Pkrevenue.com

Day: November 27, 2020

  • FBR notifies transfer, postings of customs officers

    FBR notifies transfer, postings of customs officers

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday notified transfer and posting of officers of Pakistan Customs Service (PCS) in BS-17 to BS-19 with immediate effect and until further orders.

    The FBR notified transfers and postings of following officers:

    01. Shoukat Ali (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate General of Input Output Coefficient Organization, Karachi from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    02. Syed Fazal Samad (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 Secretary, Federal Board of Revenue (Hq), Islamabad.

    03. Amanullah (Pakistan Customs Service/BS-18) has been transferred and posted as Secretary, (OPS) (Customs Wing) Federal Board of Revenue (Hq), Islamabad from the post of Deputy Collector, Model Customs Collectorate of Appraisement and Facilitation (East), Karachi

    04. Shams-ur-Rehman (Pakistan Customs Service/BS-18) has been transferred and posted as Additional Director (OPS), Strategic Exports Control, Ministry of Foreign Affairs, Islamabad, on Deputation from the post of Deputy Collector, Model Customs Collectorate of Appraisement and Facilitation, Quetta.

    05. Muhammad Omer Latif (Pakistan Customs Service/BS-17) has been transferred and posted as Second Secretary, (Customs Wing) Federal Board of Revenue (Hq), Islamabad from the post of Assistant Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi.

    06. Muhammad Zahid Khan (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Appraisement and Facilitation, Peshawar from the post of Assistant Director, Directorate of Transit Trade, Peshawar.

    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.

  • Return filing mandatory for Pakistanis having foreign assets

    Return filing mandatory for Pakistanis having foreign assets

    ISLAMABAD: Pakistanis having income and assets abroad are required to file annual income tax return under Section 114 of the Income Tax Ordinance, 2001.

    According to Section 114 of the Ordinance the return filing is mandatory for: “(x) is a resident person being an individual required to file foreign income and assets statement under section 116A.”

    The Section 116A of the Ordinance was introduced through Finance Act, 2018.

    According to this section every resident taxpayer being an individual having foreign income of not less than ten thousand United States dollars or having foreign assets with a value of not less than one hundred thousand United States dollars shall furnish a statement, hereinafter referred to as the foreign income and assets statement, in the prescribed form and verified in the prescribed manner giving particulars of—

    (a) the person’s total foreign assets and liabilities as on the last day of the tax year;

    (b) any foreign assets transferred by the person to any other person during the tax year and the consideration for the said transfer; and

    (c) complete particulars of foreign income, the expenditure derived during the tax year and the expenditure wholly and necessarily for the purposes of deriving the said income.

  • Resident Pakistanis not allowed investing in Naya Pakistan Certificates: FBR

    Resident Pakistanis not allowed investing in Naya Pakistan Certificates: FBR

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday clarified that resident Pakistanis are not allowed to invest in Naya Pakistan Certificates (NPCs).

    The FBR issued clarification to a news appeared in a national daily. The FBR said that the only non-resident individuals can purchase Naya Pakistan Certificate, who maintain bank account abroad or foreign currency account maintained in Pakistan. “It is also clarified that such individuals are not required to file returns of income,” according to a statement issued by the FBR.

    However, the FBR clarification is contrary to the explanation of the ministry of finance and State Bank of Pakistan (SBP). In a joint press release issued by the ministry of finance and the SBP on November 12, 2020 clearly mentioned: “Resident Pakistanis who have declared their assets abroad can also invest in US denominated NPCs.”

    The FBR explained in details the legal provisions of Income Tax Ordinance, 2001 about the treatment of tax for non-resident.

    The FBR said that Naya Pakistan Certificate, a new instrument launched by the Government/ State Bank of Pakistan, qualifies as debt instrument in terms of Clause (5AA) of Part-II of the Second Schedule of the Income Tax Ordinance, 2001.

    Therefore, profit on debt on the Naya Pakistan Certificate is subject to tax at the rate of 10 percent which is final tax.

  • Rising coronavirus cases may impact revenue collection in second quarter

    Rising coronavirus cases may impact revenue collection in second quarter

    ISLAMABAD: The ministry of finance has said that the rising cases of coronavirus may slowdown economic activities and adversely impact revenue collection in second quarter (October – December) of the current fiscal year.

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  • Stock market sheds 224 points on buying activity

    Stock market sheds 224 points on buying activity

    KARACHI: The stock market has lost 224 points on Friday as the market witnessed buying activity during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,807 points as against 41,031 points showing a decline of 224 points.

    Analysts at Arif Habib Limited said that the market opened on a negative note today with -54 points and closed the first session -133 points.

    Index lost a total of 278 points during the session, however, buying activity in banks, cement, refineries and technology sector helped the index gain some points. The index closed -224 points.

    E&P and Cement sector stocks observed selling pressure primarily due to concerns on slow cement dispatches as well as staid crude prices. Among scrips, UNITY led the volumes with 53.4 million shares, followed by TRG (45.8 million) and KEL (23.1 million).

    Sectors contributing to the performance include E&P (-86 points), Cement (-51 points), Fertilizer (-38 points), Banks (-31 points) and O&GMCs (-23 points).

    Volumes increased from 389.2 million shares to 397.8 million shares (+2 percent DoD). Average traded value however, declined by 18 percent to reach US$ 82.5 million as against US$ 100.5 million.

    Stocks that contributed significantly to the volumes include UNITY, TRG, KEL, HUMNL and MLCF, which formed 41 percent of total volumes.

    Stocks that contributed positively to the index include TRG (+40 points), MTL (+17 points), COLG (+11 points), UNITY (+7 points) and SCBPL (+4 points).

    Stocks that contributed negatively include PPL (-33 points), LUCK (-28 points), OGDC (-24 points), ENGRO (-22 points) and HUBC (-18 points).

  • OGDCL announces gas discovery in Balochistan

    OGDCL announces gas discovery in Balochistan

    KARACHI: Oil and Gas Development Company Limited (OGDCL) on Friday announced discovery of natural gas from its well located in the province of Balochistan.

    In a communication sent to Pakistan Stock Exchange (PSX), the company – as 100 percent operator – informed that it had discovered gas from its exploratory well Kakhirud X-1 located in District Musa Khel, Balochistan Province.

    The structure of Lakhirud X-1 was drilled and tested using OGDCL in-house expertise. The well was drilled down to the depth of 3000 meters. Based on logs data, the well was tested at rate of 2.5 million standard cubic feet per day (MMSCFD) of gas 18 barrels per day (BPD) of water through 32/64” choke at wellhead flowing pressure of 600 pounds per square inch (Psi) from Mughal Kot Formation.

    “The discovery of Lakhirud X-1 has opened a new avenue and would add to the hydrocarbons reserves base of OGDCL,” the company said.

  • Rupee ends down by 20 paisas on higher import payment demand

    Rupee ends down by 20 paisas on higher import payment demand

    KARACHI: The Pak Rupee fell by 20 paisas against the dollar on Friday owing to higher demand of the foreign currency for import and corporate payments.

    The rupee ended at Rs159.46 to the dollar from the previous day’s closing of Rs159.26 in the interbank foreign exchange market.

    Currency dealers said that the higher demand of the greenback was seen due to upcoming weekly holidays.

    Experts believed that the rupee is likely to gain value against the dollar in coming days due to improved economic indicators and increase in the foreign exchange reserves.

    The liquid foreign exchange reserves of the country have increased by $467 million to $20.552 billion by week ended November 20, 2020, State Bank of Pakistan (SBP) said a day earlier.

    The foreign exchange reserves of the country were at $20.085 billion by week ended November 13, 2020.

    The official reserves of the SBP increased by $484 million to $13.415 billion by week ended November 20, 2020 as against $12.931 billion a week ago.

    The SBP attributed the increase to official government inflows.

    The reserves held by commercial banks eased by $17 million to $7.137 billion by week ended November 20, 2020 as against $7.154 billion a week ago.

  • FBR issues simplified return form for taxpayers having turnover less than Rs50 million

    FBR issues simplified return form for taxpayers having turnover less than Rs50 million

    ISLAMABAD: Federal Board of Revenue (FBR) has launched a single page simplified draft income tax return form for business individuals and Association of Persons (AOPs) having annual turnover less than Rs50 million.

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