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The Federal Board of Revenue (FBR) team tasked to ascertain tax anomalies and the extravagance of the wedding ceremony of the Gujranwala-based industrialist’s daughter has submitted its report.

According to media reports, FBR has failed to establish any tax evasion in the lavish wedding ceremony that caught everyone’s attention.

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The Country Club administration, where the event was organized, also informed FBR that the club premises were booked for 15 days only, not for four months, as claimed in media reports. Rumors suggested that Rs. 2 billion were spent on the wedding.

The wedding that took place in Lahore from November 5 to 7 was graced by many showbiz personalities, including Atif Aslam, Abrar-ul-Haq, and Rahat Fateh Ali Khan. Esteemed religious scholar, Maulana Tariq Jameel, blessed the couple with a special dua following the Nikkah ceremony.

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The authority had swung into action after pictures and videos of the wedding ceremony went viral on the internet, inviting discussions on the money spent on one wedding.

The FBR had issued a notice under section 176 of the Income Tax Ordinance, 2001, to ascertain withholding tax, and sought a reply by November 16.

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Panther Tyres Limited has applied to be listed on the Pakistan Stock Exchange (PSX).

According to the notification issued by the PSX, the company has planned to issue 40 million ordinary shares using the 100 percent Book Building Method at a floor price of Rs. 47 per share. The issue comprises 40 million ordinary shares of face value worth Rs. 10 each.

Thirty million (21.42 percent of the total post-IPO paid-up capital) ordinary shares are being issued by Panther Tyres Limited, and ten million (7.14 percent of the total post-IPO paid-up capital) are being offered by Panther Tyres Limited’s sponsor, Mian Iftikhar Ahmed.

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Initially, 75 percent of the issue size (30 million ordinary shares) will be allotted to successful bidders, and 25 percent of the issue (10 million ordinary shares) will be offered to retail investors. Unsubscribed shares of the general subscription portion, if any, will be allocated to the successful bidders of the Book Building portion on a pro-rata basis.

The company wanted to raise funds for the expansion of its operations and businesses in the local market and the export segments. The total expansion cost was estimated to be Rs. 3.066 billion and was to be financed by a mixture of Debt and Equity in the Debt to Equity proportion of 37.5 to 62.5.

Panther Tyres Limited was the first to introduce the local manufacturing of tyres for two and three-wheelers in Pakistan and currently has a stronghold in the two and three-wheeler tyre market. Over time, the company expanded into other segments of the auto industry, including tyres for tractors, light commercial vehicles, trucks, buses, and earthmovers.

The company had claimed to be a market leader of motorcycle tyres in Pakistan for both the Original Equipment Manufacturer (OEM) and replacement markets. Due to quality certifications, Panther tyres are regularly exported to Asian, Middle Eastern, African, and European markets.

The company caters to the replacement market through its 500 direct business partners in the capacity of distributors and dealers, and 40,000 indirect business partners.

The contribution of replacement market sales, in the total sales of the company, is 75 percent. The growth of the replacement market depends on the growth of registered vehicles, which includes CBU imports and the sale of used vehicles. After sales from the OEM, the vehicles became part of the replacement market, thereby increasing its size every year.

Over the last four years (CY 2015 to CY 2019), the number of registered vehicles in Pakistan has grown at a Compound Annual Growth Rate (CAGR) of 12.0 percent from 18,502,109 to 29,051,874.

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The company exports motorcycles, tractors, rickshaws, LCVs, and truck & bus bias tyres and tubes to around twelve countries, and its proportion of export sales in the total sales has increased from 5.0 percent in FY 2017 to 7.6 percent in FY 2020. It was awarded the EU E-8 marked certification in 2018 for its exports to European countries.

The recent 38 percent devaluation of the Pakistani rupee against the American dollar over the last two years (FY 2019 and FY 2020) has made Panther Tyre Limited’s product pricing competitive in the international market, and its management believes that its growth momentum in export sales will continue in foreseeable future.

The company’s competitors – General Tyre Limited and Servis Industries – have already been listed at the PSX.

The PSX’s performance in 2020 has been impressive despite the COVID-19 challenges and lockdown. So far, Agha Steel Industries Limited, TPL Trakker, and The Organic Meat Company have been listed at the PSX whereas, Servis Global Footwear Company, Octopus Digital, and Panther Tyres Limited are in the queue to get listed.

The post Panther Tyres Ltd Becomes Pakistan’s 3rd Tyre Company to Go Public appeared first on .

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In a historic move, the Gilgit Baltistan government signed its first public-private partnership (PPP) deal with Industrial Promotion Services Company NPak, a commercial arm of AKDN, to build the first river power project in Gilgit Baltistan (GB), a 2.8 MW project in Hunza.

Talking to the media, the Advisor Finance government of Gilgit Baltistan Waqar Abbas Mondoq said that private sector engagement is pivotal for the development in Gilgit Baltistan. This is the first run of the river project in GB, and if it succeeds, the government will replicate future projects on the same model.

Gilgit-Baltistan has the potential to produce more than 45,000 megawatts of hydroelectricity. Pakistan’s total electricity demand from both residential and industrial is 25,000 MW. If the hydropower potential of GB is realized, it will not only meet all requirements of the country but put Pakistan in a position to export electricity to neighboring countries.

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This milestone will unlock the massive opportunities available in this region. Through the private sector-led growth model, the Gilgit Baltistan government will facilitate private sector investments in the region. Due to no legal cover for private sector investments, Gilgit Baltistan so far did not have any large scale investments. PPP will now provide a legal framework and facilitate large-scale investment in the region.

Gilgit Baltistan is currently relying on a 100 percent federal grant. The rollout of PPP will strengthen the revenue base of the GB government as well as reduce its dependency and burden on the federal government budget. The Advisor Finance further added that a significant number of investments will be routed to the region through PPP mode in tourism and other sectors.

The agreement was signed by CEO NPAK Mansoor Dhanani (Industrial Promotion Services) and Secretary Water and Power Govt. of GB Sajjad Haider. The signing ceremony was attended by Chief Minister Gilgit Baltistan, Chief Secretary Gilgit Baltistan, Director NPAK IPS, Advisor Finance Gilgit Baltistan, Additional Chief Secretary Gilgit Baltistan, and senior officials from both parties.

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The Asian Development Bank (ADB) has raised Rs. 1.83 billion Pakistan ($11.4 million) in the first issue of local currency Karakoram bonds through a multilateral development bank, of which Pakistan is a member.

A Karakoram bond is an offshore bond denominated in Pakistan rupees and settled in US dollars, and listed on a major stock exchange and settled through an international central securities depository.

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The international bond issue pays a 7.50% semi-annual coupon and matures in August 2023. The bonds were arranged by Citigroup Global Markets and sold to European asset managers.

The net proceeds from the sale of the bonds issue will be included in the ADB’s ordinary capital resources.

Previously, the ADB did not have local currency loans in Pakistan but this option will be offered in future projects as an alternative to dollar borrowing. It is anticipated that the ADB’s local currency loans will boost the development of the private sector in Pakistan.

“Engineering local currency solutions is both an art and a science,” said the ADB Treasurer, Pierre Van Peteghem.

“Not only must we marry investors’ demands with market conditions to achieve optimal currency and interest rates, but we must also dedicate time and resources to a close dialogue with the government to achieve the best possible outcome,” he added.

“The Pakistan rupee-linked Karakoram bond floated by ADB is an excellent initiative. I am confident it will have significant mutually beneficial outcomes for Pakistan and ADB,” said Abdul Hafeez Shaikh, the Adviser to Pakistan’s Prime Minister on Finance and Revenue.

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The Governor of the State Bank of Pakistan (SBP), Reza Baqir, congratulated the ADB team and affirmed his appreciation of the ADB’s support for Pakistan’s financial and economic development.

“ADB’s inaugural issue of Pakistan rupee-linked Karakoram bonds will help deepen the capital markets of Pakistan while channeling funding to vital economic sectors,” he said.

The ADB values the SBP’s support to facilitate its coordination with the government to successfully start this program.

The ADB is a regular borrower in the mainstream international bond markets. It has also led issuances in developing Asian countries as part of its efforts to promote local currency bond markets as an alternative to bank lending. The bank has issued local currency bonds in Indian rupees, Kazakhstan tenge, and Mongolian togrog this year.

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The Pakistan Cricket Board today confirmed England will make their first visit to Pakistan in 16 years when they will play two Twenty20 internationals in Karachi on 14 and 15 October.

England will arrive in Karachi on 12 October, and both sides will depart for India on 16 October for the ICC Men’s T20 World Cup at the end of the series.

The England and Wales Cricket Board (ECB) confirmed the tour on Tuesday evening following last month’s invite by the PCB for a short tour in January 2021.

Due to the non-availability of its top stars during that period as they will be busy in international cricket, the ECB proposed the short tour in October in the lead up to the ICC Men’s T20 World Cup, which was welcomed by the PCB.

England last toured Pakistan in 2005 when they played three Tests and five One-Day Internationals. The subsequent series between the two sides in 2012 and 2015 were played in the United Arab Emirates.

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PCB Chief Executive, Wasim Khan, said:

I am delighted to confirm that England will be touring Pakistan to play two T20Is in October 2021. This will be their first visit to Pakistan for 16 years and will open the door for both Test and white-ball tours in the 2022-23 season.

“The full-strength England squad will arrive at the backend of our home series against New Zealand. We also expect Australia to visit Pakistan for their FTP commitment in the 2021-22 season, with England returning for both Test and white-ball tours in the 2022-23 season.

“The October 2021 T20Is will allow the leading England cricketers to access and examine the world-class arrangements we will put together, which will give them further encouragement and confidence to not only return in 2022-23 but also express their interest in the Pakistan Super League, which has grown to become one of the top leagues in the world.

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“England’s visit to Pakistan for the 14 and 15 October 2021 T20Is will provide a further lift to our passionate fans, both in Pakistan and across the globe. The nation has waited patiently for cricket to return sustainably to Pakistan and the 2021 tours by South Africa, New Zealand and England will only ensure international cricket is played uninterruptedly.

“The enhanced progress made over the last two years has been down to nurturing relationships with various cricket boards and international players, as well as building trust and confidence.

“The ECB’s confirmation further endorses Pakistan as safe and secure. Importantly, this announcement speaks volumes for the relationship that we have with the ECB and I would like to thank the ECB for their strong will and desire to make this short tour a reality.

“England’s visit in 2021 is an outcome of the PCB’s efforts and hard work to ensure Pakistan cricket continues to move in the right direction.”

ECB Chief Executive, Tom Harrison, said:

It’s a real pleasure to announce that the England men’s T20I squad will be playing in Pakistan in October 2021. This will be first time since 2005 that an England team has toured Pakistan and, as such, it represents a significant moment for both nations.

“As was demonstrated this summer, we have a strong relationship with the PCB, and the ECB is delighted to be able to play our part in ensuring the safe return of international cricket to this wonderful nation of passionate cricket fans.

“As always, the safety and welfare of our players and staff will be paramount. We are working closely with the PCB to ensure all the necessary plans are in place, especially concerning the anticipated levels of security around the team, the proposed travel protocols and of course the situation regarding the fast-moving and ever-changing COVID-19 pandemic.

“The two-match series will serve as ideal preparation for the England team leading into an ICC T20 World Cup taking place in India during October and November 2021.”

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British High Commissioner to Pakistan, Dr. Christian Turner, said:

“My goal since arriving in Pakistan has been to welcome the England Cricket Team back. 16 years of waiting is over, and I am delighted that England will play here in 2021.

“A lot of hard work behind the scenes has gone into making today’s news possible and I would like to thank everyone involved. International cricket needs the great stadiums of Pakistan full again – and this tour will do that. UkPakDosti Zindabad!”

The post Official: Full-Strength England to Tour Pakistan in October Next Year appeared first on .

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The State Bank of Pakistan (SBP) has allowed non-resident Pakistanis and non-residents holding Pakistan Origin Cards (POC) to open Foreign Currency Value Accounts (FCVA).

POC holders are former Pakistani citizens who do not hold Pakistani nationalities but have remained Pakistani citizens their entire lives. They enjoy visa-free entry into Pakistan and can buy property here. Now, they can also open local bank accounts and invest in various ventures. For this, the banking regulatory has issued amended instructions regarding the foreign currency value account (FCVA) in a recent circular.

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Moreover, under the foreign exchange manual, banks are required to report inward remittance transactions (excluding family maintenance and exports) that exceed $10,000 on Form R to the SBP. Form R is a declaration regarding receipts above Rs10,000 for purposes other than exports and family maintenance.

“It is advised that instead of asking the customer to provide duly filled in Form ‘R’, the bank receiving remittances in FCVA exceeding $10,000, or the equivalent thereof, may digitally obtain the information, required for filling Form ‘R’, from the customer/remitting bank, if not already available in the transaction detail, for the purpose of reporting of transactions to the SBP,” the circular added.

A person seeking to purchase foreign exchange must lodge an application with an authorized dealer (banks and exchange companies) on Form M to get approval to effect outward remittances.

However, in the case of Non-Resident Value Accounts (NRVA), as no approval is required for NRVA holders to repatriate funds from his/her account, Form M will not be required for payment/repatriation of funds from NRVAs.

Nonetheless, authorized dealers/banks will continue to report outward remittances under the specified purpose code through monthly foreign exchange returns to the SBP as per the existing procedure.

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