Pkrevenue.com

Month: July 2020

  • Headline inflation increases by 8.6 percent in June

    Headline inflation increases by 8.6 percent in June

    ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) increased by 8.6 percent on Year on Year (YoY) basis in June 2020 as compared to an increase of 8.2 percent in the previous month and 8.0 percent in June 2019.

    Pakistan Bureau of Statistics (PBS) on Wednesday said that on month-on-month basis, it increased by 0.8 percent in June 2020 as compared to an increase of 0.3 percent in the previous month and an increase of 0.5 percent in June 2019.

    CPI inflation Urban, increased by 7.6 percent on year-on-year basis in June 2020 as compared to an increase of 7.3 percent in the previous month and 8.1 percent in June 2019.

    On month-on-month basis, it increased by 0.7 percent in June 2020 as compared to an increase of 0.3 percent in the previous month and an increase of 0.3 percent in June 2019.

    CPI inflation Rural, increased by 10.0 percent on year-on-year basis in June 2020 as compared to an increase of 9.7 percent in the previous month and 7.9 percent in June 2019.

    On month-on-month basis, it increased by 1.0 percent in June 2020 as compared to an increase of 0.3 percent in the previous month and an increase of 0.7 percent in June 2019.

    SPI inflation on YoY increased by 11.5 percent in June 2020 as compared to an increase of 11.0 percent a month earlier and an increase of 9.3 percent in June 2019.

    On MoM basis, it increased by 1.4 percent in June 2020 as compared to an increase of 2.2 percent a month earlier and an increase of 0.9 percent in June 2019.

    WPI inflation on YoY basis increased by 0.9 percent in June 2020 as compared to an increase of 1.5 percent a month earlier and an increase of 14.0 percent in June 2019.

    WPI inflation on MoM basis decreased by 0.3 percent in June 2020 as compared to a decrease of 2.1 percent a month earlier and an increase of 0.2 percent in corresponding month of last year i.e. June 2019.

    Core inflation (NFNE)

    Measured by non-food non-energy Urban CPI increased by 6.5 percent on (YoY) basis in June 2020 as compared to an increase of 6.3 percent in the previous month and 7.3 percent in June 2019. On (MoM) basis, it increased by 0.4 percent in June 2020 as compared to increase of 0.4 percent in previous month, and an increase of 0.2 percent in corresponding month of last year i.e. June 2019.

    Measured by non-food non-energy Rural CPI increased by 8.8 percent on (YoY) basis in June 2020 as compared to an increase of 8.4 percent in the previous month and 6.7 percent in June 2019. On (MoM) basis, it increased by 0.7 percent in June 2020 as compared to an increase of 0.4 percent in previous month, and an increase of 0.3 percent in corresponding month of last year i.e. June 2019.

    Core inflation (Trimmed)

    Measured by 20 percent weighted trimmed mean Urban CPI increased by 7.4 percent on (YoY) basis in June 2020 as compared to 6.7 percent in the previous month and by 7.3 percent in June 2019. On (MoM) basis, it increased by 0.4 percent in June 2020 as compared to an increase of 0.4 percent in the previous month and an increase of 0.4 percent in corresponding month of last year i.e. June 2019.

    Measured by 20 percent weighted trimmed mean Rural CPI increased by 9.9 percent on (YoY) basis in June 2020 as compared to 8.9 percent in the previous month and by 7.2 percent in June 2019.

    On (MoM) basis, it increased by 0.9 percent in June 2020 as compared to an increase of 0.5 percent in the previous month and an increase of 0.7 percent in corresponding month of last year i.e. June 2019.

  • Security forces to provide monthly details of confiscated smuggled goods to FBR

    Security forces to provide monthly details of confiscated smuggled goods to FBR

    ISLAMABAD: Security forces engaged in anti-smuggling activities to submit monthly seizure report to Federal Board of Revenue (FBR).

    The FBR issued SRO 578, 579 and 580(I)/2020 to amend Customs Act, 1969 making it mandatory for security forces to furnish monthly report of seizure report to the customs authorities.

    The FBR has entrusted Frontier Corps, Pakistan Rangers, Pakistan Maritime Security Agency and Pakistan Coast Guards to exercise the powers of customs authorities in preventing smuggling.

    The Pakistan Rangers and Frontier Corps have been authorized to exercise powers of customs officials against smuggling since 2010. Meanwhile, Pakistan Maritime Security Agency and Pakistan Coast Guards was entrusted to exercise powers of customs officials since 2014.

    The FBR every year extends the authority in the month of June. Through the latest SROs the FBR extended the powers till June 30, 2021.

    As per the SROs the law enforcement agencies are required to provide details of seized goods/vehicles handed over to Pakistan Customs in a month to the Collector of Customs (Enforcement and Compliance) within their respective jurisdiction by 5th day of each month.

  • SRB makes mandatory for banks to provide quarterly statement of taxable services

    SRB makes mandatory for banks to provide quarterly statement of taxable services

    KARACHI: Sindh Revenue Board (SRB) has made mandatory for banking companies to provide quarterly reconciled statement of taxable services provided during the period.

    The SRB issued notification No. SRB-3-4/17/2020 effective from July 01, 2020 to make it mandatory for banking and non-banking financing companies to submit quarterly reconciliation of sales taxable services provided or rendered during the period.

    The financial institutions are required to provide particulars of services or services related fee, commission, brokerage or charges.

    These services are included:

    1. Branch baking customer free and commission
    2. Consumer finance related fee and commission
    3. Card related fee and commission (debit and credit cards)
    4. Credit related fee and commission
    5. Investment banking fee and commission
    6. Commission and fee on foreign trade
    7. Bill discounting commission and fee
    8. Commission and brokerage on foreign exchange dealing
    9. Commission and fee on guarantees, including bank guarantees
    10. Commission and fee on cash management
    11. Commission and fee on remittances, including home remittances
    12. Commission and fee on bancassurance
    13. Commission on commodity operations
    14. Commission on handing of federal government or provincial or local government businesses
    15. Fee or rent of safe deposit lockers and safe vaults
    16. Services in respect of Hajj and Umrah
    17. Services in respect of Musharika and Modarba
    18. Services in respect of utility bills collection
    19. Services provided as a banker to an issue
    20. Services provided as a consultant to an issue
    21. Financial leasing
    22. Commodity or equipment leasing
    23. Other leasing
    24. Services in respect of Ijarah
    25. Funds management services
    26. Asset management services
    27. Advisory services
    28. Consultancy services
    29. Other services

    The reconciliation should include sales tax withheld by the banking/non-banking financial company as a withholding agent.

    Sales tax of the banking/non-banking financial companies services withheld, if any, by others as withholding agents.