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News Alerts
Daily Updates
Saturday, August 25, 2012
News Updates Email # 197
25-Aug-12
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Table of Contents
Taxation Pakistan ............................................................................................................................ 3
Insurance guarantee made mandatory for US cargoes ....................................................................... 3
Corporate audit: 16 major risk-based parameters identified .............................................................. 3
FBR decides to conduct audit of 20 percent of large taxpaying units .................................................. 5
Annual Audit Plan (2012-13): FBR to select cases for audit for Tax Year 2011..................................... 6
Non-corporate/AOPs cases: FBR spells out 20 key risk-based parameters for audit............................ 8
Business & Economy ..................................................................................................................... 10
Greenpeace raids Russian Arctic oil platform ................................................................................... 10
Weekly inflation increases ............................................................................................................... 11
Fuel and Energy: Pakistan ............................................................................................................ 13
Afghan-Tajik Basin: PPL to participate in six exploration blocks' bidding........................................... 13
Gas Infrastructure Development Cess: SNGPL urged to entertain court orders that suspend raise ... 13
Power shortfall rises to 4,000 megawatts ........................................................................................ 15
Kapco likely to post Rs 6.1 billion profit after tax ............................................................................. 15
Profit after tax of Pakgen Power Limited increases .......................................................................... 16
Fuel and Energy: World ................................................................................................................ 17
Oil drops on reserves release report, storm limits loss ..................................................................... 17
Miscellaneous News ....................................................................................................................... 19
Meeting of minds: Pakistan, US close to signing investment treaty .................................................. 19
IP gas project: Who will finance Pakistan’s side of pipeline? ............................................................ 20
Rupee dips to all-time low against dollar ......................................................................................... 22
‘Donors willing to finance Kalabagh Dam’ ........................................................................................ 23
Pakistan slipping below water scarcity level ..................................................................................... 24
PEN MARKET FOREX RATES ............................................................................................................. 25
INTER BANK RATES .......................................................................................................................... 26
Bullion Rates (Gold Prices) in Pakistan Rupee (PKR) ......................................................................... 27
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Taxation Pakistan
Insurance guarantee made mandatory for
US cargoes
August 25, 2012
MUHAMMAD ALI
The government has permitted Federal Board of Revenue (FBR) to make insurance
guarantees mandatory for cargo clearance, Business Recorder learnt on Friday. According to
sources, although Pakistan reopened transportation of US cargos to Afghanistan under a
Memorandum of Understanding (MoU) signed between Pakistan and United States on July
31 this year, the government has not yet taken any step to avert incidents of hijackings and
terrorism.
The insurance guarantee, the sources said, appeared to be aimed at securing customs levy.
The focal person or representative nominated by US Office of Defence Representative-
Pakistan (ODRP) has now been directed to deposit insurance guarantee equivalent to customs
duty for the clearance of US cargoes.
Sources said that they feared that in the absence of tight security measures; contents of these
consignments might be hijacked and used to fuel terrorist activities. According to the sources,
the authorities are currently charging Rs 15,000 per container as processing fee.
They said that the government should charge a higher fee "against the security of US cargo
consignment"s. They said that a higher security fee would provide financial support to the
national economy. They said that the authorities concerned also directed shippers to file
electronic manifests and submit their manual copies for the clearance of US cargoes.
They said that similarly to the past practice, cargo manifests could be filed prior to the arrival
of cargo, but the same would only be processed for clearance after the arrival of the vessel.
They said original cargo manifests would be retained by customs officials for cargo clearance
and duplicates would be handed over to the focal person.
Copyright Business Recorder, 2012
Corporate audit: 16 major risk-based
parameters identified
August 25, 2012
News Updates Email # 197
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The Federal Board of Revenue has identified 16 major risk-based parameters for selection of
corporate cases for audit under Annual Audit Plan (2012-2013). Sources told Business
Recorder here on Friday that the FBR has finalised the National Annual Audit Plan, 2012-13.
The selection of the cases for audit u/s 214(c) of Income Tax Ordinance, 2011, Section 72B
of the Sales Tax Act, 1990 and Section 42B of the Federal Excise Act, 2005 are made by the
Board through random or parametric computer balloting. The said parameters for corporate
and non-corporate cases in respect of Income Tax and Sales Tax were developed few years
back by a special committee appointed for the said purpose.
Now on the demand of the taxpayers, Tax Bar Associations and Chambers of Commerce etc,
the Board intends to revise/improve the same through addition and deletion in the said
parameters. The FBR has asked the tax managers to suggest additional risk parameters or to
make any addition or deletion in the existing parameters, through which taxpayers are
selected for audit and forward to the Board on priority basis, so that it may be utilised in the
forthcoming selection. Thus, the Risk based selection parameters for audit (corporate cases)
may be revised. The FBR has devised the following Risk based selection parameters for audit
(Corporate cases):
1. Imports in Customs differ/ from declared Imports in Sales Tax and/or Income Tax.
2. Output Tax is different from 16% & 21% (as the case may be) of Taxable Supplies.
3. Input Tax is different from 16% & 21% (as the case may be) of Taxable Purchases.
4. Total Output Tax minus Input Tax differs from Net Payment by 5 percent.
5. Output tax/ Input tax Ratio differs with Sector's Output tax/Input tax Ratio by 5 percentile
points.
6. Gross Profit to Sales Ratio (Income Tax) differs with Sector ratio (Cases where gross profit
growth is less by 2 percentile points as compared to Sectoral growth rate).
7. Net profit to Sales (Income Tax) declared ratio differs with sector ratio (Cases where net
profit growth is less by 2 percentile points as compared to Sectoral growth rate).
8. Decline in Sales (Income Tax) is more than 10% as of last year.
9. Decline in Supplies (Sales Tax) is more than 10% as of last year.
10. Claim of overruled amount of refund under STARR related checks is more than 50% of
the claim or Rs 2 million or above - overruling pertaining to following STARR related checks
ie Bill of Entry, Invoices, Returns, Shipping Bills, Supplier Status.
11. Claim of refund of Rs 2 million or above in Income Tax.
12. Persistent decrease in gross profit over last three years.
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13. Persistent decrease in net profit over last three years.
14. Consistent decrease in output tax/input tax ratio over last three years.
15. Decrease in proportion of taxable supplies to total supplies in last three years by 10
percent in each year.
16. Continuously declaring declined income for the last three years.
Copyright Business Recorder, 2012
FBR decides to conduct audit of 20 percent
of large taxpaying units
August 25, 2012
The Federal Board of Revenue (FBR) has decided to conduct audit of 20 percent of the total
large taxpaying units including multinational companies and corporate entities which filed
their income tax and sales tax returns for Tax Year 2011 and falls within the jurisdiction of
Large Taxpayer Units (LTUs). Sources told Business Recorder here on Friday that the audit
coverage for Tax Year 2011 has been given in the Annual Audit Plan (2012-2013).
The targets for audit coverage as against the number of Income Tax/ Sales Tax returns
received for the Tax Year 2011 has been specified by the Board. Out of total income tax and
sales tax returns filed by the large taxpaying units, the field formations have to conduct audit
of 20 percent of the total return filers. In case of taxpayers registered with the Regional Tax
Offices (RTOs), audit of the 5 percent companies cases would be conducted. The FBR has
assigned the RTOs to conduct audit of 3 percent of the non-companies cases.
Out of total return filers within the corporate sector, the audit coverage would be 5 percent.
Out of total income tax and sales tax return filers non-companies cases, the audit coverage
would be 3 percent, audit plan said. According to the audit policy guidelines drafted by the
FBR for the Tax Year 2011, the reasons for initiation of audit and issuance of notice may be
communicated to the taxpayers under the signatures of the Commissioners of Inland Revenue
in the light of relevant statutes.
Audit guidelines said that the audits under the Annual Audit Plan are to be finalised during
the current financial year. However, field formations may prioritise audit cases based on risk-
assessment and initiate cases simultaneously or stepwise, in view of the availability and
capacity of audit officers.
The commissioner shall assign cases for audit to the relevant audit teams to be headed by an
officer of appropriate level. Sectoral expertise of team members may also be kept in view, it
said. The assessment in all cases selected for audit must be made under normal law and no
agreement with the taxpayer is to be made in that respect. Audit guidelines further stated that
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the Sales Tax Audit Hand Book containing the industry notes on fourteen different sectors of
economy ie sugar, beverages, tobacco and papers boards dc; may also be considered while
conducting audit.
It said that the audits should be completed expeditiously. The estimated time in man days
should not exceed 10 to 15 days depending on the extent of business of the taxpayers. The
Commissioner may, however, increase or reduce this period as per requirement but within the
reasonable bounds.
After consultation with commissioner, the audit authorities must communicate to the taxpayer
the discrepancies found in the audit for his explanation before finalising audit report, Audit
Guidelines maintained. The audit reports may be randomly checked by a committee of
competent officers constituted by Chief Commissioner, to look into the quality issues.
Each and every audit case should he entered into the Taxpayers Audit Monitoring System
(TAMS), developed by, PRAL in co-ordination with the Taxpayers' Audit Wing and installed
in the field formations. Audits must not be initiated without first entering the relevant data
into the TAMS. Any notice or communications (lone otherwise or any deviation from this
policy guideline would be viewed seriously and Chief Commissioners must take suitable
action against the delinquent officers, Audit Guidelines stated.
The Commissioner may not assign more than 04 cases to one auditor/ officer at a time.
However, in case of shortage of officers and staff wore cases may be assigned to individual
officers with the prior approval of the Chief Commissioner. The training needs of the audit
staff may please be taken care of indigenously.
Audit Guidelines further stated that the procedures and guidelines mentioned in the National
Audit Plan/Manual should be strictly followed; and the audits are to be conducted
professionally and with integrity within the legal framework without creating unnecessary
harassment to the taxpayers.
In order to complete the said audits successfully, the role of Chief Commissioners is of
paramount importance. They are expected not only to ensure quick disposal of audits but also
maintain a respectable level in audit quality. In addition to data entry of cases selected for
audit in Tax Audit Management System (TAMS), a monthly report on prescribed formal
regarding audits initiated, completed and the names of the officers/ auditors who conducted
the audits alongwith the amount detected and recovered (if any) may also be sent to the Board
by 5th of the following month, FBR added. The FBR has circulated the Annual Audit Plan
(2012-2013) to the FBR members and the plan will be implemented in the filed formations
incorporating viewpoint of the tax managers.
Copyright Business Recorder, 2012
Annual Audit Plan (2012-13): FBR to select
cases for audit for Tax Year 2011
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August 25, 2012
The Federal Board of Revenue has decided to select cases of income tax, sales tax and federal
excise duty for audit under new Annual Audit Plan (2012-13) based on computerised
balloting and taking into account risk parameters. Sources told Business Recorder here on
Friday that the FBR has drafted a new sales tax, income tax, and the FED Audit Plan (2012-
13) for the corporate sector and non-companies cases covering the Tax Year 2011.
Under the Annual Audit Plan (2012-13), the identification of cases for full/detailed audit for
the Tax Year 2011 pertaining to income tax and corresponding tax periods covering Sales
Tax and Federal Excise will be made through computer ballot on the risk parameters with the
help of M/s Pakistan Revenue Automation Limited (Pral).
The taxpayers are likely to pay all the three inland taxes, audit of income tax, sales tax and
FED will be taken up simultaneously, the plan added. The basic policy of the Annual Audit
Plan (2012-13) is the selection procedure through computerised balloting using risk-based
parameters under the provisions of the Income Tax Ordinance 2001.
To ensure transparency, M/s Pral shall post the names of the taxpayers selected by the Board
on the official web page for the convenience of the taxpayers. This is an innovative step taken
by newly appointed FBR Member Audit to ensure transparency in the audit processes for Tax
Year 2011. The display of the names of the taxpayers selected for audit would ensure that the
FBR is not conducting audit secretly, but the business and trade is well aware of the units
selected for audit for Tax Year 2011. Under the Annual Audit Plan (2012-13), the FBR has
taken the decision to select cases for audit through computer balloting on the basis of risk
parameters taking into account legal aspects and court decisions.
The Annual Audit Plan (2012-13) said that the FBR is empowered to select cases for audit
under section 214C of the Income Tax Ordinance, 2001, Section 72B of the Sales Tax Act,
1990 and Section 42B of the Federal Excise Act 2005. In a recent judgement in Writ R.P. No
393/2012, the Lahore High Court has declared the notices issued by the Commissioner u/s
177, 25 and 46 of the Income Tax Ordinance, 2001, Sales Tax Act, 1990 and Federal Excise
Act 2005 purportedly calling for the record of the petitioners but in fact selecting the
petitioners for Audit of their tax affairs as unconstitutional. Till the time final picture
emerges, it is advisable to stick to the method of selection of cases prescribed by the Board.
Foregoing in mind, the Annual Audit Plan 2012-13 (Tax Year 2011) is being developed using
risk based auditing as an integral component. The primary purpose of the tax audit is to
monitor and maintain the self assessment system by encouraging voluntary compliance and to
maintain public confidence in the integrity of the tax system through affording an avenue to
educate tax payers on various provisions of the tax law. Considering our experience and the
feedback received from the field formations in the past, the Annual Audit Plan (2012-13) has
been devised by the Board. Taking into account the comments of the FBR Members on the
Annual Audit Plan (2012-13), the FBR will circulate the plan to the field formations for
implementation and selection of cases for audit for Tax Year 2011.
Copyright Business Recorder, 2012
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Non-corporate/AOPs cases: FBR spells out
20 key risk-based parameters for audit
August 25, 2012
SOHAIL SARFRAZ
The Federal Board of Revenue has drafted 20 key risk-based parameters for selection of non-
corporate cases for audit under Annual Audit Plan (2012-13). Sources told Business Recorder
here on Friday that the FBR has drafted 20 risk-based selection parameters for income tax
and sales tax audit of the non-companies cases including Association of Persons (AOPs).
These risk-based parameters for selection of non-corporate cases are being discussed with the
experts and senior tax officials for addition or deletion of any clause under the Annual Audit
Plan (2012-13). The final risk-based selection parameters for income tax and sales tax audit
of the non-corporate sector would be communicated to the field formations for initiation of
audit. So far, the FBR has selected the following risk based selection parameters for non-
corporate cases - AOPs for audit purposes:
1. Opening Balance not matching with closing balance of previous year.
2. Cost of Sales is more than 80% of total sales.
3. Cost of sales is less than 60% of total sales.
4. Net profit to sales ratio differs from sector ratio by 10%.
5. Percentage of expense to gross profit differs from sector ratio by 10 percent.
6. Gross profit to total sales ratio differs from sector ratio by 10 percent.
7. Total sales on Income Tax Returns differ from total sales from Sales Tax return by 10
percent.
8. Total sales declared in 'Sales Tax Return' differs from total Sales declared in Income Tax
Return by 10 percent.
9. Continuously declaring loss for the last two years.
10. Continuously declaring declined income for the last two years.
11. Total supplies are less than previous year by 10%.
12. Output tax is less than the previous year by 5%.
13. Input tax is more than the previous year by 5%.
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14. Output tax is different from 15% of taxable supplies.
15. Input tax is different from 15% of taxable purchases.
16. Output tax minus input tax differs from net payment by 5%.
17. Percentage of input/output ratio differs with sectors' ratio by 10 percent.
18. Refund claim is 5 percent more than previous year.
19. Export sales differ from value of export in customs data by 5 percent.
20. Import purchase differs from value of import in customs data by 5 percent.
Copyright Business Recorder, 2012
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Business & Economy
Greenpeace raids Russian Arctic oil
platform
Friday, 24 August 2012 20:55
Posted by Asad Naeem
MOSCOW: Greenpeace activists on Friday scaled the sides of an Arctic oil platform owned
by Russian group Gazprom to draw attention to the dangers of drilling in one of the world's
last pristine reserves.
Two Gazprom helicopters hovered over the group and periodically sprayed them with
pressurised streams of ice water as they hung down on ropes from the side of Gazprom's huge
red Prirazlomnaya platform, due to start commercial operations next year.
"They're hosing us," Greenpeace International's Executive Director Kumi Naidoo tweeted,
while the team held up bright yellow signs reading "Save the Arctic!" and "Stop Gazprom!"
Naidoo said he did not expect coast guards to reach the remote spot of the inhospitable sea
until Saturday and posted pictures of the team setting up swinging tents in which they
planned to spend the night and have dinner.
The daring raid comes as Russia takes the lead from other Arctic energy powers in exploiting
previously untouched territory for what is believed to be one of the world's largest holdings
of recoverable oil and natural gas.
Gazprom's independent project is due to kick off next year just as fellow state oil firm
Rosneft begins its own initial explorations with new partner ExxonMobil.
The area -- also the subject of territorial rows with resource rivals Canada and Norway -- is
becoming especially attractive as the size of the ice shelf shrinks and conflicts continue to
rattle energy producers in the Middle East.
Greenpeace said its team reached Gazprom's floating production base by launching a pre-
dawn sneak attack by inflatable speedboats from its ship Arctic Sunrise and then climbing
aboard using mooring lines.
Footage shot by one of the crew showed the sea calm but draped in metallic clouds as the tiny
bright orange craft sped through unguarded waters toward the towering crane-mounted
station.
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"Six climbers have taken up positions on the structure and have interrupted the platform's
operations," the group said in a statement.
The state-owned firm immediately denied any impact on the platform's operations and said
the activists had turned down an offer to enter the base for talks.
"They were invited aboard the platform for a constructive dialogue," a Gazprom spokesman
told Russian news agencies.
"But they refused and said they would prefer to hang off the platform instead."
Gazprom next year will become the first company to start commercial drilling in the Arctic
when it launches offshore operations in the southeastern section of the Barents Sea.
The holding's base runs just west of the developments being pursued jointly by ExxonMobil
and Rosneft in an area viewed by the Kremlin as the main source of Russia's oil and gas in
the new century.
But critics warn that Gazprom's drilling is extremely risky because the platform is sealed in
ice for most of the year and has to work smoothly in temperatures that often plunge to minus
50 degrees Celsius (minus 58 Fahrenheit).
The Gazprom unit plans to drill and process oil before injecting it into tankers -- operations
that have never been performed in such an inhospitable climate before.
Critics say the risk of such work far outweighs the benefits it may offer either the Russian
government or consumers through cheaper fuel.
"The Prirazlomnaya platform will produce no more than seven million tonnes of oil a year,"
Greenpeace Russia director Vladimir Chuprov told Moscow Echo radio.
"And the country needs to produce 500 million tonnes a year."
Copyright AFP (Agence France-Presse), 2012
Weekly inflation increases
Friday, 24 August 2012 15:46
Posted by Parvez Jabri
ISLAMABAD: The Sensitive Price Indicator (SPI) for the week ended on August 23, for the
lowest income group up to Rs.8,000, registered increase of 1.29 per cent as compared to the
previous week.
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The SPI for the week under review in the above mentioned group was recorded at 182.36
points against 180.03 points registered in the previous week, according to provisional figures
of Pakistan Bureau of Statistics (FBS).
The weekly SPI has been computed with base 2007-2008=100, covering 17 urban centers and
53 essential items for all income groups and combined.
The SPI for the combined group increased by 1.16 per cent as it went up from 186.32 points
in the previous week to 188.49 points in the week under review.
As compared to the corresponding week of last year, the SPI for the combined group in the
week under review witnessed increase of 8.55 percent.
As compared to the last week, the SPI for the income groups from Rs.8001-12,000, 12,001-
18,000, 18001-35,000 and above Rs.35,000 increased by 1.19 percent, 1.18 percent, 1.16
percent, 1.13 percent and 1.16 percent respectively.
During the week under review average prices of 05 items registered decrease, while that of 22
items increase with the remaining 26 items' prices unchanged.
The items which recorded decrease in their average prices during the week under review
included bananas, red chillies (powder), moong pulse (washed), gur and vegetable ghee
(loose).
The items which registered increase in their prices included onions, tomatoes, potatoes,
diesel, petrol, kerosene oil, garlic, chicken live (farm), wheat flour (bag), washing soap,
wheat, mutton, energy savor, LPG ( 11 kg cylender), vegetable ghee (tin), beef, mash pulse
(washed), gram pulse (washed), egg hen (farm), rice (irri-6), sugar and rice basmati (broken).
The items with no change in their average prices during the week under review included
bread plain (mid size), milk (fresh), curd, milk (powdered), mustard oil, cooking oil (tin),
masoor pulse (washed), salt powdered (loose), tea (packet), cooked beef, cooked dal, tea
(prepared), cigarettes, long cloth, shirting, lawn, georgette, sandal (gents), chappal (gents),
sandal (ladies), electric charges, gas charges (upto 100m3), firewood, match box, telephone
local call and bath soap.
Copyright APP (Associated Press of Pakistan), 2012
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Fuel and Energy: Pakistan
Afghan-Tajik Basin: PPL to participate in
six exploration blocks' bidding
August 25, 2012
Pakistan Petroleum Limited (PPL) was among eight companies world-wide to pre-qualify for
participation in bidding of six exploration blocks in the Afghan-Tajik Basin offered recently
by the Afghanistan government. The Company's officials will be attending a bidder's
conference later this month to sort out modalities involved in the process, a press release
issued here on Friday said.
The move was a part of PPL's strategy to secure international hydrocarbon reserves to meet
the country's escalating energy requirements, it added. "We look forward to expanding our
international exploration assets and will be carrying out due diligence to evaluate the blocks
on offer," said MD and CEO, PPL Asim Murtaza Khan. The decision to participate in the
bidding has the full support of the Ministry of Petroleum and Natural Resources.
The PPL officials attending the conference will also have bilateral discussions on mutual
business interest with other companies, particularly Turkish Petroleum Corporation, the
conference host. However, the company's international efforts will clearly not compromise its
fast-track domestic exploration programme. "There will be zero let-up on our domestic
exploration programme which is top priority for us," Khan assured.-PR
Copyright Business Recorder, 2012
Gas Infrastructure Development Cess:
SNGPL urged to entertain court orders that
suspend raise
August 25, 2012
The Lahore Chamber of Commerce and Industry (LCCI) has urged the SNGPL authorities to
entertain stay orders issued against increase in Gas Infrastructure Development Cess. A large
number of businessmen on Friday called on LCCI President Irfan Qaiser Sheikh again and
informed him that the SNGPL authorities were intentionally making mockery of the High
Court orders issued against the increase in Gas Infrastructure Development Cess and thus
creating troubles for the businessmen who were already facing multiple internal and external
challenges.
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They informed the LCCI President that instead of entertaining the High Court orders against
unilateral and unjustified increase in Cess, the authorities were telling the complainants that
they had already written letter to the Ministry over the issue and waiting for a reply.
The LCCI President said that all institutions should obey the judiciary orders in letter and
spirit for the rule of law in the country and if the SNGPL authorities were flouting the court
orders they were actually committing the contempt of court. He was of the view that the
SNGPL authorities should not create troubles for the business community and let the courts
decide the matter. By disobeying the courts, the SNGPL authorities are sending a very wrong
signal to the common man.
It is pertinent to mention here that the Oil and Gas Regulatory Authority (Ogra) had made
around 15 percent increase in gas tariff without any prior notice to the industry and put this
raise in the last month's gas bills, resultantly the industry people moved court.
The LCCI President said the raise incorporated in the industrial gas bills for the month of July
had created multiple problems for the industrialists as the authorities kept them in the
darkness about the hike and resultantly they could not include it into their cost.
He said when the government functionaries or ministers visited LCCI, they always vowed to
take the private sector on board on all future decisions but it was very unfortunate this time
they did not bother to consult the LCCI or any other sector-specific association while jacking
up the gas tariff.
Irfan Qaiser Sheikh said the impact of this increase would be much bigger than the
expectation of the government who should avoid any such decision keeping in view the
economic scenario in the country. He said Rs 100MMBTU increase in the gas tariff would
put extra burden on cash starved industry therefore the Ogra authorities should immediately
withdraw this raise.
He said if the Ogra authorities failed to take it back, there were a number of associations who
would be moving court against this unilateral decision. "By making such decisions, the Ogra
is not doing any service to the industry but actually the people are opening up gate for
litigation" he said.
The LCCI President said that at a time when all the governments in the world were
facilitating their respective private sectors, the situation in Pakistan was the other way round
and various government departments were tightening noose around the private sector.
While quoting the example of textile sector, he said it was one of the most value-added and
export-oriented sectors in Pakistan which accounted for more than 60 percent of total exports
of the country. "95 percent of its inputs are locally produced and by making energy out of
their reach, government is in fact curbing the use of local inputs." He said that even the
slightest raise in the cost of production, at this critical juncture, would, therefore, spell doom
and oust Pakistani merchandise from the international export market which would deprive the
exchequer of much-needed valuable foreign exchange to the tune of billions of dollars.
Copyright Business Recorder, 2012
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Power shortfall rises to 4,000 megawatts
August 25, 2012
The power shortfall has risen to 4,000 megawatt (MW) with end of Eid holidays. An increase
in power shortfall has taken place despite improvement in weather conditions with torrential
rains in Northern areas. According to the Energy Management Cell, power generation
remained 13,341MW against demand of 17,223MW. Meanwhile, the power supply to KESC
yet remained around 700MW.
It may be noted that power shortfall had come down to around 3,000MW during Eid
holidays, coupled with cloudy weather throughout the last week. However, the government's
claim of no load shedding on the day of Eid failed to materialise. Resultantly, the consumers
cursed the government throughout Eid for its false claims.
Not only domestic consumers but the industrial consumers are also facing troublesome
situation, as they are clueless about resumption of smooth supply of electricity after Eid, as
promised by the Prime Minister. The industry circles are afraid that the situation is likely to
aggravate further ahead, as the government would be more focused on election activities
during the months to come. Therefore, they are losing hope with every passing day so far as
end to the phenomenon of load shedding is concerned.
Copyright Business Recorder, 2012
Kapco likely to post Rs 6.1 billion profit
after tax
August 25, 2012
Kot Addu Power Company (Kapco) is expected to post profit after tax (PAT) of Rs 6.1
billion, translating into earning per share (EPS) of Rs 6.95 in FY12, showcasing a decline of
6 per cent on year-on-year basis, analysts said. Similarly, in the fourth quarter of FY12 the
company is expected to post a profit of Rs 1.76 billion with EPS of Rs 2.0, up by nominal 6
percent on quarter-on-quarter basis as compared to the previous quarter, they added.
KAPCO is scheduled to announce its FY12 results on (Saturday) August 28. "Despite 10 per
cent on quarter-on-quarter basis increase in power generation, 30 per cent leap in the
financial charges kept the profitability of the company under check during the fourth quarter
of FY12", Abdul Azeem, an analyst at InvestCap said.
"We expect the company to announce final cash dividend of Rs 2.75/share as well, taking the
total payout for the year to Rs 6.50/share", he added. He said that the company's financial
charges are expected to bump up by 23 per cent year-on-year basis to Rs 10.7 billion during
FY12, as the company's receivables from Wapda are forcing the company to rely heavily on
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borrowing from the financial institutions.
With the announcement from the government to issue TFCs worth Rs 140 billion to curtail
circular debt, the company has received Rs 35 billion. "Thus it is expected to provide much
needed relief to the company as we expect a sound reduction in the borrowed funds, which in
effect is expected to lower the company's financial charges going forward thus bolstering its
cash flows", he said. Moreover, decline of 5 per cent to Rs 7.9 billion under the other income
head coupled with high financial charges is expected to have further negative impact on the
profitability of the company.
Copyright Business Recorder, 2012
Profit after tax of Pakgen Power Limited
increases
August 25, 2012
The profit after taxation of Pakgen Power Limited has increased to Rs 1.225 billion in the
half year period ended June 30, 2012 as compared to Rs 1.107 billion earned in the
corresponding period in 2011. The company's earning per share increased to Rs 3.29 in the
period under review against Rs 2.98 in the same period last year.
The board of directors of the company in its meeting held on Friday recommended cash
dividend at Re 1.00 per share ie 10 percent. According to the financial results sent to Karachi
Stock Exchange, the company's revenue increased to Rs 13.998 billion in the first half of
2012 against Rs 13.420 billion in the same period in 2011 while cost of sales increased to Rs
12.278 billion against Rs 11.928 billion.
On quarterly basis, the company's profit after tax increased to Rs 502.101 million translating
earning per share of Rs 1.35 in the quarter ended June 30, 2012 as compared to after tax
profit of Rs 452.595 million with per share earning of Rs 1.22 in the same quarter last year.
Copyright Business Recorder, 2012
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Fuel and Energy: World
Oil drops on reserves release report, storm
limits loss
August 25, 2012
Oil prices fell on Friday after a report that the International Energy Agency is likely to tap
strategic oil reserves as soon as September, dropping its resistance to a US-led plan. US crude
losses were limited because of the threat to Gulf of Mexico production from Tropical Storm
Isaac and that potential supply disruption prompted selling of Brent positions and buying of
US crude, brokers said.
The IEA, whose chief recently dismissed the need for a release, is now thought to have
agreed to the idea, the industry journal Petroleum Economist said, citing unnamed sources.
Reuters reported last week that the White House had begun "dusting off" previous plans for a
possible release from its Strategic Petroleum Reserve because it fears that the sharp rise in oil
prices since June could undermine the effect of sanctions on Iran.
"Oil prices declined on word of a change of heart at the IEA on a co-ordinated release of
global SPR barrels. The market has been very sensitive to speculation over a release, which,
if it were to occur, would work to lower prices for a time," said John Kilduff, partner at Again
Capital LLC in New York. Tropical Storm Isaac took aim at flood-prone Haiti on Friday and
was expected to become a hurricane when it churns into the Gulf of Mexico early next week,
on a path that could see it make landfall anywhere from New Orleans to the Florida
Panhandle.
BP Plc said it was shutting production at its Thunder Horse oil and gas platform in the Gulf
of Mexico, the world's largest, and other producers began storm preparations and evacuating
nonessential personnel. Another potential threat to supply looms after Norwegian oil services
workers broke off wage talks with oil companies on Friday, taking the sector a step closer to
its second strike within two months and leaving government mediation as the next formal
step in the dispute.
Brent October crude fell $1.42 to settle at $113.95 a barrel, having dropped to $113 after
reaching $115.28. Brent fell 12 cents on the week, snapping a string of three straight weekly
gains. Sensitivity to an upcoming maintenance-related drop in North Sea production and
ongoing Middle East turmoil helped Brent hit a three-month peak at $117.03 on August 16,
as the September contract expired and went off the board at $116.90 a barrel, the highest
settlement since May 2.
Brent has recovered from a low of $88.49 posted on June 22 after retreating from the 2012
peak at $128.40 hit on March 1. On Friday, US October crude fell only 12 cents to settle at
$96.15 a barrel, having swung from $95.41 to $97.17, either side of the 200-day moving
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average of $96.75. US crude managed a 14-cent weekly gain, its fourth straight rise. Prices
have recovered after sliding below $78 a barrel in late June.
Brent's premium to US crude fell to $17.44 a barrel, but increased to $19.09 before pulling
back. US gasoline and heating oil futures fell back, even with the potential for weather-
related refinery disruptions along the Gulf Coast next week. Oil had a muted reaction to
another round of inconclusive talks between the United Nations nuclear agency and Iran.
The UN's International Atomic Energy Agency said important differences remain with Iran
after Friday talks about Tehran's nuclear program and that there were no plans at this stage
for further meetings. Iran's envoy said the talks made some progress, but differences
remained. Israeli Prime Minister Benjamin Netanyahu accused Iran of making "accelerated
progress towards achieving nuclear weapons", adding that it was "totally ignoring" Western
demands to rein in its atomic program.
Copyright Reuters, 2012
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Miscellaneous News
Meeting of minds: Pakistan, US close to
signing investment treaty
By Our Correspondent
Published: August 25, 2012
Bilateral Investment Treaty (BIT) is a commitment to reciprocally promote and protect
investment, thus Pakistan’s investment in the US will also be reciprocated. DESIGN:
SAMRA AAMIR
ISLAMABAD:
After negotiating for over eight years, Pakistan and the United States will seal Bilateral
Investment Treaty (BIT) on the sidelines of upcoming United Nations General Assembly
session, said Board of Investment (BOI) Chairman Saleem Mandviwalla here on Friday.
To resolve the remaining procedural issues, a six-member US delegation is also arriving in
Islamabad, according to an announcement made by the BOI Secretariat. The UN General
Assembly session will take place next month.
The US team will hold negotiations with Pakistani authorities from August 27-28 to resolve
issues of considerable importance and conclude BIT, it added.
The US and Pakistan are again looking to resume dialogue on various issues including
energy, investment and trade after resumption of Nato supplies. Pakistan had blocked Nato
shipments after the killing of its 24 soldiers in an air attack by US forces in November last
year.
Talks on BIT started in 2004 and continued until 2006 but many issues remained unresolved.
The biggest stumbling block was arbitration rules in case of any dispute.
After a five-year deadlock, the BOI took the initiative to restart the negotiation process in
2011. According to the BOI, consultation with local stakeholders also picked up momentum
to firm up Pakistan’s position on different issues.
In March this year, Pakistan and US initialled the treaty and continued to discuss non-
conforming measures (NCMs), which will be attached with the treaty text as its integral part.
The US is the largest investor in Pakistan and conclusion of BIT will deepen economic and
investment relations. BIT is a commitment to reciprocally promote and protect investment,
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thus Pakistan’s investment in the US will also be reciprocated under international law and
covenants, said the BOI.
It added Pakistan is confident that the two-day discussions will resolve all outstanding issues,
paving the way for signing the treaty as scheduled.
Mandviwalla expressed the hope that BIT will lead to Free Trade Agreement (FTA) between
the two countries, resulting in market access and increase in exports to the US markets and
more investment from the US.
Both the countries have already signed draft of the treaty earlier this year, triggering criticism
and accusations that the BOI had sold the country’s interests.
However, the BOI defended its position, claiming that the US has agreed to a dispute
resolution mechanism where local remedy will be sought first before opting for a state-to-
state resolution or taking the matter to the international court of arbitration.
For the last three years, the US had not been willing to agree to take any disputed matter first
to Pakistani courts.
Insiders claim that from the beginning, the US wanted to include the option of arbitration
even after a decision of the Supreme Court.
According to recent decisions of the international court of arbitration, if the interest of an
investor is harmed because of any of the reasons – a law, a judgment by a court or because of
violation of treaty, the decision of the international arbitration will take precedent. The US is
seeking extraordinary protection for its businesses including security, which has also been
agreed.
Published in The Express Tribune, August 25th, 2012.
IP gas project: Who will finance Pakistan’s
side of pipeline?
By Zafar Bhutta
Published: August 25, 2012
The project is expected to facilitate the import of 700 million cubic feet of gas every day
through the 2,100-kilometre pipeline. PHOTO: FILE
ISLAMABAD:
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As Russia and China have not given confirmed financing the IP gas pipeline project,
Pakistan and Iran will resume talks in the first week of September to finalise the
arrangement of finance to lay Pakistan’s side of the pipeline.
Russia and China are conducting due diligence of the project although there has been no
response so far, said an official.
Pakistan will also urge the Iranian team to double its pledged amount to $500 million during
the upcoming meeting of the working group on IP gas pipeline project. “Iran has already
committed to raise $250 million financing for the gas pipeline project through its commercial
banks,” sources said.
The project is expected to facilitate the import of 700 million cubic feet of gas every day
through the 2,100 kilometre pipeline which will ease the current energy crisis in Pakistan.
Iran-Pakistan gas pipeline is expected to reach the zero border point in the first half of next
Iranian calendar year beginning 20 March 2013. National Iranian Gas Company (NIGC)
Managing Director, Javad Oji in a recent statement, said that work on the 56-inch Seventh
Iran’s Gas Trunkline from Iranshahr, southeast of Iran to Pakistan border and Zahedan city is
complete and it is expected to come on stream in September 2013.
Coordination committee to meet on Monday
In another group meeting, a special Iranian team will participate in the two-day coordination
committee meeting on the IP gas pipeline project scheduled to meet in Islamabad on Monday
to review progress of the project.
Pakistan and Iran had formed the joint working body to finalise a deal with the latter to lay
Pakistan’s portion of the pipeline during a meeting held in Islamabad on July 17 and 18.
The Joint Working Group comprised experts from technical, legal, financial and commercial
sectors to work out details with respect to implementation of the Iran-Pakistan gas pipeline
project.
“This group will also examine the impact of US sanctions against Iran on IP gas pipeline
project,” sources added. State-owned National Bank of Pakistan (NBP) and Oil and Gas
Development Company Limited (OGDC) walked away from the project last year fearing US
sanctions. In March this year, the world’s largest bank Industrial and Commercial Bank of
China Limited (ICBC) after agreeing to finance Pakistan’s side of the pipeline also shied
away.
“If the two countries reach an agreement, Iran would also provide material for the pipeline,”
source added.
German based firm ILF has completed detailed engineering design of IP gas pipeline project
and according to the interim feasibility report, the cost of the project is between $1.2 and $1.5
billion.
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“If the project is materialised with the participation of local companies, the cost of the project
fall while the cost would go up if foreign companies complete the project. Sources also hinted
that local and Iranian companies could wrap up the project.
Published in The Express Tribune, August 25th, 2012.
Rupee dips to all-time low against dollar
By AFP
Published: August 25, 2012
The rupee fell to 94.75 to the greenback in trading in Karach, down from 94.70 on Thursday.
PHOTO: FILE
KARACHI: The Pakistani rupee sank to an all-time low against the dollar Friday on
high oil prices and forex reserve fears as the country prepared to repay nearly $400
million to the International Monetary Fund (IMF).
The rupee fell to 94.75 to the greenback in trading in Karachi on Friday, down from 94.70 on
Thursday, and has now lost 33% of its value against the US currency since March 2008.
“The increase in the international oil price… has affected Pakistan’s foreign exchange
reserves and they could suffer further with the repayment of IMF’s instalment due today,”
said analyst Mohammad Sohail of Topline Securities.
“These factors have contributed to the panic in the currency market.”
An official of the Ministry of Finance said that Pakistan was set to pay $397 million to the
IMF on Friday and hoped it would have a ‘minimal effect’ on the reserves, which stand at
$15.18 billion, according to the central bank.
The official added that Pakistan has already repaid $901.4 million to the IMF in previous
three instalments.
The Washington-based fund bailed out on Pakistan with an $11.3 billion loan package
launched in November 2008 as the country faced 30-year-high inflation rates and fast-
depleting reserves, as well as a deadly insurgency.
Sohail said the panic in the currency market may continue next week, if the international oil
and commodity prices do not stabilise to a comfortable level.
On the other hand, reacting to the news Pakistani businessmen have urged the government to
scrap any further borrowing plans.
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Islamabad Chamber of Commerce and Industry President Yassar Sakhi Butt said that the
country has to pay $3.4 billion in 2012-13, $3.43 billion in 2013-14 and $1.35 billion in
2014-15 to retire IMF’s loan and country’s foreign exchange reserves will continue to face
pressure due to the debt servicing in the next three years.
Therefore, the government should not choose short-term gains over long-term economic
instability, he maintained.
Published in The Express Tribune, August 25th, 2012.
‘Donors willing to finance Kalabagh Dam’
By PPI
Published: August 25, 2012
The construction of Kalabagh Dam has been a longstanding dispute among provinces, which
forced the government to abandon the project. PHOTO: CREATIVE COMMONS
ISLAMABAD: The Punjab Forum, emboldened by the refusal of international donors
to finance Diamer-Bhasha Dam, has asked the government to think seriously about
construction of another big dam called Kalabagh.
“We have already lost over $36 billion due to delay in construction of Kalabagh Dam. The
government must now consider construction of the dam since both the Asian Development
Bank (ADB) and World Bank have no objection to funding the project,” said Baig Raj,
President of the Punjab Forum in a statement issued here on Friday.
However, the ADB had gone back on its commitment to fund Diamer-Bhasha Dam while the
World Bank had already refused to provide money, he said.
A four-year delay in funding added $500 million per year to the $12 billion project and
deprived the country of $8 billion in annual benefits at the rate of $2 billion per year, said
Raj.
The construction of Kalabagh Dam has been a longstanding dispute among provinces, which
forced the government to abandon the project.
“Opposition to Kalabagh is not based on technical grounds, rather it is a political issue being
raised to destabilise the country,” Raj said.
Expressing sorrow over loss of life and property in current floods in Nowshera, he stressed
that the only way to save the city in future was construction of Kalabagh Dam. He held the
Awami National Party (ANP) responsible for the losses as it was one of the biggest
opponents of the dam.
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Raj was of the view that Khyber-Pakhtunkhwa and Sindh would not turn dry after the dam
was constructed, rather these provinces would become barren in absence of this mega project.
“Bhasha Dam will not help irrigate agriculture land as no canal can be made in the hilly
terrain while Kalabagh will irrigate seven million acres of land and produce 3,800 megawatts
of electricity,” he said.
Published in The Express Tribune, August 25th, 2012.
Pakistan slipping below water scarcity level
By APP
Published: August 25, 2012
Water availability, which stood at 5,300 cubic metres per person per year in 1950, dropped to
almost 1,000 cubic metres in 2011, touching the globally set water scarcity level.
ISLAMABAD: With the country slowly slipping down the scarcity benchmark, it will
be facing a severe water crisis in coming years, which will also harm the agriculture
sector, leading to production loss and food shortage.
Statistics available with the Ministry of Climate Change, the United Nations and other related
government departments reveal that imprudent use of water resources has resulted in multiple
challenges for Pakistan.
Water availability, which stood at 5,300 cubic metres per person per year in 1950, dropped to
almost 1,000 cubic metres in 2011, touching the globally set water scarcity level.
Experts express fear that water availability will further go down in coming years due to
massive wastage and growing population.
It is also predicted that average agriculture produce in the country will drop 25% by 2050 due
to water shortage, resulting in increased poverty and hunger.
The experts point out that over-pumping was depleting the ground water resource while 5,000
million gallons of used and untreated waste water is discharged into rivers and lakes,
polluting the source for recharging the ground water.
According to the United Nations, Pakistan is among those countries, which will face water
crisis in coming years.
Published in The Express Tribune, August 25th, 2012.
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PEN MARKET FOREX RATES Updated at: 25/8/2012 8:53 AM (PST)
Currency Buying Selling
Australian Dollar 98.6 99.6
Bahrain Dinar 246 248
Canadian Dollar 94.6 95.6
China Yuan 13.1 13.6
Danish Krone 17.5 18.2
Euro 117.6 118.9
Hong Kong Dollar 11 11.7
Indian Rupee 1.65 1.75
Japanese Yen 1.175 1.200
Kuwaiti Dinar 325.6 327.1
Malaysian Ringgit 28 28.5
NewZealand $ 73.5 74.5
Norwegians Krone 17 18
Omani Riyal 242.6 244.1
Qatari Riyal 25.5 25.6
Saudi Riyal 25 25.25
Singapore Dollar 76.1 77.1
Swedish Korona 13 13.5
Swiss Franc 97.5 99
Thai Bhat 2.6 2.7
U.A.E Dirham 25.5 26
UK Pound Sterling 149.1 150.6
US Dollar 94.6 95
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INTER BANK RATES Updated at: 25/8/2012 8:53 AM (PST)
Currency Bank Buying
TT Clean
Bank Selling
TT & OD
Australian Dollar 98.47 98.68
Canadian Dollar 95 95.2
Danish Krone 15.92 15.95
Euro 118.55 118.8
Hong Kong Dollar 12.17 12.2
Japanese Yen 1.2006 1.2032
Saudi Riyal 25.17 25.22
Singapore Dollar 75.61 75.77
Swedish Korona 14.3 14.33
Swiss Franc 98.71 98.92
U.A.E Dirham 25.7 25.76
UK Pound Sterling 149.72 150.04
US Dollar 94.4 94.6
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Bullion Rates (Gold Prices) in Pakistan
Rupee (PKR) As on Sat, Aug 25 2012, 03:45 GMT
Metal Symbol PKR
for 10 Gm
PKR
for 1 Tola
PKR
for 1 Ounce
Gold 24K XAU 50,963 59,381 158,516
Palladium XPD 19,913 23,202 61,937
Platinum XPT 47,295 55,106 147,105
Silver XAG 940 1,095 2,923
Gold Rates in other Major Currencies
Currency Symbol 10 Gm 1 Tola 1
Ounce
Australian
Dollar AUD 516 601 1,605
Canadian
Dollar CAD 533 621 1,657
Euro EUR 429 500 1,335
Japanese
Yen JPY 42,174 49,140 131,178
U.A.E
Dirham AED 1,972 2,298 6,134
UK
Pound
Sterling
GBP 340 396 1,056
US
Dollar USD 537 626 1,670