After raising the power tariff by Rs3.90 per unit and commitment to abolish corporate sector income tax exemptions to fetch Rs150 billion to Rs200 billion, Pakistan and IMF authorities on Tuesday reached a staff level agreement.
IMF staff and the Pakistani authorities have reached an agreement on a package of measures to complete second to fifth reviews of the authorities’ reform program supported by the IMF Extended Fund Facility (EFF).
Roshan Digital Accounts (RDAs) have received $500 million inflows from non-resident Pakistanis (NRPs) in five months with the number of accounts having reached 87,833.
KASB Market View
The bullish spell continued at the Pakistan Stock Exchange for another session on Tuesday and the benchmark KSE-100 index notched up gains of over 1,000 points in the past two sessions. Encouraging remittances data, which showed more than $2 billion worth of inflows for the eighth successive month in January 2021, triggered a buying spree at the bourse. As a result, index-heavy automobile, cement, financial and fertilizer sectors were in the limelight and attracted fresh investment.
National News
Conditions fulfilled, IMF package restored
ISLAMABAD: After raising the power tariff by Rs3.90 per unit and commitment to abolish corporate sector income tax exemptions to fetch Rs150 billion to Rs200 billion, Pakistan and IMF authorities on Tuesday reached a staff level agreement.
https://www.thenews.com.pk/print/791054-conditions-fulfilled-imf-package-restored
IMF Staff and Pakistan Reach Staff-Level Agreement on the Pending Reviews Under the Extended Fund Facility
IMF staff and the Pakistani authorities have reached an agreement on a package of measures to complete second to fifth reviews of the authorities’ reform program supported by the IMF Extended Fund Facility (EFF).
Hafeez describes it as ‘a good development’
ISLAMABAD: Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh Tuesday said that the staff-level agreement reached between International Monetary Fund (IMF) and Pakistan was a a good development for the country.
https://epaper.brecorder.com/2021/02/17/1-page/870043-news.html
Roshan digital accounts receive $500mln in five months
KARACHI: Roshan Digital Accounts (RDAs) have received $500 million inflows from non-resident Pakistanis (NRPs) in five months with the number of accounts having reached 87,833, Prime Minister Imran Khan said on Tuesday.
https://www.thenews.com.pk/print/791007-roshan-digital-accounts-receive-500mln-in-five-months
NRPs maintaining RDAs; Simplified tax regime unveiled
KARACHI: Based on the feedback from the diaspora and recommendations from the State Bank of Pakistan (SBP), the federal government has introduced several amendments to the Income Tax Ordinance 2001 through Tax Laws (Amendment) Ordinance 2021 to make the taxation regime simple, convenient and hassle-free for Non Resident Pakistanis (NRPs) maintaining Roshan Digital Accounts (RDAs).
https://epaper.brecorder.com/2021/02/17/1-page/870044-news.html
43 Chinese firms all set to invest in Gwadar SEZ: COPHC
GWADAR: Zhang Baozhong, the chairman of China Overseas Ports Holding Company – the firm that operates Gwadar Port – has said that the first phase of the special economic zone under the China-Pakistan Economic Corridor has been completed in which 43 Chinese companies are going to invest while 200 more firms have been registered for the purpose.
https://tribune.com.pk/story/2284513/43-chinese-firms-all-set-to-invest-in-gwadar-sez-cophc
Remaining 40pc PL target to be met by June-end: officials
ISLAMABAD: The government will meet the remaining 40 percent of the Rs 450 billion budgeted petroleum levy (PL) target by the end of current financial year 2020-21.
https://epaper.brecorder.com/2021/02/17/12-page/870148-news.html
Kia Announces Launch Date for Its Sorento SUV
As per a recent report by a mainstream media outlet, it has been revealed that KIA is finally set to debut the 3rd generation Sorento SUV in Pakistan.
https://propakistani.pk/2021/02/16/kia-announces-launch-date-for-its-sorento-suv/
SECP launches Portal for expeditious bank accounts opening
The Securities and Exchange Commission of Pakistan (SECP) has launched a portal for expeditious bank account opening of newly registered companies to help promote ease of doing business and digitalization.
https://thenewsers.com/secp-launches-portal-for-expeditious-bank-accounts-opening/
Income tax rate on traders slashed to 0.25 percent
KARACHI: The Federal Board of Revenue (FBR) has reduced income tax rate for dealers and sub-dealers of sugar, cement and edible oils to 0.25 percent, sources said on Tuesday.
https://www.thenews.com.pk/print/791006-income-tax-rate-on-traders-slashed-to-0-25-percent
$2.203bn new loan agreements signed
ISLAMABAD: The government during the first quarter of fiscal year 2020-21 signed new loan agreements worth $2.203 billion with various development partners including Safe Authority and foreign commercial banks.
https://epaper.brecorder.com/2021/02/17/12-page/870144-news.html
Import of sugar by TCP; Cabinet grants PPRA exemption ‘in national interest’
ISLAMABAD: The Federal Cabinet has exempted 0.5 million tons of sugar from Rule 21 of the PPRA Ordinance 2002 to be imported by Trading Corporation of Pakistan (TCP) ‘in the national interest.
https://epaper.brecorder.com/2021/02/17/1-page/870047-news.html
Futures
-Word of the Day-
Futures are derivative financial contracts that obligate the parties to transact an asset at a predetermined future date and price. The buyer must purchase or the seller must sell the underlying asset at the set price, regardless of the current market price at the expiration date.
Underlying assets include physical commodities or other financial instruments. Futures contracts detail the quantity of the underlying asset and are standardized to facilitate trading on a futures exchange. Futures can be used for hedging or trade speculation.
