Pkrevenue.com

Year: 2019

  • Rupee weakens on scheduled bank holiday

    Rupee weakens on scheduled bank holiday

    KARACHI: The Pak Rupee fell by three paisas against dollar on Friday due to high demand for advance import payments and expected closure of banks on next Monday for deduction of Zakat.

    The rupee ended Rs141.32 to the dollar as compared with Rs141.29 in interbank foreign exchange market.

    The interbank foreign exchange market initiated was initiated in the range of Rs141.36 and Rs141.39.

    The market recorded day high of Rs141.37 and low of Rs141.32 and closed at Rs141.32.

    Currency experts said that the demand was remained high during the day due to expected bank holiday on May 06 if Ramazan starts subject to sight of moon.

    The exchange rate however ended with gain in rupee value in open market.

    The buying and selling of dollar was recorded at Rs141.50/Rs142.00 from previous day’s closing of Rs141.70/Rs142.20 in cash ready market.

  • Nisab of Zakat fixed at Rs44,415 for deduction from bank accounts

    Nisab of Zakat fixed at Rs44,415 for deduction from bank accounts

    KARACHI – The government of Pakistan has officially announced the Nisab of Zakat for the Zakat Year 1439-40 AH, setting the threshold at Rs44,415, according to a statement released by the State Bank of Pakistan (SBP) on Friday.

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  • FBR updates procedure for mobile device registration

    FBR updates procedure for mobile device registration

    ISLAMABAD: Device Identification Registration and Blocking System (DIRBS) is a system designed to identify non-compliant devices operating on local mobile networks.

    It automatically registers compliant devices operating on the mobile networks and eventually blocks non-compliant devices, according to Federal Board of Revenue (FBR).

    DIRBS has been launched from December, 2018.

    International passengers and Importers are requested to view the following information to confirm the correct procedure for registration of mobile devices.

    The FBR said that for further information on the matter kindly visit: Device Verification System – PTA

  • FBR penalizes two BS-18 officers for inefficiency, misconduct

    FBR penalizes two BS-18 officers for inefficiency, misconduct

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday imposed penalty upon two officers of Inland Revenue Service (IRS) for inefficiency and misconduct.

    In two different notices issued by the FBR the penalty has been imposed on the officers of BS-18.

    Case 01:

    Disciplinary proceedings were initiated against Asad Munir Malik (IRS/BS-18), on recommendations of CCIR, LTU, Lahore vide letter dated 30.03.2016 on account of his unauthorized absence from duty w.e.f. 07.08.2015.

    In the meanwhile, Asad Munir Malik (IRS/BS-18) was transferred from LTU, Lahore to RTO-II, Lahore vide Board’s Notification No.0056-IR-I/2016 dated 08.01.2016.

    Vide Board’s letter dated 28.04.2016, CCIR, RTO-II, Lahore was requested to inform whether the officer joined his new place of posting or otherwise. CCIR, RTO-II, Lahore vide letter dated 26.04.2016 informed that the officer has not joined duty at RTO-II, Lahore and requested for initiation of disciplinary action against the officer.

    The officer was issued Charge Sheet and Statement of Allegations vide letter dated 20.05.2016 and Jehangir Ahmad, the then Commissioner-IR, RTO-II, Lahore was appointed as Inquiry Officer to conduct inquiry on account of acts of omission and commission by the accused officer constituting “Misconduct”.

    Whereas, the inquiry officer submitted inquiry report on 18.09.2018, according to which the charge of “Misconduct” was established against the accused officer.

    On the basis of inquiry report, the accused officer was issued Show Cause Notice on 26.02.2019. In response to Show Cause Notice, the accused officer vide letter dated 13.03.2019 requested for opportunity of personal hearing before the Authorized Officer i.e. Member (Admn) which was granted for personal hearing on 23.04.2019.

    Having gone through the relevant record, report of inquiry officer and verbal explanation during the course of personal hearing of the accused officer, the Authorized Officer opined that although the charges of “Misconduct” leveled against Asad Munir Malik (IRS/BS-18) stood established and found the officer guilty of the said charge.

    However, taking into consideration the domestic issues that officer was facing due to illness of his son and could not attend office and because of indecision by LTU, Lahore on the leave application of the officer, the Authorized Officer, therefore, imposed minor penalty of “Withholding of One (01) Annual Increment without cumulative effect falling on December, 2019” as laid down in Rule 4(1)(a)(ii) of the Government Servant (E&D) Rules, 1973 upon Asad Munir Malik (IRS/BS-18), DCIR, RTO-II, Lahore.

    Performance Allowance in respect of Asad Munir Malik (IRS/BS-18) shall be stopped for six months from the date of award of the above minor penalty as provided in Para 7(ii) of the Performance Allowance Guidelines, 2015 and he shall have to appear afresh for restoration of the same.

    On conclusion of the proceedings, period of unauthorized absence from duty w.e.f. 07.08.2015 to 02.05.2019 shall be treated as leave of kind due as admissible under the rules.

    Asad Munir Malik (IRS/BS-18), Deputy Commissioner-IR, Regional Tax Office-II, Lahore shall have the right to appeal to the Appellate Authority under Civil Servants (Appeals) Rules, 1977 as provided under the relevant Rules.

    Case 02:

    Disciplinary proceedings were initiated against Muhammad Faisal Chaudhary (IRS/BS-18) on account of “Inefficiency”, “Misconduct” and “Corruption” vide Charge Sheet and Statement of Allegations dated 22.04.2016 and Naveed Ahmed Nawab, the then Commissioner-IR, CRTO, Lahore was appointed as Inquiry Officer to conduct inquiry on account of acts of omission and commission by the accused officer constituting “Inefficiency”, “Misconduct” and “Corruption”.

    Whereas, the inquiry officer submitted inquiry report on 20.10.2016. Later on fresh allegations against the officer, on account of unauthorized absence from duty w.e.f 01.10.2016 to 31.10.2016, were raised by the then Chief Commissioner-IR, RTO, Faisalabad vide letter dated 03.11.2016. Therefore, Denovo Inquiry was initiated vide Charge Sheet and Statement of Allegations dated 06.02.2017 and Mr. Muhammad Akram Khan, the then, Chief Commissioner-IR, RTO, Faisalabad was appointed as Inquiry Officer. The inquiry officer submitted inquiry report on 20.09.2017.

    Member (Administration), being Authorized Officer perused the record and found that Inquiry Officer placed reliance upon the first inquiry dated 16.02.2015 and notification dated 15.07.2015 and ignored the fact that in first inquiry period of absence was different than the period of absence mentioned in Inquiry dated 22.04.2016 and Denovo Inquiry dated 06.02.2017.

    Therefore, the accused officer was issued Show Cause Notice on 14.03.2019. In response, the accused officer submitted his reply to the Show Cause Notice vide letter dated 27.03.2019.

    The opportunity of personal hearing before the Authorized Officer i.e. Member (Admn) was granted to the accused officer on 29.04.2019.

    Having gone through the relevant record, report of inquiry officer and verbal explanation during the course of personal hearing of the accused officer, the Authorized Officer opined that the charges of “Inefficiency” & “Misconduct” leveled against Muhammad Faisal Chaudhary (IRS/BS-18) stand established on account of unauthorized absence w.e.f 01.10.2016 to 31.10.2016 whereas, the charge of corruption was not proved vide inquiry report dated 20.10.2016 and Denovo inquiry report taking a lenient view of the situation, the Authorized Officer imposed minor penalty of “Censure” as laid down in Rule 4(1)(a)(i) of the Government Servant (E&D) Rules, 1973 upon Muhammad Faisal Chaudhary (IRS/BS-18), Deputy Commissioner-IR, Regional Tax Office-II, Lahore.

    Performance Allowance in respect of Muhammad Faisal Chaudhary (IRS/BS-18), shall be stopped for six months from the date of award of the above minor penalty as provided in Para 7(ii) of the Performance Allowance Guidelines, 2015 and he shall have to appear afresh for restoration of the same. On conclusion of the proceedings, period of unauthorized absence from duty w.e.f 01.10.2016 to 31.10.2016 shall be treated as leave of kind due as admissible under the rules.

    Muhammad Faisal Chaudhary (IRS/BS-18), Deputy Commissioner-IR, Regional Tax Office-II, Lahore shall have the right to appeal to the Appellate Authority under Civil Servants (Appeals) Rules, 1977 as provided under the relevant Rules.

  • FBR appoints 49 IR Inspectors to strengthen field force

    FBR appoints 49 IR Inspectors to strengthen field force

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday appointed 49 inspectors (BS-16) in Inland Revenue in order to strengthen the field force of tax offices.

    The FBR appointed the tax officials on the recommendations of Federal Public Service Commission (FPSC).

    The FBR also notified place of posting of those officials.

    Following is the list of appointed officials and their place of posting:

    1. Muhammad Mehboob-ur-Rehman Sabir, Regional Tax Office, Islamabad.

    2. Rana Muhammad Awais, Regional Tax Office-II, Lahore.

    3. Salman Munir, Corporate Regional Tax Office, Lahore.

    4. Muhammad Kashif Iqbal, Regional Tax Office, Multan.

    5. Muhammad Abrar Khan, Regional Tax Office, Gujranwala,

    6. Zaighum Waqas, Regional Tax Office, Sargodha.

    7. Muhammad Arif, Regional Tax Office, Rawalpindi

    8. Waqas Zafar Kurar, Regional Tax Office, Gujranwala.

    9. Makwdar Ali, Large Taxpayers Unit, Islamabad.

    10. Zeeshan Waheed, Regional Tax Office, Rawalpindi.

    11. Mohsin Khan, Regional Tax Office, Faisalabad.

    12. Waqas Ali, Regional Tax Office, Islamabad.

    13. Kamran Taj, Regional Tax Office-II, Karachi.

    14. Yasir Sohu, Regional Tax Office-III, Karachi.

    15. Shujah ud din, Regional Tax Office, Sialkot.

    16. Nabil ur Rehman, Corporate Regional Tax Office, Lahore.

    17. Syed Aijaz Ali Shah, Regional Tax Office-III, Karachi.

    18. Muhammad Umair Shaikh, Regional Tax Office-II, Karachi.

    19. Muhammad Usman, Regional Tax Office, Abbottabad.

    20. Syed Zia ur Rehman, Regional Tax Office, Peshawar.

    21. Naveed Ahmad, Regional Tax Office, Peshawar.

    22. Suhail Afzal, Regional Tax Offce, Hyderabad.

    23. Ahmad Baig, Regional Tax Office, Rawalpindi.

    24. Muhammad Kashif, Regional tax Office, Islamabad.

    25. Muhammad Irfan, Regional tax Office, Peshawar.

    26. Yaqub Shah, Regional Tax Office, Peshawar.

    27. Obaid Ullah, Regional Tax Office, Quetta.

    28. Muhammad Wasif, Regional Tax Office-II, Karachi.

    29. Sohaib Zafar, Regional Tax Office-III, Karachi.

    30. Muhammad Ali, Regional tax Office, Quetta.

    31. Sovia Mukhtar, Corporate Regional Tax Office, Lahore.

    32. Maryam Bibi, Regional Tax Office, Rawalpindi.

    33. Maryam Yaqoob, Regional Tax Office, Gujranwala.

    34. Nazia Ghazal, Regional Tax Office-II, Lahore.

    35. Zareena Bashir, Regional Tax Office, Sahiwal.

    36. Makhar, Regional Tax Office, Hyderabad.

    37. Shamila Rasool, Regional tax Office-II, Lahore.

    38. Zakia Shafi, Regional Tax Office, Gujranwala.

    39. Zeenat, Regional Tax Office, Hyderabad.

    40. Kiran Shahzadi, Corporate Regional Tax Office, Karachi.

    41. Rehan Saleem Ahmed, Regional Tax Office, Sialkot.

    42. Raza Inderyas, Regional Tax Office, Sargodha.

    43. Raynaud Hayat, Regional Tax Office, Faisalabad.

    44. Syeda Tabassum, Regional Tax Office-III, Karachi.

    45. Suman, Regional Tax Office-II, Karachi.

    46. Subhash, Regional Tax Office-III, Karachi.

    47. Sadia Bano, Regional Tax Office, Islamabad.

    48. Muhammad Adnan, Regional tax Office, Peshawar.

    49. Naveed Yousaf, Large Taxpayers Unit, Islamabad.

    The FBR directed the officers to join their duties in the office mentioned against their names by May 20, 2019.

  • forex reserves deplete by $251 million to $15.743 billion

    forex reserves deplete by $251 million to $15.743 billion

    KARACHI: The total liquid foreign exchange reserves of the country have depleted by $251 million to $15.743 billion by week ended April 26, 2019 as against $15.994 billion in the previous week, State Bank of Pakistan (SBP) said on Thursday.

    The official reserves of the central bank fell by $219 million to $8,805 billion for the week under review as against $9.024 billion by week ended April 19, 2019. The central bank said that the official reserves were declined due to external debt servicing and other official payments.

    The foreign exchange reserves with the commercial banks also declined by $33 million to $6.937 billion for the week ended April 26, 2019 as compared with $6.97 billion a week ago.

  • Stock market ends down by 237 points on IMF talks

    Stock market ends down by 237 points on IMF talks

    KARACHI: The stock market ended down by 237 points on Thursday as bearish trend prevailed over IMF talks and forthcoming budget.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,548 points as against 36,784 points showing a decline of 237 points.

    Analysts at Arif Habib Limited said that the market remained under pressure after an initial increase of 73 points.

    During the session, the benchmark index saw erosion of 237 points, mostly caused by the cement sector due to rumors of no agreement amongst the cement manufacturers on sales quota.

    On the other hand, tough asks from IMF and expectations of tougher budget by the end of May maintained an overall bearish sentiment.

    Total market volumes dropped drastically as well to 68 million shares as against 111 million traded in the previous session. Besides cements, the food sector also traded in the red zone.

    Sectors contributing to the performance include Commercial Banks (-54 points), Food & Personal Care (-38 points), Power Generation (-36 points), OGMCs (-26 points), Chemicals (-12 points), Real Estate (+2 points) and Pharma (+2 points).

    Volumes decreased from 68 million shares to 111 million shares (-39 percent DoD). Average traded value also decreased by 46 percent to reach US$ 17.5 million as against US$ 32.6 million.

    Stocks that contributed significantly to the volumes include UNITY, FFL, MLCF, PIAA and LOTCHEM which formed 45 percent of total volumes.

    Stocks that contributed positively include ENGRO (+8 points), PSMC (+6 points), KTML (+6 points), PPL (+5 points), and SPWL (+4 points). Stocks that contributed negatively include NESTLE (-37 points), HUBC (-32 points), HBL (-18 points), PSO (-16 points) and MEBL (-12 points).

  • Rupee gains 10 paisas in interbank

    Rupee gains 10 paisas in interbank

    KARACHI: The Pak Rupee has gained 10 paisas against dollar on Thursday in interbank foreign exchange market owing to inflows of remittances and export receipts.

    The rupee ended Rs141.29 to the dollar from previous day’s close of Rs141.39 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs141.37 and 141.39.

    The market recorded day high of Rs141.3850 and low of Rs141.27 and closed at Rs141.29.

    Currency experts said that the inflows of remittances and export receipts helped the rupee to make gain. However, they said that Pakistan and IMF talks on new loan program could pressure the local currency.

    The exchange rate in open market was remained unchanged.

    The buying and selling of dollar was recorded at Rs141.70/Rs142.20, the same previous day level, in cash ready market.

  • SBP extends IRFS 16 implementation to June 30

    SBP extends IRFS 16 implementation to June 30

    The State Bank of Pakistan (SBP) has granted an extension for the implementation of IFRS 16 for banks, development financial institutions (DFIs), and microfinance banks (MFBs) in Pakistan. The new deadline for compliance has been extended from January 1, 2019, to June 30, 2019.

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  • Headline inflation increases by 8.8 percent in April 2019

    Headline inflation increases by 8.8 percent in April 2019

    ISLAMABAD: The headline inflation has surged by 8.8 percent on year on year (YoY) in April 2019 as compared to an increase of 9.4 percent in previous month and 3.7 percent in April 2018, said Pakistan Bureau of Statistics (PBS) on Thursday.

    The Consumer Price Index (CPI) based inflation on month-on-month basis, it increased by 1.3 percent in April 2019 as compared to an increase of 1.4 percent in the previous month and an increase of 1.8 percent in corresponding month i.e. April 2018.

    Core inflation measured by non-food non-energy CPI (Core NFNE) increased by 7.0 percent on (YoY) basis in April 2019 as compared to an increase of 8.5 percent in the previous month and 7.0 percent in April 2018. On (MoM) basis, it increased by 1.0 percent in April 2019 as compared to an increase of 0.5 percent in previous month, and an increase of 2.5 percent in corresponding month of last year i.e. April 2018.

    Core inflation, measured by 20 percent weighted trimmed mean CPI (Core Trimmed) increased by 7.2 percent on (YoY) basis in April 2019 as compared to 7.9 percent in the previous month and by 5.0 percent in April 2018. On (MoM) basis, it increased by 0.9 percent in April 2019 as compared to an increase of 0.4 percent in the previous month and an increase of 1.6 percent in corresponding month of last year i.e. April 2018.

    The Sensitive Price Indicator (SPI) inflation on YoY basis increased by 9.3 percent in April 2019 as compared to an increase of 8.8 percent a month earlier and a decrease of 0.5 percent in April 2018.

    On MoM basis, it increased by 0.9 percent as compared to an increase of 1.6 percent in the previous month and an increase of 0.4 percent in corresponding month of last year i.e. April 2018.

    Wholesale Price Index (WPI) inflation on YoY basis increased by 13.8 percent in April 2019 as compared to an increase of 12.6 percent a month earlier and an increase of 4.0 percent in April 2018.

    WPI inflation on MoM basis increased by 2.3 percent in April 2019 as compared to an increase of 1.7 percent a month earlier and an increase of 1.3 percent in corresponding month of last year i.e. April 2018.