Pkrevenue.com

Day: August 10, 2020

  • FBR notifies transfers of 38 Customs officers of BS-18, BS-19

    FBR notifies transfers of 38 Customs officers of BS-18, BS-19

    ISLAMABAD: Federal Board of Revenue (FBR) on Monday notified transfers and postings of 38 officers of Pakistan Customs Service (PCS) in BS-18 and BS-19 with immediate effect and until further orders.

    Following officers have been transferred and posted:

    01. Farrukh Sajjad (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement and Facilitation (West), Karachi from the post of Additional Director, Directorate of Post Clearance Audit (South), Karachi.

    02. Ms. Nasreen Nawaz (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement and Facilitation, Lahore from the post Additional Director, Directorate of Intelligence & Investigation, FBR, Lahore.

    03. Ms. Zahra Haider (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Customs Valuation, Lahore from the post of Additional Director, Directorate of Intelligence & Investigation, FBR, Multan.

    04. Rizwan Salabat (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate, Islamabad from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    05. Muhammad Saeed Asad (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Intelligence & Investigation, FBR, Lahore from the post of Additional Collector, Model Customs Collectorate of Appraisement and Facilitation, Faisalabad.

    06. Syed Imran Sajjad Bokhari (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate, Gilgit-Baltistan from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    07. S. M. Ali Zaman Gardezi (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi from the post of Additional Director, Directorate of Intelligence & Investigation, FBR, Karachi.

    08. Rehmatullah Vistro (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Reforms and Automation (Customs), Karachi from the post of Additional Director, Directorate General of Transit Trade, Karachi.

    09. Yasin Murtaza (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement and Facilitation (East), Karachi from the post of Additional Collector, Model Customs Collectorate of Appraisement and Facilitation, Quetta.

    10. Abdul Haye Sheikh (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate (HQs), Post Clearance Audit & Internal Audit, Karachi from the post of Additional Collector, Model Customs Collectorate, Gwadar.

    11. Javed Sarwar Sheikh (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi from the post of Additional Director, Directorate General of Training & Research (Customs), Karachi.

    12. Ms. Farah Farooq (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate (JIAP), Karachi from the post of Additional Collector, Model Customs Collectorate, Sialkot.

    13. Sumair Mustansar Tarar (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Enforcement and Compliance, Lahore from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    14. Rizwan Mahmood (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate General of Transit Trade, Karachi from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    15. Jehan Bahadar (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Enforcement and Compliance, Peshawar from the post of Additional Director, Directorate of Transit Trade, Peshawar.

    16. Rizwan Bashir (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Exports, Custom House, Karachi from the post of Additional Collector, Model Customs Collectorate of Appraisement and Facilitation (East), Karachi.

    17. Shafiq-ur-Rehman (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Collectorate of Customs (Adjudication), Islamabad from the post of Additional Collector, Model Customs Collectorate of Appraisement and Facilitation (East), Karachi.

    18. Shahid Ali (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Collectorate of Customs (Adjudication-II), Karachi from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    19. Ather Naveed (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Intelligence & Investigation, FBR, Peshawar from the post of Additional Director, Strategic Control Division, Ministry of Foreign Affairs, Islamabad.

    20. Wajid Ali (Pakistan Customs Service/BS-19) has been transferred and posted as Secretary, Federal Board of Revenue (Hq), Islamabad from the post of Additional Collector, Model Customs Collectorate of Appraisement and Facilitation (West), Karachi.

    21. Pirzada Muhammad Omar Qasmi (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement and Facilitation, Faisalabad from the post of Additional Director, Directorate of Input Output Coefficient Organization (North), Lahore.

    22. Shakir Muhammad (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement and Facilitation (East), Karachi from the post of Additional Director, Directorate of Input Output Coefficient Organization (South), Karachi.

    23. Ms. Saleha Zakir Shah (Pakistan Customs Service/BS-19) has been transferred on deputation as Additional Director, Strategic Exports Control Division, Ministry of Foreign Affairs Islamabad from the post of Additional Director, Directorate of Post Clearance Audit (North), Islamabad.

    24. Aftab Ullah Shah (Pakistan Customs Service/BS-19) has been transferred and posted Additional Collector, Model Customs Collectorate of Appraisement and Facilitation, Quetta from the post of Additional Director, Directorate General of Training & Research (Customs), Karachi.

    25. Zakir Muhammad (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement and Facilitation, Peshawar from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    26. Dr. Imran Rasool Khan (Pakistan Customs Service/BS-19) has been transferred and posted as Secretary, Federal Board of Revenue (Hq), Islamabad from the post of Deputy Collector, Model Customs Collectorate, Hyderabad.

    27. Ghulam Hyder Mahesar (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate, Gwadar from the post of Deputy Collector, Collectorate of Customs (Adjudication-II), Karachi.

    28. Muhammad Nauman Tashfeen (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Collectorate of Customs (Adjudication), Lahore from the post of Deputy Collector, Model Customs Collectorate of Appraisement and Facilitation, Lahore.

    29. Moeen Afzal Ali (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Exports (Port Muhammad Bin Qasim), Karachi from the post of Deputy Collector, Model Customs Collectorate of Appraisement and Facilitation (East), Karachi.

    30. Junaid Usman Akram (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Training & Research (Customs), Lahore from the post of Deputy Collector, Model Customs Collectorate of Appraisement and Facilitation, Lahore.

    31. Rana Irfan Shaukat (Pakistan Customs Service/BS-19) has been transferred and posted as Secretary, Federal Board of Revenue (Hq), Islamabad from the post of Deputy Director, Directorate of Intelligence & Investigation, FBR, Multan.

    32. Saad Ata Rabbani (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement and Facilitation (West), Karachi from the post of Deputy Director, Directorate of Intelligence & Investigation, FBR, Karachi.

    33. Wajid Zaman (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of CBCM, DG I&I-FBR, Islamabad from the post of Deputy Director, Directorate of CBCM, Directorate General of Intelligence & Investigation, FBR, Islamabad. He will also look after the charge of Additional Director, Directorate of Law & Prosecution, Islamabad.

    34. Ihsanullah Shah (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate, Hyderabad from the post of Deputy Collector, Model Customs Collectorate, Gwadar.

    35. Ms. Ammara Durrani (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of IOCO (South), Karachi from the post of Deputy Collector, Model Customs Collectorate (JIAP), Karachi.

    36. Muhammad Qasim Khokhar (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement and Facilitation, Quetta from the post of Deputy Collector, Model Customs Collectorate of Enforcement and Compliance, Quetta.

    37. Muhammad Moazzam Raza (Pakistan Customs

    Service/BS-18) has been transferred and posted as Secretary, (OPS) Federal Board of Revenue (Hq), Islamabad from the post of Deputy Director, Directorate of Customs Valuation, Lahore.

    38. Ali Waheed Khan (Pakistan Customs Service/BS-18) has been transferred and posted as Secretary, (OPS) Federal Board of Revenue (Hq), Islamabad from the post of Deputy Director, Directorate of Input Output Coefficient Organization (Central), Lahore.

    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 witnesses selling, decline by 115 points

    Stock market witnesses selling, decline by 115 points

    KARACHI: The stock market posted decline of 115 points on Monday owing to selling pressure seen during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,915 points as against 40,030 points showing a decline of 115 points.

    The analysts at Arif Habib Limited said that the market bore selling pressure due to selling activity in Cement, Steel, E&P and Banks.

    OMCs and Refinery sectors performed well today, where ATRL and HASCOL hit upper circuit and NRL traded near upper circuit.

    Though international crude prices were positive, local E&P companies saw selling pressure due to foreign selling.

    Tech stocks took a breather today, which were otherwise rallying unabated, and saw TRG hitting lower circuit on the back of post IPO listing of its related party Ibex. Technology sector topped the volumes with 77.9 million shares, followed by O&GMCs (77.7 million) and Cement (37.2 million).

    Among scrips, UNITYR2 led the volumes with 81.6 million, followed by HASCOL (65.3 million) and WTL (35.8 million).

    Sectors contributing to the performance include O&GMCs (+31 points), Power (+28 points), Textile (+25 points), Refinery (+13 points), Technology (-48 points), Cement (-45 points), E&P (-40 points), Banks (-24 points) and Insurance (-24 points).

    Volumes dropped from 728.8 million to 576.5 million shares (-21 percent DoD). Average traded value also declined by 24 percent to reach US$ 104.2 million as against US$ 136.6 million.

    Stocks that contributed significantly to the volumes include UNITYR2, HASCOL, WTL, POWER and TRG, which formed 31 percent of total volumes.

    Stocks that contributed positively to the index include MTL (+23 points), HUBC (+20 points), KTML (+16 points), KAPCO (+14 points) and PSO (+13 points). Stocks that contributed negatively include TRG (-41 points), MCB (-19 points), HCAR (-18 points), POL (-16 points) and DAWH (-16 points).

  • Rupee slips by 50 paisas on import payment demand

    Rupee slips by 50 paisas on import payment demand

    KARACHI: The Pak Rupee has slipped by 50 paisas against dollar on Monday owing to higher demand for import and corporate payment on the first day of the week.

    The rupee ended Rs168.38 to the dollar from last Friday’s closing of Rs167.88 in interbank foreign exchange market.

    Currency experts said that the demand was seen for the foreign currency as market was opened after two weekly holidays.

    The experts however said that external inflows would help the rupee to rebound in coming days.

    The liquid foreign exchange reserves of the country increased by $651 million by week ended July 30, 2020 owing to foreign inflows.

    The total foreign exchange reserves of the country increased by $651 million to $19.563 billion by week ended July 30, 2020 as compared with $18.912 billion a week ago.

    The official foreign exchange reserves of the SBP increased by $566 million to $12.542 billion by week ended July 20, 2020 as compared with $11.976 billion a week ago.

  • SBP enhances loan limits to facilitate borrowers

    SBP enhances loan limits to facilitate borrowers

    KARACHI: State Bank of Pakistan (SBP) has enhanced limits of loans in various categories in order to facilitate borrowers to meet demand in present conditions.

    The central bank in a statement on Monday said that it had enhanced the limits for housing finance and microenterprise loans up to Rs3 million from the existing limit of Rs1 million for borrowings from the microfinance banks. Likewise, the maximum size of general loans has been enhanced from Rs150,000 to Rs350,000.

    Further, to commensurate with enhanced loan sizes, annual income eligibility for general loans and housing loans has been increased up to Rs1.2 million and Rs1.5 million, respectively. Moreover, the limit for lending against gold collateral to meet borrowers’ immediate domestic or emergency needs has also been enhanced.

    The decision to increase the limit of housing finance loans has been made in view of the fact that the existing loan limit was insufficient to promote low cost housing finance through MFBs. Similarly, limits for lending to micro enterprises needed to be enhanced considering the large unmet demand from Micro & Small Enterprise (MSEs).

    These initiatives would further support the micro borrowers and enterprises and an early revival of economic activities in the current challenging times. However, in order to ensure sustainability, the enhanced loans sizes for housing and microenterprises would be allowed to those MFBs which are on sound footing and have the capacity to successfully cater the higher loan sizes.

    In addition, SBP Relief Package for microfinance banks, which included deferment of principal and restructuring of microfinance loans to deal with the adverse implications of the ongoing Covid-19 pandemic, have now been expanded with three measures.

    First, the relief measures that were earlier available from Feb 15, 2020 have now been allowed to borrowers who were regular on December 31, 2019.

    This would allow more borrowers to avail the regulatory relief who were previously not eligible. Second, to facilitate MFBs during these testing times, the provisioning requirements have been extended by 2-months; and third, client’s consent through recorded lines has been allowed to facilitate the customers to avail the relief package.

  • IRS bureaucracy shaken

    IRS bureaucracy shaken

    ISLAMABAD: Federal Board of Revenue (FBR) has shaken the Inland Revenue bureaucracy and around 97 senior officials were transferred, sources said on Monday.

    According to the sources around 83 officers of BS-20 out of the total 97 were part of this major reshuffle.

    The sources said that BS-20 is the key post and usually this official grade had portfolio of Commissioner Inland Revenue.

    The FBR so far issued four notifications i.e. one on August 08, 2020 and three more on August 10, 2020 to make changes in the IR bureaucracy.

    The sources said that usually when a new chairman assume the charge the posting transfers were normal.

    It is important to note that Ms. Nausheen Javaid Amjad, a BS-22 officer of IRS was removed from the post of FBR Chairperson on July 04, 2020 after severing only four months on this key post.

    Muhamamad Javed Ghani, BS-22 officer of Pakistan Customs Service (PCS) has been given additional charge of FBR chairman for a period of three months on July 07, 2020.

    It is surprising to see a large number of posting and transfers in Inland Revenue Service (IRS) especially for the key posts of BS-20 when the FBR has not full-time chairman.

    Following are the postings and transfers orders issued by the FBR.

    01. 1406-IR-I/2020 dated August 08, 2020

    02. 1408-IR-I/2020 dated August 10, 2020

    03. 1410-IR-I/2020 dated August 10, 2020

    04. 1420-IR-I/2020 dated August 10, 2020

  • Non-ATL to pay 0.6pc withholding tax on cash withdrawal

    Non-ATL to pay 0.6pc withholding tax on cash withdrawal

    ISLAMABAD: Federal Board of Revenue (FBR) has said that 0.6 percent withholding tax shall be collected on cash withdrawal of Rs50,000 each day by persons not on the Active Taxpayers List (ATL).

    The FBR updated withholding tax card 2020-2021 after incorporating amendments to Income Tax Ordinance, 2001 made through Finance Act, 2020. The FBR issued the withholding tax card updated up to June 30, 2020.

    The withholding tax rates on cash withdrawal from banking companies shall remain same for tax year 2021 (2020-2021).

    According to the withholding tax card every banking company shall collect/deduct withholding tax from account holders withdrawing cash. The tax shall be deducted at the time the cash is withdrawn.

    The withholding tax on cash withdrawal was introduced in year 2005 by inserting Section 231A to the Income Tax Ordinance, 2001.

    Under this section the banks are required to collect 0.6 percent of cash withdrawn above Rs50,000 per day.

    It has been clarified by the FBR that the said Rs50,000 shall be aggregate withdrawals from all the bank accounts in a single day.

    There were two different tax rates for filers and non-filers of income tax returns were applicable on the cash withdrawn from banking system.

    However, in order to ease burden on the compliant tax payers through Finance Act, 2019 the amendments were made and the tax rate is now only those persons who are not on the ATL.