Pkrevenue.com

Day: March 23, 2019

  • Customs Intelligence Lahore announces auction of vehicles on March 27

    Customs Intelligence Lahore announces auction of vehicles on March 27

    ISLAMABAD: Directorate of Intelligence and Investigation, Customs, Federal Board of Revenue (FBR), Lahore announced auction of confiscated vehicles to be held on March 27, 2019.

    Following vehicles will be presented for the auction:

    01. Mercedes Benz Car E-240, Model 1997, Reg. No. LE-190/ICT, Chassis No. WDB2100352A502971

    02. Toyota Progress Car 2927CC, Model 1999, Reg. No. DGA-271, Chassis No. JCJ11-0005820

    03. BMW Car 745i, Model 2003, Reg. No. LZM-86, Chassis No. WBAGL22000DP38322

    04. Toyota Land Cruiser, Model 1992, Reg. No. BC-4763 Sindh, Chassis No. HDJ81-0020626

    05. Honda Civic Hybrid Car 1339CC, Model 2006, Reg. No. AAK-572, Chassis No. FD3-1006468

    06. Honda Accord Car CL-9, Model 2002, Reg. No. BFH-756, Chassis No. CL9-1000417

    07. Toyota Mark-X Car, Model 2005, Reg. No. NZ-609, Chassis No. GRX120-0025787

    08. Honda Accord Car (Inspire), Model 2003, Reg. No. BDF-478/Sindh, Chassis No. UCI-1007210

    09. Jaguar X-Type 2.5 Car, Model 2006, Reg. No. AAA-537-Quetta, Chassis No. SAJAC51MX2XC2666

    10. Toyota Crown Car, Model 2003, Reg. No. ANY-763-Sindh, Chassis No. JZS175-0064405

    11. Toyota Crown Car, Model 2001, Reg. No. AXA-037, Chassis No. JZS171-0075220

    12. Toyota Crown Car, Model 2007, Reg. No. WG-009-ICT, Chassis No. GRS182-5014070

    13. Toyota Crown Hybrid Athlete Car, Model 2014, Reg. No. AAK-222-ICT, Chassis No. AWS210-6050888

    14. Nissan Petrol Jeep, Model 2006, Reg. No. LU-064, Chassis No. WFGY61-003549

    15. Honda Accord Car, Model 2004, Reg. No. BDY-545, Chassis No. CL9-1050040

    16. Suzuki Motorcycle (Heavy Bike) HP1300CC, Model 2014, Reg. No. GSX-1300, Chassis No. JS1CK111600101675

    17. Triumph Heavy Motorcycle, Model 2010, Reg. No. LX09-UXB, Chassis No. PTOTOTYPEVH004CP2

    18. Heavy Motorcycle Yamaha Brand 1000CC Made in Japan, Model R12000, Chassis No. JYARN041000003182

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  • FBR holds awareness sessions for online payment of duty, taxes

    FBR holds awareness sessions for online payment of duty, taxes

    In a proactive step towards modernizing tax procedures and enhancing ease of doing business, the Federal Board of Revenue (FBR) organized informative sessions in Karachi and Lahore for the business community and tax consultants.

    (more…)
  • Weekly Review: Equity market likely to display mixed trend

    Weekly Review: Equity market likely to display mixed trend

    KARACHI: The equity market likely to display a mixed trend next week showing a range-bound behavior, analysts said.

    Analysts at Arif Habib Limited said that concerns of an expected hike in the upcoming monetary policy statement may keep investors on the back seat.

    However, valuations across the index have opened up to an enticing level which can provide numerous entry options.

    Investor climate in the outgoing week regained some confidence while volumes continued to remain dull.

    Improvement on the external front (CAD portrayed a significant decline of 72 percent YoY/59 percent MoM during February 2019, while contracting 23 percent YoY during 8MFY19), visit of Malaysian PM Mahatir Mohamad and improving ties with the US all contributed towards stimulating positivity in the investors’ sentiments.

    The benchmark KSE-100 index closed at 38,532 points, registering an increase of 225 points during the week (+0.6 percent WoW).

    Sector-wise positive contributions came from i) Commercial Banks (+278 points), ii) Oil and Gas Exploration Companies (+194 points), and iii) Fertilizer (+75 points).

    Whereas, sectors that contributed negatively include i) Power Generation & Distribution (-126 points), ii) Oil & Gas Marketing Companies (-39 points) and Pharmaceuticals (-30 points). Scrip-wise major positive contributions came from PPL (+115 points), MCB (+91 points), HBL (+77 points), POL (+57 points), and OGDC (+51 points).

    Major laggards included HUBC (-122 points), SEARL (-30 points) and MARI (-29 points).

    Foreign buying witnessed in the week settled at USD 3.1 million compared to a net sell of USD 15.6 million last week.

    Buying was witnessed in Commercial Banks (USD 2.9 million) and Exploration & Production (USD 1.7 million).

    On the domestic front, major selling was reported by Insurance Companies (USD 4.8 million) and Other Organizations (USD 2.7 million).

    Average volumes during the week settled at 84 million shares (down by 10 percent WoW) whereas average value traded arrived at USD 28 million (up by 6.6 percent WoW).

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  • Advance tax on dealers, commission agents

    Advance tax on dealers, commission agents

    KARACHI: Every market committee has been required to collect advance tax from dealers, commission agents under income tax laws.

    The Federal Board of Revenue (FBR) recently updated Income Tax Ordinance, 2001 under which advance tax is collectable from dealers, commission agents and arhatis under Section 236J.

    Section 236J: Advance tax on dealers, commission agents and arhatis etc

    Sub-Section (1): Every market committee shall collect advance tax from dealers, commission agents or arhatis, etc. at the rates specified in Division XVII of Part-IV of the First Schedule at the time of issuance or renewal of licences.

    The rate of collection of tax under section 236J shall be as follows:

    GroupAmount of tax
    (per annum)
    Group or Class A:Rs. 10,000
    Group or Class B:Rs. 7,500
    Group or Class C:Rs. 5,000
    Any other category:Rs. 5,000

    Sub-Section (2): The advance tax collected under sub-section (1) shall be adjustable.

    Sub-Section (4): In this section “market committee” includes any committee or body formed under any provincial or local law made for the purposes of establishing, regulating or organizing agricultural, livestock and other commodity markets.

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  • MCC Appraisement West announces auction of vehicles on March 25

    MCC Appraisement West announces auction of vehicles on March 25

    KARACHI: Model Customs Collectorate (MCC) Appraisement (West) Karachi announced auction of vehicles laying at Al-Hamd International Cargo Terminal to be held on March 25, 2019.

    Following vehicles will be offered for the auction:

    S. No.DescriptionModelCapacity
    1Used Mitsubishi Car2009–
    2Used Mitsubishi Mini Cab2013–
    3Used Nissan Clipper2012–
    4Used Suzuki Stingray Wagon R (without extra goods)2013–
    5Used Toyota KX-R V620133456 ML
    6Used Honda FIT Car2014–
    7Used Suzuki Carry2013650 CC
    8Used Honda Shuttle Hybrid Car2015–
    9Used Honda FIT Hybrid Car2017–
    10Used Suzuki Lapin Car (ene-charge)2017–
    11Used Lexus NX300H (Hybrid)20152494 ML/CC
    12Old & Used Toyota Mark-II (Grande) Car20042000 CC
    13Old & Used Toyota Mark-II (Grande) Car20002000 CC
    14Old & Used Toyota Mark-X-250G20052500 CC
    15Used Toyota Hilux 4X4 Double Cabin20093000 CC
    16Used Toyota Hilux Double Cabin20042779 ML
    17Old & Used Toyota Hilux 4X420093000 CC
    18Used Toyota Hiace Van–2446 CC
    19Old & Used Toyota Hiace Van Ambulance19952446 CC
    20Old & Used Toyota Hilux Pickup D/ Cabin20082779 CC
    21Old & Used Toyota Hilux Pickup D/ Cabin20002779 CC
    22Old & Used Toyota Hilux Pickup D/ Cabin20082779 CC
    23Old and Used Toyota Vigo20052779 CC
    24Old and Used Toyota Hilux 4X420022779 CC
    25Old and Used Toyota Hilux 4X420022779 CC
    26Old & Used Toyota Hilux 4X420002779 CC
    27Old and Used Toyota Hilux 4X420022779 CC
    28Old and Used Toyota Hilux 4X420022779 CC
    29Old and Used Toyota Hilux 4X420022779 CC
    30Old and Used Toyota Hliux Pickup 4X420022779 CC
    31Old and Used Toyota Hilux 4X420002779 CC
    32Old and Used Toyota Hilux 4X420002779 CC
    33Old and Used Toyota Tsusho 4X420002779 CC
    34Old and Used Toyota Hliux Pickup 4X420022779 CC
    35Old and Used Toyota Hliux Pickup 4X420022779 CC
    36Old and Used Toyota Hliux Pickup 4X420022779 CC
    37Old and Used Toyota Hliux Pickup 4X420022779 CC
    38Old and Used Toyota Hliux Pickup 4X420002779 CC
    39Old & Used Mitsubishi Van19972477 CC
    40Used Volkswagen AG Car2013999 CC
    41Used Nissan Dayz Roox2017–
    42 Used Honda Jade Hybrid Car2015–
    43Used Honda N-ONE2015–
    44Used Daihatsu Subaru Stella Car2016658 CC
    45Used Honda ACTY Van2017–
    46Used Suzuki Alto ene-charge Car2016–
    47Used Daihatsu Mira E:S Car2015658 CC

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  • SBP directs banks to ensure OTC tax collection by March 27

    SBP directs banks to ensure OTC tax collection by March 27

    KARACHI: State Bank of Pakistan (SBP) on Friday directed all commercial banks to ensure receiving payment of duty and taxes through over the counter (OTC) channel.

    The SBP said that the finance department through circular on July 17, 2018 made it mandatory for banks to enable their Over-the-Counter (OTC) Channel for collection of taxes and duties.

    Complaints are pouring in from different quarters, regarding non-entertaining of tax payment requests through banks’ OTC Channel.

    So much so that Federal Board of Revenue (FBR) has formally launched a complaint that PSIDs generated by WeBOC system for payment of customs duty and other taxes especially the levy on Mobile devices are not being entertained, by the bank branches.

    In view of the above, all banks were advised vide email dated 15th March 2019 to improve their customer services in facilitating taxpayers with due courtesy.

    Despite the above-referred instructions, there is no visible improvement, as complaints from different quarters are still landing with us.

    It is therefore advised to share these instructions with all your branches across the country with the advice to ensure meticulous compliance and facilitate the taxpayers in payment of taxes and duties under the I Link’s OTC facility.

    The branches shall also prominently display on their respective Notice Boards that “Taxes and Duties are accepted here under the 1Link’s OTC facility”. Further, banks shall also ensure that the branch staff has adequate understanding of the mechanism for collection of taxes and duties under the said facility.

    The banks shall inform this department within 3 working days of the date of circular i.e. 27th March 2019 that these instructions have been communicated to all their branches for meticulous compliance and that the Notice Boards of branches are prominently displaying the message that “Taxes and Duties are accepted here under the 1Link’s OTC facility”.