Pkrevenue.com

Day: April 3, 2020

  • SBP allows relief package relaxations to refinance scheme borrowers

    SBP allows relief package relaxations to refinance scheme borrowers

    KARACHI: State Bank of Pakistan (SBP) on Friday allowed easy loans, as allowed under relief package, to borrowers of refinance schemes.

    In a statement issued the central bank said that it had allowed similar relaxations, as provided under the relief package, on its concessional refinance schemes.

    The SBP is continuously reviewing the challenges arising out of COVID-19 pandemic situation with particular reference to the financial sector and taking measures.

    Expanding the scope of its recently announced relief package for households and businesses, SBP has taken another major step today.

    Under various refinance schemes loans are provided with preferential terms and conditions to promote growth in priority sectors of the economy.

    Now the relaxation allowed for deferment in repayment of principal amount for one year for corporate, consumer, agriculture, SMEs and microfinance sectors, will now be available on financing of banks/ DFIs under SBP’s refinance schemes as well.

    With this deferment of principal, the complete repayment schedule/tenor of the loan will be extended by one year.

    The borrowers will, however, continue servicing their mark up during the period of principal deferment. In case borrowers are not able to service mark-up payment, banks/DFIs may reschedule/restructure the loan in such a manner that tenor of the loan can go up to one year beyond the existing maximum tenor of the respective scheme.

    Borrowers of SBP’s following refinance schemes and their Shariah alternatives would benefit from this relaxation:

    Long Term Financing Facility (LTFF)

    Financing Facility for Storage of Agricultural Produce (FFSAP)

    Refinance Facility for Modernization of SMEs

    Refinance and Credit Guarantee Scheme for Women Entrepreneurs

    Refinance Scheme for Working Capital Financing of Small Enterprises and Low-End Medium Enterprises

    Small Enterprise (SE) Financing and Credit Guarantee Scheme for Special Persons

  • ABAD hails tax incentives for construction industry

    ABAD hails tax incentives for construction industry

    KARACHI: Mohsin Sheikhani, Chairman, Association of Builders and Developers of Pakistan (ABAD) Mohsin Sheikhani on Friday termed the incentives announced by Prime Minister Imran Khan as a historic package for the construction industry of Pakistan and this package will prove a turning point for the economy of Pakistan.

    Commenting on incentives announced for construction sector, Mohsin Sheikhani said that ABAD was demanding incentives for the construction sector because more than 70 allied industries are depending on construction sector. He said that we are indebted to Prime Minister for reviving the construction industry.

    He said that Prime Minister has announced that no question will be asked about investment in construction sector this year, Fix Tax Regime (FTR) for construction sector, 90 percent Fixed Tax will be waved off if invested in Naya Pakistan Housing Scheme, With Holding Taxes waved off, Federal Government will discuss with Provinces regarding sales tax reduction. Punjab and KPK have reduced sales tax to 2 percent, no Capital Gain Tax will be charged in case of Family house sell, Rs 30 Billion Subsidy for Naya Pakistan Housing Scheme, Status of Industry to Construction sector and much awaited Construction Industry Development Board to be established for development of Construction Industry.

    We wholeheartedly grateful to the Prime Minister and also request him to announce an universal policy for approval of building plans throughout Pakistan so builders and developers can start construction as early as possible.

  • Share market continues bullish trend, gains 839 points

    Share market continues bullish trend, gains 839 points

    KARACHI: The share market continued bullish trend on Friday and gained 839 points, which is mainly attributed to reports on package for construction industry to be announced.

    (more…)
  • Rupee gains 17 paisas on massive decline in import bill

    Rupee gains 17 paisas on massive decline in import bill

    KARACHI: The Pak Rupee gained 17 paisas against dollar on Friday on reports of significant decline in import bill for the month of March 2020, dealers said.

    The rupee ended Rs166.76 to the dollar from previous day’s closing of Rs166.93 in interbank foreign exchange market.

    The dealers said that importers were seen cautious to place orders for dollars after considering the latest numbers of imports for the month of March 2020.

    The import bill of the country has declined by 21 percent in March 2020 over the previous month owing to lockdown to contain coronavirus pandemic.

    The import bill was at $3.3 billion in March 2020 as compared with $4.185 billion in February 2020, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

    Similarly, the pandemic also adversely affected the country’s exports. The exports fell by 15.56 percent to $1.8 billion in March 2020 as compared with $2.14 billion in February 2020.

    The total import bill during July – March 2019/2020 fell by 14.42 percent to $38.81 billion as compared with $40.68 billion in the corresponding period of the last fiscal year.

    However, the exports registered increase of 2.23 percent during first nine months of current fiscal year to $17.45 billion as compared with $17 billion in the corresponding months of the last fiscal year.

    The trade deficit during first nine months contracted by 26.45 percent to $17.36 billion as compared with the deficit of $23.61 billion in the corresponding period of the last fiscal year.

  • FBR notifies rules for third party recovery of defaulted amount

    FBR notifies rules for third party recovery of defaulted amount

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday notified rules for third-party recovery of defaulted amount.

    The FBR issued SRO 274(I)/2020 dated April 02, 2020 to implement the draft rules released on February 14, 2020 through SRO 111(I)/2020.

    Through the SRO the FBR amended the Income Tax Rules, 2002 and introduced a new chapter “Recovery of Tax From Persons Holding Money on Behalf of a Taxpayer.”

    As per the rules the tax authorities have be empowered to recover tax from a defaulter through third party, who owes money to the defaulted taxpayer.

    The FBR is facing huge revenue shortfall for achieving this revenue collection target. Therefore, the tax machinery may apply all possible ways to recovery outstanding amount.

    The Section 140 explains the procedure of recovery through third party.

    Section 140: Recovery of tax from persons holding money on behalf of a taxpayer

    Sub-Section (1): For the purpose of recovering any tax due by a taxpayer, the Commissioner may, by notice, in writing, require any person –

    (a) owing or who may owe money to the taxpayer; or

    (b) holding or who may hold money for, or on account of the taxpayer;

    (c) holding or who may hold money on account of some other person for payment to the taxpayer; or

    (d) having authority of some other person to pay money to the taxpayer, to pay to the Commissioner so much of the money as set out in the notice by the date set out in the notice:

    “Provided that the Commissioner shall not issue notice under this sub-section for recovery of any tax due from a taxpayer if the said taxpayer has filed an appeal under section 127 in respect of the order under which the tax sought to be recovered has become payable and the appeal has not been decided by the Commissioner (Appeals), subject to the condition that ten per cent of the said amount of tax due has been paid by the taxpayer.”

    Sub-Section (2): Subject to sub-section (3), the amount set out in a notice under sub-section (1) —

    (a) where the amount of the money is equal to or less than the amount of tax due by the taxpayer, shall not exceed the amount of the money; or

    (b) in any other case, shall be so much of the money as is sufficient to pay the amount of tax due by the taxpayer.

    Sub-Section (3): Where a person is liable to make a series of payments (such as salary) to a taxpayer, a notice under sub-section (1) may specify an amount to be paid out of each payment until the amount of tax due by the taxpayer has been paid.

    Sub-Section (4): The date for payment specified in a notice under sub-section (1) shall not be a date before the money becomes payable to the taxpayer or held on the taxpayer’s behalf.

    Sub-Section (5): The provisions of sections 160, 161, 162 and 163, so far as may be, shall apply to an amount due under this section as if the amount were required to be deducted from a payment under Division III of Part V of this Chapter.

    Sub-Section (6): Any person who has paid any amount in compliance with a notice under sub-section (1) shall be treated as having paid such amount under the authority of the taxpayer and the receipt of the Commissioner constitutes a good and sufficient discharge of the liability of such person to the taxpayer to the extent of the amount referred to in such receipt.

    Sub-Section (10): In this section, “person” includes any Court, Tribunal or any other authority.

  • Import bill falls by 21 percent in March

    Import bill falls by 21 percent in March

    KARACHI: The import bill of the country has declined by 21 percent in March 2020 over the previous month owing to lockdown to contain coronavirus pandemic.

    The import bill was at $3.3 billion in March 2020 as compared with $4.185 billion in February 2020, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

    Similarly, the pandemic also adversely affected the country’s exports. The exports fell by 15.56 percent to $1.8 billion in March 2020 as compared with $2.14 billion in February 2020.

    The total import bill during July – March 2019/2020 fell by 14.42 percent to $38.81 billion as compared with $40.68 billion in the corresponding period of the last fiscal year.

    However, the exports registered increase of 2.23 percent during first nine months of current fiscal year to $17.45 billion as compared with $17 billion in the corresponding months of the last fiscal year.

    The trade deficit during first nine months contracted by 26.45 percent to $17.36 billion as compared with the deficit of $23.61 billion in the corresponding period of the last fiscal year.

    Industry experts said that the import and exports would face further adverse effect during remaining months of current fiscal year due to ongoing lockdown to contain coronavirus spread.

  • SRB tribunal suspends hearing till April 14

    SRB tribunal suspends hearing till April 14

    KARACHI: Appellate Tribunal, Sindh Revenue Board, has announced that hearing in sales tax matters within provincial jurisdictions will remain suspended up to April 14, 2020.

    The chairman of appellate tribunal SRB issued directives on Thursday in the wake of extension in lockdown by the Sindh government to prevent recent outbreak of COVID-19 and its further eruption.

    The circular said that the regular work of the tribunal such as hearing of appeals would remain suspended for further seven days with effect from April 08 to April 14.

    It said that the appeals will be received daily during days from 9:00AM to 02:00PM. However, the chairman/technical member of the tribunal would be available in the office for attending urgent work from 10:00AM to 02:00PM.

    It further said that the appeals would be taken up during the suspended period on the basis of urgent application which would be enclosed with affidavit disclosing the reason for urgency.

  • Emirates uplifts record cargo from Pakistan amid coronavirus pandemic

    Emirates uplifts record cargo from Pakistan amid coronavirus pandemic

    DUBAI: Emirates SkyCargo completed an industry record uplift of 62 tonnes in a Boeing 777-300 operating from Karachi to Dubai, surpassing its own previous record of 56 tonnes achieved earlier in the week, a statement said on Thursday.

    Amid these unprecedented times in the wake of the COVID-19 pandemic, Emirates SkyCargo continues to underline its commitment to Pakistan by breaking not just one but two records last week to transport essential supplies.

    Exports from Pakistan included perishables like meat, fish and vegetables while imports were mainly pharmaceuticals, testing machines, other medical accessories, industrial machinery, drilling equipment and general courier.

    Given the current challenges with global air cargo capacity due to restrictions on passenger flights, Emirates SkyCargo continues to ensure that commodities such as food and medical supplies are transported to and from Pakistan with four weekly cargo flights each from Karachi and Lahore.

    The much needed capacity will help connect and reach essential commodities to places that need them most, keep global supply chains open, and support communities and businesses in Pakistan and worldwide.

    In recent weeks, Emirates SkyCargo has transported close to 100 tonnes of relief material, including hospital equipment to Milan, and over 55 tonnes of highly temperature-sensitive pharma to New York.

    In March and April, the cargo airline will operate nine charter freighters to Budapest to transport face masks and equipment. Emirates SkyCargo is also playing a vital role in transporting food across the Middle East, and its special flights from the subcontinent and Africa are bringing in tonnes of perishables to Dubai and onwards to other destinations within the Middle East.

    Nabil Sultan, Emirates’ Divisional Senior Vice President, Cargo said: “In these trying times, we more than ever stand by our commitment for Emirates SkyCargo to act as a conveyor belt for the transport of much needed commodities such as food and medicines and also for flying in equipment, machinery and other components which are vital for business continuity across essential industries in Pakistan.

    “As an extremely agile and customer-focused business, we have been able to establish a new network and schedule for our cargo operations within a very short period of time, utilising lower deck capacity on our wide-body Boeing 777 passenger aircraft which supplement the cargo capacity we offer on our freighter aircraft.

    “Additionally, in order to consolidate operations and reduce costs, we have also temporarily shifted all our cargo handling operations to Dubai International Airport (DXB). Taken together, we are making sure that we react more quickly to requests coming in from every part of the globe from our customers.”

    Emirates SkyCargo’s new flight schedule for its global cargo operations also includes cargo flights operated on its Boeing 777 passenger aircraft.

    These flights will offer around 40 tonnes of lower deck cargo capacity per flight and will supplement the cargo capacity being offered on Emirates’ fleet of freighters.

    These cargo only flights are scheduled to operate to over 30 destinations across the Middle East, Africa, Asia, Europe and Australia with a majority of destinations being served with multiple weekly and daily flights.

    From 1 April 2020, Emirates SkyCargo will consolidate all its cargo handling operations at Dubai International airport, temporarily suspending operations at Emirates SkyCentral DWC, the terminal handling its freighters, the statement said.

    The move will help streamline cargo operations between its freighters and the new dedicated cargo flights on Emirates’ passenger aircraft.