Pkrevenue.com

Day: September 12, 2019

  • FBR transfers 12 Commissioners Inland Revenue

    FBR transfers 12 Commissioners Inland Revenue

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday transferred 12 Commissioners of Inland Revenue with immediate effect and until further orders.

    The FBR notified the transfers and posting of following Commissioners in BS-19-20:

    01. Muhammad Irfan Raza (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-VI) Corporate Regional Tax Office, Lahore from the post of Commissioner, (Zone-I) Large Taxpayers Unit, Lahore.

    02. Sahibzada Abdul Mateen (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (IP/TFD/HRM) Large Taxpayers Unit, Karachi from the post of Commissioner, (Zone-I) Regional Tax Office, Quetta.

    03. Muhammad Khalid Malik (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Lyallpur Zone) Regional Tax Office, Faisalabad from the post of Commissioner, (Zone-II) Regional Tax Office, Sargodha.

    04. Ms. Sumbal Agha (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-I) Large Taxpayers Unit, Lahore from the post of Commissioner, (Zone-VI) Corporate Regional Tax Office, Lahore.

    05. Ms. Irum Sarwar (Inland Revenue Service/BS-20) has been trasferred and posted as Commissioner Inland Revenue (HRM) Large Taxpayers Unit, Lahore from the post of Commissioner, (Chenab Zone) Regional Tax Office, Faisalabad.

    06. Hazoor Bux Laghari (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-I) Regional Tax Office, Quetta from the post of Commissioner, (Zone-II) Regional Tax Office, Quetta.

    07. Muhammad Abid (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-I) Regional Tax Office, Gujranwala from the post of Commissioner, (Okara Zone) Regional Tax Office, Sahiwal.

    08. Faisal Rauf Memon (Inland Revenue Service/BS-20) has been trasnferred and posted as Commissioner Inland Revenue (Zone-V) Large Taxpayers Unit, Karachi from the post of Commissioner, (Zone-I) Large Taxpayers Unit-II, Karachi.

    09. Ms. Yasmeen Fatima (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-VII) Corporate Regional Tax Office, Lahore from the post of Commissioner, (BTB) Regional Tax Office II, Lahore.

    10. Abdul Hafeez Nizamani (Inland Revenue Service/BS-20) has been trasferred and posted as Commissioner Inland Revenue (Zone-II) Regional Tax Office, Sukkur from the post of Commissioner, Inland revenue (Appeals), Sukkur.

    11. Zulfiqar Ali Syed (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-I) Large Taxpayers Unit-II, Karachi from the post of Commissioner, (Zone-II) Regional Tax Office, Hyderabad.

    12. Naeem Babar (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue (OPS) (Chenab Zone) Regional Tax Office, Faisalabad from the post of Commissioner, (OPS) (Lyallpur Zone) Regional Tax Office, Faisalabad.

    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.

  • Pakistan’s forex reserves increase by $132 million

    Pakistan’s forex reserves increase by $132 million

    KARACHI: The liquid foreign exchange reserves of the country have increased by $132 million to $15.751 billion by week ended September 06, 2019, State Bank of Pakistan (SBP) said on Thursday.

    The reserves held by SBP increased by $182 million to $8.462 billion by week ended September 06, 2019 as compared with $8.28 billion a week ago. The SBP attributed the increase to official inflows during the week.

    The reserves held by commercial banks, however, declined by $50 million to $7.289 billion as compared with $7.339 billion a week ago.

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  • Stock market gains 592 points on rate cut hope

    Stock market gains 592 points on rate cut hope

    KARACHI: The stock market gained 592 points on Thursday due to broad buying activity on hopes of rate cut in the upcoming monetary policy announcement.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,546 points as against 30,955 points showing an increase of 592 points.

    Analysts at Arif Habib Limited said that the market performed well today, with across the board buying activity.

    E&P, Banks and Cement contributed positively to the points table that showed a jump of 892 points during the session.

    Major reason for general positivity seems to be expectation of rate cut, which had an indication from recent auction of treasury bills that saw yield curve sliding further.

    Market on close, however, saw attrition of ~350 points closing the index to +553 points (unadjusted). E&P stocks saw reversal in prices by end of session. Cement sector led the volumes with 31 million shares, followed by Technology (26.4 million) and Power (22.9 million). WTL led the volumes with 18.3 million shares, followed by KEL (11.7 million) and MLCF (11.1 million).

    Sectors contributing to the performance include Banks (+179 points), Fertilizer (+111 points), Cement (+75 points), Power (+51 points) and E&P (+51 points).

    Volumes increased from 99.6 million shares to 185.8 million shares (+86 percent DoD). Average traded value also increased by 64 percent to reach US$ 51.9 million as against US$ 31.6 million.

    Stocks that contributed significantly to the volumes include WTL, KEL, MLCF, HUBC and FCCL, which formed 33 percent of total volumes.

    Stocks that contributed positively include BAHL (+49 points), LUCK (+48 points), FFC (+42 points), ENGRO (+41 points) and PPL (+39 points). Stocks that contributed negatively include MUREB (-10 points), KTML (-4 points), HASCOL (-2 points), AGIL (-2 points), and SML (-1 point).

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  • Rupee gains 13 paisas against dollar

    Rupee gains 13 paisas against dollar

    KARACHI: The Pak Rupee gained 13 paisas against dollar on Thursday owing to improved inflows of export receipts and workers remittances, dealers said.

    The rupee ended Rs156.18 to the dollar from previous day’s closing of Rs156.31 in interbank foreign exchange market.

    Currency experts said that the inflows had helped the rupee to gain value against the greenback. They said that the rupee was remained stabled during the day due to inflows of export reciepts and workers remittances .

    The foreign currency market initiated in the range of Rs156.15 and Rs156.25. The market recorded day high of Rs156.28 and low of Rs156.18 and closed at Rs156.18.

    The exchange rate in open market also witnessed appreciation in local currency value. The buying and selling of the dollar was recorded at Rs156.00/Rs156.50 from previous day’s closing of Rs156.20/Rs156.70 in cash ready market.

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  • Hub Power declares Rs8.036 billion annual profit, 6.17pc lower than previous year

    Hub Power declares Rs8.036 billion annual profit, 6.17pc lower than previous year

    KARACHI: Hub Power Company Limited (HUBCO) has declared net annual profit of Rs8.036 billion for the period ended June 30, 2019, which is 6.17 percent lower than the profit of Rs8.565 billion in the previous year.

    According to financial statement for year 2019 submitted to Pakistan Stock Exchange (PSX) on Thursday, the company also declared earnings per share at Rs6.70 for the year, which is also lower when compared with EPS Rs7.15 in the last year.

    The total turnover of the company sharply fell to Rs36.028 billion in 2019 as compared with the turnover of Rs76.675 billion. The operating costs have been declined to Rs24.29 billion as compared with Rs66.872 billion.

    The company declared gross profit of Rs11.733 billion in the year 2019, which is 19.68 percent higher than the gross profit of Rs9.803 billion a year ago.

    The company declared profit from operations to the tune of Rs13.236 billion for the year under review as compared with Rs11.022 billion in the last year.

    Finance costs of the company increased to Rs4.96 billion as compared with Rs2.247 billion. This brings the profit before taxation of the company at Rs8.275 billion as compared with Rs8.77 billion of the last year.

    The company paid taxes to the tune of Rs238.523 million in 2019 as compared with Rs209.2 million in the previous year.

  • Income tax refund can be claimed within two years from filing return date

    Income tax refund can be claimed within two years from filing return date

    The Federal Board of Revenue (FBR) has reminded taxpayers that income tax refunds can be claimed within two years from the date of filing the tax return or from the date the tax was paid, whichever is later. This clarification aims to guide taxpayers through the refund process and ensure they comply with deadlines, avoiding any potential loss of entitlement.

    (more…)
  • SBP to decide key policy rate on Sept 16

    SBP to decide key policy rate on Sept 16

    KARACHI: State Bank of Pakistan (SBP) will decide key policy rate for next two months on Monday, September 16, 2019. The present policy rate is 13.25 percent.

    The central on Thursday said that the Monetary Policy Committee of the SBP will meet on Monday, September 16, 2019 at SBP Karachi to decide about Monetary Policy.

    Later on, SBP will issue the Monetary Policy Statement through a press release on the same day.

    In its meeting on July 16, 2019, the Monetary Policy Committee (MPC) decided to raise the policy rate by 100 basis points to 13.25 percent with effect from July 17, 2019.

    The decision takes into account upside inflationary pressures from exchange rate depreciation since the last MPC meeting on May 20, 2019 and the likely increase in near term inflation from the one-off impact of recent adjustments in utility prices and other measures in the FY20 budget.

    The decision also takes into account downside inflation pressures from softening demand indicators.

    Taking these factors into consideration, the MPC expects average inflation of 11 –12 percent in FY20, higher than previously projected.

    Nevertheless, inflation is expected to fall considerably in FY21 as the one-off effect of some of the causes of the recent rise in inflation diminishes.