Pkrevenue.com

Month: October 2019

  • 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.

  • FBR transfers 78 IRS officers in major reshuffle

    FBR transfers 78 IRS officers in major reshuffle

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday announced major reshuffle in Inland Revenue Service (IRS) and transferred 78 officials of BS-17 to BS-20 with immediate effect and until further orders.

    The FBR announced transfers and postings of following IRS officers:

    01. Sahibzada Abdul Mateen (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-IV) Large Taxpayers Unit-II, Karachi from the post of Commissioner, (IP/TFD/HRM) Large Taxpayers Unit, Karachi.

    02. Zahoor Ahmad Panwar (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (IP/TFD) Corporate Regional Tax Office, Karachi from the post of Commissioner, (Zone-IV) Large Taxpayers Unit-II, Karachi.

    03. Muhammad Farrukh Majid (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (HRM) Corporate Regional Tax Office, Lahore from the post of Commissioner, Inland Revenue (Appeals), Multan.

    04. Hasnain Brohi (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (HRM) Corporate Regional Tax Office, Karachi from the post of Commissioner, Regional Tax Office III, Karachi.

    05. Muhammad Naveed Akhtar (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-V) Regional Tax Office II, Lahore from the post of Commissioner, Large Taxpayers Unit, Lahore.

    0.6 Ms. Tajamal Bilquis (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Large Taxpayers Unit, Islamabad from the post of Additional Commissioner, Regional Tax Office, Islamabad.

    07. Ms. Uzma Munir (Inland Revenue Service/BS-19) has been transferred and posted as Secretary, (International Taxes) Federal Board of Revenue (Hq), Islamabad from the post of Secretary, (Taxpayers Audit Wing) Federal Board of Revenue (Hq), Islamabad.

    08. Basit Saleem Shah (Inland Revenue Service/BS-19) has been transferred and posted as Additional Director, Directorate of Intelligence & Investigation (Inland Revenue), Peshawar from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    09. Muhammad Arshad (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office, Multan from the post of Additional Commissioner, Regional Tax Office, Faisalabad.

    10. Mian Muhammad Majid Hayat (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office II, Lahore from the post of Additional Director, Directorate General of Training & Research (Inland Revenue), Lahore.

    11. Ms. Bushra Fatima (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Large Taxpayers Unit, Lahore from the post of Additional Director, Directorate of Internal Audit (Inland Revenue), Lahore.

    12. Tasawwar Iqbal (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office II, Karachi from the post of Additional Commissioner, Regional Tax Office, Sukkur.

    13. Atif Bashir (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Corporate Regional Tax Office, Lahore from the post of Additional Commissioner, Large Taxpayers Unit, Lahore.

    14. Kashif Azhar (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Corporate Regional Tax Office, Lahore from the post of Additional Commissioner, Regional Tax Office II, Lahore.

    15. Naveed Dost Chandio (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office III, Karachi from the post of Additional Commissioner, Large Taxpayers Unit-II, Karachi.

    16. Abid Aziz Memon (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office, Hyderabad from the post of Additional Commissioner, Large Taxpayers Unit-II, Karachi.

    17. Abdul Rehman Khilji (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Corporate Regional Tax Office, Karachi from the post of Additional Commissioner, Regional Tax Office II, Karachi.

    18. Muhammad Aslam Jamro (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Large Taxpayers Unit-II, Karachi from the post of Additional Commissioner, Regional Tax Office III, Karachi.

    19. Ms. Nawal Sheikh (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office II, Lahore from the post of Additional Commissioner, Large Taxpayers Unit, Lahore.

    20. Mumtaz Ali Bohio (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Large Taxpayers Unit-II, Karachi from the post of Additional Commissioner, Regional Tax Office III, Karachi.

    21. Ejaz Ahmed (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Corporate Regional Tax Office, Karachi from the post of Additional Commissioner, Regional Tax Office II, Karachi.

    22. Muhammad Asif Rafique (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office, Multan from the post of Additional Commissioner, Regional Tax Office, Faisalabad.

    23. Amanat Ali Shar (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office II, Karachi from the post of Additional Commissioner, Large Taxpayers Unit-II, Karachi.

    24. Ms. Kehkshan Khan (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office II, Lahore from the post of Additional Commissioner, Large Taxpayers Unit, Lahore.

    25. Mazhar Irshad Khan (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office, Peshawar from the post of Additional Commissioner, Large Taxpayers Unit, Islamabad.

    26. Qadeerullah (Inland Revenue Service/BS-19) has been transferred and posted as Additional Director, Directorate General of Intelligence & Investigation (Inland Revenue), Islamabad from the post of Secretary, (Law Procedure & Exemption) Federal Board of Revenue (Hq), Islamabad.

    27. Fayaz Hussain Abro (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Large Taxpayers Unit-II, Karachi from the post of Additional Commissioner, Regional Tax Office, Hyderabad.

    28. Bilal Ahmed (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office, Islamabad from the post of Additional Commissioner, Regional Tax Office, Faisalabad.

    29. Amanullah Virk (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Corporate Regional Tax Office, Lahore from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    30. Rehmatullah (AOST/BS-18) has been transferred and posted as Assistant Director (Audit), Large Taxpayers Unit, Islamabad from the post of Assistant Director (Audit), Federal Board of Revenue (Hq), Islamabad.

    31. Azhar Jehangir (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue Corporate Regional Tax Office, Lahore from the post of Additional Commissioner, Regional Tax Office II, Lahore.

    32. Muhammad Masood Ahmed Gorsi (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue Large Taxpayers Unit, Karachi from the post of Additional Commissioner, Corporate Regional Tax Office, Karachi.

    33. Ms. Yasmin Sadaf (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Islamabad from the post of Deputy Commissioner, Regional Tax Office, Rawalpindi.

    34. Muhammad Sarim Bhatti (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Corporate Regional Tax Office, Lahore from the post of Second Secretary, Federal Board of Revenue (Hq), Islamabad.

    35. Shehryar Akram Awan (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit-II, Karachi from the post of Deputy Commissioner, Regional Tax Office III, Karachi.

    36. Ms. Bela Tariq (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue (AEOI Zone) Large Taxpayers Unit, Lahore from the post of Deputy Director, Directorate of
    Internal Audit (Inland Revenue), Lahore.

    37. Khalid Sultan (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Regional Tax Office, Islamabad from the post of Second Secretary, (IR-Operations Wing) Federal Board of Revenue (Hq), Islamabad.

    38. Haider Abbas Abbasi (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Karachi from the post of Deputy Commissioner, Corporate Regional Tax Office, Karachi.

    39. Rehan Khalid (AOST/BS-18) has been transferred and posted as Assistant Director (Audit), (IR-Operations Wing) Federal Board of Revenue (Hq), Islamabad from the post of Assistant Director (Audit), Large Taxpayers Unit, Islamabad.

    40. Qadeer Ullah (AOST/BS-18) has been transferred and posted as Assistant Director (Audit), Regional Tax Office, Peshawar from the post of Assistant Director (Audit), Regional Tax Office, Sialkot.

    41. Ms. Mona Baqir (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Training & Research (Inland Revenue), Islamabad from the post of Second Secretary, Federal Board of Revenue (Hq), Islamabad.

    42. Abdul Hameed Magsi (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Karachi from the post of Deputy Commissioner, Large Taxpayers Unit-II, Karachi.

    43. Muhammad Asif Nadeem (SAST/BS-18) has been transferred and posted as Assistant Director (Audit), Regional Tax Office, Multan from the post of Assistant Director (Audit), Federal Board of Revenue (Hq), Islamabad.

    44. Sajjad Hussain (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit-II, Karachi from the post of Deputy Commissioner, Regional Tax Office III, Karachi.

    45. Aijaz Ali (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Corporate Regional Tax Office, Karachi from the post of Deputy Commissioner, Regional Tax Office III, Karachi.

    46. Riaz Ahmed (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Regional Tax Office II, Karachi from the post of Deputy Commissioner, Regional Tax Office III, Karachi.

    47. Ms. Mahak Mansoor (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue (AEOI Zone) Large Taxpayers Unit, Lahore from the post of Deputy Director, Directorate of Special Initiative-IR, Lahore.

    48. Ali Saleh Hayat Kalyar (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Islamabad from the post of Deputy Commissioner, Regional Tax Office, Sargodha.

    49. Ejaz Shabbir Malik (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Regional Tax Office, Rawalpindi from the post of Deputy Commissioner, Regional Tax Office, Islamabad.

    50. Mrs. Mahwish Khan (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Director, Directorate General of Intelligence & Investigation (Inland Revenue), Islamabad from the post of Deputy Commissioner, Regional Tax Office, Islamabad.

    51. Muhammad Waqas Maqsood (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Karachi from the post of Deputy Commissioner, Large Taxpayers Unit-II, Karachi.

    52. Muhammad Irfan Haider (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Regional Tax Office, Faisalabad from the post of Deputy Commissioner, Regional Tax Office, Bahawalpur.

    53. Suhail Abbas (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Director, Directorate General of Intelligence & Investigation (Inland Revenue), Islamabad from the post of Second Secretary, Federal Board of Revenue (Hq), Islamabad.

    54. Muhammad Asim Qadir Haye (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Director, Directorate General of Internal Audit (Inland Revenue), Islamabad from the post of Second Secretary, (HRM Wing) Federal Board of Revenue (Hq), Islamabad.

    55. Mrs. Farva Abid (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Corporate Regional Tax Office, Karachi from the post of Deputy Commissioner, (IR) Large Taxpayers Unit, Karachi.

    56. Mansoor Wisal (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Corporate Regional Tax Office, Karachi from the post of Deputy Commissioner, Large Taxpayers Unit, Karachi.

    57. Ms. Misbah Noreen (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Islamabad from the post of Deputy Commissioner, Regional Tax Office, Rawalpindi.

    58. Umair Akbar Soomro (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Karachi from the post of Deputy Commissioner, Corporate Regional Tax Office, Karachi.

    59. Amjad Hussain Janvri (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Karachi from the post of Deputy Commissioner, Corporate Regional Tax Office, Karachi.

    60. Ms. Romana Alam (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Regional Tax Office, Islamabad from the post of Second Secretary, (Inland Revenue Policy Wing) Federal Board of Revenue (Hq), Islamabad.

    61. Mujeeb Ahmed Nasir (SAST/BS-18) has been transferred and posted as Assistant Director (Audit), Directorate of Intelligence & Investigation (Inland Revenue), Karachi from the post of Assistant Director (Audit), Regional Tax Office II, Karachi.

    62. Ms. Sana Ghous (Inland Revenue Service/BS-17) has been transferred and posted as Deputy Director, Directorate of Special Initiative-IR, Lahore from the post of Deputy Commissioner, Corporate Regional Tax Office, Lahore.

    63. Ms. Romesa Tahir (Inland Revenue Service/BS-17) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Islamabad from the post of Deputy Commissioner, Regional Tax Office, Rawalpindi.

    64. Gulfam Afzal (Inland Revenue Service/BS-17) has been transferred and posted as Deputy Commissioner Inland Revenue Regional Tax Office, Rawalpindi from the post of Deputy Director, Directorate of Internal Audit (Inland Revenue), Islamabad.

    65. Saad Khan (Inland Revenue Service/BS-17) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Islamabad from the post of Deputy Commissioner, Regional Tax Office, Islamabad.

    66. Tariq Hussain Matlo (Inland Revenue Service/BS-17) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Karachi from the post of Deputy Commissioner, Regional Tax Office II, Karachi.

    67. Rosheen Hussain Syed (Inland Revenue Service/BS-17) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Lahore from the post of Deputy Commissioner, Large Taxpayers Unit, Islamabad.

    68. Ms. Shahida Nazeer (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner Inland Revenue Large Taxpayers Unit, Karachi from the post of Assistant Commissioner, Corporate Regional Tax Office, Karachi.

    69. Usama Amin (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner Inland Revenue Corporate Regional Tax Office, Karachi from the post of Assistant Commissioner, Regional Tax Office, Sialkot.

    70. Ali Raza Gilani (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner Inland Revenue Regional Tax Office II, Lahore from the post of Assistant Commissioner, Regional Tax Office, Gujranwala.

    71. Saad Ali Siddique (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner (Prob) Inland Revenue Regional Tax Office II, Karachi from the post of Assistant Commissioner (Prob), Regional Tax Office III, Karachi.

    72. Ms. Zinnia Hussain (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Director, Directorate General of Training & Research (Inland Revenue), Lahore from the post of Assistant Commissioner (Prob), Regional Tax Office II, Lahore.

    73. Muhammad Adeel Quddusi (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner (Prob) Inland Revenue Regional Tax Office II, Karachi from the post of Assistant Commissioner (Prob), Regional Tax Office III, Karachi.

    74. Ms. Naushaba (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner (Prob) Inland Revenue Regional Tax Office II, Karachi from the post of Assistant Commissioner (Prob), Regional Tax Office III, Karachi.

    75. Baqar Ali (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner (Prob) Inland Revenue Corporate Regional Tax Office, Karachi from the post of Assistant Commissioner (Prob), Regional Tax Office, Hyderabad.

    76. Suhbat Ali Sahto (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner Inland Revenue Corporate Regional Tax Office, Karachi from the post of Assistant Commissioner, Regional Tax Office II, Karachi.

    77. Zulfiqar Ali Memon (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner Inland Revenue Large Taxpayers Unit-II, Karachi from the post of Assistant Commissioner, Regional Tax Office III, Karachi.

    78. Abdul Waheed Awan (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner Inland Revenue Large Taxpayers Unit-II, Karachi from the post of Assistant Commissioner, Regional Tax Office III, Karachi.

    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.

  • Stock market sheds 105 points on financial results

    Stock market sheds 105 points on financial results

    KARACHI: The stock market ended down by 105 points on Friday mainly responded to financial results. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,657 points as against 33,762 points showing a decrease of 105 points.

    (more…)
  • FPCCI hopes improved ease of doing business to encourage foreign investment

    FPCCI hopes improved ease of doing business to encourage foreign investment

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) hoped that improvement in ease of doing business in Pakistan will encourage foreign investment into the country.

    Engr. Daroo Khan Achakzai, President FPCCI in a statement issued on Friday congratulated Prime Minister of Pakistan Imran Khan and his team for improvement of Pakistan’s ranking from 136 to 108 in Ease of Doing Business 2020 report issued by World Bank.

    The report indicated that the World Bank and others institutions has started recognition of Pakistan’s Business reforms.

    He added that the improving of Pakistan in Ease of Doing Business will definitely pave the way in encouraging the international investors to make substantial investment in Pakistan as most of the international investors make decisions of investment on the basis of this report.

    The President FPCCI said that the Present Government has achieved another milestone of their manifesto i.e. to bring Pakistan into top investment destinations.

    He hoped that the continuous reforms of the Government will bring Pakistan into top 80 countries next year. He added that Pakistan’s ranking had improved in six indicators i.e. starting a business, dealing with construction permits, getting electricity, registering property, paying taxes and trading across borders which made Pakistan in top ten business reformer countries.

    This will also facilitate the other countries to investment in CPEC related projects which will connect South Asia with Central Asia and Europe.

    He suggested the government to make similar incentives/reforms in Baluchistan and KPK as the World Bank report has only covered two main provinces Punjab and Sindh.

    Inclusion of these provinces will help in their economic development.

    He further added that improvement in ranking will improve the business environment and overall economy become visible because of the reforms introduced by the government which will focus on the mandate of ensuring well being of masses and providing quality education and health to all segment of society.

  • Banks disburse Rs26.76 billion business loans to youth

    Banks disburse Rs26.76 billion business loans to youth

    KARACHI: Banks have disbursed an amount of Rs26.76 billion under Prime Minister’s Youth Business Loans (PMYBL) till June 30, 2019 as against the amount of Rs25.13 billion disbursed till June 30, 2019.

    The number of borrowers has been increased to 26,679 by end June 2019 as compared with 25,128 borrowers by end June 2018, State Bank of Pakistan (SBP) said on Friday.

    The government, being cognizant of the important role played by youth and small businesses in the economic development, introduced Prime Minister’s Youth Business Loans (PMYBL) Scheme in 2013 with the aim of providing youth the opportunities of financial independence through self-employment.

    Under the Scheme, small businesses are provided loans up to Rs 2,000,000/- at a service charge of 6 percent p.a.

    Total number of applications received by the Executing Agencies (EAs) under PMYBL Scheme as of June 30, 2019 stood at 101,938. Of the total applications received so far under the scheme, 88 percent were from male applicants.

    Moreover, since launch of the scheme, number of sanctioned applications stood at 33,145 as on June 30, 2019, while cumulative disbursements of Rs 26,760 million had been made to 26,679 beneficiaries till June 30, 2019.

    The SBP said that small businesses have potential to revitalize economic activity by creating employment opportunities, reducing poverty and providing economic linkages and services to the corporate sector.

    The growth of small businesses and their access to formal finance is imperative for the development of economy.

    However, despite their strong potential, the small businesses, particularly of young entrepreneurs, have traditionally remained credit constrained due to high risk perception of banks towards them.

    The government introduced Prime Minister’s Youth Business Loans (PMYBL) Scheme in 2013 for providing the opportunities of financial independence to youth through self-employment.

    Under the scheme, unemployed youth are extended loans upto Rs 2,000,000/- at a service charge of 6 percent p.a. for setting up new business or strengthening existing business.

    The rate of return for lending banks is one year KIBOR+500 bps. Difference of banks’ rate and borrowers’ rate is being absorbed by the federal government in the form of subsidy.

    As a further incentive to the banks, GOP also shares 5 percent of credit losses of total outstanding loan portfolio of the banks under the scheme.

    Currently, eighteen banks are participating in the scheme, of which three are public sector banks (NBP, FWBL and Sindh Bank Limited) while the remaining fifteen are private sector banks.

  • Meezan Bank declares net profit of Rs11 billion for nine months

    Meezan Bank declares net profit of Rs11 billion for nine months

    KARACHI: Meezan Bank has declared around Rs11 billion net profit (profit after tax) for the 11-month period ended September 30, 2019. The Board of Directors of Meezan Bank Limited, in its meeting, held October 24, 2019 approved the condensed interim unconsolidated financial statements of the bank and its consolidated financial statements for the nine months period ended September 30, 2019, a statement said on Friday.

    (more…)