Morning Buzz for August 25, 2011 – MR Securities

Karachi: NEPRA bars DISCOs from charging theft, line losses

According to MR Securities, As part of the Planning Commission’s power sector reforms, the National Electric Power Regulatory Authority (NEPRA), which is responsible for determining the tariff, has barred distribution companies (DISCOs) from charging theft or line losses from consumers, sources said on Wednesday.

‘Iraq wants to provide oil to Pakistan’
The Ambassador of Republic of Iraq to Pakistan, Dr Rushdi Al-Ani on Wednesday said his country is ready to provide oil to Pakistan unconditionally so that this great country can cope with the energy crisis.

FBR asks banks to continue duty payment to centre
The Federal Board of Revenue (FBR) has asked banks to continue payment of Federal Excise Duty (FED) on financial services to federal government until the issues with Sindh Revenue Board (SRB) are resolved, sources said.

Indian govt urged to support Pakistan get GSP Plus status
The Karachi Chamber of Commerce and Industry (KCCI) has urged the Indian government to support Pakistan get GSP Plus status in the European Union, a statement said on Wednesday.

PSO not to buy Pakistan Refinery
Pakistan State Oil (PSO) has discarded the decision to bid for Pakistan Refinery Limited (PRL), which was planned to reduce dependence on imported petroleum products.

Prospects for Pakistani mango export to US bleak
Pakistani mangoes have successfully made their debut on the American land, but the trade is likely to fail amid high prices of the fruit, wrote a UK-based magazine in its recent issue.

USAID plans training programmes for DISCOs employees
The US government sponsored Power Distribution Improvement Program (PDIP) has prepared a comprehensive trainings program for the employees of eight power sector distribution companies (DISCOs) starting immediately after Eid in September, a statement said on Wednesday.

Tanners call for revoking ST amendments
Pakistan Tanners Association has demanded of the government to immediately stop implementation on the amendments to the sales tax and federal excise duty returns, a statement said on Wednesday.’

APTMA warns of layoffs
All Pakistan Textile Mills Association (APTMA) has rejected 20-day suspension of gas supply to industry by SNGPL under its gas load management plan and said that it would lead to the layoff of one million workers and export loss of $1.3 billion.

NBP distributes food packets
The National Bank of Pakistan (NBP) being the nation’s bank discharges its social responsibility duties and is always in service of the nation in times of need, a statement said.

Zardari directs Guddu, Uch transmission projects to be expatiated
President Asif Ali Zardari on Wednesday directed that procedural formalities concerning Guddu and Uch transmission line projects should be completed before the agreement signing in September later year.

IPI gas pipeline: India shows renewed interest despite ‘US pressure’
Notwithstanding American pressure, New Delhi has showed renewed interest in the Iran, Pakistan, India (IPI) gas pipeline project.

Karachi violence: Uncertainty affecting other bourses as well: LSE MD
Lahore Stock Exchange managing director Aftab Ahmed Chaudhary says that due to adverse conditions in Karachi, the economy is suffering severe losses which has affected the country’s stock markets.

CNG cylinder makers: certain manufacturers de-listed from CGO
On the recommendation of Oil and Gas Regulatory Authority (Ogra), the government has disallowed the import of CNG cylinders being manufactured by 12 foreign companies.

Zardari assures Chinese investors of government’s full support
President Asif Ali Zardari has said that Pakistan was facing difficulties in meeting its energy requirements and the government was focused on building mega hydropower projects to meet energy requirements of the country.

Award of contracts to favourite firms: TI Pakistan seeks clarification from SSGC
Sui Southern Gas Company Ltd (SSGCL) has pre-qualified few contractors for pipe laying and distributed contracts amongst them without open bidding on a pre-determined rate.

Sindh Sales Tax Special Procedure (Withholding) Rules 2011 notified
The Sindh Revenue Board (SRB) has notified the Sindh Sales Tax Special Procedure (Withholding) Rules 2011, here on Wednesday.

SRB rejects FBR”s advice to banks
The Sindh Revenue Board (SRB) has out rightly rejected the FBR”s advice to banks and directed all service providers including banks, to pay Sindh Sales tax on services for month of July 2011 to Sindh government.

SRB notifies cut in rates of ST on services
Companies and individuals relating to franchise services would pay 10 percent of the value of the service, freight forwarding agents would pay Rs 400 per bill of lading, property developers and promoters would pay Rs 100 per square yard of land and Rs 50 per square foot of constructed covered area, instead of 16 percent of the value of the service, according to a notification issued by Sindh Revenue Board (SRB) on Wednesday.

Tax Year 2011: taxpayers desperately waiting for new return forms
The salaried individuals and commercial importers, exporters, suppliers, contractors, commission income earners, commission agents, CNG sector, owners of petroleum pumps, recipients of banks interest, etc, are desperately waiting for new income tax return and statement forms for Tax Year 2011 to be filed on or before the deadline of August 31, 2011.

UBL, TPL launch C-track financing
United Bank Limited (UBL) and TPL Trakker Limited have signed an agreement under which UBL Drive customers will be provided with the C-track financing facility, a statement said on Wednesday.

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