Pkrevenue.com

Day: August 9, 2019

  • Stock market falls by 309 points amid selling pressure

    Stock market falls by 309 points amid selling pressure

    KARACHI: The stock market registered 309 points decline on Friday amid selling pressure in blue chip stocks.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 29,429 points as against 29,738 points showing a decline of 309 points.

    Analysts at Arif Habib Limited said that the market continued trimming down today, with selling pressure in Banks, E&P and Cement sector stocks.

    Coming MSCI review had Investors concern about selling activity from Foreigners, which caused this selling pressure in blue chip stocks in Banks, E&P and Cement sectors.

    Mid cap Cement, Steel and Refinery sector scrips traded green. NCL hit upper circuit upon notification of buy back. Cement sector led the volumes table with 14.8 million shares, followed by Technology (9.8 million) and Banks (9.5 million). MLCF led the volumes with 7.7 million shares, followed by EPCL (5 million) and TRG (4.8 million).

    Sectors contributing to the performance include Banks (-143 points), E&P (-119 points), Fertilizer (-49 points), O&GMCs (-22 points), Chemical (-11 points).

    Volumes declined from 109.3 million shares to 76.4 million shares. Average traded value also declined by 29 percent to reach US$ 19.5 million as against US$ 27.4 million.

    Stocks that contributed significantly to the volumes include MLCF, EPCL, TRG, WTL and UBL, which formed 31 percent of total volumes.

    Stocks that contributed positively include NESTLE (+14 points), MCB (+11 points), DGKC (+10 points), KTML (+5 points) and MLCF (+5 points). Stocks that contributed negatively include HBL (-75 points), OGDC (-47 points), PPL (-46 points), BAHL (-30 points) and ENGRO (-29 points).

    Related Posts

    Share market ends down by 539 points on border, political conflicts

  • FBR directs gas utilities to refuse commercial, industrial connections to non-ATL persons

    FBR directs gas utilities to refuse commercial, industrial connections to non-ATL persons

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday directed gas utilities not to provide connection to unregistered persons or not appeared on Active Taxpayers List (ATL).

    Chairman FBR Syed Shabbar Zaidi has sent letters to Managing Directors Sui Northern Gas Company Limited (SNGPL) and Sui Southern Gas Company Limited (SSGCL) wherein he has requested that consumers not present on ATL under Section 181A of Income Tax Ordinance, 2001 may not be provided commercial and industrial gas connections.

    Section 181 AA states: “Notwithstanding anything contained in any law, for the time being in force, any application for commercial or industrial connection, of electricity or gas shall not be processed and such connection, shall not be provided unless the person applying for electricity or gas connection is registered under Section 181A.”

    Under this provision of law a person seeking gas connection should be on Active Taxpayers List of the FBR.

    The chairman has stated in the letter that many users of commercial and industrial gas connection do not fall within ATL of the FBR.

    The chairman has requested that the list of all persons using industrial and commercial gas connections be shared with FBR as soon as possible.

    Moreover, intimation may be issued by the company to the users of such connections to comply with the aforesaid conditions laid down under the Income Tax law.

    The chairman has suggested appointing a ‘focal person’ to coordinate with FBR for this purpose.

  • FBR urges consumers to provide sales tax deduction by unregistered persons

    FBR urges consumers to provide sales tax deduction by unregistered persons

    ISLAMABAD: Federal Board of Revenue (FBR) has urged consumers to provide invoices showing deduction of sales tax by unregistered persons.

    The FBR on Friday appealed the people to file complaints against charge of sales tax by unregistered businessmen.

    “The consumers’ are encouraged to send the images of such invoices or report the matter to FBR for action,” said a statement.

    It said that the FBR had issued a circular which has stated that general public has reported complaints against the businessmen who are charging sales tax from consumers without being registered with FBR under the Sales Tax Act, 1990.

    It is, therefore, clarified that sales tax registration number (STRN) (thirteen digits) is issued to every person who is registered for sales tax purpose and only that person is authorized to change sales tax on his taxable sales except where goods fall under third schedule to the Sales Tax Act, 1990.

    A business which is not registered for sales tax and does not have an STRN is not authorized to charge sales tax on the invoice.

    It is advised in the public interest that an invoice which does not bear a valid STRN should not include any sales tax amount and if any sales tax amount is indicated, the customer is entitled to demand a sales tax invoice with STRN printed on it.

    FBR has further clarified that mentioning of NTN is not a substitute for STRN. In order to facilitate the general public and providing a check on abuse of system, FBR has installed a special help line for this matter.

    Related Posts

    Female consumers can present CNIC of husband, father for purchase above Rs50,000: FBR

  • Overseas Pakistanis send $2.04 billion in July

    Overseas Pakistanis send $2.04 billion in July

    KARACHI: Overseas Pakistani workers have remitted $2.04 billion in the first month of fiscal year 2019/2020 as compared with $1.98 billion in the same month of the last fiscal year, State Bank of Pakistan (SBP) said on Friday.

    During July 2019, the inflow of worker’s remittances amounted to $2.04 billion, which is 23.91 percent more than June 2019 and 2.9 percent more than July 2018.

    The country wise details for the month of July 2019 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $470.95 million, $427.33 million, $332.37 million, $299.27 million, $198.06 million and $58.30 million respectively compared with the inflow of $437.48 million, $446.25 million, $291.87 million, $298.51 million, $199.30 million and $64.96 million respectively in July 2018.

    Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during July 2019 amounted to US $253.01 million together as against US $243.35 million received in July 2018.

    Related Posts

    Foreign remittances grow by 9.68pc to $21.84bn in 2018/2019

  • SBP to monitor ATMs working during Eid holidays

    SBP to monitor ATMs working during Eid holidays

    KARACHI: State Bank of Pakistan (SBP) will monitor the working of Automated Teller Machines (ATMs) during Eid holidays to ensure uninterrupted availability of cash.

    The central bank on Friday said that it had provided a sufficient quantity of fresh and good quality ATM notes of higher denominations to commercial banks for smooth ATM operations during the Eid Holidays.

    “In this regard, special teams of SBP and SBP BSC officials shall inspect and monitor the working of ATMs across Pakistan to ensure uninterrupted availability of cash to the general public during the Eid holidays.”

    The SBP, through 16 field offices of its subsidiary SBP Banking Services Corporation (SBP BSC), issued fresh banknotes of various denominations aggregating to Rs284 billion, including Rs.274 billion via commercial banks and Rs.10 billion via cash counters of SBP BSC , during days leading to Eid-ul-Azha.

    Out of the total notes issued to commercial banks, Rs. 12 billion of lower denominations (upto Rs.100), fresh notes have been provided for onward distribution among general public and account holders, the SBP said.

    Related Posts

    SBP imposes penalty on four banks for violating AML/KYC

  • Pakistan cuts trade ties with India; notifications issued

    Pakistan cuts trade ties with India; notifications issued

    ISLAMABAD: Pakistan has completely cut trade ties with India as the ministry of commerce issued notification for banning import and exports with the neighboring country.

    The ministry of commerce on Friday issued SRO 927(I)/2019 and SRO 928(I)/2019 to impose ban on trade with India.

    Through SRO 927 (I)/2019, the ministry of commerce amended Import Policy Order, 2016 and included India in the list of countries having not trade links. Earlier, only one country i.e. Israel was on the list.

    With the amendment the goods of Indian or Israeli origin or imported from India or Israel are prohibited.

    Similarly, through SRO 928(I)2019, the ministry of commerce also restricted exports to India.

    The ban has been imposed on trade with India following decision taken at the National Security Committee (NSC) against atrocities of India on Kashmiri people.

    Prime Minister Imran Khan on Wednesday chaired meeting of the National Security Committee at Prime Minister’s Office.

    The meeting was attended by Foreign Minister, Defence Minister, Interior Minister, Minister for Education, Minister for Human Rights, Minister for KA&GB, Law Minister, Adviser Finance, CJCSC, COAS, CAS, CNS, SAPM on Information, DG-ISI, DG-ISPR, Secretary Foreign Affairs and other senior officers.

    The Committee discussed situation arising out of unilateral and illegal actions by the Indian government, situation inside Indian Occupied Jammu and Kashmir and along LOC.

    The Committee decided to take following actions:- 1. Downgrading of diplomatic relations with India. 2. Suspension of bilateral trade with India. 3. Review of bilateral arrangements. 4. Matter to be taken to the United Nations, including the Security Council. 5. Independence Day this 14 August to be observed in solidarity with brave Kashmiris and their just struggle for their right of self-determination. 15th August will be observed as Black Day.

    PM directed that all diplomatic channels be activated to expose brutal Indian racist regime, design and human rights violations. PM directed Armed Forces to continue vigilance.

    Related Posts

    Business community condemns Indian illegal action

  • Rupee ends down on dollar demand ahead of week-long holidays

    Rupee ends down on dollar demand ahead of week-long holidays

    KARACHI: The Pak Rupee ended down by 19 paisas against dollar on Friday owing to higher demand for import payments ahead of Eid and weekly holidays.

    The rupee closed at Rs158344 to the dollar from previous day’s closing of Rs158.25 in interbank foreign exchange market.

    Currency experts said that demand for greenback was high due to Eid and weekly holidays. The market will remain close for next six days and will reopen next Friday August 16, 2019.

    The government has announced holidays for Eid-ul-Azha from August 12 to August 15.

    The exchange rate in open market also witnessed significant depreciation in rupee value. The buying and selling of dollar was recorded at Rs158.30/Rs159.30 from previous day’s closing of Rs157.40/Rs158.40 in cash ready market.

    Related Posts

    Rupee ends unchanged against dollar

  • FBR extends date for filing sales tax, federal excise return

    FBR extends date for filing sales tax, federal excise return

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday extended the date for filing sales tax and federal excise return for the month of July 2019.

    A notification issued by the FBR said that the annexures of sales and purchases, which are due on August 10, 2019 cab be submitted up to August 16, 2019.

    The FBR further said that payment of sales tax and federal excise duty, which is due on August 15, 2019 can be made up to August 19, 2019.

    Similarly, the date for submitting sales tax and federal excise return, which is due on August 18, 2019, has been extended up to August 21, 2019.

    The FBR said that the date has been extended considering the Eid holidays.

  • Ufone celebrates week-long 72 years of Pakistan’s independence

    Ufone celebrates week-long 72 years of Pakistan’s independence

    ISLAMABAD: Ufone concluded its week-long Azaadi celebration on account of Pakistan’s 72 years of Independence with full patriotic fervor.

    The entire organization participated with immense passion and reflected their love for Pakistan. Activities for Azaadi Week carried on for the entire week.

    The company portrayed true patriotism through a series of activities aligned nationwide across Ufone offices ensuring that the spirit of Independence was felt throughout.

    Each activity allowed employees to connect with the rich culture and heritage of the country, enabling them to demonstrate their affection for their beloved homeland.

    In addition, to celebrate the 72nd Independence of Pakistan honoring the spirit of freedom, Ufone set free 72 pigeons into the free sky of Islamabad.

    On this occasion, President and CEO of Ufone, Rashid Khan along with Executive Management Team hoisted the national flag, employees sang the national anthem and vouched to serve their countries to the best of their abilities.

    The telecom operator has always taken great pride in the heritage and traditions of Pakistan; the brand has focused on appreciating the individuality and strength of every Pakistani.

    Through its various campaigns, Ufone has always identified unique and strong Pakistanis who have made a mark for themselves along with making their country proud.

  • FBR reinstates 10 customs officials into service on FST order

    FBR reinstates 10 customs officials into service on FST order

    ISLAMABAD: Federal Board of Revenue (FBR) has re-instated 10 customs officials into service in compliance to order passed by Federal Service Tribunal (FST), Lahore.

    The FBR issued notifications on Thursday to re-instate the officials in pursuance of judgment passed by FST, Lahore on July 11, 2019.

    Following are the notifications:

    01.No. 2072-C-III/2019:- In pursuance of judgment dated 11.07.2019 passed by Federal Service Tribunal, Lahore in Appeal No.508(L)CS/2017, Zahid Raza Bukhari, Ex-Superintendent, Directorate of Intelligence & Investigation-Customs, Faisalabadwho was removed from service on 08.05.2017 and subsequently converted into compulsory retirement vide FBR’s Notification No.2513-C-III/2017 dated 11.09.2017, is hereby re-instated into service with effect from 08.05.2017 i.e. the date of his removal from service. The intervening period from 08.05.2017 to 21.03.2018 during which he remained out of service is treated as period spent on duty.2. He retired from service on 21.03.2018 (A.N.) on attaining the age of superannuation.

    02.No. 2070-C-III/2019:-In pursuance of judgment dated 11.07.2019 passed by Federal Service Tribunal, Lahore in Appeal No.510(L)CS/2017, Mansoor Alam, Ex-Inspector, Model Customs Collectorate, Faisalabad who was compulsorily retired from service vide FBR’s Notification No.1414-C-III/2017 dated 08.05.2017, is hereby re-instated into service with effect from 08.05.2017 i.e. the date of his Compulsory Retirement. The matter of back benefits for the intervening period from 08.05.2017 todate during which he remained out of service, shall depend upon final outcome of denovo proceedings to be initiated against him in due course of time in the light of FST judgment.

    03.No. 2071-C-III/2019:-In pursuance of judgment dated 11.07.2019 passed by Federal Service Tribunal, Lahore in Appeal No.511(L)CS/2017, Amjad Iqbal Cheema, Ex-Inspector, Model Customs Collectorate, Faisalabad who was compulsorily retired from service vide FBR’s Notification No.1413-C-III/2017 dated 08.05.2017, is hereby re-instated into service with effect from 08.05.2017 i.e. the date of his Compulsory Retirement. The matter of back benefits for the intervening period from 08.05.2017 to date during which he remained out of service, shall depend upon final outcome of denovo proceedings to be initiated against him in due course of time in the light of FST judgment.

    04. No. 2069-C-III/2019:-In pursuance of judgment dated 11.07.2019 passed by Federal Service Tribunal, Lahore in Appeal No.509(L)CS/2017, Muhammad Ramzan, Ex-Inspector, Directorate of Intelligence & Investigation-Customs, Faisalabad who was removed from service on 08.05.2017 and subsequently converted into compulsory retirement vide FBR’s Notification No.2516-C-III/2017 dated 11.09.2017, is hereby re-instated into service with effect from 08.05.2017 i.e. the date of his removal from service. The matter of back benefits for the intervening period from 08.05.2017 to date during which he remained out of service, shall depend upon final outcome of denovo proceedings to be initiated against him in due course of time in the light of FST judgment

    05. No. 2068-C-III/2019:-In pursuance of judgment dated 11.07.2019 passed by Federal Service Tribunal, Lahore in Appeal No.507(L)CS/2017, Ali Zahid, Ex-Inspector, Model Customs Collectorate, Faisalabad who was removed from service on 08.05.2017 and subsequently converted into compulsory retirement vide FBR’s Notification No.2515-C-III/2017 dated 11.09.2017, is hereby re-instated into service with effect from 08.05.2017 i.e. the date of his removal from service. The matter of back benefits for the intervening period from 08.05.2017 to date during which he remained out of service, shall depend upon final outcome of denovo proceedings to be initiated against him in due course of time in the light of FST judgment

    06. No. 2063-C-III/2019:-In pursuance of judgment dated 11.07.2019 passed by Federal Service Tribunal, Lahore in Appeal No.496(L)CS/2017, Asad Mahmood, Ex-Inspector, Model Customs Collectorate, Sialkot who was compulsorily retired from service vide FBR’s Notification No.1428-C-III/2017 dated 08.05.2017, is hereby re-instated into service with effect from 08.05.2017 i.e. the date of his Compulsory Retirement. The matter of back benefits for the intervening period from 08.05.2017 to date during which he remained out of service, shall depend upon final outcome of denovo proceedings to be initiated against him in due course of time in the light of FST judgment.

    07. No. 2066-C-III/2019:- In pursuance of judgment dated 11.07.2019 passed by Federal Service Tribunal, Lahore in Appeal No.498(L)CS/2017, Syed Akmal Hussain Shah, Ex-Inspector, Model Customs Collectorate, Sialkot who was compulsorily retired from service vide FBR’s Notification No.1430-C-III/2017 dated 08.05.2017, is hereby re-instated into service with effect from 08.05.2017 i.e. the date of his Compulsory Retirement. The matter of back benefits for the intervening period from 08.05.2017 to date during which he remained out of service, shall depend upon final outcome of denovo proceedings to be initiated against him in due course of time in the light of FST judgment

    08. No. 2060-C-III/2019:- In pursuance of judgment dated 11.07.2019 passed by Federal Service Tribunal, Lahore in Appeal No.495(L)CS/2017, Shafqat-uz-Zaman Cheema, Ex-Inspector, Model Customs Collectorate, Sialkot who was compulsorily retired from service vide FBR’s Notification No.1429-C-III/2017 dated 08.05.2017, is hereby re-instated into service with effect from 08.05.2017 i.e. the date of his Compulsory Retirement. The matter of back benefits for the intervening period from 08.05.2017 to date during which he remained out of service, shall depend upon final outcome of denovo proceedings to be initiated against him in due course of time in the light of FST judgment.

    09. No. 2064-C-III/2019:- In pursuance of judgment dated 11.07.2019 passed by Federal Service Tribunal, Lahore in Appeal No.497(L)CS/2017, Mirza Muhammad Imran Baig, Ex-Inspector, Model Customs Collectorate, Sialkot who was compulsorily retired from service vide FBR’s Notification No.1432-C-III/2017 dated 08.05.2017, is hereby re-instated into service with effect from 08.05.2017 i.e. the date of his Compulsory Retirement. The matter of back benefits for the intervening period from 08.05.2017 to date during which he remained out of service, shall depend upon final outcome of denovo proceedings to be initiated against him in due course of time in the light of FST judgment.

    10. No.2059-C-III/2019: – In pursuance of judgment dated 11.07.2019 passed by Federal Service Tribunal, Lahore in Appeal No.494(L)CS/2017, Mr. Muhammad Javed, Ex-Inspector, Model Customs Collectorate, Sialkot who was removed from service on 08.05.2017 and subsequently converted into compulsory retirement vide FBR’s Notification No.2298-C-III/2017 dated 22.08.2017, is hereby re-instated into service with effect from 08.05.2017 i.e. the date of his removal from service. The matter of back benefits for the intervening period from 08.05.2017 to date during which he remained out of service, shall depend upon final outcome of denovo proceedings to be initiated against him in due course of time in the light of FST judgment.