Pkrevenue.com

Year: 2019

  • SBP directs banks to ensure OTC tax collection by March 27

    SBP directs banks to ensure OTC tax collection by March 27

    KARACHI: State Bank of Pakistan (SBP) on Friday directed all commercial banks to ensure receiving payment of duty and taxes through over the counter (OTC) channel.

    The SBP said that the finance department through circular on July 17, 2018 made it mandatory for banks to enable their Over-the-Counter (OTC) Channel for collection of taxes and duties.

    Complaints are pouring in from different quarters, regarding non-entertaining of tax payment requests through banks’ OTC Channel.

    So much so that Federal Board of Revenue (FBR) has formally launched a complaint that PSIDs generated by WeBOC system for payment of customs duty and other taxes especially the levy on Mobile devices are not being entertained, by the bank branches.

    In view of the above, all banks were advised vide email dated 15th March 2019 to improve their customer services in facilitating taxpayers with due courtesy.

    Despite the above-referred instructions, there is no visible improvement, as complaints from different quarters are still landing with us.

    It is therefore advised to share these instructions with all your branches across the country with the advice to ensure meticulous compliance and facilitate the taxpayers in payment of taxes and duties under the I Link’s OTC facility.

    The branches shall also prominently display on their respective Notice Boards that “Taxes and Duties are accepted here under the 1Link’s OTC facility”. Further, banks shall also ensure that the branch staff has adequate understanding of the mechanism for collection of taxes and duties under the said facility.

    The banks shall inform this department within 3 working days of the date of circular i.e. 27th March 2019 that these instructions have been communicated to all their branches for meticulous compliance and that the Notice Boards of branches are prominently displaying the message that “Taxes and Duties are accepted here under the 1Link’s OTC facility”.

  • Equity market gains 147 points on optimistic sentiments

    Equity market gains 147 points on optimistic sentiments

    KARACHI: The equity market gained 147 points on Friday on hopes of good news on economic front. The benchmark KSE-100 index closed at 38,532 points as against 38,385 points showing an increase of 147 points.

    Analysts at Arif Habib Limited said that the market had a relatively better session as compared to the past whole week.

    PM’s promise of sharing good news in 3 weeks did the trick for the investors, causing E&P stocks especially OGDC and PPL to take off and growing both in price and volumes.

    First session saw market increasing by 228 points with 35.2 million trading volume, which grew further in the second session by adding another 108 points to reach a total of +336 points in the index, however, selling pressure ensued in second session that resulted in erosion of almost all the gains during the day.

    Last half hour of trading saw buying activity that closed the index +207 points (unadjusted).

    Sectors contributing to the performance include E&P (+162 points), Banks (+58 points), Textile (+11 points), Power (-36 points), Food (-21 points).

    Volumes improved slightly to reach 84.6 million shares as against 81.4 million shares (+4 percent DoD).

    Average traded value also increased by 4 percent to reach US$ 31.6 million as against US$ 30.4 million.

    Stocks that contributed significantly to the volumes include PKGP, BOP, OGDC, HUBC and PPL, which formed 41 percent of total volumes.

    Stocks that contributed positively include PPL (+84 points), OGDC (+58 points), POL (+23 points), BAFL (+18 points), and PMPK (+12 points). Stocks that contributed negatively include HUBC (-37 points), NESTLE (-20 points), PSEL (-11 points), LUCK (-10 points) and ENGRO (-8 points).


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  • Rupee falls by 75 paisas against dollar on import demand

    Rupee falls by 75 paisas against dollar on import demand

    KARACHI: The Pak Rupee fell 75 paisas against US dollar on Friday owing to higher demand for import and corporate payments.

    The rupee ended Rs140.24 to the dollar from previous day’s closing of Rs139.49 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs139.75 and Rs140.00.

    The market recorded day high of Rs140.25 and low of Rs140.00 and closed at Rs140.24.

    Currency experts said that due to upcoming weekly holidays including holiday on account of Pakistan Day increased the demand for the greenback.

    They also said that the latest development related on new IMF loan also put pressure on local unit demand.

    In the open market the rupee fell even more significantly against the greenback.

    The buying and selling of dollar was recorded at Rs140.80/141.30 as compared with previous day’s closing of Rs139.70/140.20 in cash ready market.

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  • FPCCI welcomes FBR focal person appointment

    FPCCI welcomes FBR focal person appointment

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has welcomed the appointment of focal person by Federal Board of Revenue (FBR) for resolving issues related to industry.

    In a statement on Friday FPCCI praised appointment of FBR focal person, Engr. Daroo Khan Achakzai
    Engr. Daroo Khan Achakzai, President FPCCI on behalf of Federation of Pakistan chamber of commerce & industry, praised Chairman FBR Jahanzeb Khan to appoint Ambreen Iftikhar Director Program office as focal person to solve any issue faced by business community by FBR relevant offices.

    Engr. Daroo Khan Achakzai said, FPCCI has requested Chairman FBR on his recent visit to Federation House to appoint a focal person to deal with harassment of the business community, he thanked

    Chairman for his prompt action as per his announcement made at the federation house.
    He added that, such measures will bring business community closer to FBR for better working relationship.

    Engr. Daroo Khan Achakzai also assured Chairman FBR their full cooperation & support.

  • Bank holiday

    Bank holiday

    KARACHI: State Bank of Pakistan (SBP) has announced bank holiday on March 23, 2019 on occasion of Pakistan Day.

    In a circular issued by the SBP said that the State Bank of Pakistan would remain closed on March 23, 2019 (Saturday) being public holiday on the occasion of “Pakistan Day” as declared by the Government of Pakistan.

  • Rupee declines by 61 paisas against dollar in early trade

    Rupee declines by 61 paisas against dollar in early trade

    KARACHI: The Pak Rupee significantly declined by 61 paisas against US dollar in early trade on Friday.

    The dollar is being traded at Rs140.10 in interbank foreign exchange market. The foreign currency market was ended last day at Rs139.49 to the dollar.

    Currency experts said that due to high demand for import and corporate payment and coming weekly holidays escalated the pressure.

    The latest increase in dollar value was despite the rise in foreign exchange reserves of the country.

  • Maintaining five-year record of international trade mandatory under Customs Act

    Maintaining five-year record of international trade mandatory under Customs Act

    KARACHI: Importers, exporters and other stakeholders related to international trade are required to maintain transactions record for at least past five years.


    According to Customs Act, 1969 the stakeholders of international trade are required to maintain record under the following section:

    Section 211: Maintenance of record


    Sub-Section (1): All importers, exporters and claimants of duty drawback, refunds or any notified concessions, terminal operators, owners of the warehouses, customs agents and the licensed customs bonded carriers, transport operators and tracking companies, carrying out business under this Act or rules made thereunder or under any other law, directly or indirectly, relating to international trade, shall be required to maintain and keep records and correspondence concerning import, export and transit trade transactions.


    Sub-Section (2) The records required under sub-section (1) shall be kept for a period not less than five years in such form as the Board may by notification in the official gazette, specify.


    Sub-Section (3): The provision of sub-section (1) shall not be applicable to the baggage of the passengers and crew of the conveyance and to the recipients of gifts.

    (more…)
  • PTBA demands for judicial policy compliance

    PTBA demands for judicial policy compliance

    KARACHI: Pakistan Tax Bar Association (PTBA) on Thursday demanded the government of recruiting accountant members of tribunals of Customs and Inland Revenue should be through Federal Public Service Commission (FPSC) and approved by Supreme Court / High Court.

    The PTBA has sent communication to Dr. Farough Naseem, Federal Minister of Law & Justice, Asad Umar, Minister for Finance, Revenue and Economic Affairs and Muhammad Hammad Azhar, Minister of State for Revenue in this regard.

    The tax bar said that the appellate mechanism under tax codes provides right to appeal before the commissioner of appeals or collector of appeals in case a taxpayer is aggrieved by the assessment made by adjudicating officer.

    The tax bar said that appellate tribunal is second legal forum for taxpayers or tax department after commissioner Appeals/Collector Appeals.

    The Appellate Tribunal Inland Revenue (ATIR) functions through its benches comprising judicial and accountant members. The qualification for appointment as judicial member is similar to that for the appointment of a high court judge, and only well experienced and competent people from the legal profession and judiciary are selected.

    “Section 1340(4) of the Income Tax Ordinance, 2001 provides that the accountant member shall be either grade 21 officer of inland revenue or a commissioner having at least three year’s experience or a chartered accountant with 10 year’s experience or a cost and management accountant with at least 10 year’s experience.”

    Unless the position of accountant members are advertised through FPSC, how can a chartered accountant or a cost and management accountant ever be selected on merits as accountant member of the tribunal, the tax bar asked.

    It further said that at present officers of Inland Revenue are sent to tribunal on secondment. A person having lien with FBR cannot perform the functions independently and further it will be violative of National Judicial Policy 2009.

    To make tribunal a truly independent judicial forum, it is imperative to recruit accountant members be it from FBR cadre or chartered accountants and cost and management accountant through FPSC. Accountant member should be appointed through FPSC and as per Judicial Policy 2009.

  • Currency notes have braille features for visually impaired persons: SBP

    Currency notes have braille features for visually impaired persons: SBP

    KARACHI: The State Bank of Pakistan (SBP) on Thursday said that it noticed visually impaired persons find it difficult to recognize and distinguish amongst different Pakistani currency notes.

    SBP, for the information of the general public and specifically visually impaired persons, reiterates that Pakistani currency notes have specific features to help the visually impaired persons to identify the genuineness of currency notes and to distinguish between different denominations.

    All currency notes of Rs.20 and above contain braille features on its front side that help to determine the denomination of a currency notes. For this purpose, raised dots and small horizontal lines are printed on the left bottom corner just above the banknote serial number.

    This feature makes banknote denominations easily distinguishable by rubbing the thumb against these raised features.

    The braille features in each denomination appear in this manner: Rs.20 has one line, Rs.50 two lines and Rs.100 has three lines while other higher denomination notes have dots as braille feature. Specifically, Rs.500 has one dot; Rs.1000 two dots, and Rs.5000 three dots.

    All braille features on currency notes of all denominations of Rs. 20 & above are printed through Intaglio process, due to which they appear raised and on the front side of the note only.

    Thus, a visually impaired person can easily infer the denomination of the banknotes by feeling the raised printing as well as its genuineness.

    All Pakistani currency notes have denomination-wise tiered sizing. Each currency note has the same width of 65 mm whereas lengthwise, each banknote is exactly 08 mm longer than the preceding denomination.

    Thus the highest denomination banknote of Rs.5000 is 48mm longer than the lowest denomination currency note of Rs.10.

    The incorporation of a number of strong security features including braille features in banknotes are aimed at facilitating general public. To create awareness about currency note features among the masses, SBP provided complete details on its website

    Moreover, it has launched Videos and a Smartphone application on security features of currency notes which provide information on security features of currency notes both in descriptive and pictorial forms.

    It may also be mentioned that 16 field offices of SBP-BSC spread across Pakistan, conduct awareness campaigns all over the country. These sessions are usually arranged in high traffic areas and involve in depth briefing on currency note features.

    To augment the awareness of banknote features, SBP has mandated the prominent display through posters containing security features in every commercial bank branch under instructions to guide customers of the currency note features, as required.

    The SBP BSC field offices are also arranging special awareness sessions tailored towards the needs of visually impaired persons. These sessions will be organized in collaboration with social welfare organizations/trusts that are dedicated to serving different factions of the general public, especially the visually impaired who are an invaluable part of the Pakistani society.

    SBP also urges general public to educate visually impaired persons about features of Pakistani currency notes wherever possible.

  • SRB suspends registration of ZY & Co. Bulk Terminals

    SRB suspends registration of ZY & Co. Bulk Terminals

    KARACHI: Sindh Revenue Board (SRB) has suspended the sales tax registration of M/s. Z.Y. & Co. Bulk Terminals (Private) Limited for defaulting payment and e-filing of monthly sales tax returns.

    The SRB said that the scrutiny of tax profile revealed that the company failed:

    — To make payment of Sindh sales tax on services pertaining to the tax period from December 2018 to February 2019.

    — to e-file the Sindh sales tax return in the time limitation and the manner for the aforesaid period.

    The SRB said that non-payment of SST and non-filing of SST returns within the time and manner prescribed under the law is contravention of Sindh Sales Tax Act, 2011 and the rules made thereunder.

    The SRB suspended the sales tax registration of the company with immediate effect. However, it directed the company that the suspension would be revoked if following remedial measures are taken:

    — To discharge all sales tax liability

    — To e-file the true and correct monthly Sindh sales tax returns for the said tax periods.

    In case of non-satisfactory response or failure to take remedial measures as suggested on or before April 04, 2019, the case would be further proceeded for cancellation the registration with the SRB.