Pkrevenue.com

Day: March 21, 2019

  • PTBA demands for judicial policy compliance

    PTBA demands for judicial policy compliance

    KARACHI: Pakistan Tax Bar Association (PTBA) on Thursday demanded the government of recruiting accountant members of tribunals of Customs and Inland Revenue should be through Federal Public Service Commission (FPSC) and approved by Supreme Court / High Court.

    The PTBA has sent communication to Dr. Farough Naseem, Federal Minister of Law & Justice, Asad Umar, Minister for Finance, Revenue and Economic Affairs and Muhammad Hammad Azhar, Minister of State for Revenue in this regard.

    The tax bar said that the appellate mechanism under tax codes provides right to appeal before the commissioner of appeals or collector of appeals in case a taxpayer is aggrieved by the assessment made by adjudicating officer.

    The tax bar said that appellate tribunal is second legal forum for taxpayers or tax department after commissioner Appeals/Collector Appeals.

    The Appellate Tribunal Inland Revenue (ATIR) functions through its benches comprising judicial and accountant members. The qualification for appointment as judicial member is similar to that for the appointment of a high court judge, and only well experienced and competent people from the legal profession and judiciary are selected.

    “Section 1340(4) of the Income Tax Ordinance, 2001 provides that the accountant member shall be either grade 21 officer of inland revenue or a commissioner having at least three year’s experience or a chartered accountant with 10 year’s experience or a cost and management accountant with at least 10 year’s experience.”

    Unless the position of accountant members are advertised through FPSC, how can a chartered accountant or a cost and management accountant ever be selected on merits as accountant member of the tribunal, the tax bar asked.

    It further said that at present officers of Inland Revenue are sent to tribunal on secondment. A person having lien with FBR cannot perform the functions independently and further it will be violative of National Judicial Policy 2009.

    To make tribunal a truly independent judicial forum, it is imperative to recruit accountant members be it from FBR cadre or chartered accountants and cost and management accountant through FPSC. Accountant member should be appointed through FPSC and as per Judicial Policy 2009.

  • Currency notes have braille features for visually impaired persons: SBP

    Currency notes have braille features for visually impaired persons: SBP

    KARACHI: The State Bank of Pakistan (SBP) on Thursday said that it noticed visually impaired persons find it difficult to recognize and distinguish amongst different Pakistani currency notes.

    SBP, for the information of the general public and specifically visually impaired persons, reiterates that Pakistani currency notes have specific features to help the visually impaired persons to identify the genuineness of currency notes and to distinguish between different denominations.

    All currency notes of Rs.20 and above contain braille features on its front side that help to determine the denomination of a currency notes. For this purpose, raised dots and small horizontal lines are printed on the left bottom corner just above the banknote serial number.

    This feature makes banknote denominations easily distinguishable by rubbing the thumb against these raised features.

    The braille features in each denomination appear in this manner: Rs.20 has one line, Rs.50 two lines and Rs.100 has three lines while other higher denomination notes have dots as braille feature. Specifically, Rs.500 has one dot; Rs.1000 two dots, and Rs.5000 three dots.

    All braille features on currency notes of all denominations of Rs. 20 & above are printed through Intaglio process, due to which they appear raised and on the front side of the note only.

    Thus, a visually impaired person can easily infer the denomination of the banknotes by feeling the raised printing as well as its genuineness.

    All Pakistani currency notes have denomination-wise tiered sizing. Each currency note has the same width of 65 mm whereas lengthwise, each banknote is exactly 08 mm longer than the preceding denomination.

    Thus the highest denomination banknote of Rs.5000 is 48mm longer than the lowest denomination currency note of Rs.10.

    The incorporation of a number of strong security features including braille features in banknotes are aimed at facilitating general public. To create awareness about currency note features among the masses, SBP provided complete details on its website

    Moreover, it has launched Videos and a Smartphone application on security features of currency notes which provide information on security features of currency notes both in descriptive and pictorial forms.

    It may also be mentioned that 16 field offices of SBP-BSC spread across Pakistan, conduct awareness campaigns all over the country. These sessions are usually arranged in high traffic areas and involve in depth briefing on currency note features.

    To augment the awareness of banknote features, SBP has mandated the prominent display through posters containing security features in every commercial bank branch under instructions to guide customers of the currency note features, as required.

    The SBP BSC field offices are also arranging special awareness sessions tailored towards the needs of visually impaired persons. These sessions will be organized in collaboration with social welfare organizations/trusts that are dedicated to serving different factions of the general public, especially the visually impaired who are an invaluable part of the Pakistani society.

    SBP also urges general public to educate visually impaired persons about features of Pakistani currency notes wherever possible.

  • SRB suspends registration of ZY & Co. Bulk Terminals

    SRB suspends registration of ZY & Co. Bulk Terminals

    KARACHI: Sindh Revenue Board (SRB) has suspended the sales tax registration of M/s. Z.Y. & Co. Bulk Terminals (Private) Limited for defaulting payment and e-filing of monthly sales tax returns.

    The SRB said that the scrutiny of tax profile revealed that the company failed:

    — To make payment of Sindh sales tax on services pertaining to the tax period from December 2018 to February 2019.

    — to e-file the Sindh sales tax return in the time limitation and the manner for the aforesaid period.

    The SRB said that non-payment of SST and non-filing of SST returns within the time and manner prescribed under the law is contravention of Sindh Sales Tax Act, 2011 and the rules made thereunder.

    The SRB suspended the sales tax registration of the company with immediate effect. However, it directed the company that the suspension would be revoked if following remedial measures are taken:

    — To discharge all sales tax liability

    — To e-file the true and correct monthly Sindh sales tax returns for the said tax periods.

    In case of non-satisfactory response or failure to take remedial measures as suggested on or before April 04, 2019, the case would be further proceeded for cancellation the registration with the SRB.

  • SRB suspends registration of ZY & Co. Bulk Terminals

    SRB suspends registration of ZY & Co. Bulk Terminals

    KARACHI: Sindh Revenue Board (SRB) has suspended the sales tax registration of M/s. Z.Y. & Co. Bulk Terminals (Private) Limited for defaulting payment and e-filing of monthly sales tax returns.

    The SRB said that the scrutiny of tax profile revealed that the company failed:

    — To make payment of Sindh sales tax on services pertaining to the tax period from December 2018 to February 2019.

    — to e-file the Sindh sales tax return in the time limitation and the manner for the aforesaid period.

    The SRB said that non-payment of SST and non-filing of SST returns within the time and manner prescribed under the law is contravention of Sindh Sales Tax Act, 2011 and the rules made thereunder.

    The SRB suspended the sales tax registration of the company with immediate effect. However, it directed the company that the suspension would be revoked if following remedial measures are taken:

    — To discharge all sales tax liability

    — To e-file the true and correct monthly Sindh sales tax returns for the said tax periods.

    In case of non-satisfactory response or failure to take remedial measures as suggested on or before April 04, 2019, the case would be further proceeded for cancellation the registration with the SRB.

  • Pakistan’s forex reserves increase to $15.71 billion

    Pakistan’s forex reserves increase to $15.71 billion

    KARACHI: Pakistan’s foreign exchange reserves have increased by $743 million to $15.709 billion with inflows of $1 billion from UAE.

    The total reserves of the country increased to $15.709 billion by week ended March 15, 2019 as against $14.966 billion a week ago, according to data of State Bank of Pakistan (SBP) issued on Thursday.

    During the week ending March 15, 2019, SBP received inflow of $1 billion from UAE as placement of funds.

    After taking into account outflows relating to external debt and other official payments, SBP reserves increased by $716 million during the week, SBP said.

    The official reserves of the central bank increased to $8.838 billion by week ended March 15 from the level of $8.122 billion a week ago.

    Similarly, the foreign exchange reserves held by commercial bank have increased by $27 million to $6.87 billion from previous week’s level of $6.843 billion.

  • Option of refund through bonds can be availed by March 25: FBR

    Option of refund through bonds can be availed by March 25: FBR

    ISLAMABAD: Federal Board of Revenue (FBR) has asked sales tax refund claimants to avail option of bonds by March 25, 2019.

    “Those who wish to be included in the first phase of bond issuance may furnish their options by March 25, 2019,” the FBR said in a notice on Thursday.

    The FBR said that in order to facilitate exporters and other businesses, it has been decided to issue them sales tax refund bonds in the Sales Tax Act, 1990 for this purpose:

    The bonds shall be tradeable, SLR eligible and shall act as collateral for getting bank loans.

    The bonds also carry simple profit of 10 percent per annum over three-year maturity period.

    The FBR said that those claimants willing to get refund payment through bonds may furnish their options.

  • Equity market sheds 163 points in ongoing losses

    Equity market sheds 163 points in ongoing losses

    KARACHI: The equity market ended with decline of 163 points on Thursday in its ongoing loss making trail. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,385 points as against 38,548 points showing a decline of 163 points.

    Analysts at Arif Habib Limited said that KSE-100 index continued the loss making trail from past several sessions.

    The market turned positive for a brief while in the morning but reverted to selling pressure which saw selling activity in Banks, Cement, Steel, Fertilizer, Autos, & OMCs.

    During the session the news of Supreme Court’s acceptance of Bahria Town deal felt a fresh breathe, however, the wave lived short. By the close of market, selling pressure mounted back resulting in index sliding down by 205 points (unadjusted).

    Sectors contributing to the performance include Fertilizer (-47 points), Power (-36 points), O&GMCs (-22 points), E&P (-13 points), Cement (-12 points).

    Volumes declined slightly from 83mn shares to 81mn shares (-2 percent DoD). Average traded value however, increased by 22 percent to reach US$ 30.4mn from U$ 24.9mn.

    Stocks that contributed significantly to the volumes include BOP, PAEL, HUBC, SSGC and WTL, which formed 24 percent of total volumes.

    Stocks that contributed positively include POL (+21 points), BAHL (+12 points), HBL (+5 points), UBL (+5 points), and KOHC (+4 points). Stocks that contributed negatively include HUBC (-33 points), MARI (-22 points), ENGRO (-20 points), OGDC (-16 points) and PMPK (-12 points).

  • Rupee depreciates by five paisas against dollar

    Rupee depreciates by five paisas against dollar

    KARACHI: The Pak Rupee depreciated by five paisas against the US dollar on Thursday due to import and corporate payments.

    The rupee ended Rs139.49 to the dollar from previous day’s closing of Rs139.44 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs139.48 and Rs139.50. The market recorded day high of Rs139.50 and low of Rs139.49.

    The exchange rate in open market also deteriorated.

    The dollar’s buying and selling was recorded at Rs139.70/Rs140.20 as compared with Rs139.30/Rs139.80 in the cash ready market.

  • FBR notifies promotion of IR officers to BS-16

    FBR notifies promotion of IR officers to BS-16

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified promotions of steno-typists and supervisors/head clerks of Inland Revenue Department to BS-16 with immediate effect.

    Through a notification following steno-typists have been promoted as assistant private secretary (BS-16) on regular basis with immediate effect:

    01. Alamgir Khan, RTO Peshawar

    02. Sirajuddin, RTO Peshawar

    03. Zaheer Iqbal, RTO Rawalpindi (He will actualize promotion with effect from April 14 on retirement of Javaid Mukhtar, APS (BS-16), RTO Rawalpindi.

    04. Khalid Mehmood, RTO Gujranwala

    05. Muhammad Khalid, RTO Gujranwala

    Through another notification, the following supervisors/head clerks of Inland Revenue Department have been promoted to the post of Office Superintend Inland Revenue (BS-16) with immediate effect:

    01. Muhammad Ramazan, Supervisor, RTO Islamabad

    02. Noor Zaman, Supervisor, RTO Peshawar

    03. Muhammad Mukhtiar, head clerk, RTO Peshawar

    04. Muhammad Younis, Supervisor, RTO Sahiwal

    05. Muhammad Mushtaq, Supervisor, RTO Sahiwal

    The FBR said that promotion would take effect subject to the condition that no disciplinary proceedings are pending against them.

  • Investment in registered prize bonds surges by 30pc

    Investment in registered prize bonds surges by 30pc

    ISLAMABAD: The investment into premium prize bonds of Rs40,000 has registered significant increase of 30 percent owing to attractive avenue for persons having legitimate money.

    The investment into the premium prize bonds increased to Rs5.86 billion by January 2019 as compared with Rs4.52 billion in the same period of the last year.

    In order to promote documentation of economy, the registered bonds with denomination of Rs40,000 was launched two years ago.

    The first prize of the premium bond is Rs80 million and the winner of the draw will get the prize money directly to his bank account.

    The registered bond is only issued against Computerized National Identity Card (CNIC) and account maintenance certificate of the account number mentioned in application.

    The bond has bi-annual profit at three percent per annum for all premium prize bond holders.