In a bid to enhance transparency and provide clarity in customs matters, the Federal Board of Revenue (FBR) has notified the rules for issuing advance rulings.
(more…)Day: November 13, 2020
-
Committee advised to simplify procedure ensure collection transparency
Dr. Abdul Hafeez Shaikh, the Adviser to the Prime Minister on Finance and Revenue, presided over a virtual meeting of the Federal Board of Revenue (FBR) Technical Committee on Friday. The primary focus of the meeting was to streamline and simplify procedures within the FBR, ensuring clarity and transparency in the process of revenue collection.
(more…) -
Rate of tax on payment through debt, credit cards
The Federal Board of Revenue (FBR) has announced updates to the rate of income tax applicable to payments made abroad through credit or debit cards during the tax year 2021 (July 01, 2020, to June 30, 2021).
(more…) -
Share market witnesses narrow range trading
KARACHI: The share market experienced a day of fluctuating activity on Friday, with the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) ending with a marginal gain of 5 points. The index closed at 40,569 points, compared to the previous day’s closing of 40,564 points, reflecting the restrained movement throughout the session.
(more…) -
Rupee gains against dollar for 23rd consecutive days
Karachi, Pakistan: The Pakistani Rupee (PKR) extended its winning streak against the US Dollar (USD) for the 23rd consecutive trading day on Friday.
(more…) -
HUBCO issues Sukuk wroth Rs6bn for capital requirements
KARACHI: The Hubco Power Company Limited (HUBCO) has issued Sukuk worth Rs6 billion for financing the ongoing capital requirement of the company.
In a communication sent to Pakistan Stock Exchange (PSX) on Friday, it said that HUBCO through its wholly owned subsidiary, Hub Power Holding Limited, had executed and issued an Islamic Shariah compliant discounted Sukuk of Rs6 billion.
The Sukuk is partnered with Arif Habib Limited as its arranger, Meezan Bank as Shariah Adivsor and is subscribed by financial institutions, investment companies and other eligible institutions.
“The purpose of this Sukuk is to finance the ongoing capital requirements of the company,” it added.
-
Tax offices issue notices for already filed return of income
KARACHI: Tax offices are issuing notices to a number taxpayers for filing income tax returns of past years, where the taxpayers have already made compliance.
(more…) -
Committee discusses unsold spectrum of next generation mobile services
ISLAMABAD: Dr. Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance and Revenue on Thursday chaired a meeting of the advisory committee for the release of unsold spectrum of next generation mobile services (NGMS).
Minister for Science and Technology, Fawad Chaudhry also participated in the meeting.
The committee was briefed by Chairman PTA and Secretary, Ministry of Information Technology about the latest developments on the sale of available spectrum of next generation mobile services.
The members of Frequency Allocation Board also shared their input on the subject.
The committee was briefed that the process for hiring of the consultant for the sale of available spectrum would be completed within 60 days and report will be prepared and submitted before the committee accordingly.
It is expected that the initial report will be ready by December 2020.
The process for the sale of spectrum will follow after the hiring of the consultant and tentatively would be completed within this financial year.
Adviser Finance, as Chairman of the Committee, directed to complete the task of the hiring of the consultant at the earliest.
He also stated that the whole process of auction must be transparent and an officer may be designated to apprise the public about the progress regarding sale of spectrum on regular basis.
The whole process would contribute towards strengthening and expanding communications / IT Services across the country, would create more job opportunities, and improve the ease of doing business.
The next meeting of the Advisory Committee is expected to take place in December 2020.
-
Jazz pays Rs5 billion income tax liability on court order
ISLAMABAD: Pakistan Mobile Communication Limited (PMCL) – the operator of Mobilink / Jazz on Thursday paid an amount of Rs5 billion out of total Rs22 billion as tax demand created by Large Taxpayers Office (LTO) Islamabad.
The payment has been made as per the directions of Islamabad High Court (IHC) order in Income Tax reference No. 32/2020 dated November 10, 2020.
Earlier, the IHC allowed PMCL to deposit an amount of Rs5 billion against income tax liability.
A division bench of the IHC in a hearing on November 10, 2020 granted the application of the petitioner i.e. PMCL to deposit Rs5 billion. The high court also granted interim relief to the petitioner and suspended notices sent to the applicant under Section 140 of the Income Tax Ordinance, till the next date of hearing i.e. December 02, 2020.
During the proceedings the counsel for the petitioner submitted that the petitioner was willing and ready to pay a sum of Rs5 billion.
The counsel for the Federal Board of Revenue (FBR) submitted that the sum offered to be deposited by the petitioner was meager as compared to the total liability. The counsel submitted that the applicant is liable to pay a sum of Rs22 billion plus penalty etc.
The LTO Islamabad last month initiated tax recovery of Rs25 billion from M/s. PMCL by sealing of its business premises.
The LTO Islamabad took the action against the mobile operator as income tax amount Rs25.39 billion was outstanding against the defaulter.
“The defaulter is refraining itself deliberately, dishonestly and without lawful excuse to discharge tax liability and thus causing huge loss to the national exchequer,” according to a notice of LTO Islamabad.
While responding to the report, the PMCL issued the following statement:
“Jazz is a law-abiding and responsible corporate citizen. Our contribution to Pakistan’s economy over the past 25 years is significant.
“We have received a notice from FBR this afternoon. Jazz has made tax submissions based on legal interpretations of the tax owed. We will review and take measures under our legal obligations and will collaborate with all concerned institutions for an early resolution of this issue.”
Related Stories