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Category: Business

  • Pakistan exports record 5.7 million tons of cement

    Pakistan exports record 5.7 million tons of cement

    The cement sector in Pakistan has reported the highest ever monthly sales in October 2020.

    According to the data released by All Pakistan Cement Manufacturers Association (APCMA), 5.735 million tons of cement was exported in October.

    The domestic sales of cement in October 2020 increased by 15.83 per cent to 4.859 million tons from 4.195 million tons in October 2019, while exports registered an increase of 11.58 per cent, increasing to 875,266 tons from 784,433 tons in the same month last year.

    In the north region, domestic cement despatches increased by 15.53 per cent to 4.165 million tons during October 2020 from 3.605 million tons in October 2019. Exports from the north increased by 8.54 per cent to 0.283 million tons in October 2020 from 0.261 million tons in October 2019.

    There has been positive growth in the southern region as well where the domestic cement despatches increased by 17.70 per cent to 695,221 tons from 590,690 tons in October 2019. Exports from the South continued to grow and increased by 13.09 per cent to 591,877 tons in October this year from 523,353 tons in October 2019.

    In the first four months of this fiscal year, 19.321 million tons of cement was despatched, which is 19.89 per cent higher than the first four months of the last fiscal year.

    Total cement dispatches during the first four months of the current fiscal year increased by 19.89 per cent to 19.321 million tons from 16.116 million tons in July-Oct 2019. Domestic despatches registered a healthy increase of 17.94 per cent, increasing from 13.315 million tons to 15.704 million tons.

    Exports also showed encouraging growth increasing by 29.15 per cent from 2.8 million tons to 3.617 million tons.

    In the South (Sindh-Balochistan) the domestic growth remained healthy at 12.08 per cent as consumption in the first four months increased from 1.860 million tons to 2.085 million tons this year.

    The exports from the south posted a growth of 46.56 per cent in the first four months of this fiscal which increased to 2.712 million tons from 1.85 million tons during Jul-Oct 19.

  • Imported sugar to be sold at Rs83.5 per kg in Lahore markets

    Imported sugar to be sold at Rs83.5 per kg in Lahore markets

    A consignment carrying 779 metric tons of sugar reached Rawalpindi from the Karachi port on Wednesday following a month-long sugar crisis. The new stock will be sold in markets at Rs 83.5 per kg.

    Sugar was previously sold at Rs 110 in the open market, and at Rs 70 in utility stores. However, utility store outlets were selling 5 kg bags of sugar instead of 1 kg packs.

    Additional Deputy Commissioner (ADC) General Zaheer Anwar Jappa told the media that distribution to vendors has begun.

    He said that “the district administration will ensure that the sugar would be sold at the prescribed rate. Jappa added that more sugar will reach the market later this month as the sugarcane crushing season starts on November 10.

    The government decided to import sugar to overcome the ongoing crisis. As per details, the current stock will be enough for some months.

    Meanwhile, price magistrates have raided 769 shops in the district and fined Rs. 250,000 to 122 shopkeeper for overcharging.

    “Any shopkeeper found overcharging will be sent to jail and their shops will be sealed immediately,” he added.

    The Lahore district administration has also notified retailers that imported sugar will be sold at Rs. 83.5 per kg in the markets. Deputy Commissioner Mudassar Riaz issued the notification, which said that the imported sugar will not be sold commercially, or to wholesalers.

    All price control magistrates have been asked to implement the notification immediately.

  • Here’s how you can file your income tax in Pakistan

    Here’s how you can file your income tax in Pakistan

    One of the major reasons behind tax gap due to a lower number of tax filers, especially in Pakistan, is lack of awareness as there are numerous benefits of being a filer that most self-employed and salaried individuals don’t know about.

    Do you wish to avail better services at airports or excise offices? Want to buy a new car at an affordable price?  Or even that top-tier piece of real estate at a lower rate? Want to enjoy a minimal withholding tax on all your banking transactions? Or did you recently suffer a loss in your business and are in dire need of a tax waiver?

    If your answer to even any one of these questions is ‘yes’, you immediately need to start filing your tax returns and wealth statement.

    You might have thought of becoming a filer but later changed your mind because:

    • It’s a very complexed process
    • “My employer deducted it, so why should I even bother?”
    • Lack of knowledge and awareness regarding this matter
    • “We are already paying tax through indirect mean”
    • “Who cares? It’s Pakistan”

    Being a tax illiterate can hold you back from getting so many benefits, this article will surely get you on your way to becoming a filer.

    Filing your tax returns and wealth statement is beneficial for both you and your government.

    And here’s how you can start doing so.

    Step 1: Know FBR’s Instructions for Filing Taxes in 2020

    Before we get to how to register online as a tax filer and submit your returns, it is important to go through the Federal Board of Revenue’s (FBR) recent instructions on how to file your tax return.

    Take a look of the tax slabs for salaried person for tax year 2020/2021

    Step 2: Get Registered with FBR E-Enrollment System Online

    You can get registered with FBR here and start filing your tax returns online. Previously, FBR used to have separate portals for individuals and companies. But now, they have simplified it further for everyone.

    To get enrolled, you only need to click on “Registration for Unregistered Person” or “E-Enrollment for Registered Person“. It will ask for your CNIC number and phone number (which has to be registered under your own name).

    Step 3: Prepare and Submit Your Tax Documents

    Once signed up, you’ll see a few categories on the left. Go to the registration document in the drafts folder and fill it. When you have filled it and submitted it, FBR will confirm your account and you will be able to submit your tax returns and wealth statements.

    If going online is not an option for you, then you can manually file your returns on paper at Taxpayer Facilitation Counters of your respective Regional Tax Office. Paper Return Form can be downloaded from FBR’s website as well or you can file your tax return through Tax Asaan App.

    You can also consult this video for any further details.

    There are few things you need to know before becoming a filer, watch this video to know about all those things:

    What happens if you don’t file your taxes?

    Your Income Tax Returns will not Be Entertained if:

    Under section 182(1), individuals and companies need to make sure that they don’t fill in wrong details in their forms, failing which will result in penalties for the concerned parties.

    • CNIC should not be missing or incorrect or invalid
    • Mandatory fields marked by * shouldn’t be empty
    • Returns should be duly signed by the taxpayer or his representative (as defined in section 172 of the Income Tax Ordinance, 2001)
    • Returns should be filed in the prescribed form and format

    As announced by the government in a press conference, the due date for all income-tax return (ITR) for FY 2019-20 has been extended from July 31, 2020, and October 31, 2020, to December 8, 2020.

    This guide is not meant to be used as an exhaustive resource, however, it does explain the first step for people who are looking to contribute to Pakistan’s well-being and become responsible citizens.

  • Suzuki increases bike prices for the fourth time in 2020

    Suzuki increases bike prices for the fourth time in 2020

    Pak Suzuki Motor Company Limited (PSMC) has increased the prices of its bike for the 4th time this year.

    The first price increased in January and the second came in July. The third one happened a few months ago and the recent one happened to be the fourth.

    The automakers said that depreciating local currency and the COVID-19 has impacted the sales of bikes. The cause of the recent price increase is to meet the operational expenses of the company.

    Though business has started getting normal in recent months after the ease of lockdown, and the rupee has also shown strength against the dollar, prices continue to increase.

    It is pertinent to mention here that PSMC has recorded a quarterly loss in the 3rd quarter of 2020, marking it to be their 8th consecutive quarterly loss.

    It bears mentioning that PSMC has recorded a quarterly loss in the 3rd quarter of 2020, marking it to be their 8th consecutive quarterly loss.

    In the bike segment, Atlas Honda remains the undisputed king in terms of sales figures, whereas Yamaha is also faring well, although official sales figures are not yet known. PSMC, with its limited product lineup and sky-high prices, continues to struggle to establish itself as a strong competitor for Honda and Yamaha.

  • Pakistan’s decision to lift lockdown early helped boost exports: report

    Pakistan’s decision to lift lockdown early helped boost exports: report

    Pakistan’s decision to loosen pandemic restrictions early has helped the country’s exports emerge stronger than its South Asian peers, Bloomberg reported on Saturday.

    Bloomberg reported that outbound shipments have grown at a faster pace than Bangladesh and India as textiles, which account for half of the total export, led the recovery.

    The country saw total shipments grow 7 per cent in September, compared with New Delhi’s 6pc and Dhaka’s 3.5pc.

    It stated that Prime Minister (PM) Imran Khan’s administration was the first in the region to ease pandemic restrictions, allowing export units to reopen in April, a month after locking them down to stem the spread of Covid-19. This helped draw companies from the South Asian nation.

    “Pakistan has seen orders shifting from multiple nations including China, India and Bangladesh,” the report quoted All Pakistan Textile Mills Association (APTMA) Secretary General Shahid Sattar as having said. “Garment manufacturers are operating near-maximum capacity and many can’t take any orders for the next six months.”

    Even as lockdown curbs disrupted trade in India and Bangladesh for at least two months beginning late March, Pakistan was already making face masks and personal protective gear for export.

    The South Asian nation also gained some orders from companies looking to diversify their supply chains amid the trade war between the U.S. and China, the world’s top textile exporter, despite factories there reopening as early as April.

    “This war between two giants has given us new opportunities in polyester-cotton products,” the report quoted the nation’s largest textile maker, Nishat Mill’s Garment and Home Textile Operations Head Khalid Mehmood having said. “So there is a six-month slot for Pakistan now to capture the maximum number of customers who were China-based.”

    Executives from Nishat Mills and Interloop Ltd, one of the world’s largest manufacturers of socks that counts Nike Inc. and Adidas AG among its clients, said they have seen some orders diverted to them from China.

    Meanwhile, Gadoon Textile Mills Ltd. received orders redirected from Bangladesh, the world’s second-largest apparel exporter, and India, the third-largest textile exporter.

    “The orders we were exporting to Europe and the US have not recovered,” Gadoon Chief Financial Officer (CFO) Muhammad Imran Moten said during an analyst briefing. “But the diversion of orders from China and Bangladesh is the compensating factor.”

  • Chitral to get its first five-star hotel

    Chitral to get its first five-star hotel

    National Tourism Coordination Board (NTCB) Chairperson Syed Zulfiqar Bukhari has initiated the development work of the first five-star hotel in Chitral.

    The hotel ‘BeJaan’ is being built under the public-private partnership, and will cost $30 million.

    The hotel will have 80 bedrooms, two restaurants, and a hall with a 500-person seating capacity.

    Anwar Aman, an overseas Pakistani who is the sole investor in the project, has named the hotel after his mother ‘BeJaan’.

    The hotel will not only provide state of the art accommodation and dining facilities to tourists but will also create employment opportunities for the locals.

    While addressing the groundbreaking ceremony, NTCB Chairman said that the government has taken numerous measures to facilitate the private sector to actively participate in promoting tourism across the country.

    He added that the PTI government has also formulated a comprehensive plan to project Pakistan as a customised brand all over the world.

    Besides, NTCB is also preparing to launch a dedicated e-portal that will promote Pakistan’s tourist attractions worldwide.

  • Facebook to launch free website builder

    Facebook to launch free website builder

    Facebook is planning on launching its own free website builder and paid web hosting service.

    The news was officially announced in a blog post by the company. According to Facebook, this new service will be beneficial for all the startups and medium-sized firms, who are looking for a cost-friendly and reliable services.

    They are also looking forward to provide a new option for businesses to manage their WhatsApp messages via the hosting services that will be provided by Facebook. This option will make it easier for all the small and medium-sized business to get started. They can now sell their products, manage almost everything and respond to the messages they receive. They will easily communicate with their employees and customers.

    Apart from making the hosting service available in a few months, it also plans on introducing ways purchase directly through WhatsApp chats. The compatibility with the existing e-commerce will be monitored, this will make things easier for retailers.

  • Here’s why you should market your business on social media

    Here’s why you should market your business on social media

    With emerging technology, social media is one of the best platforms to market your business. You don’t have to miss this phenomenal marketing strategy for your business growth. Here are some of the best reasons to market your business on social media.   

    1. Increased brand awareness 

    The best approach to discover the needs of your clients than directly speaking with them, is marketplace awareness. Market place awareness is to enhance your ability to assess the entire marketplace from a macro level. Primarily, the basic way to analyze this is to use Google keyword planner and Google trends. Google keyword planner will tell you how aware the market is on a very basic level. Implementing the right strategy will greatly increase your brand recognition since you will be dealing with a broad audience of consumers.

    2. Engaging with your customers

    Social media is the best route for drawing in and communicating with clients. Focusing on your social presence is extremely important. Moreover, you need to ensure that you have quality content. posting visual content (Photos/Videos) is a plus, you are more likely to grab customer’s attention through it.The more you interact the more possibilities you have of knowing their mindset, you can conduct polls and interact via comments. Set up a two-way communication with your intended interest group so their desires are known and their interests are satisfied easily. Besides, correspondence and commitment with clients is one of the approaches to win their consideration and pass on your message.

    3. Cost-effective

    Social media is one of the most cost-effective digital marketing methods used to market your product and increase your business visibility. Just by contributing minimal expenditure and time, you can essentially generate revenue. Invest less and gain more. All you need to invest is your time in creating quality content and interact with your customers. It will cut your marketing costs without sacrificing results.

    Improved brand loyalty

    The main goal of every business is to develop a loyal customer base. Customer satisfaction and brand loyalty go hand in hand, considering this it is very important to engage with your customers regularly for effective bonding. Delivering value to your customers should be your priority. Also, make sure that your brand is consistent.

    It is clear that social media marketing has its own advantages, so what are you waiting for? People who need to know about your brand/business are mostly using social media and your call will surely reach them with the right marketing strategies and approaches.

  • Funds worth Rs3 trillion misused in Naya Pakistan’s power division

    Funds worth Rs3 trillion misused in Naya Pakistan’s power division

    The Auditor General of Pakistan (AGP) has unearthed misappropriation of public funds worth around Rs3 trillion in the power division during the first year of the Pakistan Tehreek-e-Insaf (PTI) government.

    According to reports, the AGP has found huge irregularities, mismanagement, misappropriation and embezzlement, which it has highlighted in its report for the audit year 2019-20 that has been laid before the National Assembly after a delay of almost eight months.

    The AGP has also put question marks over sustainability of the power sector under the current state of affairs, governance shortcomings and weak financial and administrative controls.

    In particular, the country’s top auditor highlighted a total of 318 cases in the accounts of the power division and its associated entities in which Rs2.965tr worth of public funds had been misused. In its key findings, the AGP said 64 varied irregularities of more than Rs107 billion pertained to the procurement of electrical equipment, civil and electrical works, consultancy services and contractual mismanagement, Dawn reported.

    The AGP also highlighted recoveries of more than Rs2.5 trillion and pointed out 108 other cases of violation of internal rules and regulations of the audited entities involving Rs64 billion. In another 50 cases, violations of regulatory laws and regulations involving Rs184 billion were unearthed while a loss of more than Rs4 billion was reported due to fraud, embezzlement, misappropriation and theft in 21 cases.

    In four cases, irregularities of Rs1.2 billion were reported on account of the management of accounts with commercial banks and Rs263 million worth of 21 cases were highlighted pertaining to human resource regularities.

    On top of these major findings, the AGP also expressed dissatisfaction over the performance of power distribution companies (DISCOS) in reducing transmission and distribution (T&D) losses. It said the DISCOS suffered Rs240 billion losses on account of 18.3pc (at the rate of Rs13.06 per 1pc loss) T&D losses in FY2017-18, which increased to Rs276bn in 2018-19 on account of 17.7pc T&D loss at the rate of Rs15.18 per 1pc loss. This meant that even though a minor reduction of 0.6pc was achieved in technical loss that year, it was overturned by the tariff increase.

    Moreover, since the regulator had built the cost of 15.8pc losses to consumer tariff, the DISCOS still suffered losses worth Rs72 billion in these two years even after recovering the cost of such high losses from consumers.

    The audit noted that accounting of material was not being done by the field staff as per procedure and hence opportunities rose for leakage and loss. Many reports mentioned maintenance and monitoring of feeders which were not populated, resulting in poor management of feeder losses.

    Internal controls in the important areas of cash reconciliation and revenue collection were also found unsatisfactory and fraud in payment of pension in the DISCOS of Peshawar and Lahore and revenue fraud in the Islamabad Electric Supply Company (IESCO) were also highlighted. “Despite having an internal audit (in the power division), recurrence of frequent irregularities made its effectiveness questionable”, the AGP said.

    The Discos billed 93,887 million units to consumers in FY2018-19 worth Rs1.342tr and a recovery of Rs1.061tr was made, indicating a recovery rate of 79.06pc. The shortfall resulted in less receipt of recoveries by the DISCOS. “Revenue shortfall in the DISCOS showed managerial inefficiencies and policy bottlenecks constraining CPPA (Central Power Purchasing Agency) to pay-off its energy procurement liabilities”.

    The audit noted an improvement of one per cent in the revenue recovery in the previous fiscal 2017-18 but expressed concern that a recovery shortfall of 21pc posed significant operational challenges for the DISCOS, besides highlighting that total receivables from running and dead defaulters amounted to Rs572 billion in June 2019, which added to the financial crunch in the power sector.”

  • France urges Muslims to stop boycott of French products over blasphemous cartoons

    France has urged Arab countries to stop calls for boycotts of French products, while President Emmanuel Macron vowed the country would never give in to “Islamic radicals”.

    The French Foreign Affairs Ministry said in a statement released on Sunday that in recent days there had been calls to boycott French products, notably food products, in several Middle Eastern countries as well as calls for demonstrations against France over the publication of satirical cartoons of Prophet Muhammad (PBUH).

    “These calls for boycott are baseless and should stop immediately, as well as all attacks against our country, which are being pushed by a radical minority,” the statement said.

    On Sunday, Macron tweeted, “We will not give in, ever to Islamic radicals.”

    “We do not accept hate speech and defend reasonable debate,” the French leader added.

    Calls to boycott French goods are already growing in the Arab world and beyond after Macron criticised Islamists and vowed not to “give up cartoons” depicting the Holy Prophet (PBUH).

    Macron’s initial comments, on Wednesday, had come in response to the beheading of a teacher, Samuel Paty, outside his school in a suburb outside Paris earlier this month, after he had shown the blasphemous cartoons during a class he was leading on free speech.

    With the French president pledging to fight “Islamist separatism”, which he said was threatening to take control in some Muslim communities around France, hashtags such as the #BoycottFrenchProducts in English and the Arabic #ExceptGodsMessenger trended across countries, including Pakistan, Kuwait, Qatar, Palestine, Egypt, Algeria, Jordan, Saudi Arabia and Turkey.