Pkrevenue.com

Month: September 2019

  • FBR sets up information booth at ITCN Asia

    FBR sets up information booth at ITCN Asia

    KARACHI: Federal Board of Revenue (FBR) has setup an informative booth for ease of doing business at ITCN Asia Expo 2019 to be continued September 17-19 at Karachi Expo Center.

    The setting up of the informative booth is aimed at enlightening the industry players, youth and the other stakeholders about the role FBR is playing in Ease of Doing Business in Pakistan and other facilitative measures being taken for the taxpayers, traders and investors.

    The team of FBR is led by Mustafa Sajjad Hassan, Member Facilitation & Taxpayers Education (FATE) who is assisted by Ms. Tehmina Aamer, Chief (FATE) and Field officials of RTO, Karachi.

    The event has provided an opportunity to not only comprehend the challenges and concerns faced by industrialists and business community but also to enlighten them about the new initiatives taken by FBR to reduce the hurdles of doing business.

    Through this platform, FBR aims to create awareness about the simplification of filing process, alternative modes of tax payment with ease, automation of sales tax registration and sales tax refund system besides other facilitative measure taken by FBR.

    The setting up of information booth will also help to get valuable feedback of industry leaders, businesses and most importantly the youth that is shaping the future narrative transforming business and industry outlook in the region.

  • OGDCL announces oil, gas discovery in Khyber Pakhtoonkhwa

    OGDCL announces oil, gas discovery in Khyber Pakhtoonkhwa

    KARACHI: Oil and gas Development Company Limited (OGDCL) on Tuesday announced discovery of oil and gas at Chanda Well#5 located at Kohat District,Khyber Pakhtoonkhwa province.

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  • Stock market ends flat amid profit taking

    Stock market ends flat amid profit taking

    KARACHI: The stock market ended flat on Tuesday despite profit taking was witnessed in the market following rise in international oil prices.

    The benchmark KSE-100 of Pakistan Stock Exchange (PSX) closed at 31,909 points as against 31,929 points showing a decline of 20 points.

    Analysts at Arif Habib Limited said that the market traded in a narrow range today with an oscillation of 337 points between +178 points and -159 points.

    Higher international crude prices managed to secure interest of investors in E&P & Refinery sectors, though OMCs saw profit booking.

    Besides, Banking sector scrips helped the Index to stay relatively positive and somewhat shielded the index from Cement sector onslaught that saw LUCK’s rates declining significantly in MoC.

    LUCK closed near day’s low, near lower circuits. With the exception of DGKC, which managed to post decent gains as compared to LDCP, other Cement sector scrips saw selling pressure.

    Cement Sector again managed to post high volumes with 25.5 million shares, followed by Cable (16.9 million) and Power (11.6 million).

    Among scrips, PAEL ranked top with 16.7 million shares, followed by MLCF (10.3 million) and DGKC (7.3 million).

    Sectors contributing to the performance include E&P (+35 points), Miscellaneous (+21 points), Banks (+17 points), Fertilizer (-36 points), Cement (-30 points), Power (-21 points).

    Volumes increased from 104.6 million shares to 121.8 million shares. Average traded value also increased by 4 percent to reach US$ 33.2 million as against US$ 31.9 million.

    Stocks that contributed significantly to the volumes include PAEL, MLCF, DGKC, KEL and TRG, which formed 38 percent of total volumes.
    Stocks that contributed positively include HBL (+35 points), UBL (+30 points), PSEL (+21 points), PPL (+20 points) and EFERT (+11 points).

    Stocks that contributed negatively include LUCK (-35 points), BAHL (-26 points), FFC (-20 points), ENGRO (-20 points), and HUBC (-17 points).

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  • Rupee falls by 10 paisas on expected rising dollar demand for oil payment

    Rupee falls by 10 paisas on expected rising dollar demand for oil payment

    KARACHI: The Pak Rupee lost 10 paisas on Tuesday owing to rise in international oil prices after recent attack on Saudi oil facilities.

    The rupee ended Rs156.33 to the dollar from previous day’s closing of Rs156.23 in interbank foreign exchange market.

    Currency experts said that the rupee depreciated after the fears of rising demand for dollar for oil import payment. The international oil prices increased owing to recent attack on oil facilities in Saudi Arabia.

    The foreign currency market was opened in the range of Rs156.35 and Rs156.45. The market recorded day high of Rs156.50 and low of Rs156.30 and closed at Rs156.33.

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

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    Rupee eases by four paisas on import payment demand

  • Salary persons can file returns in easy steps by using mobile app

    Salary persons can file returns in easy steps by using mobile app

    ISLAMABAD: In a significant step towards enhancing accessibility and ease of tax compliance, the Federal Board of Revenue (FBR) has officially launched a mobile application tailored for salaried individuals to file their income tax returns for the tax year 2019.

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  • FBR applies standard measurement units for customs clearance

    FBR applies standard measurement units for customs clearance

    ISLAMABAD: Federal Board of Revenue (FBR) has applied standard units of measurements (UoM) for customs clearance of consignments.

    The FBR issued Customs General Order (CGO) No. 15/ 2019 on Monday and directed all field formations of Customs to adopt standard units of quantity/measurement.

    The FBR said that the units of measurement have been revisited in terms of recommendations of the World Customs Organization (WCO) and international / national trading practices to maintain uniformity; improve collection, comparison and analysis of trade statistics and facilitate trade, based on the Harmonized System.

    The standard units of quantity were previously notified by the FBR on August 06, 2012. Due to adoption of HS-2017 version Pakistan Customs Tariff (PCT) codes have been created. Accordingly an updated CGO has been prepared to accommodate these changes.

    The standard units of quantity are:

    Weight – kilograms (kg), carat (carat)

    Length – meters (m)

    Area – square meters (m2)

    Volume – cubic meters (m3), liters (l)

    Electric power – 1,000 kilowatts hours (1,000 kWh)

    Numbers – pieces/items (u), pairs (2u), dozen (12), thousands of pieces / items (1,000 u), packs (u (jeu/pack)).

    The FBR applied these units of measurements on 7,354 PCT codes.

  • FBR bars tax officials from entering taxpayers premises for search, audit

    FBR bars tax officials from entering taxpayers premises for search, audit

    ISLAMABAD: Federal Board of Revenue (FBR) has barred officers of Inland Revenue from entering premises of taxpayers for search and audit purposes.

    The FBR issued a notification on Monday and restricted IR officers for invoking Section 175(1) of Income Tax Ordinance, 2001.

    The FBR received numerous complaints of taxpayers that tax officials were abusing powers available under this section.

    The IR officers were allowed under this section to enter and search premises.—

    (1) In order to enforce any provision of this Ordinance (including for the purpose of making an audit of a taxpayer or a survey of persons liable to tax), the Commissioner or any officer authorised in writing by the Commissioner for the purposes of this section –

    (a) shall, at all times and without prior notice, have full and free access to any premises, place, accounts, documents or computer;

    (b) may stamp, or make an extract or copy of any accounts, documents or computer-stored information to which access is obtained under clause (a);

    (c) may impound any accounts or documents and retain them for so long as may be necessary for examination or for the purposes of prosecution;

    (d) may, where a hard copy or computer disk of information stored on a computer is not made available, impound and retain the computer for as long as is necessary to copy the information
    required; and

    (e) may make an inventory of any articles found in any premises or place to which access is obtained under clause (a).

    The FBR said that in exceptional cases the section may be invoked but with the prior permission of the chief commissioner of Inland Revenue.

  • US ambassador praises Engro Elengy for fastest 250 ship-to-ship transfers

    US ambassador praises Engro Elengy for fastest 250 ship-to-ship transfers

    KARACHI: US Ambassador Paul W. Jones has praised Engro and Excelerate Energy to achieve incredible milestone of the world’s fastest 250 ship-to-ship transfers of LNG.

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  • Rupee eases by four paisas on import payment demand

    Rupee eases by four paisas on import payment demand

    KARACHI: The Pakistani Rupee (PKR) weakened slightly by 4 paisas against the US dollar on Monday, primarily due to increased demand for import and corporate payments. The rupee closed at Rs156.23 to the dollar in the interbank foreign exchange market, compared to the previous Friday’s closing rate of Rs156.19.

    (more…)
  • Stock market increases by 447 points on oil price rise expectations

    Stock market increases by 447 points on oil price rise expectations

    KARACHI: The stock market increased by 447 points on Monday owing to hope of rise in oil prices following attack on Saudi Oil facility.

    (more…)