Tag Archives: uncertainty

The uncertainty annoys EV investors | Instant News

Apart from the electric vehicle (EV) policy for two and three-wheelers, the non-issuance of a Statutory Regulatory Order (SRO) for customs and sales tax has put potential investors in a dilemma.

According to the notification issued by the Federal Board of Revenue (FBR) on February 3, 2021, in order to amend SRO 572 (I) 2020, there will be no additional customs duties for the import of electric vehicles that are included in the Pakistan Customs Tariff (PCT). ) code 8703.8030 (electric car rickshaw), 8711.6040 (electric motorcycle), and 8711.6060 (three-wheel loader).

Although the Pakistani government has taken steps to promote electric vehicle technology in the country, the revenue council has waived additional customs duties on imports of electric two-and three-wheelers until June 30, 2025.

However, there was no mention of any two-and three-wheeler import duties, Sabir Shaikh, chairman of the Pakistan Electric Vehicle Manufacturers Association (PEVMA), said while speaking with The Express Tribune.

“We have several questions, namely what is the current import duty for the completely built units (CBU) two and three wheels? What are the withholding rates and income taxes on CBU imports? How much is the sales tax on imported CBU bicycles and rickshaws? “He has stated.

“If we import a motorbike with a fuel engine, we have to pay a 50% import duty,” said the Sheikh. “For example, if a bicycle costs Rs100,000, the importer will pay Rs50,000 for the purchase to the government due to customs duties.”

An additional 1% import duty is Rs500, but according to electric vehicle policy, the electric vehicle import duty will be charged half of the cost of a fuel-engined vehicle, the chairman said, adding, “For example, if the government charges 50% for fuel vehicles, then the government will charge 25% for imports of electric vehicles. “

The government has not issued an SRO for a 50% import duty, so anyone importing an electric motorbike has to pay the same duty, said Syekh. “The government should reduce this anomaly by issuing an SRO for this task; however, they have issued an SRO only for an additional customs duty of 1%, which is practically non-existent. “

It seems that the real situation is not being conveyed well to top officials, although Prime Minister Imran Khan and his team have been quite vocal in supporting electric vehicles, Shaikh said. “The notification released is disappointing to investors and the potential for a green revolution in the country.”

Published in The Express Tribune, February 7th, 2021.

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Australian stocks: Australian stocks are making cautious gains ahead of US election results | Instant News

Australian Shares closed higher on a caution note, as traders braced for jitters during US Presidential election week gold stock lead profit as uncertainty sparked bids for the safe-haven metal on Monday.

S & P / ASX 200 index closed up 0.4% at 5,951.30, following Friday’s 0.6% drop.

Global markets await hotly contested US elections, with Democrat Joe Biden taking the national lead over President Donald Trump. Nevertheless, Trump remains competitive in states that can determine White House elections.

“Some attention is turning to the outcome of who will hold the Senate, as the Biden White House without Democrats’ control of the Senate could still mean it is difficult to slow progress on a new fiscal stimulus package,” said James Tao, market analyst at CommSec.

Wall Street, along with global markets, has swayed wildly in volatility in the weeks leading up to US elections over the implementation of a stimulus deal to revive the pandemic-hit economy.

However, the market was cheered up after data from China signaled that factory activity in October had expanded at its fastest pace in a decade.

On the domestic front, the Australian gold index rose 1.1%, helped by rising gold prices, as increasing global uncertainty attracted investors to gold security.

Catalyst Metals was up 6.1% while Bellevue Gold was up 4%.

That heavyweight financial sector rose 0.4% after the nation’s second-largest lender Westpac posted full-year results and said it intends to return to its semi-annual dividend cycle.

“Westpac Bank this morning announced its intention to continue dividends. This is a positive for the finances today,” Smoling said.

AMP Ltd jumped 10% after the wealth manager said a proposed takeover offer from Ares Management implies a 21% premium to Friday’s closing price.

New Zealand’s benchmark S & P / NZX 50 index slumped 0.1% to 12,070.83.

Heartland Group Holdings fell 5.2% while Pacific Edge fell 4.2%.


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Heat Advisory remains in effect; more heat and humidity today | weather | Instant News

Springfield, mA (WGGB/WSHM) — the heat and humidity will continue today with another Scorcher expected! This is the warmest morning of the summer so far with temperatures ranging from 70-ies, and we will be back in the ‘ 90s times in the day with heat indices between 97-103 degrees.

Warm Tips remain in effect for the Central and Eastern parts of Hampden, Hampshire and Franklin County until 8 PM. In addition to the Air Quality to unhealthy levels of ground-level ozone remain in force for all in the County of Hampden and Central and East Hampshire County until 11 PM tonight.

We may see a few showers this morning, then a weak front will bring in this day an isolated shower or thunderstorm, but most will stay dry during the day. Best chance to see the storm will be Springfield and points East as the front will be a bit more active in Eastern Massachusetts that day.

The front will bring a little relief tomorrow. It will be a little less humid, but still warm tomorrow with highs in the upper 80’s to nearly 90. There is a chance for showers and thunderstorms Wednesday and Thursday with highs in the mid to upper 80’s. Drier air should move in the end of the week to go to next weekend.

Copyright 2019 Western Mass (Meredith Corporation). All rights reserved.


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Uncertainty hunts for NA, Senate session | Instant News

ISLAMABAD: Deputy Senate Chairman Saleem Mandviwalla on Sunday suggested that the second session of the Parliament Building should be postponed after two MPs were found infected with the corona virus.

The National Assembly session will begin on Monday (today), while the Senate will meet on Tuesday. “This virus has reached the gallery of parliament,” Mandviwalla said, expressing concern over reports about lawmakers and assembly staff contracting the corona virus.

“More lawmakers and staff are likely to be affected by the virus,” he said and warned that calling the National Assembly and Senate sessions at this time could have serious consequences, media reports said.

He said the process [of both the houses of Parliament] must be postponed, and steps must be at stake so that no one enters an untested place. Syed Mehboob Shah and PTI MNA from Bajaur Gul Zafar Khan tested positive.

A special team from the National Institutes of Health took a swab from the affected MPs and others on May 8. All members of the two Houses of Parliament have been directed to undergo tests before attending scheduled sessions.

Meanwhile, Federal Aviation Minister Ghulam Sarwar Khan, Minister of National Food Security and Research Syed Fakhar Imam, Senator King Zafarul Haq, Mushahid Hussain Syed, Mustafa Nawaz Khokhar, Saleem Zia, Abdul Qayyum and others have been declared negative.

Meanwhile, Chairman of the National Assembly Asad Qaiser recovered quickly from a coronavirus, his spokesman said on Sunday adding that he was likely to be discharged from the hospital on Monday (today).

He no longer has a fever and has had few chest infections, said the spokesman, adding that the speaker’s cough was better than before.

Meanwhile, Prime Minister Imran Khan and Army Chief of Staff (COAS) General Qamar Javed Bajwa Sunday called National Assembly Chairman Asad Qaiser to ask about him. In a telephone call with the prime minister, Qaiser said he felt better after following doctor’s instructions and expressed optimism that he would get well soon. Imran prayed well and prayed for his speedy recovery.

Separately, the military commander held a telephone conversation with Asad Qaiser and asked about him. Bajwa expressed good wishes for the health of the NA speaker and prayed for his initial healing.

In a related development, Punjab Chief Minister Sardar Usman Buzdar has given permission to house insulation. The Department of Primary & Secondary Health has officially issued a notice of recommendations from the Corona Expert Advisory Group and the Technical Working Group.

Usman Buzdar, when giving permission for isolation at home, said that the SOP [standard operating procedures], outlined by the World Health Organization (WHO) has been considered for home isolation and patients who carry only small symptoms can be stored in home isolation.

Patients will be kept in buildings that are equipped under the supervision of the district health authorities related to important facilities, he added. CM said that patients can be stored in buildings that are equipped with hotel facilities, school buildings, mosques, hostels, and community centers as needed. He said that buildings where patients would be kept in isolation homes would be disinfected every day and solid waste would be disposed of according to given guidelines.

Usman Buzdar said that isolation at home would not be permitted where there was a danger of spreading the virus because the cooling and heating system and isolated patients would be given food only in disposable packages.

The CM said that a committee, nominated by the deputy commissioner concerned, would decide on the isolation of the house and the assistant commissioner or his deputy, the deputy health official of the district (DDO), the chief official would also be included on the house isolation committee. He said that staff members of the Department of Population, Livestock, Excise & Taxation Welfare would monitor and report on the isolation of the house. He said that three committees would be formed in each city union council and a doctor would be included in each committee. One committee will be formed in each village union council and the presence of a doctor will be mandatory on the committee.

The committee will also review the scope of looking after more than one patient according to the number of family members, he added. He said that the families concerned would be informed of the SOP and procedures before giving permission for house isolation. He added that patients kept in solitary confinement would be bound to inform about their condition on a daily basis.

Usman Buzdar said that it is mandatory for every patient who is isolated at home to ensure the implementation of the directives of the Department of Primary & Secondary Health and restrictions on testing protocols will be mandatory for patients treated in isolation homes.

The CM emphasized that the duration of home isolation would be 10 days and two patients’ negative corona tests would be needed to end home isolation. In case the surface of the second corona test is positive, a new test will be carried out after five days to end the isolation of the house.

In the event that a corona test is not available, the patient must remain in isolation for another two weeks even though it does not carry symptoms. He also issued a directive to the Primary & Secondary Health Department to take the steps needed to ensure the implementation of SOPs related to house isolation.


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