Pakistan’s lower house passes bill for additional revenue, financial reforms

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Islamabad, Jan 14 | Pakistan’s National Assembly or lower house of parliament has passed the Finance (Supplementary) Bill 2021 to generate additional revenue and bring financial reforms.

Finance Minister Shaukat Tarin presented the bill before the National Assembly for voting during the session that concluded late Thursday night, reports Xinhua news agency.

Addressing the session, the Finance Minister said the government presented the bill to bring financial and tax reforms for the socio-economic development of common persons in the country.

Tarin added that the new reforms would bring more people into the tax net and help the country document the finance and businesses.

Speaker of the House Asad Qaiser read out all clauses of the bill and asked members to stand in favour of the bill and remain sitting if they are against it.

The Speaker gave the ruling that all the clauses of the bill presented by the finance minister had been passed in the house.

However, before the start of the voting, the Finance Minister took back clauses of the bill to impose taxes on bread, milk, bakery items, red chillies, iodized salt, solar panels and laptops following concerns from allied parties of the government.

In June last year, the government presented the annual budget for the period from July 2021 to June 2022, which was also passed by the lower house with a clear majority.

Local media quoting official sources said that the finance supplementary bill amended certain laws related to taxes and duties, a requirement by the International Monetary Fund to review Pakistan’s extended fund facility.

Under the bill, the government will impose a sales tax of 8.5 per cent on up to 1,800cc domestic and hybrid cars, 12.75 per cent tax on 1,801cc to 2,500cc hybrid vehicles and will charge 12.5 per cent taxes on imported electric vehicles, said the Minister.

However, the government reduced duty on locally manufactured 1,300cc vehicles from 5 per cent to 2.5 per cent, from 10 per cent to 5 per cent on locally manufactured 1,300cc to 2,000cc cars, and kept 10 per cent tax on locally manufactured cars having engine capacity of more than 2,000cc, he added.

Source: IANS

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Share Market Closing Bell: Sensex drops 643 pts and Nifty50 gives up 16,250 as market fails in last 30 minutes

Share Market Closing Bell: Sensex drops 643 pts and Nifty50 gives up 16,250 as market fails in last 30 minutes

The benchmark index opened flat on Monday and decent buying was observed across the sectors in the first half but in the second session sellers dominated and wiped out all intraday gain.

However, the Metal sector witnessed the worst fall in this year. Nifty ended at 16214.70 losing 51 points or 0.32 percent. While Banknifty closes at 34247.60 with a loss of 28.8 points. Among sectors Nifty AUTO and Nifty IT gained 1.84 & 1 percent respectively. While Nifty Metal sheds the most with 8.14 percent followed by Nifty commodity and Nifty PSE 2 % each.

Global market lacked any clear direction, showing a tendency to move sideways. In Nifty Stocks like M&M, MARUTI and HINDUNILVR were the top gainers while JSWSTEEL, TATASTEEL and DIVISLAB were the prime laggards. INDIA VIX settled at 23.40 indicates volatility can drive either side till monthly expiry.

Investors awaited the last leg of financial results for a clear trend as well. Technically, Nifty has formed a bearish candlestick on the daily timeframe. Bulls remain in trap as from the past week no continuous day, index is closed in green. From the hourly chart, Nifty has formed a triple top pattern suggesting weakness amid coming days, however view negated closing and sustaining above 16400 levels. Indicators such as RSI still remained in the oversold zone while MACD also suggests weakness ahead.

Till now or in the month of May FII have sold almost 44,102 crore while DII have bought 36,208 crore. The Nifty may find support around 16000 levels followed by 15850 while on the upside 16500 may act as an immediate hurdle. On the other hand, Bank nifty has support at 33500 , while resistance is placed at 35200 levels.

Om Mehra
Research Associate
Choice Broking

Source: Choice India

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