreciation in value at two per cent per month up to a maximum of 60 per cent. https://epaper.brecorder.com/2023/01/18/1-page/952726-news.html
Steel shortage in offing: Pakistan's construction sector under threat The ongoing shortage of dollars and the industry's inability to secure Letters of Credit (LCs) for import of raw materials is expected to hit the profitability of the construction sector and may lead to a country-wide steel shortage in the coming days, said Arif Habib Limited (AHL) in a report on Tuesday.
Commodities and Currency: 1-Day Change
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