Pkrevenue.com

Day: July 17, 2020

  • Share market continues gaining momentum, up by 329 points

    Share market continues gaining momentum, up by 329 points

    KARACHI: The share market continued gaining momentum and increased by 329 points on Friday, analysts said.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 37,331 points as against 37,001 points showing an increase of 329 points (+0.9 percent DoD).

    Market realized a gain of +353 points during the two session and closed the day at +329 points. HASCOL turned out to be the head turner, despite posting a loss of 25B the stock ended the session in green with a volume of 87.2 million shares.

    Refinery sector saw NRL and PRL hitting upper circuit after news of recent disruption in oil supplies and similar performance was observed in other Refinery stocks. Banking sector stocks remained muted throughout the session. Steel sector also performed on the back of expectation of an increase in steel prices.

    O&GMCs posted highest volumes of 92.9 million shares courtesy of HASCOL, and was followed by Chemical (52.9 million) and Technology (39.2 million). Among scrips, LOTCHEM (24.8 million) and UNITY (22.1 million) followed HASCOL.

    Sectors contributing to the performance include Inv Banks (+60 points), Fertilizer (+52 points), Power (+40 points), Chemical (+35 points) and Autos (+26 points).

    Volumes increased further from 402.6 million shares to 466.1 million shares (+16 percent DoD). Average traded value however declined by 2 percent to reach US$ 94.6 million as against US$ 96 million.

    Stocks that contributed significantly to the volumes include HASCOL, LOTCHEM, UNITY, MLCF and TRG, which formed 35 percent of total volumes.

    Stocks that contributed positively to the index include DAWH (+58 points), ENGRO (+48 points), HUBC (+42 points), THALL (+20 points) and PAKT (+15 points). Stocks that contributed negatively include HBL (-14 points), EFUG (-8 points), PPL (-6 points), EFERT (-6 points), and OGDC (-5 points).

  • Rupee depreciates by 33 paisas on growing demand for imports

    Rupee depreciates by 33 paisas on growing demand for imports

    KARACHI: The Pak Rupee depreciated by another 33 paisas against dollar on Friday owing to rising demand of the foreign currency for import payments.

    The rupee ended Rs167.33 to the dollar from previous day’s closing of Rs167.00 in interbank foreign exchange market.

    Currency experts said that due to economic normalcy return after ease in lockdown the domestic demand for imported goods had increased.

    They further said that due to weekly holidays ahead also escalated the demand for the foreign currency.

    The local unit fell by around 70 paisas during the outgoing week.

    The experts believed that the rupee would rebound in coming days owing to sufficient inflows.

    State Bank of Pakistan (SBP) has said that the workers’ remittances rose by a significant 50.7 percent during June 2020 to reach monthly record high $2.46 billion compared with $1.63 billion in June 2019.

    Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a growth of 6.4 percent over $21.74 billion during FY19.

    According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.

    This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year.

  • FBR notifies key transfers of senior IRS officers

    FBR notifies key transfers of senior IRS officers

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday notified major transfers / postings of senior officers of Inland Revenue Service (IRS) with immediate effect.

    The FBR notified transfers and postings of following BS-19-22 officers of IRS:

    01. Hafiz Muhammad Ali Indhar (Inland Revenue Service/BS-22) has been transferred and posted as Member, (HRM) Federal Board of Revenue (Hq), Islamabad from the post of Member, (Strategic Planning Reforms & Statistics) Federal Board of Revenue (Hq), Islamabad.

    02. Dr. Faiz Illahi Memon (Inland Revenue Service/BS-21) has been transferred and posted as Director General, (Special Initiative) (stationed at Karachi) from the post of Member, (Admin) Federal Board of Revenue (Hq), Islamabad.

    03. Dr. Hamid Ateeq Sarwar (Inland Revenue Service/BS-21) has been transferred and posted as Member, (SPR&S) Federal Board of Revenue (Hq), Islamabad from the post of Member, (Inland Revenue Policy) Federal Board of Revenue (Hq), Islamabad.

    04. Ch. Muhammad Tarique (Inland Revenue Service/BS-21) has been transferred and posted as Member, (Inland Revenue Policy) Federal Board of Revenue (Hq), Islamabad from the post of Chief Commissioner-IR, Regional Tax Office, Sialkot.

    05. Dr.Lubna Ayub (Inland Revenue Service/BS-21) has been transferred and posted as Chief Commissioner Inland Revenue Regional Tax Office, Quetta from the post of Member, Federal Board of Revenue (Hq), Islamabad.

    06. Ms. Ambreen Iftikhar (Inland Revenue Service/BS-21) has been transferred and posted as Member, (Reforms & Modernization) Federal Board of Revenue (Hq), Islamabad from the post of Member, (HRM) Federal Board of Revenue (Hq), Islamabad.

    07. Bakhtiar Muhammad (Inland Revenue Service/BS-21) has been transferred and posted as Member, (Admin) Federal Board of Revenue (Hq), Islamabad from the post of Member, (FATE) Federal Board of Revenue (Hq), Islamabad.

    He is also assigned the additional charge of the post of Member (FATE), FBR till the posting of a regular incumbent.

    08. Sajidullah Siddiqui (Inland Revenue Service/BS-21) has been transferred and posted as Director General, (Retail) Federal Board of Revenue (Hq), Islamabad from the post of Chief Commissioner-IR, Corporate Regional Tax Office, Karachi.

    09. Dr. Aftab Imam (Inland Revenue Service/BS-21) has been transferred and posted as Chief Commissioner Inland Revenue Corporate Regional Tax Office, Karachi from the post of Chief Commissioner-IR, Regional Tax Office, Quetta.

    10. Tariq Mustafa Khan (Inland Revenue Service/BS-20) is presently working as Chief Commissioner-IR, (OPS) Regional Tax Office, Gujranwala. He is assigned the additional charge of the post of Chief Commissioner-IR, RTO, Sialkot till the posting of a regular incumbent.

    11. Malik Amjad Zubair Tiwana (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (IP/TFD/HRM) Large Taxpayers Unit, Islamabad from the post of SA to Secretary Revenue Division / Chairman, Federal Board of Revenue (Hq), Islamabad.

    12. Naveed Khalid Khan (Inland Revenue Service/BS-19) has been transferred and posted as SA (OPS) to Secretary Revenue Division / Chairman, FBR from the post of Chief, (OPS) (Admin) Federal Board of Revenue (Hq), 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.

  • Advance tax on cable operators abolished

    Advance tax on cable operators abolished

    ISLAMABAD: The government has abolished advance tax on cable operators and other electronic media that was collected under Income Tax Ordinance, 2001.

    Through Finance Act, 2020 the Section 236F of the Income Tax Ordinance, 2001 has been deleted.

    The Section 236F was related to advance tax on cable operators and other electronic media, officials at Federal Board of Revenue (FBR) said on Thursday.

    After the deletion of the section the advance tax under this has no more required to be collected from July 01, 2020.

    The omitted section was as:

    236F. Advance tax on cable operators and other electronic media.— (1) Pakistan Electronic Media Regulatory Authority, at the time of issuance of licence for distribution services or renewal of the licence to a licencee, shall collect advance tax at the rates specified in Division XIII of Part IV of the First Schedule.

    (2) The tax collected under sub-section (1) shall be adjustable.

    (3) For the purpose of this section, “cable television operator” “DTH”, “Distribution Service”, “electronic media”, “IPTV”, “loop holder”, “MMDS”, “mobile TV”, shall have the same meanings as defined in Pakistan Electronic Media Regulatory Authority Ordinance, 2002 (XIII of 2002) and rules made thereunder.

    Division XIII of Part IV of the First Schedule

    1) The rate of tax to be collected under section 236F in the case of Cable Television Operator shall be as follows:—

    (License Category as provided in PEMRA RulesTax on License FeeTax on Renewal
    HRs. 7,500Rs. 10,000
    H-IRs. 10,000Rs. 15,000
    H-IIRs. 25,000Rs. 30,000
    RRs. 5,000Rs. 12,000
    BRs. 5,000Rs. 40,000
    B-1Rs. 30,000Rs. 35,000
    B-2Rs. 40,000Rs. 45,000
    B-3Rs. 50,000Rs. 75,000
    B-4Rs. 75,000Rs. 100,000
    B-5Rs. 87,500Rs. 150,000
    B-6Rs. 175,000Rs. 200,000
    B-7Rs. 262,500Rs. 300,000
    B-8Rs. 437,500Rs. 500,000
    B-9Rs. 700,000Rs. 800,000
    B-10Rs. 875,500Rs. 900,000

    (2) The rate of tax to be collected by Pakistan Electronic Media Regulatory Authority under section 236F in the case of IPTV, FM Radio, MMDS, Mobile TV, Mobile Audio, Satellite TV Channel and Landing Rights, shall be 20 per cent of the permission fee or renewal fee, as the case may be.]

    “(3) In addition to tax collected under paragraph (2) Pakistan Electronic Media Regulatory Authority shall collect tax at the rate of fifty per cent of the permission fee or renewal fee, as the case may be, from every TV Channel on which foreign TV drama serial or a play in any language, other than English, is screened or viewed.”