Month: April 2024

The Federal Board of Revenue (FBR) on Monday issued a new procedure for international oil suppliers for the import of crude oil and other petroleum products on foreign supplier’s accounts through customs-bonded storage facilities.

The FBR has notified SRO.568(I)/2024 to issue Import, Domestic Sale, and Re-export of Petroleum Products on Foreign Supplier’s Account under the Customs Bonded Facilities Rules, 2024 on Monday.

The foreign supplier shall have the option to establish its own registered business or operate through a subsidiary company registered in Pakistan. The procedure shall be followed for the import, domestic sale, and re-export of petroleum products by the consignee, FBR added.

According to the new procedure, the new rules shall apply to international oil suppliers, following the policy guidelines issued by the Federal Government, for the import of crude oil and other petroleum products on foreign supplier’s accounts through customs bonded storage facilities ratified by the Federal Cabinet.

O
il products’ import on foreign suppliers’ account: Decision not materialized due to delay in notification of SOPs

The import, domestic sale, and re1export shall be regulated in terms of the Import Policy Order, 2022 as amended vide SRO 1259(1)/2023 dated 07.09.2020 and Export Policy Order, 2022 as amended vide SRO 1260(1)/2023 dated 07.09.2023 and policy directions by Oil and Gas Regulatory Authority (OGRA) and State Bank of Pakistan (SBP).

The foreign supplier will be allowed to maintain an inventory of crude oil and other petroleum products in bulk in customs-bonded warehouses located anywhere in Pakistan, without foreign exchange remittances, pending its sale to local purchasers or its re-export therefrom to other foreign countries.

Source: Pro Pakistani

The Federal Board of Revenue (FBR) has extended the last date for filing of Sales Tax and Federal Excise Return for the tax period of March 2024, upto April 22, 2024.

The last date for filing of monthly sales tax return form was April 18, 2024.

According to the FBR’s instructions issued to the field formations on Monday, in exercise of the powers conferred under section 74 of the Sales Tax Act, 1990 and section 43 of the Federal Excise Act, 2005, the FBR has directed that the due date of submission of Sales Tax and Federal Excise Return for the tax period of March, 2024, which is due on April 18, 2024, is extended to 22.04.2024, FBR added.

Source: Pro Pakistani

EFU Life Assurance Limited (PSX: EFUL) has decided to combine with its health insurance subsidiary with effect from May 1, 2024, the company informed the main bourse on Monday.

‘The Board of Directors of EFU Life Assurance Limited has passed resolutions approving a scheme of amalgamation under Section 284(I) of the Companies Act, 2017, to amalgamate its wholly-owned subsidiary, EFU Health Insurance Limited with and into EFU Life. As such, as of the effective date of May 1, 2024, the entirety of EFU Health will stand merged with and into EFU Life,’ the stock filing stated.

EFUL is engaged in the life insurance business including ordinary life business, pension fund business, and accident and health business. It is a subsidiary of EFU General Insurance Limited.

Source: Pro Pakistani

The foreign exchange reserves held by the State Bank of Pakistan (SBP) remained stable on a weekly basis according to data issued by the central bank on Thursday.

On April 5, the foreign currency reserves held by the SBP were recorded at $8.040 billion, down $0.1 million compared to March 29 level.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $13.442 billion, up $62.8 million over the previous week.

The net reserves held by banks stood at $5.401 billion, registering an increase of $62.9 million during the week.

Bond repayment

It is pertinent to mention here that the repayment of $1 billion Pakistan’s International Bond on April 12, 2024 did not reflect in this week’s data. The current reserves held by the central bank are likely around the $7 billion mark.

However, Pakistan expects a $1.1 billion inflow from the International Monetary Fund (IMF) in the coming weeks that will once again push the reserves close to the $8 b
illion level.

Source: Pro Pakistani

A high-level Saudi delegation, led by Foreign Minister Faisal bin Farhan bin Abdullah, will visit Pakistan from 15 to 16 April 2024.

The delegation consists of Saudi Minister of Water and Agriculture, Eng Abdul Rahman Abdul Mohsen Al-Fadley, Minister of Industry and Mineral Resources, Bandar Ibrahim AlKhorayef, Deputy Minister of Investment, Badr AlBadr, Head of Saudi Special Committee, Mohammad Mazyed Al Towaijri, and senior officials from Ministry of Energy and Saudi Fund for General Investments.

The visit takes place essentially to expedite follow-up on the understanding reached between Prime Minister Shehbaz Sharif and Mohammad bin Salman during their recent meeting in Makkah Al Mukarramah to enhance bilateral economic cooperation between Pakistan and Saudi Arabia.

Last week, Saudi authorities agreed to increase deposits in the State Bank of Pakistan from $3 billion to $5 billion. This, and other initiatives are part of a broader agreement previously reached pertaining to discussions to invest $21 bil
lion in Pakistan. This includes establishing a $7 billion copper mine and a $14 billion oil refinery.

In April, ProPakistani first reported that KSA is poised to invest up to $1 billion in the Reko Diq gold and copper mine. Finance Ministry sources said at the time that as part of the deal, Saudi Arabia will buy shares of Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Government Holdings (Private) Limited in the Reko Diq mine.

The Saudi delegation is expected to hold meetings with the President, the Prime Minister, the Foreign Minister, counterpart Ministers, COAS, Apex Committee of SIFC.

This visit is aimed at lending positive impetus to enhanced bilateral cooperation and mutually rewarding economic partnership.

Source: Pro Pakistani