Pkrevenue.com

Year: 2019

  • Lahore Customs Intelligence announces auction of vehicle on Oct 15

    Lahore Customs Intelligence announces auction of vehicle on Oct 15

    ISLAMABAD: Directorate of Intelligence and Investigation (Customs), Lahore announced auction of vehicles to be held on October 15, 2019 at State Warehouse of the directorate.

    The directorate will announced auction of following vehicles:

    01. BMW Car 745i, Model 2003, Chassis No. WBAGL22000DP38322

    02. Honda Accord Car CL-9, Model 2002, Chassis No. CL9-1000417

    03. Toyota Mark-X Car, Model 2005, Chassis No. GRX120-0025787

    04. Toyota Crown Car, Model 2003, Chassis No. JZS175-0064405

    05. Triumph Heavy Motor Cycle Color Black, Model 2010, Chassis No. PROTOTYPEVH004CP2

    06. Heavy Motor Cycle Yamaha Brand 1000cc Made in Japan, Model R1 2000, Chassis No. JYARN041000003182

    07. Yamaha Dragstar Heavy Motor Cycle 1100cc, Model 2002,Chassis No. VPIOJ-001201

    08. Yamaha Heavy Motor Cycle 500cc, Model 2006 Chassis No. ,JYASJ031000032395

    09. Honda Heavy Motor Cycle, Model 1992, Chassis No. 2073695

    10. BMW Car 750Li, Model 2002, Chassis No. WBAGN62040DE55989

    11. Toyota Run-X Car, Model 2001,Chassis No. ZZE123-0007850

    12. Honda Civic Car VTI, Model 2002, Chassis No. ESI-1201681

  • No income tax on employee share schemes

    No income tax on employee share schemes

    KARACHI: Federal Board of Revenue (FBR) has said that the value of a right or option to acquire shares under an employee share scheme granted to an employee shall not be chargeable to tax.

    The FBR issued Income Tax Ordinance, 2001 up to June 30, 2019 under which it explained the taxability on employee share scheme through Section 14 of the Ordinance.

    Section 14: Employee share schemes

    Sub-Section (1): The value of a right or option to acquire shares under an employee share scheme granted to an employee shall not be chargeable to tax.

    Sub-Section (2): Subject to sub-section (3), where, in a tax year, an employee is issued with shares under an employee share scheme including as a result of the exercise of an option or right to acquire the shares, the amount chargeable to tax to the employee under the head “Salary” for that year shall include the fair market value of the shares determined at the date of issue, as reduced by any consideration given by the employee for the shares including any amount given as consideration for the grant of a right or option to acquire the shares.

    Sub-Section (3): Where shares issued to an employee under an employee share scheme are subject to a restriction on the transfer of the shares —

    (a) no amount shall be chargeable to tax to the employee under the head “Salary” until the earlier of —

    (i) the time the employee has a free right to transfer the shares; or

    (ii) the time the employee disposes of the shares; and

    (b) the amount chargeable to tax to the employee shall be the fair market value of the shares at the time the employee has a free right to transfer the shares or disposes of the shares, as the case may be, as reduced by any consideration given by the employee for the shares including any amount given as consideration for the grant of a right or option to acquire the shares.

    Sub-Section (4): For purposes of this Ordinance, where sub-section (2) or (3) applies, the cost of the shares to the employee shall be the sum of —

    (a) the consideration, if any, given by the employee for the shares;

    (b) the consideration, if any, given by the employee for the grant of any right or option to acquire the shares; and

    (c) the amount chargeable to tax under the head “Salary” under those sub-sections.

    Sub-Section (5): Where, in a tax year, an employee disposes of a right or option to acquire shares under an employee share scheme, the amount chargeable to tax to the employee under the head “Salary” for that year shall include the amount of any gain made on the disposal computed in accordance with the following formula, namely:—

    A—B

    where —

    A is the consideration received for the disposal of the right or option; and

    B is the employee’s cost in respect of the right or option.

    Sub-Section (6): In this sub-section, “employee share scheme” means any agreement or arrangement under which a company may issue shares in the company to —

    (a) an employee of the company or an employee of an associated company; or

    (b) the trustee of a trust and under the trust deed the trustee may transfer the shares to an employee of the company or an employee of an associated company.

  • Bashirullah Khan given anti-benami initiative charge

    Bashirullah Khan given anti-benami initiative charge

    ISLAMABAD: Federal Board of Revenue (FBR) on Monday assigned additional charge of Director General Anti-Benami Initiative to Dr. Bashirullah Khan, a BS-21 officer of Inland Revenue Service (IRS).

    The FBR notified posting and transfers of following officers of IRS:

    01. Dr. Bashirullah Khan (Inland Revenue Service/BS-21) who is currently posted as Chief Commissioner-IR, Regional Tax Office, Rawalpindi has been assigned the additional charge of the post of Director General, Anti-Benami Initiative, Islamabad in addition to his own duties, relieving Asim Ahmed (IRS/BS-21) presently posted as DG, I&I-IR, Islamabad.

    02. Hassan Zulfiqar (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue Inland Revenue (Appeals-I), Islamabad from the post of Commissioner-IR, Benami Zone-I, Islamabad.

    03. Khalid Khan (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-IR, Benami Zone-II, Lahore.

    04. Muhammad Faisal Mushtaq Dar (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue Benami Zone-I, Islamabad from the post of Commissioner-IR, Inland Revenue (Appeals-I), Islamabad.

    05. Amir Abbas Khan (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue (OPS) Benami Zone-II, Lahore from the post of Commissioner-IR, (OPS) (West Zone) Regional Tax Office, Islamabad

    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 gains 604 points ahead of PM’s China visit

    Stock market gains 604 points ahead of PM’s China visit

    KARACHI: The stock market gained 604 points on Monday owing to expected positive outcome of Prime Minister’s visit to China.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,637 points as against 33,033 points showing an increase of 604 points.

    Analysts at Arif Habib Limited said that PM’s visit to China took precedence over AsiaPacific Group’s (APG) latest release of its report on Pakistan’s compliance with recommended measures to counter AML/CFT, which will also be subject of discussion from mid of October at FATF plenary session.

    Investors are hopeful of PM’s visit to China and believe that the outcome will be positive for Pakistan.

    After an initial drop of 86 points earlier in the session, the market went ahead with a jump of 818 points and closed the session 604 points.

    Today, yet again, proved to be highest volumes traded session in last 12 months with 391.5 million shares, the analysts said.

    Majority of the volumes were observed in Banking sector with 68 million shares contributed by BOP (40 million), which was followed by Cement (44 million) and Technology (40 million).

    Among scrips, UNITY and KEL followed BOP with 25 million shares and 17 million shares respectively.

    Sectors contributing to the performance include Banks +198 points), E&P (+103 points), Cement (+67 points), Fertilizer (+54 points) and O&GMCs (+45 points).

    Volumes increased substantially from 261.8 million shares to 392.1 million shares (+50 percent DoD).

    Average traded value also increased by 35 percent DOD to reach US$ 64.6 million as against US$ 47.7 million.

    Stocks that contributed significantly to the volumes include BOP, UNITY, KEL, LOTCHEM and PIBTL, which formed 29 percent of total volumes.

    Stocks that contributed positively include PPL (+45 points), BAHL (+40 points), LUCK (+37 points), UBL (+35 points) and FFC (+33 points). Stocks that contributed negatively include PAKT (-25 points), PMPK (-11 points), COLG (-11 points), EFUG (-7 points), and EFERT (-4 points).

  • PIA sustains loss of Rs106.57 million due to wastage of meals

    PIA sustains loss of Rs106.57 million due to wastage of meals

    KARACHI: The administration of Pakistan International Airlines (PIA) has wasted meals of around Rs106.57 million during to poor planning and negligence, revealed by Audit General of Pakistan (AGP) in its report.

    An audit report of AGP revealed that during audit of PIA Flight Kitech for the years 2013 to 2015, it was observed that total meals amounting to Rs72.573 million were uplifted against the passengers travelled during the years 2013 to 2015.

    Similarly, the management of PIA, Lahore Station did not properly control the meal wastage at Lahore station and there was no proper monitoring system of meal-uplift, due to which excess meals were uplifted amounting to Rs34 million. “Thus, PIA sustained a loss of Rs106.57 million,” the audit report said.

    Audit is of the view that loss was incurred due to poor planning and negligence.

    It further said that the matter was reported to the management in April 2016 and in November 2018 but no reply was received. The departmental audit committee meeting was not convened despite requests by the audit.

    The AGP recommended the PIA for fixing responsibility on the persons at fault.

  • Rupee gains 13 paisas on inflows

    Rupee gains 13 paisas on inflows

    KARACHI: The Pak Rupee gained 13 paisas against dollar owing to inflows of export receipts and remittances, dealers said on Monday.

    (more…)
  • FATF APG issues evaluation report on Pakistan

    FATF APG issues evaluation report on Pakistan

    KARACHI: Asia Pacific Group (APG) of Financial Action Task Force (FATF) on money laundering has released its mutual evaluation report on October 02, 2019, where the group has discussed measures in place in Pakistan during onsite visit conducted in October 2018.

    Analysts at Topline Research said that according to recently released report by APG, out of 40 recommendations given to Pakistan, the country has shown compliance to one factor ‘Financial Institutions Secrecy Law’ and has shown non-compliance in four areas.

    However, Pakistan is partially compliant on 26 and largely compliant on 9 recommendations.

    The analysts believe the probability is high that Pakistan will remain on the “grey list” as the government needs minimum of 3 votes to avoid falling in black list. Support from China, Malaysia and Turkey for the said matter is likely.

    International Monetary fund (IMF) has also kept FATF issue as a structural benchmark with timeline ending Oct 2019, whereby Pakistan’s AML/CFT was supposed to be strengthened.

    In case of black-list the potential impact would be overall downgrade of the financial system of Pakistan and restrictions on its markets.

  • PSX suspends trading of two insurance companies

    PSX suspends trading of two insurance companies

    KARACHI: Pakistan Stock Exchange (PSX) has suspended trading of two insurance companies for violating regulations and stopping commercial activities.

    In a notice issued on Monday, the stock exchange said pursuant to the directive received from Securities and Exchange Commission of Pakistan (SECP) through on October 04, 2019, following companies in the public interest, shall remain suspended for a further period of 60 days with effect from October 08, 2019 under sub-section (7) of Section 19 of the Securities Act, 2015.

    The companies are also in violation(s) of various sub-clauses of Regulation 5.11.1 of PSX Regulations mentioned against each, and unless the same are rectified, trading in their shares shall not resume.

    01. M/s Progressive Insurance Company Limited: Suspended commercial production/business operations in the its principal line of business and adverse opinion in the audit report.

    02. M/s. Silver Star Insurance Company Limited: Failed to hold the Annual General Meeting(s) and failed to submit its annual audited accounts.

  • Date of determination of import duty rate under Customs laws

    Date of determination of import duty rate under Customs laws

    KARACHI: Federal Board of Revenue (FBR) has explained determination of rate of import duty under Customs Act, 1969.

    The FBR issued Customs Act, 1969 updated till June 30, 2019 incorporating changes brought through Finance Act, 2019. Section 30 of the Act explained date of determination of rate of import duty.

    Section 30: Date of determination of rate of import duty

    The rate of duty applicable to any imported goods shall be the rate of duty in force;

    (a) in the case of goods cleared for home consumption under section 79, on the date on which a goods declaration is manifested under that section; and

    (b) in the case of goods cleared from a warehouse under section 104, on the date on which a goods declaration for clearance of such goods is manifested under that section:

    Provided that, where a goods declaration has been manifested in advance of the arrival of the conveyance by which the goods have been imported, the relevant date for the purposes of this section shall be the date on which the manifest of the conveyance is delivered at the port of first entry:

    Provided further that, in respect of goods for the clearance of which a goods declaration for clearance has been manifested under section 104, and the duty is not paid within seven days of the goods declaration being manifested, the rate of duty applicable shall be the rate of duty on the date on which the duty is actually paid:

    Provided further that in case of the goods illegally removed from the warehouse, the rate of duty shall be the rate prevalent either on the date of in-bonding or detection of case or date of payment of the duty and taxes, whichever is higher:

    Provided further that in case of exercising option for redemption of fine in lieu of confiscation of the goods seized during anti-smuggling operations, the rate of duty shall be the rate prevalent either on the date of seizure or date of payment of duty and taxes, whichever is higher:

    Provided further that the Board, with approval of the Federal Minister-in-charge may, by notification in the official Gazette, for any goods or class of goods, specify any other date for the determination of rate of duty.

    Explanation:- For the purpose of this section “manifested” means that when a machine number is allocated to goods declaration and is registered in Customs record.

    Section 30A: Date of determination of rate of duty for clearance through the Customs Computerized System

    Subject to the provisions of section 155A, the rate of duty applicable to any imported or exported goods if cleared through the Customs Computerized System, shall be the rate of duty in force on;-

    (a) the date of payment of duty;

    (b) in case the goods are not chargeable to duty, the date on which the goods declaration is filed with Customs.

    Provided that where a goods declaration has been filed in advance of the arrival of the conveyance by which the goods have been imported, the relevant date for the purposes of this section shall be the date on which the manifest of the conveyance is filed at the customs-station of first entry:

    Provided further that the Board, with approval of the Federal Minister-in-charge may, by notification in the official Gazette, specify any other date for the determination of rate of duty in respect of any goods or class of goods.

    Section 31: Date for determination of rate of duty on goods exported

    The rate and amount of duty applicable to any goods exported shall be the rate and amount chargeable at the time of the delivery of the goods declaration under section 131:

    Provided that where the export of any goods is permitted without a goods declaration or in anticipation of the delivery of such a declaration, the rate and amount of duty applicable shall be the rate and amount chargeable on the date on which loading of the goods on the outgoing conveyance commences:

    Provided further that the Board, with approval of the Federal Minister-in-charge may, by notification in the official Gazette, for any goods or class of goods, specify any other date for determination of the rate of duty.

    Section 31A. Effective rate of duty

    (1) Notwithstanding anything contained in any other law for the time being in force or any decision of any Court, for the purposes of section 30, 30A and 31, the rate of duty applicable to any goods shall include any amount of duty imposed under section 18,18A and 18C and the amount of duty that may have become payable in consequence of the withdrawal of the whole or any part of the exemption or concession from duty whether before or after the conclusion of a contract or agreement for the sale of such goods or opening of a letter of credit in respect thereof.

    (2) For the purpose of determining the value of any imported or exported goods, the rate of exchange at which any foreign currency is to be converted into Pakistan currency shall be the rate of exchange in force on the date immediately preceding the relevant date referred to in sections 30, 30A or 31.

  • Preventive Peshawar announces auction of confiscated vehicles on October 08

    Preventive Peshawar announces auction of confiscated vehicles on October 08

    ISLAMABAD: Model Customs Collectorate (MCC) Preventive, Peshawar has announced auction of confiscated vehicles on October 08, 2019 at warehouses located at Peshawar/F.C/ Airport/Nowshera/Mardan/DryPort and Abbottabad.

    The following vehicles will be presented for the auction:

    State Warehouse Peshawar

    01. Mercedes Benz (Bullet Proof) Model 1982, Chassis No. WDB-12603312037551

    02. Mercedez Benz Truck Model 1995, Chassis No. WDB6770381K175873

    03. Mitsubishi Pajero Jeep Model 2006, Chassis No. JMYLNV76W6J001329

    04. Toyota Land Cruiser Prado Model 1999, Chassis No.LJ90-0002325

    05. Toyota Hilux Pick Up 4X4 Model 1997 Chassis No. JT733LNA309004002

    06. Toyota Hilux Pick Up Model 2007 Chassis No. MROCS12G400043443

    07. Toyota Fielder Car Model 2002 Chassis No. NZE121-0134145

    08. Mitsubishi Pajero Model 2006 Chassis No. JMYLNV76W6J001340

    09. Toyota Land Cruiser Model 2004 Chassis No. LTERB71J800020686

    10. Toyota Hilux Pick Up Model 2001 Chassis No. JTFDE626800061496

    11. Toyota Camry Car Model 2014 (as per Website) Chassis No. 6TIBF3FK-40X056581

    12. Mercedez Benz Car Model 2002(as per Website) Chassis No. WDB2100162B169560

    13. Toyota Land Cruiser 1993 Chassis No. KZJ78-0007642

    State Warehouse Mardan

    14. Toyota Surf Model 1996 Chassis No. RZN185-0015007

    15. Toyota Vitz Car Model 2004 (as per website) Chassis No. SCP10-0455187

    16. Toyota Corolla “X” Car Model 2006 (as per website) Chassis No. NZE121-3360828

    17. Toyota Corolla “G” Car Model 2001 (as per website) Chassis No. NZE121-3051579

    18. Suzuki Pick Up Model 1997 (as per website) Chassis No. DD51T-513559

    19. Suzuki Pick Up Model 1997 (as per website) Chassis No. DC51T-521096

    20. Suzuki Pick Up Model 1990 (as per website) Chassis No. DA51T-180485

    21. Toyota Corolla “G” Car Model 2000 (as per website) Chassis No. CE121-3000296

    22. Toyota Fielder “X” Car Model 2001 (as per website) Chassis No. NZE121-0033751

    23. Suzuki Alto Car Model 2012 (as per website) Chassis No. HA25S-827003

    State Warehouse Abbotabad

    24. Toyota Mark-X Car Model 2006 Chassis No. GRX120-0009539

    STATE WARE HOUSE, FRONTIER CORPS

    25. Daewoo Car Model 1992 Chassis No. KLATF19TINB-522281

    26. Pickup Model 1980 Chassis No. RN43-003433

    27. Mark-1 Motor Car Model Nil Chassis No. LA3VS-216474

    28. Motor Car Model 1978 Chassis No. M-430-300918

    29. Toyota Corolla Car Model 2003 (as per Website) Chassis No. NZE120-6005014

    30. Toyota Double Cabin Model 1996 (as per Website) Chassis No. JT133LNA409046824

    31. Towance Model 1994 (as per Website) Chassis No. CR22-5016240

    32. Toyota Pick Up Double Cabin Model 1986 (as per Website) Chassis No. LN56-0075058

    33. Toyota Corolla Car Model 1992 (as per Website) Chassis No. CE100-3020027

    34. Toyota Mark-II Car Model 2001 (as per Website) Chassis No. JZX110-6022047

    35. Toyota Corolla Saloon Car Model 2004 (as per Website) Chassis No. ZZE121-9010983

    36. Suzuki “VXR” Car Model 2001 Chassis No. HA23S-613292

    37. Toyota Corolla Car Model 2001 (as per Website), Chassis No. CE100-9020816

    38. Toyota State Car Model 1990 (as per Website) Chassis No. CE96-0081343