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PSX plateau persists on virus, regional risks


PSX plateau persists on virus, regional risks
July 15, 2021
Stocks continued to crawl along the flatline on Wednesday as smart Covid lockdowns and geopolitical risks muted earnings’ excitement, traders said.
Pakistan Stock Exchange s (PSX) KSE-100 Share Index gained just 10.97 points or 0.02 percent to close at 47,491.47 points, touching an intraday high of 47,595.72 points and a low of 47,443.88 points.
Muhammad Arbash, analyst at Topline Securities, said, investor interest was witnessed in textile sector, where NML, NCL, GATM, and GADT emerged as major gainers; however, on the flip side TRG dented the index most (32 points).
Analysts said even earnings could not trigger the session. ....

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FBR mulls three-tier duty system for cigarettes


Business
May 1, 2021
KARACHI: A three-tier system to collect federal excise duty on production and supply of tobacco products has been finalised for reintroduction through Finance Bill, 2021, sources said on Friday.
Federal Board of Revenue (FBR) sources said the matter of massive duty evasion and prevalence of smuggled products had compelled the authorities to find a way to maximise documentation of manufactured products.
They said the tax authorities and stakeholders were mulling re-introduction of a three-tier system. The issue was discussed in detail after capturing all relevant data of the tobacco industry.
At present there are around 41 cigarette manufacturers in the country. However, two companies have 96 percent industry share in payment of duty and taxes. The FBR considered stakeholders’ budget proposals, which explained that existing higher duty and tax rates encouraged evasion and use of smuggled cigarettes. ....

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