Pkrevenue.com

Day: November 15, 2020

  • Prices of petrol, diesel reduced for next fortnight

    Prices of petrol, diesel reduced for next fortnight

    ISLAMABAD: The federal government on Sunday decided to reduce prices of petroleum products for next fortnight effective from November 16, 2020.

    A statement issued by the finance division said that the price of petrol has been reduced by Rs1.71 per liter and rate of high speed diesel reduced by Rs1.79 per letter.

    The new prices of petroleum products will be as under effective from November 16, 2020:

    Petrol Rs100.69/liter

    High Speed Diesel Rs101.43/liter

    Kerosene Oil Rs 65.29/liter

    Light Diesel Oil Rs62.86

    SBP allows banks to accept electronic warehouse receipts as collateral for financing
  • Reduced tax rate criteria for Shari’ah compliant listed companies

    Reduced tax rate criteria for Shari’ah compliant listed companies

    In a bid to promote and incentivize Shari’ah-compliant business practices, the Federal Board of Revenue (FBR) has issued a set of criteria defining the eligibility for reduced tax rates for companies whose shares are traded on a stock exchange.

    (more…)
  • MCC Islamabad announces auction of vehicles on November 17

    MCC Islamabad announces auction of vehicles on November 17

    ISLAMABAD: Model Customs Collectorate (MCC) Islamabad has announced auction of vehicles to be held on November 17, 2020 at Maralla Dry Port 1-9 Industrial Area, Islamabad.

    The collectorate to offer following vehicles for the auction;

    01. Chinese SUV-2007, Chassis No. LNGNG35EG17MA70874

    02. BMW Car, Model 2002, Chassis No. wbaGL42040DD79670

    03. Ambulance, Model 2004, Chassis No. VF1FB30AH14443523

    04. Mercedes Benz MB Van, 2003, Chassis No. KPD6612273P171189

    05. Toyota Passo Car Model, 2004, Chassis No. KGC10-0002057

    06. Suzuki Van Model, 2006, Chassis No. 926664

    07. Toyota Passo Car, Model 2006, Chassis No. KGC10-0102378

    08. Toyota Passo Car, Model 2004, Chassis No. KGC10-0025753

    09. Toyota Vitz Car Model 2003, Chassis No. SCP10-5026066

    10. Mitsubishi Pajero Car, Model 2003, Chassis No. JMYLNV76W4J000350

    11. Toyota Corolla Car, Model 1996, Chassis No. CE110-5006902

    12. Toyota Hiace, Model 1993, Chassis No, LH114-6002865

    13. Toyota Pickup, Model 1982, Chassis No. FJ-45316524

    14. Toyota Vitz Car, Model 2000, Chassis No. SCP10-3005476

    15. Honda Civic Reborn Car, Model 2011, Chassis No. FDI-1003456

    16. Honda Civic Car, Model 2007, Chassis No. JHMFD36208D200027

    17. Honda Civic Reborn Car, Model 2009, Chassis No. FD3-1004634

    18. Honda Civic Car, Model 2002, Chassis No. ES1-1203597

    19. Mitsubishi Pajero Car, Model 2005, Chassis No. JMYLNV76w6J000581

    20. Nissan X-Trial Comfort, Model 2004, Chassis No. JNITENT30Z0005883

    21. Toyota Hiace, Model 2007, Chassis No. JTFK02P500007221

    22. Toyotta Hiace Van, Model 1994, Chassis No. LH1140015931

    23. Honda Civic Hybrid Car, Model 2007, Chassis No. FD3-1302478

    24. Honda Civic Reborn, Model 2007, Chassis No. FD2-1300158

    25. Toyota Prius Car, Model 2001, Chassis No. ZVW30-5174016

    26. Toyota Vitz Car, Model 2003, Chassis No. SCP13-0012578

    27. Honda Civic Rebord Car, Model 2008, Chassis No. JHMFD46208S201883

  • Procedure for registration of tax informer

    Procedure for registration of tax informer

    ISLAMABAD: Federal Board of Revenue (FBR) has issued rules for registration of a person as an informer under income tax, sales tax and federal excise laws.

    According to Income Tax Rules, 2002 (updated September 08, 2020), the FBR said that any person desirous of getting himself registered as an informer may make an application to the Chief Commissioner for registration.

    The application shall be accompanied by the following documents namely:

    (a) copy of the Computerized National Identity Card of the applicant;

    (b) copy of national tax number (NTN) certificate; and

    (c) a duly sworn in affidavit stating therein that the information being provided is correct and nothing has been concealed there from and that in case any incorrect information is provided or any information is concealed he shall be liable to penal action under the laws for the time being in force.

    The FBR said that an informer shall submit any information regarding concealment or evasion of tax leading to detection or collection of taxes, fraud, corruption or misconduct that is in his possession to the Chief Commissioner giving precise details of the alleged act along with all supporting evidences that are in his possession:

    Provided that no information shall be entertained unless it gives precise details of the alleged act and is accompanied with the supporting evidences.

    On receipt of the information, the Chief Commissioner shall scrutinize the information and forward it to the concerned Commissioner.

    On receipt of the information from the Chief Commissioner, the concerned Commissioner shall conduct such further enquiry as he may deem fit and submit his report to the Chief Commissioner.

    On completion of the enquiry, the concerned Commissioner shall take such further action as may be required under the tax laws or any other law for the time being in force, as may be necessary on the basis of the facts of the case, and furnish his report to the Chief Commissioner.

    Notwithstanding anything contained in these rules, an informer, who −

    (a) has knowingly provided false information under these rules; or

    (b) has provided the information under these rules with the intention to intimidate or blackmail a person, or to bring him into disrepute, or to otherwise cause him financial loss, shall be liable to punishment and fine under the tax laws and other laws for the time being in force.

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