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Pakistan News

 PAKISTAN NEWS  JANUARY 2019

 

Sugar Markets Report in Pakistan’s different cities, prices in Pak Rupees

Ghotki 5375✔ &  bandi 5360✔ &  sakrand 5365.70✔

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Rate sindh me 5400 sy down 5360.5365

 

*Rice Exports Statistics for December 2018:*

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*Non-Basmati Rice (IRRI6, IRRI9, 386 and 100% Brokens):*

Dec, 2018: 401,903 MT

Dec, 2017: 433,671 MT

% Change in Dec 2018: -7.33% less compared to Dec, 2017.

 

*Basmati Rice:*

Dec, 2018: 66,696 MT

Dec, 2017: 36,651 MT

% Change in Dec 2018: +81.98% increase compared to Dec, 2017.

 

*Total Rice Exports:*

Dec, 2018: 468,599 MT

Dec, 2017: 470,322 MT

% Change in Dec 2018: -0.37% less compared to Dec, 2017.

Pakistan requests for SriLanka to increase its duty-free rice import quota from 6,000 MTS to 25,000 MTS   

 

Mini Budget to be announced on Jan 23rd, 2019 by Finance Minister. 

1- Stock market investors will hear good news. I Guess some relief expected in capital gain and dividend taxation. Plus, carry forward losses to 3 years 

2- Exports will be focused and tax anomalies/structure will be addressed to provide equal business opportunities to small to large businesses. Previously, tax structure favoured only big corporates 

3- The aim of budget to address trade deficit. Clearly, import substitution, discourage imports and increase exports will be focused. In our view, government urged the industrialisation, productivity growth and discourage trading in particular import led trading culture

4- Moreover, tax structure will be tweak to increase documentations. Most likely, government will rationalise withholding tax on cash transactions, exempt filer from cash withdrawals. Plus, remove restrictions imposed non-filers to purchase Autos & property transactions and introduce alternate mechanism to penalise non-filers 

5- Big administrative concessions expected for exporters and import substitutions. Refunds will be settled partially through cash and instruments. The later will be tradable which will give options to exporters to discount the refunds in real time and move forward 

 

Overall, as teasers of mini-budget are flowing, we believe, the mini-budget is aiming to tax efficiently with aim to maximise tax, productivity and investments

 

The sector likely beneficiary will be banks (documentation), textile (exports), autos & cements (removing restrictions on non-filers)

1.        MPCL unhappy with ECC decision: MPCL is reportedly unhappy with the ECC decision regarding allocation of additional 66 MMCFD gas for fertilizer sector meant to bridge gap in urea production and requirement. (BR) https://fp.brecorder.com/2019/01/20190114439424/

 

2.             Duties on imported raw materials likely to be reduced: The PTI-led government is mulling to reduce the duties on imported raw materials to enhance the country’s exports in the upcoming mini budget, which would be presented in National Assembly on January 23. (Nation) https://nation.com.pk/13-Jan-2019/duties-on-imported-raw-materials-likely-to-be-reduced

 

3.             9-15 percent increase in drug prices notified: With the approval of the federal government, DRAP has increased drug prices in the range from 09 percent to 15 percent. (BR) https://fp.brecorder.com/2019/01/20190112438981/

 

4.             EcoPack to set up bottle project worth Rs160m: EcoPack Ltd plans to set up a project worth Rs160 million to produce and sale “large size pet bottles”, said the company release issued on Friday. (Dawn) https://www.dawn.com/news/1457000/ecopack-to-set-up-bottle-project-worth-rs160m

 

5.             New beverage plant opens at Murree Brewery: The new state of the art beverage plant was inaugurated on 11th January at 11 am in the historic Murree Brewery Company. (BR) https://fp.brecorder.com/2019/01/20190112439072/

 

6.             SECP imposes Rs130,000 penalty on KE CEO, directors: SECP has imposed an aggregated penalty of Rs 130,000 on chief executive officer and directors of K-Electric Limited. (BR) https://fp.brecorder.com/2019/01/20190112439012/

 

7.             Saudi team to visit Gwadar for refinery project: Saudi Minister for Energy, Industry and Mineral Resources, Khalid bin Abdulaziz Al-Falih will arrive in Gwadar today to formulate modalities for setting up Saudi Amarco's proposed oil refinery at Gwadar. An investment of $5-8 billion is being talked about with a capacity of up to 0.4 million barrels per day with a view to meeting the growing demand of Pakistan and China. (BR) https://fp.brecorder.com/2019/01/20190112438969/

 

8.             Customs value of petrochemical’s different substances revised: Directorate General Customs Valuation (DGCV) has revised the customs values of different types of substances based on petro-chemical under section 25 (9) of the Customs Act, 1969. According to details, the customs values of phenolic resin, polyurethane resin, melamine resin, and epoxide resin were earlier determined vide valuation ruling 1278 in 2018. (BR) https://fp.brecorder.com/2019/01/20190112439059/

 

9.             FBR likely to impose excise duty on cell phones: The FBR is contemplating upon different options for slapping different rates of 5 to 10 percent FED on usage of cellular phone through upcoming mini-budget to increase tax collection. (TN) https://www.thenews.com.pk/print/417774-fbr-likely-to-impose-excise-duty-on-cell-phones

 

10.          Govt likely to cut gas cess by 50pc to benefit fertiliser makers: The government is negotiating with fertiliser manufacturers for the resolution of GIDC, and may likely reduce it by 50 percent in the upcoming mini-budget, a brokerage house report said on Friday. (TN) https://www.thenews.com.pk/print/417550-govt-likely-to-cut-gas-cess-by-50pc-to-benefit-fertiliser-makers

 

11.          BoDs of oil & gas companies to be reconstituted: Minister for Petroleum and National Resources Ghulam Sarwar Khan has said Board of Directors of all the oil & gas companies will be reconstituted to provide appropriate representation to all the provinces. (Nation) https://nation.com.pk/12-Jan-2019/bods-of-oil-gas-companies-to-be-reconstituted

 

12.          After nine years, offshore drilling begins in Karachi ultra-deep waters: Pakistan, after a gap of nine years, begins offshore drilling to find estimated huge oil and gas deposits in ultra-deep waters at an estimated cost of over $100 million. (ET) https://tribune.com.pk/story/1886319/2-nine-years-offshore-drilling-begins-karachi-ultra-deep-waters/

 

13.          Bill for delisting Pakistan as major ally tabled in US Congress: A bill seeking to remove Pakistan from a list of America’s major non-Nato allies has been introduced in the US Congress, even though the Trump administration enhances its contacts with Islamabad in its pursuit of a peaceful end to the Afghan war. (Dawn) https://www.dawn.com/news/1457448/bill-for-delisting-pakistan-as-major-ally-tabled-in-us-congress

 

 

 

 

 


 

 

 

 

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