Pkrevenue.com

Day: August 28, 2019

  • KTBA refuses comments on draft return forms on given format

    KTBA refuses comments on draft return forms on given format

    KARACHI: Karachi Tax Bar Association (KTBA) has refused the Federal Board of Revenue (FBR) for giving comments on draft return form for tax year 2019 as the present format of the draft form was not appropriate for checking.

    The FBR issued draft return forms for individuals and Association of Persons (AOPs) through SRO 951(I)/2019 dated August 23, 2019 and it asked stakeholders to provide feedback within seven days in order to finalize the return forms.

    “The forms of returns of income are in pdf format and therefore, it is not possible to check as to whether row and columns of the return forms are in consonance with the provisions of the Income Tax Ordinance, 2001 as applicable to the tax year 2019,” the KTBA said in its letter to the FBR chairman sent on Wednesday.

    Unless these forms are provided in offline/demo mode along with the formulas or at least in Excel format, the members of the bar are not in position to provide any feedback / comments.

    The KTBA asked the FBR to provide these forms in offline/demo along with the formulas or in excel format in order to evaluate the forms and provide FBR with feedback/comments.

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  • Stock market gains 53 points amid selling pressure

    Stock market gains 53 points amid selling pressure

    KARACHI: The stock exchange gained 53 points on Wednesday after selling pressure eroded earlier day gain of over 500 points.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 30,638 points as against 30,585 points showing an increase of 53 points.

    Analysts at Arif Habib Limited said that in a diametrically opposite fashion, compared with yesterday, the index erased all the gains made earlier during the session today when market went up by 528 points.

    Market on Close (MOC) saw selling pressure that brought the index in red towards -33 points but closed at +53 points.

    The uptrend earlier during the session was contributed by Refinery, Steel, Autos, Fertilizer and Cement sectors whereby index heavy weight scrips traded near upper circuit and blue chips in Refinery and Steel hit upper circuit.

    Cement sector led the volumes table again with 20.5 million shares followed by Banks (15.5 million) and Chemical (15.5 million). Among scrips, KEL topped the volume with ~10 million shares, followed by MLCF (8.4 million) and UNITY (7.1 million).

    Sectors contributing to the performance include Commercial Banks (+36 points), E&P (+36 points), Fertilizer (+31 points) and Tobacco (+18 points).

    Volumes increased from 119.8 million shares to 149.0 million shares (+24.4 percent DoD). Average traded value however, increased by 1.5 percent to reach US$ 34.2 million as against US$ 33.7 million.

    Stocks that contributed significantly to the volumes include KEL, MLCF, UNITY, LOTCHEM and TRG, which formed 25 percent of total volumes.

    Stocks that contributed positively include ENGRO (+31 points), UBL (+29 points), POL (+25 points), PAKT (+18 points) and MEBL (+17 points).

    Stocks that contributed negatively include DAWH (-16 points), NESTLE (-15 points), COLG (-11 points), KEL (-10 points) and HMB (-9 points).

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  • Rupee eases by three paisas on dollar demand

    Rupee eases by three paisas on dollar demand

    KARACHI: The Pak Rupee eased by three paisas against dollar on Wednesday owing to rise in demand for import payments.

    The rupee ended at Rs157.29 to the dollar from previous day’s closing of Rs157.26 in interbank foreign exchange market.

    Currency experts said that the dollar demand was remained higher during the day. However, the local unit managed the early day losses.

    The foreign currency market was initiated in the range of Rs159.40 and Rs157.48. The market recorded day high of Rs157.60 and low of Rs157.28 and close at Rs157.29.

    The exchange rate in open market also witnessed depreciation in rupee value. The buying and selling of dollar was recorded at Rs157.10/Rs157.60 from previous day’s closing of Rs157.00/Rs157.50 in cash ready market.

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  • FBR notifies transfers, postings of IR Chief Commissioners

    FBR notifies transfers, postings of IR Chief Commissioners

    ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday notified transfers and postings of Chief Commissioners Inland Revenue (CCIR) with immediate effect and until further orders.

    The FBR notifies transfers and postings of following CCIR of BS-20-21 Inland Revenue Service (IRS):

    01. Nazir Ahmad Shoro (Inland Revenue Service/BS-21) has been transferred and posted as Chief Commissioner Inland
    Revenue Regional Tax Office, Multan from the post of Member, Federal Board of Revenue (Hq), Islamabad.

    02. Dr. Ghulam Mustafa Rahu (Inland Revenue Service/BS-21) has been transferred and posted as Member, Federal Board of Revenue (Hq), Islamabad from the post of Chief Commissioner-IR, Regional Tax Office, Sukkur.

    03. Dr. Muhammad Ali Khan (Inland Revenue Service/BS-21) has been transferred and posted as Member, Federal Board of Revenue (Hq), Islamabad from the post of Chief Commissioner-IR, Large Taxpayers Unit-II, Karachi.

    04. Dr.Lubna Ayub (Inland Revenue Service/BS-21) has been transferred and posted as Chief Commissioner Inland Revenue Regional Tax Office, Hyderabad from the post of Director, Directorate of Law, Karachi.

    05. Dr. Tauqeer Ahmad Memon (Inland Revenue Service/BS-20) has been transferred and posted as Chief Commissioner Inland Revenue Regional Tax Office, Sukkur from the post of Commissioner-IR, (WHT Wing) Regional Tax Office, Hyderabad.

    06. Shahid Iqbal Baloch (Inland Revenue Service/BS-20) has been transferred and posted as Chief Commissioner Inland Revenue (OPS) Large Taxpayers Unit-II, Karachi from the post of Chief Commissioner-IR, (OPS) Regional Tax Office, Hyderabad.

    07. Yousif Hyder Shaikh (Inland Revenue Service/BS-20) has been transferred and posted as Chief Commissioner Inland Revenue Regional Tax Office, Quetta from the post of Commissioner-IR, Corporate Regional Tax Office, Karachi.

    08. Sahibzada Abdul Mateen (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-I) Regional Tax Office, Quetta from the post of Chief Commissioner-IR, Regional Tax Office, Quetta.

    The FBR said that the officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting.

  • NBP declares 11.12pc decline in after tax profit to Rs11.1 billion

    NBP declares 11.12pc decline in after tax profit to Rs11.1 billion

    KARACHI: National Bank of Pakistan (NBP) on Wednesday declared decline in net profit by 11.12 percent to Rs11.1 billion for the first half ended June 30, 2019.

    According to financial results for the half yearly ended June 30, 2019 submitted to Pakistan Stock Exchange (PSX), the bank declared after tax profit of Rs11.101 billion as compared with Rs12.49 billion for the corresponding period of the last year.

    The public sector bank declared Rs5.22 earnings per share for the half year as compared with Rs5.87 EPs for the same period of the last year.

    The earning of the bank declined owing to higher amount of tax payment for the period under review. The bank discharged tax liability of Rs9.28 billion for the period January – June 2019 as compared with Rs4.66 billion in the corresponding period of the last year.

    Total income of the bank for the period under review increased by 18.45 percent to Rs53.76 billion as compared with Rs45.39 billion for the period ended June 30, 2018.

    Net mark-up/interest income of the bank increased to Rs35.56 billion for the period ended June 30, 2019 as compared with Rs30.14 billion in the same period of the last year.

    While total non-mark up / interest income of the banks increased to Rs18.2 billion as compared with Rs15.25 billion.

    Operating expenses of the bank increased to Rs27.8 billion from Rs25.41 billion.

    The provisions and write offs of the banks also increased to Rs5.49 billion for the first half ended June 30, 2019 as compared with Rs2.82 billion in the corresponding period of the last year.

    The profit before taxation of the bank came at Rs20.38 billion by June 30, 2019 as compared with Rs17.16 billion in the corresponding period of the last year.

  • CNIC condition on purchases remain part of law, deferred till September: FBR chairman

    CNIC condition on purchases remain part of law, deferred till September: FBR chairman

    KARACHI: The chairman of Federal Board of Revenue (FBR), Shabbar Ziaid on Wednesday said that condition of providing Computerized National Identity Card (CNIC) on purchase of above Rs50,000 is remain part of law.

    “However, its application has been deferred till September 30,” he said at an event organized by Management Association of Pakistan (MAP).

    He categorically said that the condition would not be withdrawn and he termed that it would result in massive compliance by persons having taxable income but not on the tax roll.

    The FBR chairman said that due to measures taken by the revenue body the number of return filers had increased beyond 2.5 million.

    He said that the tax authorities were making all out efforts to make procedure easy for return filing to further increase the number of return filers in the country.

    The chairman said that much of work against benami assets had been done. “The FBR is further accelerating actions against benami assets holders,” he added.

    He said that the prime minister had also issued instructions to take action against holders of Benami assets.

    Besides, he said, banks were also asked to provide details of benami bank account holders.

    The chairman said that the FBR had launched monitoring sales and purchases in sales tax and federal excise regimes.

    Shabbar Zaidi said that in order to resolve the issues of small traders, two different schemes had been proposed.

    He said that that efforts had been made to bring people in all sectors of economy into tax net. In this regard notices have been issued to educational institutions, doctors, engineers and lawyers.