Pkrevenue.com

Day: September 23, 2019

  • Pakistan imports mobile phones worth Rs26 billion; up 52.4pc in July – August

    Pakistan imports mobile phones worth Rs26 billion; up 52.4pc in July – August

    KARACHI: Pakistan has imported mobile phones worth Rs26 billion during first two months of current fiscal year, which is 52.4 percent higher when compared with Rs16.98 billion in the same period of the last fiscal year.

    The higher import of mobile phones can be attributed to massive depreciation of Pak Rupee during the comparative year and deterrence created against smuggled mobile phones.

    According to Pakistan Bureau of Statistics (PBS) that rupee value converted into US Dollar on average monthly exchange rate provided by State Bank of Pakistan (SBP).

    The PBS said that the exchange rate for import value has been applied as: August 2019 (1$=RS.158.077024 ), July 2019 (1$=Rs.158.829694) and August 2018 (1$=Rs.123.789583).

    On the other hand the mandatory registration through system introduced by Pakistan Telecommunication Authority (PTA) also discouraged the influx of smuggle phones and resulted in high number of clearance through legal channels.

    The PBS said that in terms of dollar the import of mobile phones registered 19.4 percent growth during the period under review.

    The import of mobile phones was $163.484 million during July – August 2019 as compared with $136.91 million in the corresponding period of the last year.

    The country imported mobile phones worth Rs13.47 billion in the month of August 2019, which is 61 percent higher when compared with Rs8.37 billion in the same month of last year.

    The latest figures of August 2019 are also 8.38 percent higher when compared with Rs12.43 billion in July 2019.

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  • SRB suspends sales tax registration of Wateen Telecom

    SRB suspends sales tax registration of Wateen Telecom

    The Sindh Revenue Board (SRB) has suspended the sales tax registration of Wateen Telecom Limited due to the company’s failure to remit collected sales tax to the provincial treasury. The decision came after an audit revealed significant lapses in tax payments by the telecom provider.

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  • Stock market ends down by 360 points

    Stock market ends down by 360 points

    KARACHI: The stock market ended down by 360 points on Monday owing to negative sentiments in oil and gas sector.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,751 points as against 32,111 points showing a decline of 360 points.

    Analysts at Arif Habib Limited said that the start of the rollover week saw Market taking negative direction and an overall decline of around 400 points during the session.

    Although international crude prices were at similar levels as observed at the end of last week, local oil & gas chain showed receding stock prices from E&P to OMCs.

    Resultantly, OGDC, PPL, ATRL, NRL, PSO showed significant declines. Besides, Cement and Banking sector stocks also saw selling pressure.

    MLCF issued financial projections pertinent with 85 percent Rights issue that showed near term losses and caused the stock price to hit lower circuit.

    Cement sector led the volumes with 15.7 million shares, followed by Technology (9.5 million) and O&GMCs (8 million).

    Scrip wise activity shows MLCF at the top with 6.4 million shares, followed by PSO (5.2 million) and FCCL (4.3 million).

    Sectors contributing to the performance include Banks (-101 points), E&P (-94 points), Cement (-46 points), O&GMCs (-26 points) and Pharma (-21 points).

    Volumes declined from 153.3 million shares to 86.6 million shares (-44 percent DoD). Average traded value also declined by 34 percent to reach US$ 24.8 million as against US$ 37.3 million.

    Stocks that contributed significantly to the volumes include MLCF, PSO, FCCL, TRG and PAEL, which formed 27 percent of total volumes.

    Stocks that contributed positively include ENGRO (+19 points), SHFA (+5 points), BAHL (+5 points), JLICL (+5 points) and HGFA (+4 points). Stocks that contributed negatively include OGDC (-55 points), HBL (-45 points), PPL (-39 points), MCB (-21 points), and UBL (-20 points).

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  • Rupee falls by nine paisas on higher demand for import payment

    Rupee falls by nine paisas on higher demand for import payment

    KARACHI: The Pak Rupee fell by nine paisas against dollar on Monday owing to higher demand for import and corporate payments after weekly holidays.

    The rupee ended Rs156.17 to the dollar from last Friday’s close of Rs156.08 in interbank foreign exchange market.

    Currency dealers said that the demand for import and corporate payment was high because the market was opened after two weekly holidays.

    The foreign currency market was initiated in the range of Rs156.20 and Rs156.20. The market recorded day high of Rs156.23 and low of Rs156.16 and closed at Rs156.17.

    The exchange rate in open market witnessed stable rupee value. The buying and selling of dollar was recorded at Rs155.80 and Rs156.30, the same last Friday’s closing, in cash ready market.

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  • Car imports fall sharply by 85 percent in first two months

    Car imports fall sharply by 85 percent in first two months

    KARACHI: The car imports in Pakistan have sharply fell by 85 percent during first two months of current fiscal year owing to payment restriction imposed for customs clearance.

    (more…)
  • Late return filers may get ATL status after payment of surcharge

    Late return filers may get ATL status after payment of surcharge

    ISLAMABAD: Persons, who fail to file their income tax return by due date, may be included into the Active Taxpayers List (ATL) after payment of surcharge.

    Inclusion in ATL is mandatory to avail reduced rate of withholding tax. Through Finance Act, 2019 the rates of withholding tax have been increased 100 percent for those persons who have either failed to file annual return or filed return after due date.

    This means only those individuals or companies will get ATL status who filed their annual income tax returns by due date.

    The FBR said that a person’s name will be part of the current ATL, if the Tax Return filed pertains to the Tax year of the relevant ATL.

    For example, to be part of the ATL published on 1st March 2018, a person must have filed a Tax return for the Tax year 2017.

    Similarly, to be a part of the ATL published on 1st March 2019, a person must have filed a Tax Return for the Tax year 2018.

    Restriction on including a person’s name on ATL, if the person has not filed Tax Return by the due date specified by Income tax authorities was introduced through Finance Act, 2018.

    For example, to be part of the ATL published on 1st March 2019, a person must file a Tax Return by the specified due date for the Tax year 2018.

    However, through Finance Act, 2019 a person’s name can be part of ATL, even if the person has filed Tax Return after the due date specified by Income Tax authorities.

    Furthermore, a surcharge for placement on ATL after due date of filing of Tax Return will be charged as under:

    Company Rs20,000

    Association of Persons: Rs10,000

    Individuals: Rs1,000

    The FBR said a that company or an AOP shall be included in the ATL, whose return is not to be filed due to incorporation or formation after 30th day of June relevant to the Tax year pertaining to the ATL.

    Joint account holders as an entity shall be deemed to be part of ATL if any of the persons in the joint account have met the criteria of being included in the ATL.

    Bank account held in the name of a minor shall be considered part of ATL if the parents, guardians of the minor or any person who has deposited money in minor’s account are deemed to have met the criteria of being included in the ATL.

    The FBR said that the late filers of Income Tax Return for Tax Year 2018 can pay “Surcharge for ATL” as defined under section 182(A) of Income Tax Ordinance 2001 by clicking on Tax Payment Nature “Misc” head in the PSID.

    Only after the payment of surcharge will the name of the late filer become part of ATL.