KARACHI: The State Bank of Pakistan (SBP) has instructed banks across the country to observe extended hours on December 8, 2020, in a move aimed at facilitating taxpayers in making timely payments of duties and taxes.
(more…)Day: December 7, 2020
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Share market ends down by 92 points
KARACHI: The share market ended down by 92 points on Monday while trading in narrow range during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 42,115 points as against 42,207 points, showing a decline of 92 points.
Analysts at Arif Habib Limited said that the market traded in a narrow range today after opening on a positive note with +41 points.
The session saw index swaying +114 points and -160 points, demonstrating Investors general lack of interest due to concerns over political uncertainty.
Selling pressure was mostly evident in Cement sector stocks, however, E&P stocks also failed to perform amid sticky oil prices in the international market.
Technology sector stocks performed relatively better with NETSOL hitting upper circuit, while TRG trading in the positive zone.
Although ASL and ISL increased product prices, the market didn’t react as positively as they could have. Among scrips, TRG topped the volumes with 41.2 million shares, followed by UNITY (33.2 million) and GGLR1 (18 million).
Sectors contributing to the performance include E&P (-54 points), Cement (-26 points), O&GMCs (-14 points), Banks (-12 points), Power (-12 points), Technology (+19 points) and Insurance (+14 points).
Volumes declined from 427.9 million shares to 380.5 million shares (-11 percent DoD). Average traded value also declined by 2 percent to reach US$ 111.6 million as against US$ 113.3 million.
Stocks that contributed significantly to the volumes include TRG, UNITY, JSCL, PRL and AVN, which formed 32 percent of total volumes.
Stocks that contributed positively to the index include TRG (+16 points), AICL (+13 points), BAHL (+12 points), NESTLE (+9 points) and EPCL (+7 points). Stocks that contributed negatively include OGDC (-27 points), PPL (-25 points), MCB (-15 points), DAWH (-10 points) and LUCK (-10 points).
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Tax Return Filing: KCCI urges Prime Minister to facilitate taxpayers
KARACHI: Karachi Chamber of Commerce and Industry (KCCI) – the largest chamber in the country – has requested the prime minister to grant extension in the last date for filing return of income up to January 31, 2021.
KCCI in this regard sent a letter to Prime Minister Imran Khan on Monday and requested to extend the last date for filing income tax return.
It is important to note that the business community is approaching the executive of the country after the Federal Board of Revenue (FBR) refused to facilitate taxpayers to comply with mandatory requirement.
KCCI president Shariq Vohra has requested the government to extend the last date for filing Income Tax returns up to January 31, 2021 as many taxpayers have not been able to file their returns on time due to COVID-19 pandemic.
President KCCI has written a letter to Prime Minister Imran Khan in which it has been pointed out that the entire nation including taxpayers were hard hit by the first wave of Covid-19 and now second wave has gripped masses including the taxpayers particularly and tax practitioners which is a serious life threat for everyone.
Hence, the Federal Board of Revenue (FBR) must be directed to extend the last date for filing income tax return up to January 31, 2021 which would be widely appreciated by the business community, he added.
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Tax Return Filing: FPCCI approaches advisor to Prime Minister for date extension
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has approached advisor to Prime Minister on finance for the grant of extension in date for income tax returns for tax year 2020.
The last date for filing income tax return is December 08, 2020. However, the Federal Board of Revenue (FBR) has categorically rejected to extend the last date with the argument that it had already provided statutory time to taxpayers for making compliance.
On the other hand, taxpayers, tax practitioners/consultants and business community are of the view that they are facing difficulties such as calculation errors on the IRIS portal. Besides, the working environment is not friendly due to spread of coronavirus.
In this regard, Mian Anjum Nisar, President FPCCI and Sheikh Sultan Rehman Vice President have urged the Advisor to the Prime Minister on Finance Dr. Abdul Hafeez Shaikh, and FBR Chairman Muhammad Javed Ghani to extend deadline for filing Annual Income Tax Returns from December 08, 2020 to February 15, 2021.
The President FPCCI said that a large number of business community members have not been able to file their tax returns mainly due to COVID-19 effects on whole of the working environment and now the second wave which is more severe and requiring strict observation of SoPs has also significantly disturbed business activities all over the country.
This has slowed down the normal economic and commercial activities.
He further informed that there are also some discrepancies being faced by the filers in filling of Income Tax Return when a tax payer is requested to file two types of returns relating to partnerships / importers & suppliers.
Mian Anjum Nisar President FPCCI and office bearers of the FPCCI have requested to extend the deadline of filing of Income Tax Return till February 15, 2021 as huge returns are pending for submission due to certain discrepancies while filling the returns, political situation and above all the severe COVID-19 rise in cases all over the country.
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FBR disappoints return filing date extension seekers with new instructions
ISLAMABAD: Federal Board of Revenue (FBR) on Monday issued new instructions to its tax offices for extension in filing income tax returns in special cases.
The new instructions have disappointed tax consultants, practitioners and business community, who approached the FBR with request to extend the last date for filing income tax return beyond December 08, 2020.
As only one day is left for filing income tax return for tax year 2020 the FBR issued instructions to field offices to facilitate taxpayers in granting date extension provided that requests are filed with genuine reasons for non-compliance by due date.
The FBR has already made it clear that it would not further extend the last date for filing income tax return beyond December 08, 2020 as statutory time of 90 days granted to taxpayers for making compliance.
It is worth mentioning that Pakistan Tax Bar Association (PTBA) in its letter on December 02, 2020 urged the FBR to extend the last date up to January 31, 2020 due to multiple reasons. The primary reasons identified by the tax bar was miscalculation in tax rate for different taxpayers.
Further, it also identified the extraordinary situation due to coronavirus which restricted workforce to half besides halting the working activities due to lockdown imposed in various parts of the country.
However, the FBR on Monday issued instructions to all the field offices regarding manual receipt of applications for extension to file income tax return for tax year 2020.
The FBR again clearly mentioned that it would not further extend the date for filing income tax returns for tax year 2020. However, as per the new instructions application may be filed manually to commissioner Inland Revenue covering many taxpayers for extension in date for filing tax returns.
The FBR directed the tax offices:
(i) That, every Inland Revenue field formation would establish a help desk to receive manual requests for extension;
(ii) That, one request for extension addressed to chief commissioner Inland Revenue concerned could cover multiple taxpayers provide it contains taxpayers’ name; CNIC.NTN and identification of jurisdiction.
(iii) That the option for filing online request for extension would also be available and can be availed to the maximum degree; and
(iv) That, extension would be granted generously to the extent possible.
The FBR further directed the chief commissioner to ensure proper receipt of all requests, grant of extension, and report the number of requests received, and the extension granted by December 10, 2020.
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Rupee falls by 19 paisas on import payment demand
KARACHI: The Pak Rupee fell by 19 paisas against the dollar on Monday owing to higher demand for import and corporate payments.
The rupee ended Rs160.32 to the dollar from last Friday’s closing of Rs160.13 in the interbank foreign exchange market.
Currency experts said that the higher dollar demand was due to the market was opened after two days weekly holidays.
They hoped that they the local currency likely to gain in coming days due to strong economic fundamentals.