Pkrevenue.com

Month: December 2020

  • FBR’s return filing portal not responding

    FBR’s return filing portal not responding

    KARACHI: A large number of taxpayers unable to file their annual income tax returns on Monday as the official web portal of the Federal Board of Revenue (FBR) is not responding.

    The official website of the FBR https://www.fbr.gov.pk is 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 filing of this news item 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.

  • Return filing date extended up to December 24

    Return filing date extended up to December 24

    ISLAMABAD: Federal Board of Revenue (FBR) has granted date extension up to December 24, 2020 for filing annual income tax return to those taxpayers who submitted applications under Section 119 of Income Tax Ordinance, 2001.

    The last date for filing income tax return was expired on December 08, 2020. The FBR refused to grant general extension but allowed the taxpayers to file an application to commissioners having jurisdiction for seeking extension.

    The FBR directed commissioners of Inland Revenue to grant extension to all those taxpayers filed application i.e. online or manual by mid-night December 08, 2020. However, persons, who submitted application by December 10, 2020, have received approval on December 12, 2020 under Section 119(3) of Income Tax Ordinance, 2001 for filing their returns.

    The FBR received around 1.8 million tax returns for tax year 2020 by December 20, 2020. However, the FBR said that it had received about 300,000 applications for extension which would make the tally at 2.1 million for tax year 2020.

    Tax experts however believed that the number is remained very low as compared with the previous tax year. The FBR received around 2.98 million for tax year 2019 by December 06, 2020.

    They said that many taxpayers had failed to file their returns due to system glitches. They said that despite directives of the FBR for allowing extension on submission of applications, many taxpayers were unaware about the procedure of submitting the applications.

    The experts said that the FBR should allow a general date extension to all the taxpayers, who were required to file return under the law but failed to make compliance by due date.

  • MCC Islamabad announces auction of imported vehicles on Dec 16

    MCC Islamabad announces auction of imported vehicles on Dec 16

    ISLAMABAD: Model Customs Collectorate (MCC) Islamabad announced auction of confiscated vehicles and vehicles of PM’s House to be held on December 16, 2020 at State Warehouse of the collectorate.

    Following confiscated vehicles to be presented for the auction:

    01. Ambulance, Model 2004, Reg. No. P-137DJW, Chassis No. VF1FB30AH14443523

    02. Nissan X-Trail Comfort, Model 2004, Reg. No. AD-22-37, Chassis No. JNITENT30Z0005883

    03. Toyota Hilux Double Cabin, Model 2001, Reg. No. X-68-3207, Chassis No. JTFDE626-X00073262

    04. Toyota Hilux, Model 1998, Reg. No. X-68-3053, Chassis No. LN166-0010333

    05. Toyota Hilux Pickup, Model 1999, Reg. No. X-68-3046, Chassis No. LN166-0025730

    06. Toyota Land Cruiser, Model 2001, Reg. No. X-68-3211, Chassis No. JTEBE91J-600013045

    07. Toyota Hilux, Model 1999, Reg. No. X-68-3045, Chassis No. LN166-0025725

    08. Toyota Land Cruiser Station Wagon, Model 1998, Reg. No. X-68-3051, Chassis No. JT711PJA507008050

    09. Toyota Crown Car, Model 2014, Reg. No. AGA-992, Chassis No. AWS210-6080692

    10. Toyota Land Cruiser Prado, Model 2005, Reg. No. LEF-07-7667, Chassis No. VZJ120-0010933

    11. Toyota Vitz Car, Model 2010, Reg. No. ZT-982-ICT, Chassis No. SCP90-5176119

    12. Toyota Mark-X, Model 2006, Reg. No. BS-990, Chassis No. GRX120-0065268

    13. Toyota Mark-X, Model 2006, Reg. No. CJ-466, Chassis No. GRX120-0054307

    14. Toyota Axio Car, Model 2007, Reg. No. AYN-376, Chassis No. ZRE142-6009719

    15. Toyota Mark-X, Model 2005, Reg. No. ARM-777, Chassis No. GRX120-0032030

    16. Toyota Prado TZ, Model 2003, Reg. No. ADL-364, Chassis No. VZJ121-0005538

    17. Toyota Land Cruiser, Model 2003, Reg. No. SY-136, Chassis No. VZJ121-0006183

    18. Toyota Hilux, Model 1999, Reg. No. AJKE-3, Chassis No. LN167-0017987

    19. Toyota Premio Car, Model 2007, Reg. No. AYQ-866, Chassis No. ZRT260-3012620

    20. Toyota Corona Car, Model 1996, Reg. No. QL-909, Chassis No. AT211-0003341

    21. Toyota Prado (TX), Model 2003, Reg. No. BD-2464, Chassis No. VZJ120-0003813

    22. Toyota Hilux Surf, Model 2005, Reg. No. BD-5379, Chassis No. VZN215-0007535

    23. Toyota Vitz Car, Model 2004, Reg. No. LE-20-320, Chassis No. SCP13-0041072

    24. Honda Civic Car, Model 2006, Reg. No. SV-002, Chassis No. FD3-1003719

    25. Toyota Corolla Car, Model 2004, Reg. No. BS-334, Chassis No. NZE121-3349196

    26. Toyota Suceed Car, Model 2005, Reg. No. WD-195, Chassis No. NCP51-0088584

    27. Toyota Vitz Car, Model 2001, Reg. No. ASF-433, Chassis No. NCP10-0143239

    28. Toyota Land Criuser, Model 1999, Reg. No. UN-68-652, Chassis No. JT711PJA507515993

    29. Nissan Double Cabin, Model 2001, Reg. No. X-68-1359, Chassis No. JN1CJUD22Z0023936

    30. Nissan Double Cabin, Model 2001, Reg. No. X-68-1366, Chassis No. JN1CJUD22Z0023946

    31. Toyota Hilux Double Cabin, Model 2001, Reg. No. X-68-1366, Chassis No. JTFDE626X00106955

    32. Toyota Hilux Double Cabin, Model 2004, Reg. No. X-68-3408, Chassis No. JTFDE626200118937

    33. Station Wagon, Model 1998, Reg. No. UN-68-596, Chassis No. JT711PJA507002312

    34. Station Wagon, Model 1999, Reg. No. UN-68-79, Chassis No. JT711PJA507009432

    35. Toyota Hilux Double Cabin, Model 2004, Reg. No. X-68-3405, Chassis No. JTFDE626100119464

    36. Toyota Hilux Double Cabin, Model 1999, Reg. No. X-68-3031, Chassis No. LN1660025751

    37. Toyota Hilux Double Cabin, Model 1999, Reg. No. X-68-3034, Chassis No. LN1660025766

    38. Nissan Pickup Double Cabin, Model 2006, Reg. No. X-68-3675, Chassis No. JN1CJUD22Z0079080

    39. Nissan Pickup Double Cabin, Model 2006, Reg. No. X-68-3685, Chassis No. JN1CJUD22Z0079243

    40. Toyota Pickup Double Cabin, Model 2005, Reg. No. X-68-3512, Chassis No. JTFDE626300149923

    LIST OF PM’S HOUSE VEHICLES FOR AUCTION HELD ON December 16, 2020

    1. BMW Car 760 U, Model 2014, Reg. No. -, Chassis No. CH-WBAHP42000DY992255

    2. BMW Car 760 U, Model 2014, Reg. No. -, Chassis No. CH-WBAHP42020DY99226

    3. Toyota Land Cruiser Jeep (Protected), Model 2014, Reg. No. Un-registered, Chassis No. URJ2024093203

    4. Toyota Land Cruiser, Model 2008, Reg. No. CD-94-02, Chassis No. JTECB01J301032994

    5. Toyota Land Cruiser, Model 2008, Reg. No. CD-94-03, Chassis No. JTEEV73J400002043

    6. Mercedes Benz Car (Protected), Model 2005, Reg. No. LEK-9939 (un-registered), Chassis No. WDB-2201752A473693

    7. Mercedes Benz Car (Protected), Model 2005, Reg. No. GD-346, Chassis No. WDB-2201762A457073

    8. Mercedes Benz Car (Protected), Model 2005, Reg. No. IDJ-6984 (unregistered), Chassis No. WDB-2201752A476036

    9. Mercedes Benz Car (Protected), Model 2005, Reg. No. IDF-9084 (un-registered), Chassis No. WDB-2201752A475123

    10. Stretched Limousine Car (Protected), Model 2005, Reg. No. GF-037, Chassis No. WDB-2201752A457643

    11. Toyota Lexus Jeep (Protected), Model 2005, Reg. No. Un-registered, Chassis No. JTJHT00W633531475

    12. Mercedes Benz Car (Protected), Model 2005, Reg. No. GD-341, Chassis No. WDB-2201762A457435

    13. BMW 760LI, Model 2014, Protected, Reg. No. Un-registered, Chassis No. WBAPH42070DY99223

    14. Mitsubishi Lancer S/Saloon, Model 1994, Reg. No. LOY-9760, Chassis No. CSNCBIRU00812

  • Weekly Review: investors remain optimistic

    Weekly Review: investors remain optimistic

    KARACHI: Investors are remain optimistic about trading in stock market during next week owing to improved economic indicators.

    Analysts at Arif Habib Limited said that recovery in international commodities (such as oil) and enticing valuations is expected to keep Banking and E&P scrips under limelight.

    Whereas revival in economic growth, healthy offtake, stable pricing power, and low borrowing rates should translate into robust earnings jump in cyclicals (cement, steel and automobile).

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 7.3x (2021) compared to Asia Pac regional average of 15.7x and while offering DY of ~6.3 percent versus ~2.4 percent offered by the region.

    The KSE-100 index managed to post an uptick this week to close at 42,470 points with the coronavirus infection depicting a slight improvement (from a high of 9.7 percent last week compared to 7.9 percent in the current week), Remittances of over USD 2 billion for a sixth consecutive month (+28 percent YoY at USD 2.34 billion), highest ever daily inflows in the Roshan Digital account (USD 7.7 million), and jump in reserves to USD 13.3 billion.

    Investors also disregarded political noise (with opposition parties contemplating resigning from National and Provincial assemblies).

    Sector-wise positive contributions came from i) Cement (51 points), ii) Oil & Gas Exploration Companies (50 points), and iii) Commercial Banks (50 points). Scrip-wise positive contributions were led by HBL (49 points), UBL (38 points), and OGDC (31 points). On the flipside, major sectoral loss were observed in Tobacco (13 points) while scrip wise negative contributions were led by MCB (45 points) and SYS (22 points).

    Foreign selling continued this week clocking-in at USD 9.6 million compared to a net sell of USD 30.0 million last week. Selling was witnessed in Commercial Banks (USD 9.9 million) and OMC’s (USD 1.0 million).

    On the domestic front, major buying was reported by Insurance Companies (USD 10.6 million and Individuals (USD 2.9 million). Average volumes arrived at 452 million shares (up by 3 percent WoW) while average value traded settled at USD 123 million (up by by 9 percent WoW).

  • FPCCI says tax return filing drops by 23 percent

    FPCCI says tax return filing drops by 23 percent

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday stressed the need of tax reforms in consultation with stakeholders as number of return filing dropped by 23 percent.

    FPCCI President Anjum Nisar in a statement stressed the need for taking serious measures in close consultations with the real stakeholders to broaden tax base and improving tax-to-GDP ratio, as number of return filers have decline by more than 23 percent to 1.31 million tax returns till the first week of December 2020 compared to 1.69 million returns filed in the tax year 2019.

    FPCCI President Mian Anjum Nisar said that the FBR has failed to obtain return of income from NTN holders and increase the number of active taxpayers during the last decade, indicating the bad governance and weak tax management of the tax department.

    According to the data, the FBR has received about 23 percent less income tax returns for the tax year 2020 while the tax received with returns stand at Rs6.5 billion during the period against Rs12.8 billion of the same period of last year, reflecting a decline of 49 percent.

    “There is an urgent need of reforming and simplifying the taxation system with the consultation of real stakeholders, besides addressing the issue of double taxation through integration of provincial and federal government laws and harmonization of FBR and Punjab Revenue Authority (PRA). He suggested that taxes should be charged one time by any provincial or federal government, as provinces levy same kind of tax which the federal government has already imposed, escalating the cost of production and discouraging the registered manufacturers.

    He called for harmonization of Sales Tax and Income Tax laws, getting rid of conflicting provisions, suggesting enhancing tax base by automation.

    He demanded the government to improve tax structure so that business and investment could flourish in the country, as the existing tax structure discourages investment. He requested the government to focus on reducing tax rates and expanding tax base by bringing all exempted sectors into the tax net.

    He said that high tariff of utilities and regulatory duty on raw material are also the factors discouraging exports. He said that coordination between the government and the private sector was vital for economic growth, proposing the government to develop policies that could provide conducive business environment in the country.

    He called for strict measures to stop illegal trade, as the smuggling is not only causing massive shortfall in revenue collection but also discouraging the legal businesses and documented economy.

    Majority of the people don’t want to get them registered and preferred purchasing of smuggled goods mainly due to high duties on legal import.

    He said that only direct taxes can improve tax collection, as the existing tax system is heavily skewed toward indirect taxation.

    He said the sustainable solution to Pakistan’s problems lies in the structural reforms, as we can see very large inefficiencies in tax collection, which needs to be removed.

    So, the tax compliance must be improved and tax base should be broadened, which cannot be achieved with a single policy change, but by a systemic approach.

    He urged the authorities to introduce new tax incentives and extend the period of existing ones for attracting new foreign direct investments in line with the potential of the country.

    “With a view to wipe out corruption there needs to develop local software and Apps with simplified system in Urdu so that interaction of human resource should be reduced.

    The FPCCI has already submitted its proposals to meet the challenges being faced by trade and industry due to the outbreak of COVID-19, as its severe and adverse impacts on various aspects of the economy are quite visible.

    These impacts had led to negative growth rate, deterioration in current and fiscal balance, disruption in supply chain, and increased unemployment etc.

    “We have asked the the Federal Board of Revenue to reduce the tax rates to help increase competitive edge of indigenous products in both local and global markets, as high tax rates provide incentives for tax evasion and corruption and results in high cost of doing business.”

    “The tax agency should conduct a study to find out what has gone wrong that even after penalizing the non-filers, they are happy to pay more by way of advance tax instead of filing returns,” he urged.

    He recommended that the current sales tax regime of VAT mode should be reviewed and incase enforcement is not possible it should be overhauled, to eliminate corruption and the negative financial impact on businesses due to delay in refunds and provide level-playing field to the organized sector.

    He said heavy reliance on withholding taxes is affecting the enforcement capabilities of the FBR administration, since majority of tax collections is through the withholding tax regimes and not through enforcement measures.

  • Premium prize bonds of Rs25,000 denomination launched to discourage informal economy

    Premium prize bonds of Rs25,000 denomination launched to discourage informal economy

    ISLAMABAD: The government has launched registered prize bonds of Rs25,000 denomination to discourage the informal economy and comply with laws related to anti-money laundering and counter financing of terrorism.

    Further, the decision to document the bearer prize bonds to comply with the conditions of Financial Action Task Force (FATF).

    The decision is part of documenting all unregistered prize bond of all denominations. Prior to this the government in the year 2017 launched premium prize bonds of Rs40,000 denomination. The bearer bonds of Rs40,000 denomination can be withdrawn up to December 30, 2021.

    Through a notification the Finance Division approved the issuance of premium prize bonds (registered) of Rs25,000 denomination from December 09, 2020.

    At a same time the government also announced to discontinue bearer bonds of Rs25,000 denomination from December 09, 2020.

    The total investment in Rs25,000 denomination bearer prize bonds is around Rs164 billion by end of October 2020. The investment in the unregistered prize bonds has to be surrendered by May 31, 2021.

    Holders of the bearer prize bonds can be converted to premium prize bonds through SBP Banking Services, National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited and Bank Alfalah Limited.

    Furthermore, the bearer prize bonds can also be replaced with Special Saving Certificates or Defence Saving Certificates through SBP Banking Service Corporation and authorized commercial banks and National Savings Centers.

    Furthermore, the bearer bonds can be encashed by transferring the proceeds to the bond holder’s bank account through SBP Banking Services Corporation and authorized commercial bank branches and the Saving Accounts at National Saving Centers.

    According to the Finance Division, the draw of premium prize bonds would be held on quarterly basis in which 707 prizes would be awarded. The first prize will be Rs30 million.

    The holder of premium prize bonds shall also get profit at 1.79 percent on biannual basis.

  • Share market gains 165 points on international oil price increase

    Share market gains 165 points on international oil price increase

    KARACHI: The share market witnessed a gain of 165 points on Friday mainly due to activities in energy sector after rise in international oil prices.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 42,470 points as against 42,305 points showing an increase of 165 points.

    Analysts at Arif Habib Limited said that the market added a total of 322 points during the session and closed +165 points.

    International crude oil prices went overboard in last night’s trading which saw both WTI and Brent increasing by 4 percent and Brent crossing US$50/bbl level, which was last observed in March 2020. Local E&P sector saw pronounced impact of crude oil prices, with significant interest in OGDC and PPL.

    Similarly, banking sector stocks showed persistent interest from investors, especially in HBL and NBP. Among Cement sector stocks, LUCK performed relatively better in comparison with its peers.

    Volume leaders had PRL on top slot with 84.7 million shares, followed by ANL (35.2 million) and UNITY (35.2 million).

    Sectors contributing to the performance include E&P (+117 points), Textile (+33 points), Power (+26 points), Refinery (+15 points) and O&GMCs (+14 points).

    Volumes increased from 472.3 million shares to 557.6 million shares (+18 percent DoD). Average traded value also increased by 24 percent to reach US$ 149.3 million as against US$ 120.6 million.

    Stocks that contributed significantly to the volumes include PRL, ANL, UNITY, TRG and HASCOL, which formed 37 percent of total volumes.

    Stocks that contributed positively to the index include OGDC (+43 points), PPL (+27 points), POL (+24 points), MARI (+23 points) and HUBC (+21 points).

    Stocks that contributed negatively include MCB (-32 points), TRG (-28 points), COLG (-10 points), BAFL (-10 points) and HMB (-7 points).

  • Car sales jump up by 19 percent in July – November

    Car sales jump up by 19 percent in July – November

    KARACHI: The car sales of locally manufactured vehicles have increased by 19 percent during first five months (July – November) of current fiscal year owing to lower interest rates and higher demand.

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  • Remittances grow 27 percent during July – November

    Remittances grow 27 percent during July – November

    KARACHI – The State Bank of Pakistan (SBP) reported a significant 27% growth in workers’ remittances during the first five months (July-November) of the current fiscal year (FY21), underscoring a resilient trend in foreign inflows facilitated through formal channels.

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