Pkrevenue.com

Day: March 31, 2019

  • Prices of Petrol, HSD increased by Rs6/liter

    Prices of Petrol, HSD increased by Rs6/liter

    ISLAMABAD: The government has increased prices of petroleum products up to Rs6 per liter for the month of April 2019.

    The prices of petrol and diesel have been increased by Rs6 per liter and prices of kerosene oil and light diesel oil by Rs3 per liter.

    The price of diesel prices has been inflated from Rs111.43 to Rs117. 43 per litre, petrol from Rs92.89 to 98.89 per litre, LDO from Rs77. 54 to Rs80.54 per litre and kerosene from Rs86. 31 to Rs89.31 per litre.

    Oil and Gas Regulatory Authority (OGRA) in its summary had proposed that the price of high speed diesel be increased by Rs11. 17 per litre (10 per cent) and petrol by Rs11.98 per litre (12.8 per cent) for April.

  • FBR establishes directorate for taking action against undeclared offshore assets

    FBR establishes directorate for taking action against undeclared offshore assets

    ISLAMABAD: Federal Board of Revenue (FBR) has established Directorate General of International Tax Operations to initiate legal proceedings in undeclared offshore assets by Pakistanis.

    The FBR issued notification to set up the directorate on March 29, 2019. The directorate will have head office in Islamabad and its subordinate offices will be at Lahore, Peshawar, Multan, Karachi, Quetta.

    The directorate was introduced through Finance Supplementary (Second Amendment) Act, 2019 by inserting Section 230E to Income Tax Ordinance, 2001.

    The functions and powers of the directorate general of international tax operations would be:

    a. receive and send information from other jurisdictions under spontaneous, automatic and on demand exchange of information under exchange of information agreements.

    b. Levy and recover tax by passing an assessment order under section 123(1A) in case of undeclared offshore assets and incomes.

    c. Receive, transmit and exchange country by country reports of the jurisdictions that are parties to international agreements with Pakistan.

    d. Conduct transfer pricing audit in cases selected for such audit by the directorate genera of international tax operations.

  • Inflation for essential items rises by 11.9 percent

    Inflation for essential items rises by 11.9 percent

    ISLAMABAD: The prices of essential items have increased by 11.90 percent by week ended March 28, 2018 as compared with the same week last year.

    The Sensitive Price Indicator (SPI) – the barometer to gauge price movement of 53 essential items – showed that inflation had increased for all the income group from Rs8,000 / month to Rs35,000 per month and above.

    The income group falling between Rs18,001 to Rs35,000 faced inflationary pressure by 12.85 percent. Meanwhile the inflation for the income group Rs35,000 and above was recorded at 16.14 percent.

    However, the SPI based inflation fell 0.36 percent when compared with previous week.

    During the week ended March 28, 2019 the average prices of 20 items registered increase as compared with week ended March 21, 2019, which included: potatoes (6.5 percent); Onions (2.52 percent); Bananas (1.82 percent); Pulse Moong (washed) (1.47 percent) etc.

    However, average prices of nine items registered decline during the week under review, which included: tomatoes (32.57 percent); Eggs (6.78 percent); LPG cylinder (2.7 percent) etc.

    While average prices of 24 items were remained unchanged during the week.

  • FBR first time receives over 1.8 million income tax returns

    FBR first time receives over 1.8 million income tax returns

    ISLAMABAD: Federal Board of Revenue (FBR) has received over 1.8 million income tax returns for tax year 2018, a statement said on Sunday.

    “The FBR for the first time in its history has crossed the mark of 1,800,000 Income Tax Return filers for Tax year 2018,” it said.

    FBR is committed to broadening the Tax Base to truly make it a self-reliant country.

    FBR will continue with its efforts of creating awareness about the importance of paying taxes not only as a civic duty but also for the growth of the economy.

    The institution is devoted to facilitating the public in helping to not only fulfill their tax obligations but also to create an enabling environment that fosters economic growth.

    The institution is also geared to act against those found guilty of not fulfilling their tax obligations.

    FBR could not have achieved this landmark without the cooperation of our tax paying public.

    Together with your support we can truly make the dream of a vibrant Pakistan a distinct reality.

  • FBR extends annual return filing date up to April 30

    FBR extends annual return filing date up to April 30

    The Federal Board of Revenue (FBR) has announced an extension for the deadline to file income tax returns for the tax year 2018. In Income Tax Circular No. 03, issued on Sunday, the FBR has moved the deadline from March 31, 2019, to April 30, 2019. This marks the fourth extension granted for the filing of tax returns for the specified year.

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  • Income tax return filing may be allowed for a day or two

    Income tax return filing may be allowed for a day or two

    KARACHI: The income tax return filing may continue for next one or two days as last two days were on non-working days.

    The FBR through Income Tax Circular No. 02 on March 15, 2019 extended the last date for filing annual returns for tax year 2018 up to March 31, 2019.

    However, the last date is falling on Sunday and FBR had not arranged facility for making payment through banks.

    Previously, the FBR planned to open the offices on March 29 and 30 to facilitate the taxpayers in making payment of duty and taxes.

    However, State Bank of Pakistan issued a circular for facilitating payment by banks and NIFT on March 30.

    According to tax experts the last date would be automatically moved to next date if the last date is falling on holiday under Section 10 of General Clauses Act, 1897.

    Therefore, people would be allowed to file income tax returns on the next date of date filing automatically, if FBR does not further extend the date.

    Previously, the last date of filing income tax returns was December 15, 2018, which was non-working day or weekend then the FBR allowed the return filing for another day.

    Following is the press release issued by the FBR on December 15, 2018:

    “Federal Board of Revenue (FBR) has allowed filing of Income Tax returns until 17th December 2018 because of the weekend falling on 15th December which was previously announced as the deadline for filing of returns.

    “The statement issued by the Official Spokesperson FBR says that a number of queries have been received about extension of last date of filing of return but the return filing date is not being extended any further.

    “However, since the last date of filing of return falls on a non-working day, hence as per General Clauses Act the closing date for filing of Income Tax returns falling on 15th December 2018 as per previous announcement is automatically extended to next working day i.e. Monday the 17th of December.

    “The tax offices will be extending help in filing of returns on Monday till close of office hours and the returns will be received electronically till 12 midnight.

    Moreover, the Commissioners are also authorized to grant extension for a period up to 15 days on case-to-case basis. Although the receipt of return will not be blocked after due date, yet as per existing law, the names of persons who fail to file return by the closing date (or by the date extended by the Commissioners) will not be put on the Active Taxpayers List.”