Pkrevenue.com

Month: October 2020

  • FBR to monitor sugar production through surveillance cameras

    FBR to monitor sugar production through surveillance cameras

    ISLAMABAD: Federal Board of Revenue (FBR) will monitor production of sugar through surveillance cameras that will be installed at sugar mills.

    In this regard a Memorandum of Understanding (MoU) was signed between FBR and Pakistan Sugar Mills Association (PSMA).

    The signing ceremony was held at FBR headquarter. Member IR Operations Dr. Muhammad Ashfaq Ahmed signed the agreement on behalf of the FBR and PSMA President Sikandar Khan signed on behalf of the association.

    The FBR on September 21, 2020 issued rules regarding monitoring of production through video links.

    On the occasion, Dr. Muhammad Ashfaq, Member IR-Operations said that the FBR was taking all measures to reduce interaction between tax officials and taxpayers and trying to facilitate taxpayers for ease of doing business.

    In this regard vide analytics has been introduced, he said, adding that through this technology the monitoring of production would be done through advanced cameras.

    He said that FBR would take help of this technology to monitor sugar production for accurate estimates and tax collection.

    PSMA President Sikandar Khan praised the FBR initiatives and said that the sugar mills had voluntarily agreed on electronic monitoring of sugar production.

    He hoped that the efforts of FBR to use technology and it would improve image of the tax organization.

    Tariq Shaikh, Project Director briefed the participants on video analytics and said that recognized vendors would provide technological support to sugar mills and through this the production sites would be directly connected to FBR’s control room.

  • SRB collects Rs26.38 billion in July – September

    SRB collects Rs26.38 billion in July – September

    KARACHI: Sindh Revenue Board (SRB) has collected Rs26.38 billion in July – September of the current fiscal year as compared with Rs22.89 billion in the same period of the last fiscal year, showing a growth of 15.2 percent.

    A statement on Thursday said that heavy rains in the month of August 2020 severely compounded the woes of service sector businesses, already immensely high by COVID-19. Had that not been the case, the quarterly growth achieved by the SRB would have been better, it added.

    During the month of September 2020, SRB collected Rs10.43 billion as compared to the collection of Rs8.9 billion during September 2019, showing a growth of 16.4 percent.

    The SRB said that it acknowledged the support of the provincial government and dedication of its officials for realizing the revenue growth during the month and on the quarterly basis.

    The SRB is focusing to achieve the assigned revenue collection target of Rs135 billion during the current fiscal year, although, the target is ambitious with a growth of 27 percent as compared to the collection of Rs106 billion during the last fiscal year.

  • FBR sets up cell to probe bogus refund claims

    FBR sets up cell to probe bogus refund claims

    ISLAMABAD: Federal Board of Revenue (FBR) has established a cell to probe fake refund claims in order to make system transparent.

    (more…)
  • Foreign exchange reserves dip by $369 million

    Foreign exchange reserves dip by $369 million

    KARACHI: The liquid foreign exchange reserves of the country fell by $369 million to $19.535 billion by week ended September 25, 2020, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were at $19.904 billion by week ended September 18, 2020.

    The official reserves of the SBP have come down by $342 million to $12.36 billion by week ended September 25, 2020 as compared with $12.702 billion a week ago.

    The central bank attributed the decline to the government external debt payments amounting to $311 million, and other official payments.

    The foreign exchange reserves held by commercial banks fell by $27 million to $7.175 billion by week ended September 25, 2020 as compared with $7.202 billion a week ago.

  • Share market gains 105 points amid profit taking

    Share market gains 105 points amid profit taking

    KARACHI: The share market gained 105 points on Thursday as selling pressure continued and investors opted for profit taking.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,676 points as against 40,571 points showing an increase of 105 points.

    Analysts at Arif Habib Limited said that the selling pressure continued unabated today, which saw Index slipping another 458 points during the session, however, sporadic buying in blue chip stocks especially Cement sector and otherwise HBL & UBL among Banks and PSO in O&GMCs brought the index back into positive.

    Last half hour saw index posting gain of 110 points. Past sessions have seen the effect of redemptions from mutual fund investors to cause havoc in otherwise calm market.

     Market has lost roughly 2000 points from its recent highs and in the process has brought attrition in Cement, Steel and banking sector scrips. Among scrips, HASCOL topped the volumes with 67.6 million shares, followed by KEL (28.8 million) and UNITY (26 million).

    Sectors contributing to the performance include Banks (+94 points), Cement (+51 points), Chemical (+20 points), E&P (+16 points) and Technology (-25 points).

    Volumes declined further from 473.8 million shares to 371.7 million shares (-22 percent DoD). Average traded value also dropped by 19 percent to reach US$ 75.8 million as against US$ 93.2 million.

    Stocks that contributed significantly to the volumes include HASCOL, KEL, UNITY, TRG and PIBTL, which formed 43 percent of total volumes.

    Stocks that contributed positively to the index include HBL (+30 points), MCB (+30 points), UBL (+28 points), DGKC (+25 points) and ENGRO (+19 points). Stocks that contributed negatively include TRG (-21 points), HASCOL (-20 points), MEBL (-18 points), BAHL (-9 points) and HUBC (-9 points).

  • Rupee gains 70 paisas against dollar

    Rupee gains 70 paisas against dollar

    KARACHI: The Pak Rupee gained 70 paisas against dollar on Thursday owing to inflows of export receipts and workers’ remittances, dealers said.

    The rupee ended Rs165.00 to the dollar from previous day’s closing of Rs165.70 in interbank foreign exchange market.

    Currency dealers said that the inflows of export receipts and workers’ remittances had supported the rupee to make gain.

    On the other hand, the demand for the greenback was eased after the quarter end (July – September), which also supported the rupee.

    The currency experts said that the rupee may strengthen further in coming days owing to positive economic indicators.

  • FBR issues valuation for sale of used cars

    FBR issues valuation for sale of used cars

    ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued valuation for used cars for purpose of collecting sales tax.

    The FBR issued SRO 93(I)/2020 to amend Sales Tax Rules, 2006. The FBR issued the rules to implement to the law introduced through Finance Act, 2020 to determine the valuation of used cars.

    The FBR inserted Rule 164A to the Sales Tax Rules, 2006, which stated:

    “164A. Supply of used vehicles.

    (1) Where a registered person is engaged in the business of purchasing and selling used vehicles from general public on which sales tax had already been paid at the time of import or manufacturing, the value of the supply shall be worked out in accordance with the sub-rule (2).

    (2) The value of supply shall be worked out in accordance with the following formula, namely: A-B

    Where

    A is the consideration in money, including all charges and fees but excluding the amount of sales tax charged, received by the registered person from the buyer of the used vehicle; and

    B is the consideration in money, including all charges and fee, paid by the registered person to the seller of the used vehicles:

    Provided that the whole amount paid or received against the above mentioned transactions is made through banking channel as required under Section 73 of Sales Tax Act, 1990;

    Provided further that in case a vehicle is sold at a price lower than its purchase price, the value determined under this sub-rule shall be deemed to be zero.

    (3) No input tax credit shall be allowed to the registered person which is attributable to any goods or services acquired for the purposes of selling used vehicles.”

  • FBR extends date for filing tax return up to December 08

    FBR extends date for filing tax return up to December 08

    ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday extended the last date for filing income tax return up to December 08, 2020 from September 30, 2020.

    The FBR issued Circular No. 04 of 2020 to extend the date of filing of income tax returns/statements for the tax year 2020 as under:

    The individuals and association of persons who were required to file their income tax returns/statements of final taxation for the tax year 2020 which were due on September 30, 2020, but failed to file their income tax returns / statements, are allowed to file their return/statements by December 08, 2020.

    Further, the companies which were required to file returns of total income/statements of final taxation for the tax year 2020, which were due on September 30, 2020 but failed to file their income tax returns/statements have been allowed to file their returns/statements by December 08, 2020.