The Financial Daily : 2020-09-25

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NATIONAL Friday, September 25, 2020 FBR asks for 15% WHT instead of 10% collected by banks in 2019- 2020 ICCBS- KU and NDMA Islamabad inks MoU KARACHI: Internatio­nal Center for Chemical and Biological Sciences ( ICCBS), University of Karachi ( UoK) has signed a Memorandum of Understand­ing ( MoU) with the National Disaster Management Authority ( NDMA), Islamabad, says a Press release. The memorandum of understand­ing intends to support research, developmen­t, knowledge exchange and training in natural and human- induced disasters in the country. The spokesman of the ICCBS- University of Karachi said that the MoU was signed in a meeting held at the Prime Minister House, Islamabad on Wednesday. NDMA Chairman Lt. Gen. Muhammad Afzal was also present in the meeting. Prof. Dr. M. Iqbal Choudhary, Director of the Internatio­nal Center for Chemical and Biological Sciences on his behalf of the ICCBS and a member of the NDMA signed the agreement in the meeting. As per the agreement, both institutio­ns intend to collaborat­e and put in joint efforts towards building and strengthen­ing t he research, knowledge exchange and training capacity of the Isolation Hospital and Infectious Treatment Center ( IHITC) of NDMA. NDMA will facilitate vaccine trials related to COVID- 19 or any other infectious diseases approved under the trials approving authoritie­s. According to the MoU, ICCBS will build R& D and tra ining capacity at t he IHITC t o increase the capacity in all aspects of natural and human- induced disasters. On the occasion, Prof. Iqbal Choudhary said that ICCBS at the University of Karachi was an academic research and teaching institutio­n, which was recognized as KARACHI: The Union of Small and Medium Enterprise­s ( UNISAME) has expressed deep regret on the shocking demand of Federal Board of Revenue ( FBR) for recovery of 5% remaining withholdin­g tax ( WHT) from account holders from profits earned during last fiscal year July 2019 to June 2020, says a Press release. President UNISAME Zulfikar Thaver said the banks and financial institutio­ns were deducting 10% WHT on profit paid to their filer account holders during the period July 2019 to June 2020 The account holders have now learnt from their Income Tax Practioner­s ( ITP) that they were supposed to pay 15% and not 10% if their income on profit has exceeded Rs 500000 per annum The question raised by account holders is that why was the FBR sleeping all this time and did not clarify with the banks right in the beginning and creating this big burden on the account holders already burdened with highest ever inflation. Most of the people who depend See# 1 Page7 KARACHI: FPCCI Leader Mian Zahid Hussain presenting a shield to Convener Insurance Committee Dr Murtaza Mughal for his services rendered to insurance industry. Joint Director United Insurance Saif ud Din is also seen in the picture. Byco Petroleum reports 48pc increase in AGP to Rs2.9bn amid challenges KARACHI: Byco Petroleum Pakistan Ltd. ( BPPL) today reported financial results for the year ending June 30, 2020. During the year, despite facing a 15% fall in crude oil prices, Byco was able to limit the reduction in the company's gross sales by only 5%, from Rs 252 billion to Rs 239 billion in the previous year, through implementa­tion of prudent strategies, says a Press release. The company's gross profits, however, increased by 48% to Rs 2.9 billion from Rs 1.96 billion last year due to better pricing of crude cargos. The operating expenses remained within budget. Due to the Pak Rupee's depreciati­on, the company booked an exchange loss of Rs 514 million. Finance costs increased due to higher KIBOR rates. Consequent­ly, the company's net loss came in at Rs 2.43 billion, or Rs 0.46 per share, as compared to Rs 1.68 billion, or Rs 0.32 per share, in FY- 2019. The global energy industry in general and the oil refiners in Pakistan in particular are facing some of the most daunt- ing challenges ever. The rapid spread of COVID- 19 brought business activities to a standstill, pushed the global economy into a recession, decimated fuel demand, and reduced oil prices to historic lows. Oil demand in Pakistan fell by 35% following the nationwide lockdown in March and April. The continued decline in HSFO consumptio­n and prices both at home and abroad, significan­t exchange losses following the reduction in the value of the Pak Rupee against the US Dollar, weak fuel demand, and inconsiste­ncies in product pricing had a negative impact on the refining margins and the company's earnings. Despite facing unpreceden­ted challenges, Byco Petroleum Pakistan continued to focus on delivering a strong operationa­l performanc­e. The company's Isomerisat­ion Unit is running smoothly, converting Light Naphtha into MS and helping improve refining margins. The SPM facility continues to provide critical support to the refining operations and is now responsibl­e for nearly a quarter of Pakistan's total crude oil imports. Byco opened 19 new retail outlets during the year. Byco also successful­ly exported a parcel of HSFO which eased pressure on inventorie­s. The oil consumptio­n is expected to remain low as COVID- 19 ravages lives and economies around the world. In this difficult time, Byco Petroleum Pakistan will do its best to minimize the negative impact of the tough macroecono­mic environmen­t, strive to continue achieving operationa­l excellence, and upgrade its facilities to improve product quality and profitabil­ity. FY2020 was a very difficult year for both the local and global petroleum industry, due to the challenges posed by the global pandemic of COVID- 19 and the subsequent lockdown and general economic decline that followed. Byco displayed t remendous resilience to fare much better than many other industry participan­ts in the face of tremendous challenges of a very difficult operating environmen­t. KARACHI: President KUJ ( Burna) Anis Haider called on Sindh Informatio­n Minister Syed Nasir Hussain Shah to condole the death of his mother and offered Fateha. Pegasus to start flights to Turkey from today KARACHI: A low- cost Turkish carrier, Pegasus Airlines, is set to launch its flight operation to and from Pakistan as the Civil Aviation Authority ( CAA) has given the green- light to the airline's flights to land in the country. The Kurtköy- based airline's first flight to Pakistan will take off from a Turkey airport on Friday ( today) and will touch down at Jinnah Internatio­nal Airport, Karachi. Pegasus will operate four flights on the Pakistan- Turkey route in a week. The airline's flight will depart for Turkey from the Karachi airport on every Monday, Wednesday, and Sunday while from Karachi for Turkey on Sunday, Tuesday, and Saturday. Earlier on September 13, a Crawley- based British airline, Virgin Atlantic, had announced that it would launch flights to Pakistan from December 10 in a bid to facilitate the Pakistani diaspora in the UK. The airline has announced three routes to Pakistan from the UK i. e. London- Lahore, London- Islamabad, and Manchester­Islamabad. - TLTP Ramzi elected WCCI President unopposed EFP rejects handpicked nominees on Governing Board of SESSI: Suttar See# 3 Page7 Guccha now central chairman of PYMA KARACHI: Employers Federation of Pakistan ( EFP), outright rejects all the four handpicked employer nominees on SESSI Governing Body. These employers have been "nominated" by Commission­er SESSI which in itself a travesty of justice. This was stated by Ismail Suttar, President Employers Federation of Pakistan, says a Press release. In a Statement, EFP president said that the Governing Body monitors and controls the activities of SESSI and ensures that SESSI works diligently and in a tra nsparent manner. The Commission­er reports to the GB and it is ironic that he himself blatantly and unilateral­ly nominated employer representa­tives. This is a mala fide intent on the part of Commission­er because Section 5 of Sindh Employees Social Security Act 2016 does not empower the Commission­er to r ecommend nomination­s. He said that i t seems that t he Commission­er is dancing to the tune of t he Sindh Labor Minister and Secretary because he is well aware that EFP nominees have always safeguarde­d the funds that are contribute­d by employers for the benefit and welfare of the workers and ensured that corruption was minimized. Suttar while showing his disgust on the shenanigan­s adopted by the vested interests in SESSI and in the Labor Department added that with each passing day, the Labor Department is further mired in corruption, nepotism, wastage of resources, mismanagem­ent and abuse of power. He KARACHI: Shahid Akram Guccha was elected unopposed central chairman of Pakistan Yarn Merchants Associatio­n ( PYMA) while Muhammad Hanif Lakhany elected senior vice chairman for the year 2020- 21, says Press release. According to PYMA a n n o u n c e m e n t , Muhammad Farhan Ashrafi was elected as vice chairman for Sind & Balochista­n region and Kamran Ali Magon, vice chairman for Punjab & KPK region. The other members of executive committee from Sind & Balochista­n region are Altaf Haroon, Muhammad Noman Ilyas, Tanvir Ahmed, Abdul Samad Gaba, Waheed Umer, Bilal Buksh. Similarly, from Punjab & KPK r egion are Rehan Naseem, Nadeem Iqbal, Sh. Ahmed Tayyab, Awais Nisar, Muhammad Tahir, Khalid Ahmed and Jawad Asghar are elected the members of executive committee. PYMA AGM will be held on 29th September, 2020 at 3.30 pm. KARACHI: The results of WCCI Karachi South elections were announced here earlier t oday, with Shanaz Ramzi, CEO StarLinks elected unopposed as president for the year 2020- 2021. Other office bearers include Bissma Bader as senior vice president and Saadia Khaled as vice president, says a Press release. Ramzi has always worn many hats and is currently the charter president and immediate past president of Rotary Club of Karachi New Central, as well as assistant district governor for the year 2020- 2021. She is also the convener for FPCCI Central Standing Committee on Tourism Developmen­t and deputy convener for FPCCI Central Standing Committee on Media and Broadcasti­ng. She i s also founder and chairperso­n PREDA, an Associatio­n she has launched to provide a platform to all PR, event management, digital and activation companies in the country. See# 4 Page7 Corona positivity rate doubles in Sindh JSMU seeks fair probe in Dr. Amtullah case Imran Zakir Dr. Amtullah's close fellow Dr. Humayun Bashir informed ' The Financial Daily' that the Medico Legal report revealed her cause of death and now it's the responsibi­lity of our judicial system for proper proceeding of this allegedly preplanned murder which happened due to property dispute of 2000 sq. yards house in Shabirabad area within the family. He informed about her meeting in Rangers Facilitati­on Centre with Investigat­ion Officer of this case while a special team from Jamshoro also collected all forensic evidences from KARACHI: Warning against the reopening of schools, Sindh Health Minister Dr Azra Fazal Pechuho has said that the positivity rate in Sindh has doubled in the last few days. Talking to a private television channel on Thursday, Dr Pechuho said the coronaviru­s positivity rate "has increased from 1.5 percent to 3 percent" and that it is unwise to reopen schools in the current situation. The statement from the health minister is important in the backdrop of reopening of middle schools in the province from September 28 which were earlier scheduled to resume classes from September 21. The Sindh government had decided to postpone the reopening amid fears of a virus resurgence, however, classes from six to eight were resumed all over the country from September 23 after approval from the National Command and Operations Center ( NCOC). "A second wave of coronaviru­s has been predicted in the current situation," Dr Azra Pechuho said, adding that she had reservatio­ns about reopening the educationa­l institutes. "Do not rush to open primary schools! Pr imary schools must be given at least one to one- and- a- half months to reopen," the Sindh health minister warned. "It would be right to send children to school only when the situation [ related to the coronaviru­s pandemic] is clear," she added. - TLTP KARACHI: A growing sense of anger and insecurity in the Medical fraternity is rising up after the death of a highly qualified surgeon Dr. Amtullah Sheikh who found dead in his home leaving the question mark on our Criminal justice system stated by Dr. Mukaram Ali President of Jinnah Sind Medical University Alumni Associatio­n and head of Forensic department Dow University of Health Sciences in a meeting of the Alumni associatio­n of JSMU was held here Sunday to condole her tragic death, says a Press release. See# 2 Page7 SAF running 8 charitable schools in Karachi enrolling 2400 underserve­d students for over two years in collaborat­ion with GCT Shahid Afridi wants to join hands with Sindh Govt KARACHI: Crick et legend Shahid Afridi has appealed to the Sindh Government to join hands with him in his drive called "Educate a Child". The famous cricketer turned philanthro­pist made this appeal i n a joint st atement along with Zahid Saeed who is the CEO of his partner chari t y Green Crescent Trust ( GCT), says a Press release. The SAF has been running the eight charitable school i n Karachi enrolling 2400 underserve­d students for over two years in collaborat­ion with the GCT that in total runs 150- plus charitable schools i n Sindh having enrolment of 29,000 children of the needy families. "We have been working in the education sector for past six years while the GCT has 26 years' experience of educating children of the backward areas. So we as an alliance have the combined experience of 32 years to educate children of neglected areas of Sindh," said Shahid Afridi i n the joint statement. "Our alliance has the earnest desire to work with the Sindh government f or th is noble cause," he said. "We have been imparting education to children of t he neglected parts of Sindh for past 26 years but past six months have been seriously challengin­g for us due to the economic setback caused by the pandemic as survival of genuine charities like the GCT becomes a challenge," said GCT CEO Zahid Saeed in the statement. He hoped that concerned corporate sector and philanthro­pists would once again come forward to make sure t hat there would be continuity of education of 29,000 underprivi­leged students enrolled in the schools of his charity. The global sports and charity star Shahid Afridi said that he was glad that the alliance of SAF and GCT had been working in the most neglected and backward parts of Karachi as more efforts should be made t o educate children of such areas. "The more quality schools are built to educate children of the deprived areas the more talent we will have for the national developmen­t." "We have the will and resolve to adopt as many government­run schools as many we can t o upgrade them including Ibrahim Ali Bhai School in Federal B Area fr om where I did my matriculat­ion," said Shahid Afridi. He also appealed that the government and private schools should religiousl­y follow the g o v e r n m e n t - r e c o m m e n d e d Standard Operating Procedures ( SOPs) against the spread of coronaviru­s as any leniency in th is r egard will create ir reversible damage to the health of students and teachers and also to the cause of education that already has been under massive s t ress f or t he past over six months due to Covid- 19. Afridi, who is the Chairman of SAF, said that if the schools didn't follow the SOPs then there would always be risk that the government had to once more order closure of the educationa­l i nsti t utions if t hey emerged as a source of t he spread of t he coronaviru­s in Pakistan. He said that str i ct observance of SOPs would also be necessary because any violati on of the Covid- 19 safety precaution­s would endanger the health of millions of students, th eir families, t eachers, and other school staff. Also on the occasion, he appealed to the concerned donors, philanthro­pists, corporate sector and welloff persons to come forward and wholeheart­edly support the joint charitable drive of SAF and GCT to educate children of the needy families in Sindh. Zahid Saeed Said: "We have been sharing the burden of the state and the government as we str ive hard to enroll out- ofschool children in Sindh who are in mil li ons so every resourcefu­l person or organizati­on, which wants progress and develop ment of Pakist an, should support us with open heart." PRINTED AND DISTRIBUTE­D BY PRESSREADE­R PressReade­r. com + 1 604 278 4604 O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y . 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