Day: June 27, 2021

The management of the Pakistan Stock Exchange (PSX) has put the name of Hascol Petroleum Ltd on the list of defaults for failure to comply with the rules and regulations of the exchange.

Hence, the share trading of the company has been suspended at PSX.

According to the notification issued by PSX, the company failed to hold the annual general meeting for the shareholders and the submission of annual audit accounts for the year 2020.

Upon placement of such company on the Defaulters’ Segment, the exchange shall only initiate actions under regulation 5.11.2 (a) and 5.11.2(b). However, if such company fails to hold its annual general meeting and submission of annual audit accounts for two consecutive years, trading in shares of the company shall be suspended by the exchange and the company shall be given 90 days to rectify the non-compliance, failing which, the exchange shall initiate further actions against the company commencing from regulation 5.11.2 (e).

Source: Pro Pakistani

Competition Commission of Pakistan (CCP) is hiring experts in 12 sectors to enhance its performance and penetration in specific high-priority areas of businesses.

The sectors are i.e. automobile, cement, energy (electric power and renewable energy), ghee-cooking oil, sugar, wheat, banking, pharmaceutical, poultry, education, road construction, and steel.

This was stated by Competition Commission of Pakistan (CCP) Chairperson Ms. Rahat Kaunain Hassan in the 22nd meeting of the Competition Consultative Group that has been held for sharing the CCP’s initiatives, performance, and strategic vision.

Briefing the participants about the CCP’s strategic vision, the Chairperson informed that while enforcement and policy intervention remains the top priority, other key areas of focus include removing anti-competitive distortions in the market, public procurement for reducing collusive practices, promoting fair competition, concession agreements for regulating exclusivity, digital markets and e-commerce for consumer protection, improving the economic efficiency of SMEs and SOEs, collaborations and partnerships for providing guidelines, improving compliance by strengthening the Leniency Framework, and knowledge-based advocacy.

She also briefed the participants on CCP’s initiative to develop and declare e-commerce policy guidelines to build consumer confidence in the electronic marketplace and encourage fair trade practices to prevent any possible abuse and deceptive marketing practices in the e-commerce domain.

The Chairperson shared with the participants that 2020 was the year of enforcement. From July 2020 to June 2021, the CCP completed 20 inquiries, initiated 21 new inquiries, conducted 12 search and inspections, issued 120 show-cause notices, completed hearings of 82 sugar mills in the sugar cartelization case, and has passed four orders. In the same period, the CCP issued two Policy Notes to the government in the sugar and wheat sectors and processed 49 mergers & acquisitions and 40 exemption applications.

The Competition Consultative Group (CCG) is an informal think tank which the CCP established in 2008 to consult with the stakeholders on competition-related matters, but it became redundant after 2013. Soon after taking charge of her office for a new term as Chairperson in July 2020, Ms. Rahat Kaunain Hassan decided to revive the forum.

Source: Pro Pakistani

The Federal Board of Revenue (FBR) has imposed a fine of Rs. 1 million on “Tehzeeb Bakers” for failing to connect their retail outlets with FBR’s Point of Sale (POS) system.

A senior official told of FBR told Propakistani that the tax department has imposed a Rs. 1 million fine to the “Tehzeeb Bakers” Rawalpindi outlet owing to the non-integration of POS machines with the tax department system.

Later on, the company’s outlet integrated their machines with the tax department system, officials added.

It is pertinent to note that as many as 10767 retailers have integrated their machines with the FBR system till May 31, 2021.

Officials stated that the FBR is working on a ‘Lucky draw’ policy for those consumers who will get the computerized cash slip from the retailers.

The tax department will educate the people to get the online invoices against every purchase.

The Finance minister had announced the cash reward scheme in the budget and vowed to link 0.5million retailers with the FBR system. Interestingly, the FBR will give the cash reward under this lucky draw to those who are the filer or will become the filer if he/she qualifies for such rewards.

On the other hand, the FBR in this budget also abolished tax on the import of POS machines to attract large retail stores to import duty-free machines.

Source: Pro Pakistani

Shaukat Tarin, Federal Minister for Finance and Revenue Pakistan said that Pakistan is going for growth with a bottom-up approach as the trickle-down approach didn’t yield results in the last 72 years.

Tarin said the government will use commercial banks to retail credit to microfinance institutions like Akhuwat and microfinance institutions to provide low rate loans to 5 to 6 million households to start their own business and these small businesses will lead the growth engine. The finance minister was virtually addressing the launch ceremony of InfraZamin Pakistan Limited, a first-of-its-kind facility providing local currency guarantee solutions for infrastructure finance.

Tarin said that Pakistan’s debt market is improving in terms of depth, breadth and liquidity. He said that Pakistan’s GDP growth rate for the current financial year, closing on June 30 will be 4 percent. The growth is coming from real estate, agriculture exports and the housing sector, which were the focus areas of Prime Minister Imran Khan.

Tarin said that Pakistan needs to grow its economy further because it has a huge youth bench to give at least 1.5 to 2 million jobs every year. So, Pakistan will target growth that will be inclusive and sustainable, and microfinance lending will be our main tool. Every household in the urban areas will be given a loan of Rs. 0.5 million for 3 years on subsidized rate to start their own small business, and in a rural area, every grower family 150,000 per crop.

Aamir Khan, Chairman of Securities, and Exchange Commission of Pakistan (SECP) also spoke as Guests of Honour. Khan said that SECP expects to address 3 specific objectives i.e. increasing the contribution of local players towards funding infrastructure projects and deepening of institutional investor base; developing local debt capital market, and supporting infrastructure developments through PPP structures.

He hoped that InfraZamin Pakistan would play a pivotal role in ushering greater private sector participation in sectors such as affordable housing, renewable energy, education and healthcare.

Speaking at the occasion, Dr. Shamshad Akhtar, Chairperson Karandaaz Pakistan said, “As lead sponsors, we are delighted to partner with InfraCo Asia and GuarantCo in setting up this, first of its kind, innovative structure and look forward InfraZamin leveraging its capital and competence for the development of sustainable infrastructure to enhance country’s competitiveness and national connectivity. We are confident that InfraZamin will help the private sector play its due role in this regard and add to the sophistication of Pakistan’s financial architecture; all leading towards economic growth, jobs creation, and poverty reduction. We count on fostering public-private partnership in infrastructure development.”

InfraZamin officials including Dr. Shamshad Akhtar Chairperson Karandaaz were very appreciative of the Finance Minister’s comments of support for InfraZamin and for him taking the time out from his busy schedule to address the audience live virtually from Islamabad. InfraZamin also expressed its gratitude for the support received from the regulatory authorities especially the SECP for the establishment of a framework for an infrastructure guarantee company in a short span of time.

Source: Pro Pakistani

The IT and IT-enabled Services (ITeS) export remittances comprising of computer services and call center services have surged to $1.98 billion at a growth rate of 47.1 percent in the first eleven months of the current fiscal year 2020-2021 (July-May), compared to $1.29 billion during the same period of 2019-2020.

This was announced by the Federal Minister for IT and Telecommunication Syed Amin ul Haque.

He said that the country would achieve an IT exports target of $2 billion by end of the current fiscal year and $5 billion by June 2023.

The government has set a target of $5 billion for export remittances through information technology and IT-enabled services during the next three years.

Federal Minister for IT and Telecommunication Syed Aminul Haque said that the government was taking all possible steps to ensure long-term IT industry growth trajectory and to enhance IT industry exports to $5 billion by 2023.

The spokesperson of the ministry stated that more than 6,000 Pakistan-based IT companies were providing IT products and services to entities in over 100 countries.

Strong incentives are being provided to the IT industry, and there are several projects intended to facilitate and assist the IT industry in its growth trajectory and to ensure continued upward momentum in local and export earnings.

Pakistan was ranked the 3rd most popular country for freelancing in the world, and Pakistani IT companies are providing products and services to the world’s largest companies, the official added.

Source: Pro Pakistani