Day: December 27, 2019

Law amended to stop NAB taking action against businessmen: Prime Minister

KARACHI: Prime Minister Imran Khan on Friday said that the government has amended law to restrict National Accountability Bureau (NAB) from taking action against business community.

Addressing at a ceremony of Pakistan Stock Exchange (PSX), the prime minister said the powers of NAB had been restricted to the corruption cases of public office holders.

He said that the business community should be free from coercive action of NAB. The other institutions like FBR and courts are there to deal with cases of business community.

He said that business community has key role in creation of wealth. He further said that no nation can grow without wealth.

The prime minister said that the wealth creation was only possible when business community was facilitated.

He said that in the past there was misconception about making of profit. The prime minister said that there was difference between profiteer and profit making.

The prime minister said that the government desired the businesses should make profit and attract more investment.

He said that the government was making all out efforts to improve ease of doing business. He said that in the outgoing year the ease of doing business was improved by 27 points despite challenging economic situation.

December 27, 2019
Bank holiday announced on January 01

KARACHI: The State Bank of Pakistan (SBP) on Friday declared bank holiday on January 01, 2020 on account of financial close of banking companies.

In a circular issued to presidents and chief executives of all banks, development financial institutions and microfinance banks, the SBP informed that the central bank will remain closed for public dealing on Wednesday, January 1, 2020, which will be observed as ‘Bank Holiday’.

All banks / DFIs / MFBs shall, therefore, remain closed for public dealing on the above date. However, all employees of banks / DFIs / MFBs will attend the office as usual, the SBP said.

December 27, 2019
Stock market sheds 279 points on selling pressure

KARACHI: The stock exchange fell by 279 points on Friday owing to selling pressure during trading sessions.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,849 points as against 41,128 points showing a decline of 279 points.

Analysts at Arif Habib Limited said that the market moved both ways during the day with +162 points and -401 points, ending the session at -279 points.

Month end closing met anticipated flows from institutions that created selling pressure on the bourse.

O&GMCs, E&P, Power and Cement sectors remained under pressure, and even though MLCF managed to hit upper circuit, it couldn’t hold ground for much long and stock price dropped significantly, though remained positive.

Technology sector led the volumes with 49.2 million shares, followed by Cement (35.7 million) and O&GMCs (35.5 million). Among scrips, WTL led the volumes with 31.8 million, followed by UNITY (22.6 million) and HASCOLR (22.4 million).

Sectors contributing to the performance include Power (+35 points), Fertilizer (+29 points), Banks (-89 points), E&P (-63 points), Inv Banks (-28 points), Cement (-27 points) and Insurance (-26 points).

Volumes increased from 236.8 million shares to 267.6 million shares (+12 percent DoD). Average traded value also increased by 19 percent to reach US$ 61.2 million as against US$ 51.3 million.

Stocks that contributed significantly to the volumes include WTL, UNITY, HASCOLR1, MLCF and FFL, which formed 39 percent of total volumes.

Stocks that contributed positively include ENGRO (+67 points), HUBC (+46 points), UBL (+6 points), HGFA (+5 points) and PMPK (+5 points). Stocks that contributed negatively include OGDC (-33 points), FFC (-25 points), DAWH (-24 points), HBL (-23 points), and MCB (-22 points).

December 27, 2019
Rupee gains four paisas amid demand for import, corporate payments

KARACHI: The Pak Rupee gained four paisas against dollar on Friday amid higher demand of greenback for import and corporate payments.

The rupee ended Rs155.03 to the dollar from previous day’s closing of Rs155.07 in interbank foreign exchange market.

Currency dealers said that the rupee was under pressure during the day due to upcoming weekly holidays. Besides, the financial year ending for many corporate entities also escalated the demand for the greenback.

The dealers said the inflows of export receipts and remittances helped the rupee to appreciate during later in the day.

The exchange rate in open market also witnessed appreciation in rupee value. The buying and selling of dollar was recorded at Rs154.60/Rs155 from previous day’s closing of Rs154.70/Rs155.10 in cash ready market.

December 27, 2019
Banks to observe extended working hours on Dec 31 to facilitate taxpayers

KARACHI: State Bank of Pakistan (SBP) on Friday announced that banks will observed extended working hours to facilitate taxpayers in payment of duty and taxes on December 31, 2019.

In order to facilitate the collection of government receipts / duties / taxes, it has been decided that authorized branches of National Bank of Pakistan (NBP) as well as field offices of SBP Banking Services Corporation (SBP-BSC) will observe extended banking hours up to 9:00 PM on December 31, 2019 (Tuesday).

Accordingly, NBP branches will settle their transactions with respective SBP-BSC field offices on the same day i.e. December 31, 2019 for which purpose a special clearing has been arranged at 7:00 P.M. by the NIFT.

All banks are, therefore, advised to keep their concerned branches open on December 31, 2019 (Tuesday) till such time that is necessary to facilitate the special clearing for Government transactions, the SBP said.

December 27, 2019
FBR issues procedure for verification of sales tax invoice

KARACHI: Federal Board of Revenue (FBR) has issued procedure for verification of sales tax invoices prepared by Tier-1 retailers.

According to FBR officials the following procedure shall be adopted for the verification of sales tax invoices.

— Customer visits the counter to pay for his/her shopping.

— Counter Boy Prepares the Invoice.

— Invoice is forwarded to FBR system for invoice number.

— Fiscal Invoice is generated and stored in FBR Sale Data Controller and returns a fiscal invoice number to POS.

— Point of Sale (POS) generate the QR Code for fiscal invoice.

— The receipt is printed out from the POS and physically delivered to the customer.

— Customer receives the printed fiscal invoice and verify it from FBR System using any of proposed mode.

The officials said that

Tier -I retailer as defined under Section 2(43A) of Sales Tax Act 1990 are required to integrate their sales with the FBR.

Tier-1 retailer means:-

A retailer operating as a unit of a national or international chain of stores.

A retailer operating in an air conditioned shopping mall plaza or centre, excluding kiosks.

Retailer whose cumulative electricity bill during the immediately preceding twelve consecutive months exceeds rupees six hundred thousands.

A wholesaler-cum-retailer, engaged in bulk import and supply of consumer goods on wholesale basis to the retailers as well as on retail basis to the general body of the consumers.

A retailer whose shop measures one thousand square feet in the area or more.

The officials said that the integrated supplier shall prominently display on each outlet a signboard bearing FBR’s official logo along with the text “Integrated with FBR” and also registration number of each POS verifiable through FBR verification services.

Explaining the benefits of establishing integration with the FBR, the sources said that supplies of finished fabric and locally manufactured finished articles of textile and textile made ups and leather and artificial leather shall be entitled to reduced rate of 14 per cent subject to condition they have maintained 4 percent value addition during the last six months.

Further, customers entitled to receive a cash back of up to 5 per cent of the tax involved in the manner and to the extent as may be prescribed.

The penalty for non-compliance by the Tier-1 retailers, the sources said that under sub section (6) of section 8B of the Act, adjustable in put tax for whole of that tax period shall be reduced by 15 percent.

Penalty as prescribed at serial No.(19) of the section 33 of the Act besides default surcharge under section 34 of the Act.

December 27, 2019
Return filed on CNIC basis to be treated as registered

KARACHI: A person files income tax return on the basis of Computerized National Identity Card (CNIC) shall be treated as registered taxpayer on the day the person files income tax return.

The following will be treated as registered person under Income Tax Rules, 2002:

(1) An individual having CNIC required to file return of total income manually shall be treated as registered under sub-section (4) of section 181 on the day he files the return manually.

(2) An individual having CNIC required to e-file return of total income shall be treated as registered, when the individual is e-enrolled.

(3) A company, an association of persons (AOP) or foreign national shall be treated as registered when the company, AOP or the foreign national, is e-enrolled.

(4) An individual having CNIC who failed to file return, shall be registered by the Commissioner having jurisdiction on the basis of CNIC or NICOP when he is satisfied after providing opportunity to be heard that the income of the individual is taxable and is required to file return of income.

(5) An individual not having CNIC and required to file return of total income manually shall be registered in the same manner as specified in sub-rules (1) and (4), either on application by the individual or if Commissioner is satisfied that income of individual is taxable after providing opportunity to be heard.

(6) A company, an AOP or foreign national shall be treated as registered as per sub-rule (3), if the Commissioner, having jurisdiction over the company, an AOP or foreign national, is satisfied after providing opportunity to be heard that the company, the AOP or foreign national requires registration.

December 27, 2019
FBR notifies transfer, postings of 26 IRS officers in BS-17-20

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified transfers and postings of 26 officers of Inland Revenue Service (IRS) from BS-17 to BS-20 with immediate effect until further orders.

The FBR notified transfers and postings of following officers:

01. Mehmood Hussain Jafari (Inland Revenue Service/BS-20) on return from NMC, has been transferred Commissioner Inland Revenue (Zone-II) Regional Tax Office II, Lahore.

02. Dr. Muhammad Sarmad Qureshi (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Corporate Zone) Regional Tax Office, Faisalabad from the post of Commissioner-IR, (Zone-IV) Corporate Regional Tax Office, Lahore.

03. Muhammad Anwar (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-I) Regional Tax Office, Sargodha from the post of Commissioner, (Corporate Zone) Regional Tax Office, Faisalabad.

04. Ms. Fiza Batool (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-IV) Corporate Regional Tax Office, Lahore from the post of Commissioner-IR, (Zone-I) Regional Tax Office II, Lahore.

05. Muhammad Taqi Qureshi (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-I) Regional Tax Office II, Lahore from the post of Commissioner-IR, (Zone-I) Regional Tax Office, Sargodha.

06. Muhammad Majid (Inland Revenue Service/BS-20) has been transferred and posted as Chief, (Taxpayers Audit) Federal Board of Revenue (Hq), Islamabad from the post of Commissioner-IR, (Zone-II) Regional Tax Office II, Lahore.

07. Tariq Bakhtiar (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (IP/TFD/HRM) Regional Tax Office, Peshawar from the post of Commissioner-IR, (Mardan Zone) Regional Tax Office, Peshawar.

08. Irfan Aziz (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Mardan Zone) Regional Tax Office, Peshawar from the post of Commissioner-IR, (IP/TFD/HRM) Regional Tax Office, Peshawar.

09. Najeeb Qadir (Cost Accountant/BS-20) has been transferred and posted as Cost Accountant, Large Taxpayers Unit, Islamabad from the post of Chief , (TPA-II) Federal Board of Revenue (Hq), Islamabad.

10. Mirza Imtiaz Ahmed (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue (OPS) (IP/TFD/HRM) Large Taxpayers Unit, Islamabad from the post of Chief, (OPS) (TPA-I) Federal Board of Revenue (Hq), Islamabad.

11. Babar Nawaz Khan (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office, Faisalabad from the post of Additional Commissioner-IR, Corporate Regional Tax Office, Lahore.

12. Ashfaq Ahmad (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-IR, Regional Tax Office II, Lahore.

13. Khawar Siddique (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Lahore from the post of Deputy Commissioner-IR, Regional Tax Office II, Lahore.

14. Muhammad Naeem Ahmad (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Lahore from the post of Deputy Commissioner-IR, Regional Tax Office II, Lahore.

15. Umer Zeb Khan (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-IR, Corporate Regional Tax Office, Lahore.

16. Asim Naseer (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Regional Tax Office, Islamabad from the post of Deputy Commissioner-IR, Corporate Regional Tax Office, Lahore.

17. Khan Shahzeb Bashir (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Lahore from the post of Deputy Commissioner-IR, Corporate Regional Tax Office, Lahore.

18. Ali Noor (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Lahore from the post of Deputy Commissioner-IR, Corporate Regional Tax Office, Lahore.

19. Khalil Ahmed Qaiser (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-IR, Regional Tax Office, Bahawalpur.

20. Ali Ahsan Warraich (Inland Revenue Service/BS-17) has been transferred and posted as Deputy Commissioner Inland Revenue Regional Tax Office, Faisalabad from the post of Deputy Commissioner-IR, Corporate Regional Tax Office, Lahore.

21. Muhammad Adnan (Inland Revenue Service/BS-17) has been transferred and posted as Deputy Commissioner Inland Revenue Regional Tax Office, Islamabad from the post of Deputy Commissioner-IR, Corporate Regional Tax Office, Lahore.

22. Qasim Raza Chadhar (Inland Revenue Service/BS-17) has been transferred and posted as Second Secretary, (IT Wing) Federal Board of Revenue (Hq), Islamabad from the post of Assistant Commissioner-IR, Regional Tax Office, Sargodha.

23. Wazir Ahmed Khushik (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-IR, Regional Tax Office II, Karachi.

24. Muhammad Siddique (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner Inland Revenue Regional Tax Office, Faisalabad from the post of Assistant Commissioner-IR, Regional Tax Office II, Lahore.

25. Muhammad Nadeem Asad (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner Inland Revenue Regional Tax Office, Faisalabad from the post of Assistant Commissioner-IR, Regional Tax Office II, Lahore.

26. Syed Abaid ur Rehman (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner Inland Revenue Regional Tax Office, Sargodha from the post of Assistant Commissioner-IR, Regional Tax Office II, Lahore.

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.

December 27, 2019