ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday constituted complaint resolution committees for settlement of issues relating to sales tax refund matters for the taxpayers in the province of Punjab.
The FBR constituted two complaint resolution committees for Punjab North and Punjab South.
The complaint resolution committee Punjab (South) shall comprise following members for settlement of sales tax refund issues of taxpayers falling under the jurisdiction of field formation of Multan, Bhawalpur and Sahiwal:
The complaint resolution committee Punjab (North) shall comprise following members for settlement of sales tax refund issues of taxpayers falling under the jurisdiction of field formations of Lahore, Faisalabad, Gujranwala, Sargodha and Sialkot:
Gohar Ejaz, Patron In Chief, APTMA Lahore: Convener
Chief Commissioner-IR, RTO, Lahore: Member
Dr. Quratul Ain Irfan, Vice President, Pacific Pharmaceuticals, Lahore, Member
Almas Hyder, Former President, Lahore Chamber of Commerce and Industry (LCCI), Lahore: Member
Mohammad Raza Baqir, Executive Director, APTMA Lahore, Member
KARACHI: The stock market ended down by 15 points on Tuesday as investors preferred profit booking during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,251 points as against 43,266 points showing a decline of 15 points.
Analysts at Arif Habib Limited said that the market added another 443 points during the session today before facing the selling pressure that eroded all the gains and took the Index down by -140 points.
The oscillation of 580 points today was attributed mainly to profit booking by investors, after seeing a total increase of 4000 points since the recent drop to 39500 level.
E&P and Cement Sectors mostly contributed to the downside of index, although oil prices maintained yesterday’s level. Among scrips, PRL maintained the top slot with 64.3 million shares, followed by HASCOL (62.5 million) and ANL (42.6 million).
Sectors contributing to the performance include Banks (+109 points), Textile (+32 points), Autos (+23 points), Cement (-60 points), E&P (-58 points), Power (-44 points) and Technology (-27 points).
Volumes increased further from 629.3 million shares to 702.2 million shares (+12 percent DoD). Average traded value also increased by 11 percent to reach US$ 182.3 million as against US$ 164.7 million.
Stocks that contributed significantly to the volumes include PRL, HASCOL, ANL, PIBTL and LOTCHEM, which formed 38 percent of total volumes.
Stocks that contributed positively to the index include MCB (+40 points), MEBL (+29 points), FFC (+17 points), MTL (+17 points) and NML (+17 points). Stocks that contributed negatively include HUBC (-40 points), LUCK (-36 points), PPL (-28 points), OGDC (-24 points) and TRG (-20 points).
KARACHI: The Pak Rupee depreciated by 12 paisas against the dollar on Tuesday as demand for the foreign currency remained high for import and corporate payments.
The rupee ended Rs160.59 to the dollar from the previous day’s closing of Rs160.47 in the interbank foreign exchange market.
Currency dealers said that positive sentiments prevailed on the expectation of normalcy after vaccination for prevention of COVID had been started in many countries.
They said that in Pakistan the government had decided not to close down businesses and commercial activities in the second wave of coronavirus. The importers in the hope of improved domestic manufacturing activities are placing orders to their foreign suppliers.
The currency experts said that the rupee may recover in coming days owing to improved inflows of export receipts and workers’ remittances.
KARACHI: Pakistan Customs has issued updated taxpayers’ facilitation guide for import of vehicles under various schemes.
Vehicles classifiable under HS Chapter 87 are importable under various schemes. The law of land caters for import of both new and used vehicles under stipulations of Import Policy.
1). Import of New Vehicles:
New vehicles are importable into Pakistan freely by any one against payment of leviable duties & taxes under existing import procedures and requirements laid down in Import Policy Order and Customs law.
2). Import of vehicles under Personal Baggage, Transfer of residence and
Gift Schemes:
The used vehicles are not importable into Pakistan in normal course of import procedure. The law, however, provides an exception in this regard and used vehicles can be imported by overseas Pakistanis under the following three schemes in terms of Appendix-E of Import Policy Order 2016:
– Personal Baggage
– Gift Scheme
– Transfer of Residence
The terms and conditions applicable for the import of vehicles under the above mentioned three schemes are tabled below:
Import eligibility
• Importable only by Pakistani national as defined in the Import Policy Order i.e. “citizen of Pakistan residing abroad and includes a person having dual nationality, and a foreign national of indo-Pakistan origin holding Pakistani origin card”. The said distinction of ‘citizen’ does not cover minors i.e under eighteen years of age.
• The vehicle can be imported once in two years (700 days calculated from the date on which Goods Declaration was filed for the last import under the Import Policy Order).
Type of vehicle which can be imported
Transfer of Residence Scheme
Passenger car, bus, van, trucks, pick-ups including 4×4 vehicles, agriculture tractors, bulldozers, laser land levelers, combined harvesters and motorcycles or scooter.
Gift Scheme
Passenger car, bus, van, trucks, pick-ups including 4×4 vehicles, agriculture tractors, bulldozers, laser land levelers and combined harvesters
Personal Baggage Scheme
Passenger car, bus, van, trucks, pick-ups including 4×4 vehicles, agriculture tractors, bulldozers, laser land levelers and combined harvesters.
Age of vehicles which can be imported
Cars not more than three years old (since year of manufacturing) and other Vehicles not more than five years old (since year of manufacturing).
Required period of stay of Passenger out-side Pakistan
Transfer of Residence Scheme
A minimum of 700 days stay out-side Pakistan during the past three years
Gift Scheme
A minimum of 700 days stay out-side Pakistan during the past three years
Personal Baggage Scheme
A minimum of 180 days stay out-side Pakistan during the last seven months preceding the date of application
Donee (To whom the vehicle can be gifted)
Gift Scheme
A family member normally resident in Pakistan. “Family” means parents, sister, brother, husband, wife and children whether married or not, but excluding children under eighteen years of age.
Documents required
Transfer of Residence Scheme
• Goods Declaration
• Export Certificate
• Purchase receipt of the vehicle
• Bill of lading dated not later than 120 days from date of arrival in Pakistan of the applicant
• Attested photo copy of passport or Pakistan Origin Card (Original will be required at the time of clearance)
Gift Scheme
• Goods Declaration
• Export Certificate
• Purchase receipt of the vehicle
• Bill of lading showing name and address of the consignee
• Attested photo copy of the passport or Pakistan origin card
• CNIC of the done
Personal Baggage Scheme
• Goods Declaration
• Export Certificate
• Purchase receipt of the vehicle
• Bill of lading, dated not later than 120 days from the date of arrival in Pakistan of the applicant
• Attested photo copy of the passport or Pakistan Origin Card (Original will be required at the time of clearance)
Condition of payment of duty and taxes out of foreign remittances as per SRO 52(I)/2019 dated 15.01.2019 issued by Ministry of Commerce and Textile, Islamabad
All vehicles in new/used condition to be imported under transfer of residence, personal baggage or under gift scheme, the duty and taxes shall be paid out of foreign exchange arranged by Pakistan nationals themselves or local recipient supported by bank encashment certificate showing conversion of foreign remittance to local currency, as under;
a) the remittance for payment of duties and taxes shall originate from the account of Pakistani national sending the vehicle from abroad: and
b) the remittance shall either be received in the account of Pakistani national sending the vehicle from abroad or, in case, his account is nonexistent or inoperative, in the account of his Family.”
ISLAMABAD: Federal Board of Revenue (FBR) on Monday launched crackdown against non-filers of income tax returns for tax year 2020.
Taxpayers including salaried persons, business individuals, Association of Persons and corporate entities, who were required to file their returns by due date i.e. September 30, 2020 extended up to December 08, 2020, have received notices of non-compliance.
The taxpayers have received notices to file their returns for tax year 2020 along with payment of fine and penalty.
The FBR issued the finalized return form for tax year 2020 on September 08, 2020 for which the last date was September 30, 2020. Tax bars of the country advised the FBR that taxpayers should be given 90 days for filing returns as per statute.
Therefore, the FBR extended the date up to December 08, 2020 in one go and made it clear that no further date extension would be granted.
The FBR by December 08, 2020 and received around 1.8 million income tax returns for tax year 2020. Further, around 300,000 taxpayers got date extension after filing applications on the last date.
It means that the number of return filers, who made compliance of the due date, reaches to around 2.1 million for tax year 2020. It means a large number of taxpayers are required to file their returns with payment of fine and penalty.
Following is the Section 182 of Income Tax Ordinance, 2001 under which fine and penalty would be imposed on non-compliant taxpayers:
Under Section 182:
Where any person fails to furnish a return of income as required under section 114 within the due date.
Such person shall pay a penalty equal to 0.1% of the tax payable in respect of that tax year for each day of default subject to a maximum penalty of 50% of the tax payable provided that if the penalty worked out as aforesaid is less than forty thousand rupees or no tax is payable for that tax year such person shall pay a penalty of forty thousand rupees:
Provided that If seventy-five percent of the income is from salary and the amount of income under salary is less than five million Rupees, the minimum amount of penalty shall be five thousand Rupees.
Where any person fails to furnish wealth statement or wealth reconciliation statement then such person shall pay a penalty of 0.1% of the taxable income per week or Rs.100,000 whichever is higher.
The late filers will also require to pay a fee for appearance in Active Taxpayers List (ATL) for tax year 2020, which will be issued on March 01, 2021.
Section 182A. Return not filed within due date.—(1) Notwithstanding anything contained in this Ordinance, where a person fails to file a return of income under section 114 by the due date as specified in section 118 or by the date as extended by the Board under section 214A or extended by the Commissioner under section 119, as the case may be, such person shall—
(a) not be included in the active taxpayers’ list for the year for which return was not filed within the due date:
Provided that without prejudice to any other liability under this Ordinance, the person shall be included in the active taxpayer ‘ list on filing return after the due date, if the person pays surcharge at Rupees-
(i) twenty thousand in case of a company;
(ii) ten thousand in case of an association of persons;
(iii) one thousand in case of an individual.
Persons fail to comply with filing requirement can face harsh action including imprisonment.
Section 191. Prosecution for non-compliance with certain statutory obligations. —(1) Any person who, without reasonable excuse, fails to —
(a) comply with a notice under sub-section (3)and sub-section (4) of section 114 or sub-section (1) of section 116; shall commit an offence punishable on conviction with a fine or imprisonment for a term not exceeding one year, or both.
(2) If a person convicted of an offence under clause (a) of sub-section (1) fails, without reasonable excuse, to furnish the return of income or wealth statement to which the offence relates within the period specified by the Court, the person shall commit a further offence punishable on conviction with a fine not exceeding fifty thousand rupees or imprisonment for a term not exceeding two years, or both.
Section 192: Prosecution for false statement in verification. — Any person who makes a statement in any verification in any return or other document furnished under this Ordinance which is false and which the person knows or believes to be false, or does not believe to be true, the person shall commit an offence punishable on conviction with a fine upto hundred thousand rupees or imprisonment for a term not exceeding three years, or both.
KARACHI: State Bank of Pakistan (SBP) on Monday issued guidelines for banks to ensure disclosure of key information for deposit accounts.
In a circular, the central bank said that effective disclosure is considered a fundamental component of the Financial Consumer Protection regime.
Standardized disclosures as Key Fact Statements (KFS) increase consumer comprehension about a banking product’s affordability and risks, leading to better decision-making.
Similarly, KFS also minimizes the risks of ineffective disclosures on part of the banks by standardizing the information provided to the consumer.
The SBP in its endeavor to promote Responsible Banking Conduct and Fair Treatment of Consumers (FTC) recognizes the importance of standardized disclosures.
Accordingly, KFS for consumer credit products and Most Important Document (MID) for third party products have already been issued vide CPD Circular No.3 of 2014, BC & CPD Circular No. 2 of 2016, and CPD Circular No. 2 of 2012.
KFS for deposit products have now been developed and are being issued through this circular for adoption as per the requirements listed below:
Banks/MFBs/DFIs are required to provide KFS to all their prospective customers from April 1, 2021, for comparison and decision making. Banks/MFBs/DFIs will ensure the availability of KFS in branches, on the website, e-banking interfaces, etc.
At the time of account opening, the KFS duly signed by the Banks/MFBs/DFIs, and the customer will be retained with the account opening form and its duplicate copy will be provided to the customer for record and information.
Banks/MFBs/DFIs are required to make necessary changes in their related SOPs and Policies for the seamless adoption of KFS to incorporate the requirement of KFS. Further, the provision of KFS as mentioned above in para 1 and the accuracy of the information contained therein will be checked by the Internal Audit during the regular audit.
Adequate consumer awareness initiatives and staff training may also be undertaken by Banks/MFBs/DFIs regarding the use of KFS and its vitality.
ISLAMABAD: The ministry of commerce on Monday notified dates for start of exports of mangoes and citrus hybrid (kinnow).
The ministry issued SRO 1334(I)/2020 dated December 14, 2020 to amend Export Policy Order, 2020.
According to the amendments: “Export of mangoes shall be allowed from the 20th day of May unless otherwise specified by the committee comprising ministry of commerce and ministry of national food security and research.”
Similarly, in case of kinnow export, the SRO stated: “Export of Citrus Hybrid (Kinnow) shall be allowed from the 1st day of December unless otherwise specified by the committee comprising ministry of commerce and ministry of national food security and research.”
KARACHI: The stock market gained 796 points on Monday owing to positive news flow regarding China currency swap agreement and expectations of lower inflation.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,266 points as compared with last closing on Friday at 42,470 points, showing an increase of 796 points.
Analysts at Topline Securities said that the market opened the week on a positive note with the Index trading in green for the entire session and consequently closing the day at 43,266 (up 1.87 percent).
Investors cheered the news of the currency swap arrangement with China which will keep SBP FX reserves afloat while lower inflation expectation further boosted investor sentiment at the bourse.
Major positive contributors today were namely FFC, LUCK, OGDC, PPL & ENGRO who cumulatively added around 244 points to the benchmark KSE100 Index.
Volumes also saw an uptick with total traded volume and value clocking in at 628.41 million shares (up 12.7 percent DoD) and Rs26.4 billion (up 4 percent DoD).
PRL was today’s volume leader with 57.48 million shares traded followed by HASCOL with 46.84 million shares traded during the session.
KARACHI: The online return filing portal of Federal Board of Revenue (FBR) restored after witnessing disruption on Monday.
The IRIS – the online web portal of the FBR for income tax return filing – is working normally by Monday evening after taxpayers complained that the portal was not responding during first half.
The portal was experiencing outage till noon on Monday.
Earlier, in the day a large number of taxpayers unable to file their annual income tax returns on Monday as the official web portal of the FBR was not responding.
The official website of the FBR https://www.fbr.gov.pk was responding very slowly. Further, the IRIS portal – the return filing portal – is showing different massage – including internal server errors.
Tax practitioners said that last night the portal was responding well and they had filed returns of their clients. However, from Monday morning till noon the IRIS portal https://iris.fbr.gov.pk/infosys/public/txplogin.xhtml was not responding. However, in some cases it opens but with slow response.
