KARACHI: A person making taxable supplies is required to maintain record of goods and keep at his office for scrutiny by tax officials.
(more…)Year: 2019
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FBR issues procedure for making payment through internet, ATM, mobile banking
ISLAMABAD: Federal Board of Revenue (FBR) has issued procedure for payment of duty and taxes through alternate delivery channels (ADC) including internet banking, ATM and mobile banking.
The FBR said that it had launched the system of payment of taxes through ADC under which taxpayers would now be able to make payments of federal taxes and duties i.e. income tax, sales tax, customs duty and Federal Excise Duty (FED) from any commercial bank account through internet banking, ATM, mobile banking and contact centers/
Availability of these options will improve the efficiency of the system, provide convenience for taxpayers and improve ease of doing business in Pakistan.
The FBR outlined the process for making payment for the convenience of all stakeholders:
Taxpayer will login to the FBR system (https://e.fbr.gov.pk) and prepared the PSID as before. However, he / she will select the ADC payment mode on the PSID;
Taxpayer will note down the PSID number for further processing;
Taxpayer will login to the online banking system of his/her bank through computer or mobile phone or visit ATM facility. The bill payment screen of the bank shall reflect ‘FBR’ as biller. The taxpayer shall click the option ‘FBR’. The bank/ATM screen shall require the taxpayer to enter the PSID number. The screen will appear for making payment to FBR.
By entering PSID, the payment details shall be visible to the taxpayer for approval of the payment of taxes. Upon confirmation, the bank account of taxpayer shall be debited and a message of successful transaction shall be visible on the screen;
Within three hours of confirmation, the payment will be marked as paid. A CPR will be provided to the taxpayer through e-mail and confirmation message sent on SMS. At the same time CPR will be available on FBR system for further use.
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LG dualcool air conditioners attract visitors at InnoFest MEA
KARACHI: LG Electronics (LG) attracted visitors at InnoFest MEA with its new split air and floor standing dualcool air conditioners for 2019.
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IMF mission to visit Pakistan by end of April
KARACHI: An IMF mission will visit Pakistan by the end of April to continue discussions for new loan program, a statement said on Monday.
It said that the Pakistani authorities and IMF staff held constructive discussions during the IMF/World Bank Spring Meetings in Washington DC towards an IMF-supported program.
At the request of the authorities, an IMF mission will be going to Pakistan before the end of April to continue the discussions.
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Bank Alfalah, Ghandhara Industries sign MoU
In a strategic move aimed at enhancing their market presence, Bank Alfalah Islamic and Ghandhara Industries Limited (GIL) have entered into a Memorandum of Understanding (MoU) to jointly promote the Isuzu D-Max Pickup variants through tailored auto finance solutions.
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Sensitive price inflation grows by 12.02 percent
KARACHI: The prices of essential items have registered 12.02 percent growth by week ended April 11, 2019 as compared with corresponding week last year, according to data released by Pakistan Bureau of Statistics (PBS) on Monday.
The Sensitive Price Indicator (SPI) based inflation has shown the increase with the average inflation for all income groups.
The weekly data revealed that the inflation grew by 16.31 percent for income group above Rs35,000. While the SPI based inflation grew by 12.89 percent for the income group range between Rs18,001 – Rs35,000.
Meanwhile, the inflation increased by 8.9 percent, 9.07 percent and 8.97 percent for income group up to Rs8,000, Rs8,001-Rs12.000 and Rs12,001 – Rs18,000, respectively.
The PBS calculates the weekly SPI with base 2007-08=100 covering 17 urban centres and 53 essential items for all income groups/quintiles and combined has been computed.
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Non-acceptance of duty, taxes: SBP launches surprise inspection of bank branches
KARACHI: State Bank of Pakistan (SBP) has launched surprise inspection of bank branches across the country on complaints received from taxpayers that banks were not accepting duty, taxes through over the counter (OTC).
In a circular issued on Monday, the SBP said that banks are required to enable their OTC Channel for collection of taxes and duties and advise their branches to comply meticulously with the above instructions.
“However, despite above clear instructions, the complaints regarding non-acceptance of taxes particularly the mobile levy through banks’ OTC Channel are piling up unabatedly.”
Federal Board of Revenue (FBR), Pakistan Telecommunication Authority (PTA) and general public reported numerous instances whereby commercial banks are not accepting over the counter payments of Customs Duty and other taxes including mobile levy against PSIDs generated by the WeBoc system.
“The increasing large number of complaints shows that the branches are still not fully aware of the instructions to collect the taxes and duties through 1Link’s integrated/ enabled OTC facility.”
The central bank said that the matter was viewed seriously and therefore, it has been decided that SBP would conduct surprise inspection of bank branches across the country, to assess the level of dissemination of information, awareness at branches and compliance of instructions issued by SBP from time to time. “Any violation of above instructions by the branches if detected during surprise inspections i.e. the branches are found not accepting the taxes and duties from the clients approaching them with PSIDs for payment of the taxes and duties would attract strict punitive action including levy of monetary penalty,” the SBP said.
The SBP directed that keeping in view the above, the branches / Regional Offices must be advised again to ensure meticulous compliance of the instructions and facilitate the taxpayers in payment of taxes and duties.
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Equity market gains 166 points in mixed trading
KARACHI: The equity market gained 166 points on Monday in mixed trading sessions.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 37,504 points as against 37,338 points showing an increase of 166 points.
Analysts at Arif Habib Limited said that the market continued the trend showed last week with an upward move of 361 points during the session but also saw profit booking in sectors (Cement, Engineering, Banks) which took the Index up last week.
Among Cement sector, FCCL, MLCF and PIOC contributed significantly in the top 10 traded volumes.
O&GMCs continued driving upward with SNGP trading at upper circuit and closing at that level.
Friday saw SNGP announcing Board meeting in last week of April, which gave Investors confidence in scrip.
Among Banks, HBL and UBL saw price gains but last half hour saw selling pressure in HBL.
Cement Sector topped volumes table with around 37 million shares, followed by Banks (around 25 million).
Among Scrips, PAEL consecutively outperformed with 18 million traded volume and trading near upper circuit. KEL was also able to garner around 14 million shares however, its price declined by 3.4 percent.
Sectors contributing to the performance include Banks (+55 points), O&GMCs (+31 points), Fertilizer (+27 points), Cement (+20 points), Food (+18 points), Insurance (-14 points).
Volumes declined slightly from 189.4 million shares to 172 million (-9 percent DoD). Average traded value however, increased by 15 percent to reach US$ 43.6 million as against US$ 37.8 million.
Stocks that contributed significantly to the volumes include PAEL, KEL, BOP, FCCL and TRG, which formed 38 percent of total volumes.
Stocks that contributed positively include HBL (+33 points), SNGP (+22 points), NESTLE (+14 points), FCCL (+11 points), and MCB (+11 points). Stocks that contributed negatively include PMPK (-8 points), KEL (-8 points), EFUG (-7 points), POL (-7 points) and ABOT (-6 points).
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Rupee eases against dollar on higher corporate demand
KARACHI: The Pak Rupee ended down by one paisa against dollar on Monday on higher demand from corporate sector.
The rupee ended Rs141.40 to the dollar from last Friday’s closing of Rs141.39 in interbank foreign exchange market.
The interbank foreign exchange market was initiated in the range of Rs141.39 and Rs141.40.
The market recorded day high of Rs141.40 and low of Rs141.35 and closed at Rs141.40.
Currency dealers said that the local unit gained earlier in the day. However, on demand corporate side the value rebounded.
In open market the rupee gained 20 paisas against dollar.
The buying and selling of dollar was recorded at Rs141.80/Rs142.30 from last Saturday’s closing of Rs142.00/Rs142.50 in cash ready market.
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Rupee gains four paisas against dollar in early trade
KARACHI: The Pak Rupee gained 4 paisas against dollar in early trade on Monday owing to narrowing trade deficit during first nine months in the current fiscal year.
The dollar is being traded at Rs141.35 to the dollar in interbank foreign exchange market. The foreign current market was ended at Rs141.39 to the dollar on last Friday.
The trade deficit was narrowed by 8 percent during July – March 2018/2019 to $23.67 billion as compared with the deficit of $27.21 billion in the corresponding period of the last fiscal year.
The trade deficit significantly shrank by 21 percent in March 2019 to $2.17 billion as compared with $3.02 billion in the same month of the last year.