Monthly Archives: June 2021

As part of a drive against unregistered persons who are liable to be registered and are required to pay sales taxes on their taxable supplies under the Sales Tax Act, 1990, the Federal Board of Revenue’s (FBR) Directorate of Intelligence and Investigation-Inland Revenue, Multan has conducted proceedings under Sections 38 and 40 of the Sales Tax Act, 1990 against an unregistered unit that manufactures plastic shopping bags.

The unit was also engaged in manufacturing and making taxable supplies of plastic shopping bags involving massive consumption of electricity, but had not been paying sales tax and had not obtained sales tax registration.

During the search, a relevant record that was under scrutiny was impounded. Further investigation in this regard is underway.

Under the directives of the Directorate General Intelligence and Investigation-Inland Revenue Islamabad, Intelligence & Investigation IR Multan will continue such operations in order to detect tax fraud and to increase the number of taxpayers.

Source: Pro Pakistani

Ghani Global Glass Limited (GGGL) had signed a memorandum of understanding (MoU) with an Eastern European company for the setup of a plant in Serbia.

The board of directors of GGGL has now approved the MoU in their meeting held on June 28, 2021, a notification issued to the Pakistan Stock Exchange (PSX) informed on Monday.

This will be carried out in the form of a joint venture with the Serbian company, with a 50 percent sharing ratio. The project will include manufacturing of glass ampoules and vials from glass tubes to be supplied by the GGGL, said the notification.

The initial cost of this project is $2-$2.5 million. However, as the ampoules and vials machines are added, the project cost may go up to $9 million.

The board of directors has also decided that GGCL will utilize its resources for investment in Serbia as a strategic decision that will “potentially open the doors for the export of GGGL glass tubes in Europe,” the notification added.

Source: Pro Pakistani

The Pakistani Rupee (PKR) resumed its fall against the US Dollar (USD) after posting improvements in the last two days of the previous week.

The local unit has been posting losses against the greenback for several weeks.

Today (Monday, 28 June), the PKR posted notable losses against the USD again. It depreciated by nearly 60 paisas against the USD in the interbank currency market, once again crossed the Rs. 158 mark and closed at Rs. 158.21 against the USD, as compared to Rs. 157.61 on Friday (25 June).

Asad Rizvi, the former Treasury Head at the Chase Manhattan Bank, attributed today’s depreciation to the FATF’s decision to keep Pakistan in the Grey List. He tweeted: “Pakistan’s financial market (Interbank/Equity) could see tense opening due to FATF’s biased stance for not clearing despite completing 26 out of 27 targets”.

He added that the inflows due to Eid will bring some relief in the coming days.

The other factors that have contributed to the continuous fall in the rupee’s value against the USD include higher import payments, an expected delay in the sixth review of the International Monetary Fund’s (IMF) $6 billion loan program, and debt repayments.

The PKR posted blanket losses against other major currencies as well. It depreciated by 73 paisas against the Euro, by nearly Rs. 1.15 against the Pound Sterling (GBP), by 25 paisas against the Australian Dollar (AUD), and by 57 paisas against the Canadian Dollar (CAD).

The PKR also posted losses against the UAE Dirham (AED) and the Saudi Riyal (SAR), and deteriorated by 16.3 paisas and 15.8 paisas respectively.

Source: Pro Pakistani