Day: April 16, 2019

Doctors, lawyers earning huge money but not on tax net: FPCCI

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the government to bring professionals into tax net as they are not documented despite earning huge money.

In its proposals for Budget 2019/2020, the apex trade body said that the professionals including doctors and lawyers should be taxed as large number of those professionals was not documented despite earning huge money.

The FPCCI said that the government should make a comprehensive policy to encourage the people to establish industries in the country.

The government should announce tax exemptions for 10 years to those who set up their industrial units within a time period of three years.

The FPCCI said industrialization would help increase in employment opportunities and it would also generate more revenues for the government through indirect tax.

Besides, industrial units should be provided cheaper electricity to make them more competitive.

The national chamber also suggested the government to expand the tax net by documenting the economy. It said that retailers and small shopkeepers should be brought into tax net but rate of tax on them should not be more than one percent.

Further, the FPCCI said that tax rates on immovable properties should be reduced in order to enhance valuation near to fair market value.

The FPCCI also demanded that the sales tax should immediately be reduced from current 17 percent to 15 percent and it should further gradually reduced by one percent per annum.

Corporate sector is heavily taxed at the rate of 29 percent which is too high and should be cut down to 25 percent. While, individual tax should be reduced as it is too much high at 20 percent.

April 16, 2019
FBR promotes 114 inspectors to BS-16 Revenue Officers

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday notified promotion of 114 inspectors of Inland Revenue and Assistant Private Secretaries to the post of Revenue Officers (BS-16) on regular basis with immediate effect.

Following officers have been promoted:

01. Muhammad Aslam, Regional Tax Office (RTO) Rawalpindi

02. Muhammad Arshad, Large Taxpayers Unit (LTU) Islamabad

03. Abbas Jan Muhammad, RTO-II Karachi

04. Muhammad Shakil, Intelligence and Investigation (I&I), IR Karachi

05. Muhabat Ikhlaq, RTO Gujranwala

06. Abdul Rasool Soomro, RTO Hyderabad

07. Liaqat Ali Sahu, RTO Sukkur

08. Niaz Ali Bhan, Internal Audit (IR), Hyderabad

09. Muhammad Rahim Khan, Directorate General I&I IR, Islamabad

10. Muhammad Ashraf, RTO Faisalabad

11. Umar Hayat, RTO Faisalabad

12. Samiullah Khan, RTO Sargodha

13. Muhammad Intezar, RTO Sargodha

14. Javed Iqbal Qureshi, RTO Sargodha

15. Khalid Hayat, RTO Rawalpindi

16. Muhammad Muaaz Khalid, RTO Sargodha

17. Abdul Saleem Tariq, RTO Gujranwala

18. Muhammad Ramzan, RTO Gujranawala

19. Muhammad Ghias Khan, RTO Sialkot

20. Muhammad Nadeem, LTU Lahore

21. Iqtidar Ahmed, LTU Lahore

22. Manstoor Najeeb, RTO-II Lahore

23. Nisar Hussain, Corporate RTO Lahore

24. Malik Riaz Ahmed, Corporate RTO Lahore

25. Abdul Waheed, RTO-II Lahore

26. Tariq Baig, Corporate RTO Lahore

27. Syed Muzaffar Ali Langa, RTO Hyderabad

28. Shafqat Ali Arain, Directorate of Internal Audit IR Karachi

29. Muhammad Aslam Qureshi, RTO Hyderabad

30. Syed Shabbir Ahmed Shah, RTO Hyderabad

31. Abdul Lateef Kerio, RTO Hyderabad

32. Ameer Ali Kerrio, RTO Hyderabad

33. Ghulam Sarwar, Corporate RTO Karachi

34. Muhammad Aslam Chandio, RTO Sukkur

35. Allah Bux Agham, Additional Directorate of Internal Audit IR Sukkur

36. Ghulam Ali Kakepata, RTO Quetta

37. Mardan Ali, RTO Sukkur

38. Pir Naveed Ahmed, RTO Sukkur

39. Jamil Ahmed Soomro, Corporate RTO Karachi

40. Abdul Nabi Khokhar, RTO Sukkur

41. Muhammad Ayub Brohi, RTO Quetta

42. Abdul Khalique Jamali, RTO Hyderabad

43. Ishq Ali Magsi, RTO Sukkur

44. Imamuddin Zardari, RTO Hyderabad

45. Abdul Jabbar Bhutto, RTO-III Karachi

46. Rashid Hussain Soomro, RTO Sukkur

47. Nazir Ali Keerio, RTO Hyderabad

48. Aftab Ahmed Thallo, RTO Quetta

49. Rashid Ahmed Shahani, RTO Sukkur

50. Pir Sharful Haq Qureshi, RTO Hyderabad

51. Hussain Bukksh Shahani, RTO Hyderabad

52. Zulfiqar Ali Jamali, RTO Hyderabad

53. Saleem Ahmed Hakro, RTO Sukkur

54. Muhammad Rafique Magsi, RTO Quetta

55. Sultan Ahmed Magsi, LTU-II, Karachi

56. Mujeeb-ur-Rehman, RTO Sukkur

57. Agha Avais Khan, RTO Sukkur

58. Kashif Ali Shah, Corporate RTO Karachi

59. Muneer Ahmed Brohi, RTO Sukkur

60. Irfan Ali Umrani, RTO Quetta

61. Mujahid Hussain Shah, RTO Sukkur

62. Mazhar Ali Shah, RTO Sukkur

63. Mumtaz Ali Siyal, RTO Sukkur

64. Shafique Ahmed Mengal, RTO Quetta

65. Azhar Ali Bhutto, RTO Sukkur

66. Muhammad Aftab Amin, Corporate RTO Karachi

67. Ambrat Rai Chawla, LTU-II Karachi

68. Tahir Hussain Shah, RTO Sukkur

69. Syed Zaheer Haider Zaidi, LTU Karachi

70. S Q Aijaz ul Haq, RTO Hyderabad

71. Ghulam Muhammad Memon, RTO Hyderabad

72. Ashouk Kumar Rathi, RTO Hyderabad

73. Madad Ali Bhatti, RTO Hyderabad

74. Sarfraz Ali, RTO Bahawalpur

75. Zafar Iqbal, RTO Bahawalpur

76. Muhammad Yamin, RTO Bahawalpur

77. Sajid Hussain, RTO Sahiwal

78. Rao Abdul Qayyum, RTO Bahawalpur

79. Muhammad Hafeez Watto, RTO Bahawalpur

80. Riaz Ahmed, RTO Bahawalpur

81. Mashooq Hussain, RTO Multan

82. Rab Nawaz, I&I IR Multan

83. Abdur Rasheed, RTO Multan

84. Syed Ghulam Mustafa, RTO Sahiwal

85. Irshad Ahmed Bajwa, RTO Sahiwal

86. Muhammad Iqbal, RTO-II Lahore

87. Masood-ul-Hassan, RTO Sahiwal

88. Ahmed Shafique Elahi, RTO Faisalabad

89. Ch. Muhammad Kha, RTO Rawalpindi

90. Syed Ali Atif Jaffary, RTO Rawalpindi

91. Humayun Khan Durrani, RTO Rawalpindi

92. Rao Baber Ali Khan, LTU Islamabad

93. Naseer Ahmed, RTO Peshawar

94. Ms. Salma Sharif, RTO Islamabad

95. Akhtar Mehmood, RTO Islamabad

96. Arshad Mahmood Baig, RTO Islamabad

97. Muhammad Khalid Gill, FBR HQ Islamabad

98. Waqar Haider, RTO Islamabad

99. Altaf Hussain Khan, LTU Islamabad

100. Muhmmad Shomail Aslam Khan Tareen, RTO Islamabad

101. Saqib Faryad Malik, RTO Islamabad

102. Raja Riffat Hayat, RTO Sargodha

103. Ghulam Sarwar Shaikh, Directorate of Internal Audit, Sukkur

104. Ayaz Ali Shaikh, LTU II Karachi

105. Shahanshah Muhammad Yousaf, RTO-II Karachi

106. Ghulam Raza, LTU-II Karachi

107. Salman Qamar, RTO-II Karachi

108. Gain Chand Chawala, RTO-II Karachi

109. Akif Sohail APS, Corporate RTO Lahore

110. Muhammad Jawed, APS, IR Appeals-I Karachi

111. Muhammad Nadeem, APS, I&I IR Karachi

112. Muhamamd Islam, APS, RTO Peshawar

113. Tahir Pervaiz, APS, Corporate RTO Lahore

114. Abdul Khaliq Ch. APS, RTO Islamabad

The FBR said that the promotion would take effect from the date of joining by the officers, subject to the condition that no disciplinary proceedings were pending against them.

April 16, 2019
No decision on amnesty scheme, cabinet to consider tomorrow

ISLAMABAD: The federal cabinet has discussed the planned tax amnesty scheme and it will decide in tomorrow’s meeting, sources said on Tuesday.

The federal cabinet was met under the chair of Prime Minister Imran Khan. Finance Minister Asad Umar briefed the meeting about the proposed amnesty scheme.

The sources said that the prime minister directed the ministry to take input from general public on such scheme besides before launching it there should be proper public awareness.

In this regard a committee was formed headed by the finance minister. The committee will finalize the amnesty scheme.

The sources said that the government was planning to introduce the amnesty scheme through promulgation of presidential ordinance.

The sources said that the PTI government was in difficult situation regarding launching the amnesty scheme as the ruling party had taken mandate to bring tax evaders and looters behind the bar instead giving amnesty.

April 16, 2019
Meezan Bank, Regal Auto sign MoU for Sharia financing solutions

KARACHI: Meezan Bank, Pakistan’s leading Sharia compliant bank, has signed a Memorandum of Understanding (MoU) with Regal Automobile Industries Limited to provide exclusive Shariah-compliant financing solutions and value-added services to its customers.

Arshad Majeed – Group Head Consumer Finance, Meezan Bank signed the MoU with Sohail Usman, Chairman, Regal Automobile Industries Limited – in Karachi, along their respective senior team members.

Arshad Majeed, while speaking at the occasion, expressed his appreciation to Regal Automobile Industries for creating an opportunity to enhance customer experience by offering priority processing, fast track vehicle delivery as well as after-sales benefits.

He further added: “As a leader in Islamic Car Finance in the country, Meezan Bank aims to enhance its product offering by actively working with new automobile manufacturers such as Regal Automobile Industries Limited to offer additional value-added services to its customers.

“We are hopeful that this recent alliance will prove to be mutually beneficial for both the organizations and help in reaching to a larger market.”

Regal Automobile has recently entered into the Pakistani auto market, with a license to locally produce the DFSK (Dongfeng) vehicles originating from China, under the ‘Prince’ brand name. DFSK (Dongfeng) comes under the umbrella of Dongfeng Motor Corporation, the state-owned auto giant.

As per the MoU, Meezan Bank will facilitate the provision of Shariah-compliant car financing solution while Regal Automobile’s brand ‘Prince’ will ensure priority delivery of Vehicles including Glory 580, K07 and C37 with after-sales support services to Meezan Bank’s customers across Pakistan.

April 16, 2019
FBR issues procedure for obtaining NTN, company registration

ISLAMABAD: Federal Board of Revenue (FBR) has issued procedure for getting National Tax Number (NTN) and registration with Securities and Exchange Commission of Pakistan (SECP) through Virtual One Stop Shop (VOSS).

The FBR and SECP have launched a one-window facility for Company incorporation and National Text Number (NTN) registration.

This facility enables companies to be registered with SECP and FBR in one go without having to visit FBR offices or its website.

For the convenience of all stakeholders, the process to be followed is outlined as under:

Step 1- Taxpayer will visit the SECP website (https://www.secp.gov.pk) and complete the company incorporation application as before;

Step 2- As soon as company is incorporated, data of the company and its directors will be forwarded to FBR through an automated web service;

Step 3- FBR system will run an auto-process to verify if all the directors registered taxpayers of FBR. If all the directors are already registered taxpayers, then process will jump to Step 6;

Step 4- If any Director(s) are not registered with FBR, system will automatically register each unregistered director on the basis of data provided by SECP;

Step 5- System will send confirmation email and SMS to each director on successful registration;

Step 6- System will automatically create FBR registration application on behalf of company, process the application and register the company within FBR;

Step 7- System will send confirmation email and SMS to company representative on successful registration;

Step 8- FBR will intimate SECP about registration of Taxpayers within FBR.

The FBR said that the process from Step-3 to Step-8 is totally system-based without any human involvement which will save time and effort of the taxpayer and improve the efficiency of the system.

April 16, 2019
Stock market ends down by 122 points on profit taking

KARACHI: The stock market ended down by 122 points on Tuesday following profit taking during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 37,382 points as against 37,504 points showing a decline of 122 points.

Analysts at Arif Habib Limited said that the market saw attrition of 91 points (unadjusted) by session’s end, where the index swayed +132 points and -165 points during the day.

Profit booking became the mantra for investors, who keenly waited for ISL’s results, they added.

Financial results were announced close to session’s end and disappointed investors and analysts alike.

The stock ultimately hit lower circuit and dampened investor sentiment too.

Cement sector remained in the limelight with 29 million traded volume, however, the underlying scrips witnessed selling pressure on the back of disagreement among Cement manufacturers regarding sales quota.

KEL saw activity to the downside in last half hour of trading that saw price dropping below Rs. 5 shortly. The sector that stood out and defied the selling pressure was Autos, which saw most scrips trading at Upper circuit.

Sectors contributing to the performance include Banks (-39 points), E&P (-22 points), Engineering (-17 points), O&GMCs (-16 points), Tobacco (-16 points), Autos (+14 points).

Volumes declined further from 172 million to 140 million shares (-19 percent DoD). Average traded value also declined by 24 percent to reach US$ 33.3 million as against US$ 43.6 million.

Stocks that contributed significantly to the volumes include UNITYR1, KEL, PAEL, PIOC and MLCF, which formed 41 percent of total volumes.

Stocks that contributed positively include UBL (+18 points), FFC (+16 points), HUBC (+7 points), HASCOL (+7 points), and AICL (+6 points).

Stocks that contributed negatively include MCB (-17 points), POL (-15 points), PMPK (-12 points), ISL (-12 points) and PSO (-11 points).

April 16, 2019
Rupee ends unchanged against dollar

KARACHI: The Pak Rupee ended unchanged against dollar in interbank foreign exchange market on Tuesday amid lackluster trading.

The rupee ended Rs141.40 to the dollar, the same previous day’s closing level, in interbank foreign exchange market.

The interbank foreign exchange market was initiated in the range of Rs 141.39 and Rs141.40.

The market recorded day high of Rs141.40 and low of Rs141.40 and closed at Rs141.40.

In open market the exchange rate, however, the rupee gained 10 paisas against the greenback.

The buying and selling of dollar was recorded at Rs141.70/Rs142.20 from previous day’s closing of Rs141.80/Rs142.30 in cash ready market.

April 16, 2019
Cabinet to approve money whitening amnesty scheme today

ISLAMABAD: The federal cabinet may consider and approve the new amnesty scheme today which is meant for whitening the ill-gotten money.

The scheme may continue till the end of current fiscal year and it would be offered for domestic and foreign undisclosed assets. The scheme may be prolonged beyond July 2019.

The amnesty would also be offered for gold and cash in bank accounts at different rate of taxes.

After approval from federal cabinet the government would introduce the scheme through promulgation of presidential ordinance and subsequently would approve from the parliament through finance bill.

Many stakeholders are not in favor of giving tax dodgers another opportunity through money whitening scheme as the domestic and international laws are strengthened against tax evasion.

The FBR during the last three months also demonstrated efforts against tax evaders through confiscation of properties and other assets besides arrests in tax evasion.

However, the FBR sources believed that the fear created during the past three months and data gathered regarding businessmen was sufficient to make the amnesty scheme a success.

April 16, 2019
Sales Tax Act 1990: maintaining record for taxable supplies

KARACHI: A person making taxable supplies is required to maintain record of goods and keep at his office for scrutiny by tax officials.
(more…)

April 16, 2019
FBR issues procedure for making payment through internet, ATM, mobile banking

ISLAMABAD: Federal Board of Revenue (FBR) has issued procedure for payment of duty and taxes through alternate delivery channels (ADC) including internet banking, ATM and mobile banking.

The FBR said that it had launched the system of payment of taxes through ADC under which taxpayers would now be able to make payments of federal taxes and duties i.e. income tax, sales tax, customs duty and Federal Excise Duty (FED) from any commercial bank account through internet banking, ATM, mobile banking and contact centers/

Availability of these options will improve the efficiency of the system, provide convenience for taxpayers and improve ease of doing business in Pakistan.

The FBR outlined the process for making payment for the convenience of all stakeholders:

Taxpayer will login to the FBR system (https://e.fbr.gov.pk) and prepared the PSID as before. However, he / she will select the ADC payment mode on the PSID;

Taxpayer will note down the PSID number for further processing;

Taxpayer will login to the online banking system of his/her bank through computer or mobile phone or visit ATM facility. The bill payment screen of the bank shall reflect ‘FBR’ as biller. The taxpayer shall click the option ‘FBR’. The bank/ATM screen shall require the taxpayer to enter the PSID number. The screen will appear for making payment to FBR.

By entering PSID, the payment details shall be visible to the taxpayer for approval of the payment of taxes. Upon confirmation, the bank account of taxpayer shall be debited and a message of successful transaction shall be visible on the screen;

Within three hours of confirmation, the payment will be marked as paid. A CPR will be provided to the taxpayer through e-mail and confirmation message sent on SMS. At the same time CPR will be available on FBR system for further use.

April 16, 2019