News Brief

Hyundai Nishat Motor inks agreement with govt to enter cars market

ISLAMABAD (APP): Hyundai Nishat Motor, a unit of Nishat Mills, had entered in an investment agreement with the government of Pakistan to assemble and sell passenger and 1-ton commercial vehicles in the country, the company Friday said. The statement to Pakistan Stock Exchange (PSX) said the ground breaking ceremony of the plant had been planned next week on December 20 in Faisalabad, private news channel reported. The company would manufacture one ton vehicles in the country and the project was expected to get tax concessions under auto policy. Earlier on February 3, this year, an agreement was signed between Nishat Mills and Hyundai Motor Company of South Korea and Sojitz Corporation Japan for negotiating and establishing a framework for setting up a green field project for plant’s assembly and sales of passenger and one ton range commercial vehicles in Pakistan. According to the market sources, the investment would range from 400 million dollars to 500 million dollars.

In March 2016, the government unveiled its Automobile Development Policy 2016-2021, which provides various incentives for automakers entering the market, such as reduced import taxes on parts. PRA organises balloting for Amanat Scheme

LAHORE (Staff Reporter): The Punjab Revenue Authority (PRA) organised fresh balloting of Amanat Scheme (of the Restaurant Invoice Monitoring System) and handed over prizes to the winning candidates of the previously conducted balloting. Seeveral prizes including cars, motorcycls, Umra tickets, cell phones, tablets, LED television sets, and others were distributed among the winners at a ceremony held at 90 Shahrah-e-Quaid-e-Azam. The 16th, 17th and 18th balloting was performed while winners of 13th, 14th and 15th balloting were awarded prizes. Punjab Minister for Human Rights and Minorities Khalil Tahir Sandhu said the Punjab government is determined and working hard to build a society based on the principles of social and economic justice. The minister congratulated the PRA in introducing this innovative and exciting way for generating taxes and spreading tax awareness amongst the masses. PRA Chairman Dr Raheal Siddiqui said the success of RIMS can be gauged from the fact that more than 600 restaurants are now connected with the software in a very short time period.

He further said the credit of this tremendous success goes to Chief Minister Punjab Shahbaz Sharif and Minister Finance Dr Aisha Ghous Pasha.

The minister was of the view that the to collect tax is the most difficult thing, saying the gifting scheme linking to sales invoice is good step to motivate people to pay tax and contribute towards the development of the province. He said that it is mandatory in majority of the countries to bring people into tax net to achieve social sector development and so should be the case in Pakistan. CCRI Multan developing heat-resistant cotton varieties

MULTAN (APP): Central Cotton Research Institute (CCRI) Multan scientists were working on developing cotton varieties that can survive amid water shortage and extreme hot weather conditions. This was stated by Dr Zahid Mahmood, CCRI Multan director, while addressing a ceremony organized in the honour of a 22-member delegation of progressive farmers and cotton researchers from Sindh that reached CCRI Multan on a day long visit on Friday. The delegation was led by director water resources improvement project, World Bank, Dr Nisar Ahmad Memon and Chief Executive Engineer South Asian Conservation Agriculture Network Mushtaq Ahmad Gill. Dr Zahid facilitated the delegation to visit different sections of CCRI Multan and research farms. He said that new cotton varieties would soon be witnessed at farms of cotton growers. He said that CCRI Multan would soon organize a training and awareness programme for farmers of Sindh in cooperation with South Asian Conservation Agriculture Network.

Dr Nisar Ahmad, the director water resources improvement project said that farmers need to enhance their per acre yield and improve staple length to compete at the international markets.

 SECP tells listed firms to submit financial statements in PDF, MS Excel formats

ISLAMABAD (NNI): Consequent upon the promulgation of the Companies ACT, 2017, every listed company, in addition to file its annual financial statements, the auditors’ report, directors’ report and chairman review report through post, is required to send electronically a copy of the annual financial statements along with the aforesaid reports to the SECP. This provision has been added to the Act to ensure effective compliance by listed companies at a reduced cost. The SECP has designated an email address, i.e. financial.statements@ vide Circular No 24 /2017 for electronic transmission and advised all listed companies to transmit annual and quarterly financial statements both in ‘PDF’ and ‘MS Excel’ formats through email. However, it has been observed that in some of the instances listed companies have filed their annual and quarterly financial statements in either PDF or MS Excel formats, which is against the spirit of the provisions of the Act and the Circular.

Accordingly, all listed companies are hereby advised to ensure transmission of their annual and quarterly financial statements strictly in both PDF and MS Excel formats.

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