Day: October 26, 2019

  • Business community resents detaining export containers ahead of political dharna

    Business community resents detaining export containers ahead of political dharna

    KARACHI: Business community has resented the government move to detain export containers ahead of political rally and Dharna (sit-in) and said it will result in massive trade loss.

    Muhammad Jawed Bilwani, Chairman Pakistan Apparel Forum stated that the country’s politics must not affect the trade and exports of Pakistan all the exports and cargo containers must not be detained.

    All the containers already detained by the Government must immediately be released without any delays to avoid fiscal and trade losses.

    While expressing deep concern over seizure of huge number of containers loaded with export consignments in Punjab province, Bilwani said that these cargo containers, reportedly detained for the purpose to block all roads heading towards Islamabad to prevent political elements and their supporters from entering into the federal capital city where they want to stage sit-in but the authorities have ignored the fact that most of these containers were loaded with export consignments.

    If export containers not released, this will lead to cancellation of precious orders which will not only be a great loss to the exporters but also the nation in the current crucial times.

    The government must realize that any loss to business people will also have a severe impact on the economic performance of the country.

    He added that the situation would also send a very negative signal abroad when the export consignments would not be delivered to the buyers as per commitment whereas the local markets might also experience severe shortage of numerous goods and commodities. In view of tense situation, transporters were unwilling to carry goods to the upcountry.

    Bilwani was of the view that instead of engaging exporter’s containers and disturbing business activities, the Federal and Provincial governments should purchase their own damaged / defected containers to block all roads in the best interest of our nation’s export and economy.

    It is the responsibility of every Pakistani citizen including those who are in the Government or in the Opposition not to disturb the country’s exports and ensure that export containers enroute to Karachi and further abroad must not be hold or detained in the national interest.

  • Sales tax officers authorized to attach immovable property of defaulters

    Sales tax officers authorized to attach immovable property of defaulters

    KARACHI: Federal Board of Revenue (FBR) has authorized officers of Inland Revenue to attach immovable property of a sales tax defaulter for recovery of amount.

    According to Rule 112 of Sales Tax Rules, 2006, attachment of the immovable property of the defaulter shall be made, by the recovery officer, by an order prohibiting the defaulter from transferring or subjecting the property to a charge in any manner and prohibiting all persons from taking any benefit under such transfer or charge.

    In order to attach immovable property, a copy of the order of attachment shall be served on the defaulter.

    The FBR said that the order of attachment shall be proclaimed on or adjacent to the property attached by affixing a copy of order of attachment at a conspicuous place and a copy of the same shall also be affixed at the notice board in the office of the Recovery Officer.

    Sale and proclamation of sale

    (l) The Recovery Officer may direct that any immovable property, which has been attached, or such portion thereof, as may be necessary to satisfy the demand note, shall be sold if the amount due is not otherwise recoverable.

    (2) Where an immovable property is ordered to be sold, the Recovery Officer shall cause a proclamation to be made in the same manner as provided in rule104.

    Contents of proclamation of sale

    (1) A proclamation of sale of immovable property shall be drawn after proclamation of attachment and shall specify therein the time and place of sale and also specify—

    (a) the location of property to be sold;

    (b) as fairly and accurately as possible, the revenue or rent, if any, assessed upon the property or any part thereof; and

    (c) the Government due for the recovery of which the sale is ordered.

    (2) The proclamation may also specify any other thing which the Recovery Officer considers material for a purchaser to know in order to judge the nature and value of the property.

    No sale of immovable property shall, without the consent in writing of the defaulter, take place until after the expiration of thirty days from the date on which copy of the proclamation of sale was affixed on the property or in the office of the recovery officer, whichever is later.

  • Preventive Karachi announces auction of used vehicles on Oct 29

    Preventive Karachi announces auction of used vehicles on Oct 29

    The Model Customs Collectorate (MCC) Preventive, Karachi, has declared an auction of used vehicles scheduled to take place on October 29, 2019, at various locations.

    (more…)
  • Weekly Review: stock market likely to remain range bound on political uncertainty

    Weekly Review: stock market likely to remain range bound on political uncertainty

    KARACHI: The stock market likely to remain range bound during next week due to political uncertainty with JUI-F to hold “Azadi March”.

    Analysts at Arif Habib Limited said that on the economic front, narrowing current account deficit and improving foreign reserves serves as a good omen for overall confidence in the market. With the result season continuing next week, we expect activity to be influenced accordingly.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 5.8x (2020) compared to Asia Pac regional average of 13.3x and while offering DY of ~9.4 percent versus ~2.4 percent offered by the region.

    The market commenced on a negative note with FATF warning to Pakistan echoing from last Friday. The negativity was cushioned as Pakistan steeply climbed the World Bank Ease of Doing Business Index from 136th to 108th. Further inversion in T Bill yields continued to improve sentiment.

    However duress on the political front amid opposition preparing for a protest against the government dampened sentiment towards end of the week. The KSE-100 Index closed at 33,657 points, shedding 213 points (down by 0.6 percent) WoW.

    Sector-wise negative contributions came from i) Commercial Banks (108 points), ii) Cement (104 points), and iii) Power Generation & Distribution (76 points) while positive contributions were led by i) Oil & Gas Exploration Companies (118 points), ii) Food & Personal Care Products (47 points) and iii) Fertilizer (30 points). Scrip-wise negative contributions were led by LUCK (58 points), BAHL (44 points), HUBC (42 points), PSEL (35 points) and HBL (35 points).

    Foreign buying was witnessed this week clocking-in at USD 2.8 million compared to a net sell of USD 2.1 million last week. Buying was witnessed in Cement (USD 2.0 million) and Fertilizer (USD 1.2 million). On the domestic front, major selling was reported by Individuals (USD 3.1 million) and Companies (USD 2.2 million).

    Average Volumes settled at 125 million shares (down by 11 percent WoW) while average value traded clocked-in at USD 25 million (down by 17 percent WoW).

  • FBR receives 0.92 million income tax returns by Oct 25

    FBR receives 0.92 million income tax returns by Oct 25

    ISLAMABAD: Federal Board of Revenue (FBR) received 0.92 million income tax returns for tax year 2019 by October 25, 2019, Syed Shabbar Zaidi, Chairman, FBR said on Friday.

    He said that the income tax return filing has registered growth of 58 percent so far. According to data of Pakistan Revenue Automation Private Limited (PRAL) the FBR had received 0.585 million income tax returns for the tax year 2018 as of October 25, 2018.

    The chairman said that the FBR had received 332,818 additional income tax returns for tax year 2019 so far.

    The last date for filing income tax returns for tax year 2019 is October 31, 2019 as it was already extended for one month from September 30, 2019.

    The income tax return filing for tax year 2019 has increased to above 2.6 million.

  • FBR bans direct interaction of officials with business community

    FBR bans direct interaction of officials with business community

    ISLAMABAD: Federal Board of Revenue (FBR) has banned direct interaction of its officials with business community from November 01, 2019.

    In a tweet FBR chairman Syed Shabbar Zaidi on Friday said that from November 01, 2019 strict enforcement would be made against unauthorized interaction between FBR staff and business community.

    The FBR chairman urged the business community to report directly to FBR if any of tax official contacts through any manner without proper authorization.

    He said that the FBR would not tolerate any attempt to harass the business community.

    The chairman said that the FBR would issue directives to the staff for avoiding interaction with businessmen through personal visit, telephone calls, cell phone messages or emails.

    He further said that an automated system of the FBR was already in place for such interaction.