The Regional Tax Office (RTO)-II Karachi has reported a remarkable surge in tax collection from property income during the first eight months (July-February) of the current fiscal year, marking a significant increase of 68 percent.
(more…)Day: March 10, 2020
-
FBR to promote IRS, PCS officers from BS-18 to BS-19
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday announced that it will promote officers of Inland Revenue Service (IRS) and Pakistan Customs Service (PCS) from BS-18 to BS-19.
In an office memorandum, the FBR said that the meeting of Departmental Selection Board (DSB) for promotion from BS-18 to BS-19 is being convened shortly.
Therefore, the FBR directed all BS-18 officers of IRS/PCS and ex-cadre, who are in promotion zone to get their performance evaluation report (PERs) completed up to June 30, 2019 by March 25, 2020.
The FBR also directed concerned reporting/countersigning officers to forward the PERs pending with them to the board immediately.
-
Remittances grow by 5.4% in July-February
KARACHI: The workers’ remittances received during July – February 2019/2020 amounted to $15.126 billion recording an increase $770.7 million or 5.4 percent over remittances received during July – February FY19 ($ 14,355.8 million), State Bank of Pakistan (SBP) said on Tuesday.
(more…) -
KTBA highlights difficulties in claiming exemption
KARACHI: Karachi Tax Bar Association (KTBA) on Tuesday highlighted issues faced by taxpayers in obtaining exemption against import of raw material and plant and machinery.
The KTBA in a letter to Member Inland Revenue (Operations), Federal Board of Revenue (FBR) highlighted the issues being faced by taxpayers while claiming exemption from income tax deduction on import of raw materials and plant and machinery.
The desired exemption certificate against tax deduction on import of raw material is though being auto generated by IRIS portal on the basis of annual quota allowed by the Commissioner Inland Revenue, the same however, for the past 6-7 days is not being uploaded on WeBOC portal. Consequently, the Custom authorities are unable to allow any exemption as the same is not being reflected on their WeBOC portal.
Secondly the IRIS portal has not been enabled to distinguish exemption application applied for raw material and the one applied for exemption on plant and machinery.
The KTBA said that consignment/LC wise exemption certificate is allowed against tax deduction on import of plant and machinery. However, while trying to apply for the said exemption certificate, following error message pops up on IRIS portal:
“You are not allowed any quota”Any quota related objection can only be relevant in case of import of raw material and not otherwise.
The issues highlighted above are not more than IT Glitches and can be brought to correction with minimum due attention on the details of the system requirements.
In view of the foregoing, the KTBA requested the Member to kindly issue directions for resolutions of these issues on urgent basis so as to facilitate taxpayers.
-
Stock market rebounds; gains 637 points
KARACHI: The stock market rebounded on Tuesday after massive losses a day earlier on world oil price fall and coronavirus fear.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 37,696 points as against 37,059 points showing an increase of 637 points.
Analysts at Arif Habib Limited said that the market rebounded today erasing most of the losses sustained yesterday.
Market opened on a positive note today with +145 points, however, dipped again and lost 145 points (intra-day).
Oil & gas stocks kept the selling pressure on, due to low oil prices that maintained a plateau of around U$34/bbl.
Interestingly, both OGDC and PPL, which were offered in huge quantities at lower lock yesterday got disposed off at and around today’s lower circuit breakers.
PSO turned out to be the head turner today with a positive opening, and closing the session at upper circuit.
Cyclicals, Cement and Steel sector stocks were on back burner in relative terms, although leading stocks managed to post decent volumes.
Cement sector posted volumes of 86.2 million shares, followed by O&GMCs (43.5 million) and Banks (28.8 million). Among scrips, MLCF realized 27.9 million shares, followed by PPL (23.6 million) and FCCL (16.1 million).
Sectors showing performance include E&P (-152 points), Banks (+353 points), Fertilizer (+112 points), O&GMCs (+93 points), Chemical (+39 points) and Pharma (+32 points).
Volumes declined from 307.9 million shares to 274 million shares (-11 percent DoD). Average traded value however, increased by 46 percent to reach US$ 106.7 million as against US$ 73.3 million.
Stocks that contributed significantly to the volumes include MLCF, PPL, FCCL, OGDC and KEL, which formed 36 percent of total volumes.
Stocks that contributed positively include HBL (+101 points), BAHL (+64 points), MCB (+60 points), PSO (+50 points) and ENGRO (+45 points).
Stocks that contributed negatively include PPL (-85 points), POL (-61 points), OGDC (-36 points), LUCK (-19 points), and HMB (-8 points).
-
Rupee ends down by 87 paisas against dollar
KARACHI: The Pak Rupee fell by 87 paisas against dollar on Tuesday amid recovery in stock markets.
The rupee closed at Rs157.45 to the dollar from previous day’s close of Rs156.58 in interbank foreign exchange market.
The local unit witnessed Rs3.20 decline during past two days against the dollar.
Currency dealers said that the currency market was volatile during the day due to massive decline of stock markets in the UK and the US. They said that the market was anticipating outflows of foreign investment from the domestic debt market.
The foreign currency market was initiated in range between of Rs157.25 and Rs157.75. The market recorded day high of Rs158.00 and low of Rs156.50 and closed at Rs157.45.
The exchange rate in open market, however, maintained the levels. The buying and selling of dollar was recorded Rs156.70/Rs157.00, the same previous day’s closing in cash ready market.
-
PSX ready for operation in case of coronavirus lockdown: CEO
KARACHI: Pakistan Stock Exchange (PSX) has evolved strategy to remain operational in case of any lockdown due to coronavirus, Farrukh Khan, Chief Executive Officer (CEO) of PSX said on Tuesday.
He was talking with the media at an event organized at the PSX for women empowerment.
“We have made efforts. IT teams and other business departments have made strategy for making stock market operational,” he said while referring to new cases and in case situation further deteriorated and lead to lock-down.
Farrukh said that last days significant fall at world stock markets was due to coronavirus, which had economic impact.
“Entire Italy is locked down. It has serious impact on world economy,” he said adding that other reason was massive fall in world oil prices.
He hoped that economy would grow on falling oil prices. The developments has given room for reducing interest rate.
He said that reduction in interest rate would help the stock market and the economy.
-
Philip Morris declares Rs2 billion after tax loss
KARACHI: Philip Morris Pakistan, the leading cigarette manufacturer in the country, has declared after tax loss of around Rs2 billion for year ended December 31, 2019.
The losses have been mainly attributed to Rs2.44 billion operating losses, the company said on Monday.
Philip Morris Pakistan is a Pakistani tobacco manufacturing company, which is a subsidiary of Philip Morris International, has declared loss after tax of Rs1.98 billion for the year 2019 as compared with profit of Rs543 million in the preceding year.
The company declared loss per share of Rs32.15 for the year under review as compared with earnings per share of Rs1.68 in the year 2018.
The company recorded an operating loss before tax of Rs2.44 billion for the year ended December 31, 2019 compared with an operating profit before tax of Rs640 million in 2018.
The operating loss before tax was mainly due to management decision to reorganize its operational footprint by closing its factory in Kotri, which was essential to ensure long term sustainability of the business in Pakistan considering the unpredictable fiscal environment.
The company further said that excluding the one off impairment / employees separation costs which was a result of the closure of the Kotri factor and GLT Voluntary Separation Scheme, the company would have recorded an operating profit before tax of Rs357 million for the year ended December 31, 2019 instead of operating loss before tax.
The company declared net turnover of Rs13.33 billion for the year as compared with Rs16.199 billion in the year 2018.
The company declared gross profit of Rs4.19 billion in the year 2019 as compared with Rs6.02 billion in the preceding year.
-
Sindh Revenue Board suspends sales tax registration of 18 construction companies
KARACHI: Sindh Revenue Board (SRB) has suspended registration of 18 construction companies for defaulting tax payments and failure to file monthly sales tax returns.
The SRB has directed the companies to make compliance with the provincial tax laws by March 12, 2020 otherwise their cases would be proceeded for cancellation.
Following companies have been suspended for non-compliance:
01. M/S CATALYST ENGINEERING SERVICES
02. M/S START CONSTRUNCTION COMPANY
03. M/S. A.H BUILDERS & CONSTRUCTION COMPANY
04. M/S. ROCCRETE CONSTRUCTION & CO
05. M/S. GUL MEMON CONSTRUCTION COMPANY (GOVERNMENT CONTRACTOR)
06. M/S. JD BUILDERS
07. M/S ABDULLAH RAHOO & COMPANY
08. M/S MUHAMMAD AYOOB ENTERPRISES
09. M/S MALIK NAVEED CONSTRUCTION COMPANY
10. M/S SHOUKAT ALI & COMPANY
11. M/S MUMTAZ ALI KHUSKH (GOVERNMENT CONTRACTOR)
12. M/S JUMAN S/O ALLAH BACHAIO SHEEDI
13. M/S RAMEEZ RAJA CONSTRUCTION COMPANY
14. M/S A.KAREEM & SONS
15. M/S MALIK MUHAMMAD SAEED GOVT & CIVIL CONTRACTOR
16. M/S REMIX CONSTRUCTION
17. M/S BISMILL CONSTRUCTION CONTRACTING COMPANY
18. M/S MEHRAJ COMPANY
During suspension period the companies are unable to deal with registered persons and also not able to get government contracts.
-
Rupee depreciates by Rs1.17 against dollar in early trading
KARACHI: The Pak Rupee witnessed significant decline at the opening of trade on Tuesday. The rupee lost Rs1.17 paisas against dollar in early trade, dealers said.
The dollar is being traded atRs157.75 to the dollar from last day’s closing of Rs156.58 in interbank foreign exchange market.
Currency experts said that the massive losses in world stock markets motivated investors to consolidate their funds. Due to these reasons outflows in portfolio investments in debt securities market would had happened.
The rupee lost Rs3.51 in last two days.