JGI Consulting - Accounting & Finance

08/02/2022

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31/12/2021

31/07/2021

21/06/2021

| JGI CONSULTING | NEWS DESK | 21st June 2021 |

- Mobile Phone Imports Increase by Over 63% in 11 Months. (2020-21: $1.86 bn; 2019-20: $1.13b)

- Pakistan’s merchandise exports to these countries grew between 5% (Italy and Belgium) and 101% (the UAE) in the first quarter of FY21. – TDAP

- Pakistan likely to exit from FATF’s grey list. (FATF meeting scheduled frm 21st to 25th June, 2021)

- Government has decided to retain the tax rates for Individuals, Salaried Individuals and Association of Persons (AOPs) for the year 2021-2022. – FBR sources

- Super tax permanently imposed on banking companies. (Current rate 4%) – FBR Sources

- FBR to confiscate goods without brand licensing.

16/06/2021

| JGI CONSULTING | NEWS DESK | 16th June 2021 |

- Telecom sector gets relief measures in budget 2021/2022.

- Government increases Petrol Prices by PKR 2.13.

- Foreign Investors appreciate SBP’s Remittance process: Survey

- UBL to shut down Its subsidiary in Switzerland. (UBL (Switzerland) AG)

- Punjab allocates PKR 2.653 Trillion budget with no new taxes for 2021-22.

- Car sales record 247% growth, in May 2021. (compared to May 2020)

- Penalty imposed for non-declaration of business bank account.

- Sindh announces 20 percent increase in salary, Budget 2021-22.

- Tarin directs FBR to ensure tracking progress of installed POS machines.

- Political parties exempted from filing income tax returns, paying taxes.

- K-Electric and Easypaisa collaborate to offer convenient digital bill payment options.

15/06/2021

| JGI CONSULTING | NEWS DESK | 15th June 2021 |

- USF Board Approves PKR 18 Billion Budget for FY2021-22 (04 projects worth PKR 2.14 bn to serve high speed internet to a population of 2.2 million in Punjab and KPK)

- World Bank, ADB delay $1b loans. (deadlock with IMF on certain matters)

- Khyber Pakhtunkhwa govt ends two-day lockdown policy.

- Punjab presents PKR 2,653 billion outlay budget 2021/2022; salary and pension increased by 10 percent

- Punjab allows stamp duty incentive worth PKR 40 billion to promote construction sector. (Budget 2021-22)

- FBR explains exemption withdrawal not new tax.

- FBR Issues Clarification Over Taxes on Pensions and Salaries. (No tax on pensions, gratuity funds payments, leave prior to retirement (LPR), commutation of pension and other allied benefits)

- SBP Issues Instructions to Improve Stability in Islamic Banking. (SNCR – Shariah Non-compliance Risk)

- BOI Launches Online Portal for Special Economic Zones.

20/05/2021

| JGI CONSULTING | NEWS DESK | 20th May 2021 |

- Pak-Qatar Takaful Group Posts Profit of PKR 182.6 Million in 2020 (Turnover: PKR 8.56 billion)

- Saudi Arabia to Resume Deferred Oil facility to Pakistan. (Aim to avoid external account problems and find alternatives to the International Monetary Fund’s (IMF) demands of tariff hike and higher taxes)

- Government announces new Profit rates for National Saving Scheme certificates.

- Rupee weakens against dollar. (PKR 153.22)

- Matric, intermediate exams to take place after June 20: NCOC (Professional, Non-professional exams to be conducted on case-to-case basis)

- Google Jewish employees call on CEO (Sundar Pichai) to support Palestinians.

- First free mobile restaurant launched in Islamabad. (3-time meal service)

19/05/2021

| JGI CONSULTING | NEWS DESK | 19th May 2021 |

- Pakistan leads in illicit cigarette sales in Asia. (40% of 70 – 80 billion sticks / year i.e. 2 out every 5 ci******es)

- Pak-China ties to promote regional trade integration. (Pakistan’s exports to China up by 31% YoY)

- FDI to surge with better trading across borders. (Pakistan ranks 111th out of 189 countries on trading across borders parameter)

- Banking sector infection ratio rises to 9.3pc. (Biggest defaulter: Textile sector with 12% default ratio)

- KTBA seeks further date extension for sales tax payment, return filing (24th May and 27th May respectively)

- CAA to charge passengers additional fee, of PKR 600, on Domestic Flights. (PKR 500 embarkation and PKR 100 security fee)

- Inter-Provincial Education Ministers’ Conference (IPEMC) to make the final decision on schools reopening this Week.

- Saudi foreign minister ‘hopeful’ over exploratory Iran talks.

- MoST installs E-Voting machine at Parliament House.

- FBR introduces Online electronic hearing of Tax Audits and Assessments cases. (e-Hearings module in IRIS)

18/05/2021

| JGI CONSULTING | NEWS DESK | 18th May 2021 |

- Remittances hit all-time monthly high of $2.8bn in April, 56% up compared to Apr-20.

- Special Economic Zones (SEZs) to create 1.47m jobs: Board of Investment

- Economy contracts 1.5pc in CY2020: Study (715,000 job losses; 2.5 m approx. pushed into extreme poverty)

- Work on Allama Iqbal SEZ in full swing: Chairman – CPEC (33% of land purchased by 69 investors, 7 among them are foreign investors)
FM gives call for protests against Israeli atrocities on Friday.

- Biden administration approved $735 million arms sale to Israel. (No objection from US lawmakers despite on-going violence)

- CAA revokes permission for Dubai - Peshawar flight. (27 passengers tested positive of COVID19 on latest flight)

- K2 Base camp area get Internet access, phone coverage.

17/05/2021

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