Pkrevenue.com

Day: October 22, 2019

  • FBR grants performance allowance to officials of MCC Preventive Peshawar

    FBR grants performance allowance to officials of MCC Preventive Peshawar

    ISLAMABAD: Federal Board of Revenue (FBR) has granted performance allowance equivalent to 100 percent of minimum of basic pay to Customs officials posted at Model Customs Collectorate (Preventive) Peshawar.

    In a notification issued on Tuesday, the FBR granted following inspectors of BS-16 of MCC Preventive Peshawar, who have been selected through the process of internal job posting, performance allowance equal to 100 percent of minimum of their basic pay (in pay scale 2011) with effect from October 07, 2019:

    01. Ilyas Iqbal

    02. Shahroz Khaliq

    03. Shah Fahad Khan

    04. Zia-ur-Rehman

    Grant of Performance Allowance will be governed through the terms and conditions laid down vide Circular No. 6(96)S(BIC)/2013-14 dated 06.03.2015 to be read with Para-10 of Finance Division’s O.M.No.1(3)/Imp/2015-360 dated 07.07.2015. The allowance will be discontinued in case prescribed terms and conditions are not fulfilled within one month from the date of issuance of this notification.

  • Stock market gains 114 points in narrow band trading

    Stock market gains 114 points in narrow band trading

    KARACHI: The stock market gained 114 points on Tuesday while trading in narrow band during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,199 points as against 33,085 points showing an increase of 114 points.

    Analysts at Arif Habib Limited said that the market traded largely in a narrow band, oscillating between +155 points and -124 points, and ending the session +114 points.

    Low volumes were witnessed amidst selling pressure in Cement, Steel, Banking sectors. Concerns over activity on Borders with India, political uncertainty due to JUI (F)’s protest and FATF reverberated today.

    Chemical sector led the volumes with 13.4 million shares, followed by Cement (10.9 million) and Technology (7.5 million).

    Among scrips, LOTCHEM garnered 10.8 million shares in trading volume, followed by TRG (4.1 million) and FFC (3.4 million). Market seemed to lack luster, paying little interest in better than expected results announced recently.

    Sectors contributing to the performance include Banks (+38 points), Power (+19 points), E&P (+15 points), Food (+13 points), O&GMCs (+11 points) and Fertilizer (-10 points).

    Volumes declined from 130.3 million shares to 83.6 million shares (-36 percent DoD). Average traded value also declined by 36 percent to reach US$ 20.4 million as against US$ 1.8 million.

    Stocks that contributed significantly to the volumes include LOTCHEM, TRG, FFBL, HASCOL and DGKC, which formed 29 percent of total volumes.

    Stocks that contributed positively include HBL (+22 points), HUBC (+18 points), MCB (+15 points), NESTLE (+15 points) and DAWH (+13 points). Stocks that contributed negatively include ENGRO (-10 points), BAFL (-7 points), DGKC (-6 points), FFBL (-6 points), and JLICL (-6 points).

  • Rupee gains three paisas amid demand for import payment

    Rupee gains three paisas amid demand for import payment

    The Pakistani Rupee experienced a modest gain of three paisas against the US Dollar on Tuesday, reflecting demand pressures for import and corporate payments in the local market.

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  • Wealth Statement Form: mandatory for filing along with annual return

    Wealth Statement Form: mandatory for filing along with annual return

    KARACHI: Filing of wealth statement is mandatory for making annual return form valid. Taxpayers are required to file asset declaration under Section 116 of Income Tax Ordinance, 2001.

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  • No legal proceeding against customs officials while exercising powers

    No legal proceeding against customs officials while exercising powers

    KARACHI: Customs laws protect officials from legal proceedings in case anything done in good faith while exercising powers.

    The FBR issued Customs Act, 1969 updated till June 30, 2019 incorporating amendment brought through Finance Act, 2019.

    Section 217 of the Customs Act, 1969 provides protection of action taken under the Act.

    Section 217: Protection of action taken under the Act

    Sub-Section (1) :No suit, prosecution or other legal proceeding shall lie against the Federal Government or any public servant for anything which is done or intended to be done in good faith in pursuance of this Act or the rules and notwithstanding anything in any other law for the time being in force no investigation or enquiry shall be undertaken or initiated by any governmental agency against any officer or official for anything done in his official capacity under this Act, rules, instructions or directions made or issued thereunder without the prior approval of the Board.
    Sub-Section (2): No suit shall be brought in any civil court to set aside or modify any order passed, any assessment made, any tax levied, any penalty imposed or collection of any tax made under this Act.

    Section 218: Notice of proceedings

    No proceeding in a court other than a suit shall be commenced against any officer of customs or any other person exercising any powers conferred or discharging any duties imposed by or under this Act for anything purporting to be done in pursuance of the provisions of this Act or the rules without giving to such officer or person a month’s previous notice in writing of the intended proceeding and of the cause thereof; or after the expiration of one year from the accrual of such cause:

    Provided that this section shall not be deemed to apply in the case of the prosecution of an officer of customs or such other person for an offence punishable under this Act.