Top 7 positive news updates of Pakistan [31 Dec 2020]

  • In this post, we’re going to take a look at the top 7 positive stories of Pakistan from Dec 31th, 2020. 
  • world-famous multinational company of furniture and home appliances “IKEA” will soon start selling its products in Pakistan.
  • The Federal Board of Revenue (FBR) has made major changes to the cash transaction reporting system.
  • 2021 will be the year of increase in exports due to the establishment of new industries and expansion of existing ones, anchorperson Kamran Khan.
  • Pakistan is ranked 108th out of 190 countries in the World Bank’s rankings from 140th to 108th.
  • PM Imran Khan has given the gift of the year 2021 to the construction industry. He said that the fixed tax regime of the construction sector has been extended till December 31, 2021.
  • Federal Board of Revenue has registered 218 temporary projects with an investment of Rs 88 billion.
  • Minister for Science and Technology Fawad Chaudhry said that initially 1.2 million doses of vaccine would be procured for Pakistan from Chinese company Synoform.
  • For more positive news of Pakistan, visit the Naya Pakistan section of our website

Top 7 positive news updates of Pakistan [31 Dec 2020]

#1 Well known international furniture company “IKEA” is ready for entry in Pakistan

The first positive news update:

The world-famous multinational company of furniture and home appliances “IKEA” will soon start selling its products in Pakistan.

According to the international news agency Arab News, Pakistan’s ambassador to Germany Dr. Muhammad Faisal said that he met Dieter Metka 2 days ago who belongs to the famous company IKEA and he is leaving Germany to take over the operations of his company in Pakistan.

In a message on the social networking site Twitter, Dr. Muhammad Faisal said, “I have met with IKEA’s Dieter Metka. He will be in charge of IKEA’s operations in Pakistan. We are waiting for our stores to open in the cities. ”

It should be noted that IKEA is the world’s multinational company that manufactures and sells ready-to-assemble furniture, kitchen appliances and home accessories.

In 1943, Angwar Compard, a 17-year-old boy, founded “IKEA”, which became famous all over the world. From 2008 to date, the company has become the world’s largest retailer in the furniture industry.

IKEA started its operations in Asian countries in the 2000s and opened its first store in India in 2018.

The company is considered a low-cost market brand in developed countries, while in developing countries where low prices are common, the company targets the middle class who strive to adopt an international standard of living.

#2 Anti Money Laundering: Registering a home, car or cash purchase is mandatory

The second positive news update:

According to a private TV channel, the Federal Board of Revenue (FBR) has made major changes to the cash transaction reporting system. The reason is to stop terror financing and money laundering in the country. Under the law, payments over Rs 2 million must be reported to the FBR.

Under the new rules, real estate agents are required to report to the FBR if they buy or sell property worth more than Rs 2 million. Otherwise severe punishment will be given under the relevant laws.

Penalties will be imposed under the new rules under the FATF, real estate agents will include builders, developers, property brokers and dealers. In addition to these four, the associated business lines will also be bound by the rules.

The law requires citizens to register a cash purchase of a home or property. According to which all state developers will be required to report cash transaction in case of cash, will be required to report sale and purchase of house or property for more than Rs 2 million cash while purchase and sale through bank will not be required to report currency transaction.

#3 What will the new year look like for the establishment of new industries and exports in Pakistan?

2021 will be the year of increase in exports due to establishment of new industries and expansion of existing ones, anchor person Kamran Khan.

In terms of industrial development in Pakistan, 2021 will be a wonderful year in terms of establishment of new industries and expansion of existing industries. The main reason for this is the reduction in interest rates and on the other hand the SBP has introduced an attractive scheme called terf.

Kamran Khan, a senior journalist and anchor person, said that under this scheme, loans have been provided to industrialists at very low interest rates. This will help in the establishment of new industries and expansion of old industries.

Giving information about the new scheme TERF (Temporary Economic Refinance Facility) introduced by SBP, Kamran Khan said that this scheme is being highly appreciated. On the other hand, there is the ongoing LTFF scheme under which loans are being provided for setting up new industries and purchasing machinery.

Kamran Khan said that looking at the results of these schemes, it seems that next year will be a very encouraging year in which exports will increase as 500 industrialists have so far borrowed more than Rs 500 billion under the TERF scheme. Have applied. Out of which about 300 projects worth Rs. 250 billion have been approved.

These include projects related to textiles, construction, auto industry and pharma, Kamran Khan said. Industrialists are buying machinery worth billions of rupees, on the other hand, industrialists are also benefiting from long-term financing facilities.

He said that in November 2020, the volume of private sector loans has reached 6,235 billion. As a result, the prices of industrial plots in industrial areas have multiplied. Because industrialists are looking for plots to set up new industries.

#4 Significant improvement in Pakistan’s position in terms of business facilitation

 

Business facilitation continues to grow in Pakistan .The government’s serious efforts to create business facilitation have begun to falter, which has led to Pakistan being ranked 108th out of 190 countries in the World Bank’s rankings from 140th to 108th. With the launch of the online business portal in February-March 2021, Pakistan will be among the top 90 economies in the world.

Muhammad Mukarram Jan Ansari, Additional Secretary, Board of Investment, while addressing an important conference on Pakistan Regulatory Modernization Issue, said that a meeting on Pakistan Regulatory Modernization Issue was held on June 24, 2019 under the chairmanship of Prime Minister Imran Khan, in which it was decided to set up a steering committee. The committee was tasked with creating as many facilities as possible to make it a success.

He said that PRMI had decided to first integrate the system online to achieve its core objective of improving business facilitation and hoped that people would invest more and more.

By integrating the business system, the ten steps for new business start-ups have been reduced to five, as well as the reduction of the period for not getting permission, registration of property and acquisition of electricity connection, and payment of taxes online. The duration of has also been reduced.

He said that in order to improve and facilitate the system, the concerned agencies of the federal and provincial governments have been included in the consultation, while 60 agencies are working on institutional issues, the number of which is being reduced. In order to provide one window facility to all new business start-ups under one roof.

Elaborating on the efforts of PRMI so far, Additional Secretary Board of Investment Muhammad Mukarram Jan Ansari said that the introductory session was being conducted online due to Corona while the Faisalabad Chamber of Commerce Will also visit other leading chambers, including Industry and Industry, for direct consultation.

The introductory session was also attended by the Executive Member of Faisalabad Chamber of Commerce and Industry Abdullah Qadri, Mian Tahir Yaqub and Secretary General Malik Abdul Qayyum along with the staff of Research and Development.

#5 Prime Minister Imran Khan gave a gift of 2021 to the construction industry

Prime Minister Imran Khan gave a gift of 2021 to the construction industry

Prime Minister Imran Khan has given the gift of the year 2021 to the construction industry. He said that the fixed tax regime of the construction sector has been extended till December 31, 2021.

This was a great demand of the construction sector and it has also extended the period of not asking for sources of income for investment. Commenting on the construction sector, he said that in April we gave business concession to the construction sector in which 186 billion projects have been registered in FBR so far, 116 billion are still above draft, in Punjab besides. 163 billion has already started while the approval process of Rs. 136 billion is underway.

In Punjab, it will start an activity of Rs 1,500 billion, which will create 2.5 million jobs.

Similarly, work is underway in Khyber Pakhtunkhwa and Balochistan. Gave packages to the construction sector so that the salaried class who could not build houses can also build houses. For the first time in Pakistan, banks are financing the construction of houses. Banks have allocated Rs 378 billion for the construction sector till December 2021. The government has given subsidy on houses.

 

The interest will be 5% on a five-marla house and 7% on a 10-marla house. Our government will subsidize the poor on a low grant of Rs. 30 billion, under which we will first give a grant of Rs. 300,000 per household for one lakh houses. “For the first time in our government, cities are becoming master plans,” he said. New master plans are necessary because the city is expanding, so is the problem of food security, agricultural lands are shrinking, so master plans are necessary.

More importantly, land records are being digitized. Karachi, Lahore and Islamabad will be digitized by August. More than ever our construction industry was waiting, this was a big demand of the construction sector.

The good news for the year 2021 is that the construction sector has extended the fixed tax 31 regime till December 2021, another extension, for investment till 30 June 2021, the project which was to be completed on 30 September 2023 has been extended for one year .He said that the economic situation in the world was severely affected due to Corona, but it opened up the construction industry in Pakistan, which did not have a negative impact on the economy.

#6 Federal Board of Revenue has registered 218 temporary projects with an investment of Rs 88 billion

The Federal Board of Revenue has registered 218 temporary projects with an investment of Rs 88 billion

With the deadline approaching, the Federal Board of Revenue (FBR) under the Prime Minister’s package for the construction industry has invested Rs 380 billion in 330 projects worth Rs 121 billion. A further 218 temporary projects have been registered.

At the same time, according to the report, 3,627 buyers have shown interest in buying these properties by getting tax concessions for the construction sector with an indicative investment of Rs 226 billion till December 30. Prior to this, enrollment on FBR computer-based IRIS software and projects must be completed before September 30, 2022.

It may be recalled that Prime Minister Imran Khan had announced a package for the construction industry in April 2019. Tax officials believe that builders and developers have several indicative projects that are yet to be developed, so the scheme is specific to the projects.

Extension or general extension must be given. The International Monetary Fund (IMF) has already given the government a waiver on other tax measures due to the effects of Covid-19. Officials believe that further expansion by June 2021 will not be a problem for the government as it Economic activities will be boosted.

On the other hand, the break-up data till December 30 shows that only 183 projects were registered with the FBR on a permanent basis which meet all the requirements including taxpayer registration.

In addition, there are 147 such projects. Which were presented with the FBR with a temporary investment of Rs. 25 billion. According to a tax official, the temporarily submitted plan means that the taxpayer is registered with the FBR but some details remain, including the amount to be invested or approval plans, the official added. However, the taxpayer has committed himself to registration.

While a large number of 218 projects are in the drafting stage of indicative investment of Rs 88 billion, according to the official, these are just drafts which are in various stages of preparation and approval. For full registration of these projects, the scheme may need to be expanded.

The break-up of the buyer category shows that only 73 people registered with the FBR to take advantage of the Rs 126 billion scheme and expressed interest in buying property from builders and developers, with a capital of Rs 100 billion by December 10, 2020. Individuals who prepare their drafts with Kari are at different stages of preparation.

According to the FBR, the Prime Minister’s construction package for builders and developers is in full swing. Schedule inserted, this package is very wide in scope and offers beautiful tax concessions. The package will apply to both land builders and developers and covers both construction and development projects.

Builders and developers can reap the tax benefits of the package in relation to residential and commercial buildings. Regardless, it sets tax rates for builders and developers on a per-square-foot and per-yard basis, respectively. In the case of low-cost housing projects, the tax has been reduced by 90%.

Furthermore, for the convenience of the shareholders of the limited companies, their dividend income has been made tax-free. In this package, many concessions have also been provided from wood holding tax to motivate the builder to invest. Developers and buyers of properties under such schemes have been granted complete exemption from investigation of sources of investment subject to fulfillment of certain conditions.

#7 Pakistan decides to buy Corona virus vaccine from China

Pakistan decides to buy Corona virus vaccine from China

The government has decided to buy corona virus vaccine from China. According to details, Minister for Science and Technology Fawad Chaudhry said that initially 1.2 million doses of vaccine would be procured for Pakistan from Chinese company Synoform.

In a message on microblogging website Twitter, Federal Minister Fawad Chaudhry said that the decision to procure the vaccine from the Chinese company Sinoform was taken by the Cabinet Committee.

The vaccine will be provided free of charge to frontline workers in the first quarter of 2021. The Minister of Science and Technology said that the private sector or any other internationally approved vaccine can be imported if it wants. The Chinese Sinoform vaccine is 79% effective.

It may be recalled that a meeting of the Special Committee on Procurement of Corona Vaccine was held yesterday under the chairmanship of Asad Umar, Head, National Command and Operations Center (NCOC). Dr. Faisal Sultan for Health was present.

According to sources, the government had decided to procure the corona vaccine from China, a friendly country. Signo Farm is China’s state-owned Corona vaccine maker. Earlier, the United States had apologized to Pakistan for providing Corona virus vaccine in the first phase.

Russia has also offered to give Pakistan Sputnik Five, a vaccine to prevent the global epidemic Corona virus. In this regard, the proposal received for final review has been sent to the Federal Ministry of Health and will be approved by the Federal Ministry of Health.

It should be noted that the government is taking steps to ensure timely availability of vaccines in the country. The government of Pakistan is trying to make the corona vaccine effective and low cost so that it can be made available as soon as possible.

On the other hand, Corona wars are going on all over Pakistan. In the last 24 hours, 58 people have died from the corona virus across the country, bringing the death toll to 10,105. The number of confirmed cases of Corona in Pakistan has reached 479,715.

Also checkout : Top 3 Positives Stories Of Pakistan [28 Dec 2020]

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