Pkrevenue.com

Month: December 2020

  • Foreign exchange reserves fall by $67 million

    Foreign exchange reserves fall by $67 million

    KARACHI: The foreign exchange reserves of the country fell by $67 million to $20.313 billion by week ended December 18, 2020, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were at $20.380 billion by week ended December 11, 2020.

    The official reserves of the SBP fell by $83 million to $13.216 billion as compared with $13.299 billion a week ago.

    The central attributed the decline in the official reserves to external debt repayment during the week.

    The foreign exchange reserves held by commercial banks increased by $16 million to $7.097 billion by week ended December 18, 2020 when compared with $7.081 billion a week ago.

  • Share market gains 329 points in mixed trading

    Share market gains 329 points in mixed trading

    KARACHI: The share market gained 329 points on Thursday owing to mixed trading activities during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,417 points as against previous day’s closing of 43,088 points showing an increase of 329 points.

    Analysts at Arif Habib Limited said that last day of the rollover week ended with fanfare adding a total of 544 points during the session and ending +329 points.

    On a weekly basis, the Index gained ~450 points after losing around 1200 points in the first two sessions of the week.

    Overnight jump in international crude oil prices helped E&P stocks staged decent recovery, however, profit booking kept the stock price increase in check.

    Cement sector performed comparatively better on the back of healthy dispatches, which was further aided by consistent buying interest in Banking sector stocks from the local investors.

    Among scrips, UNITY led the table with 46.6 million shares, followed by TRG (37.2 million) and MLCF (34.6 million).

    Sectors contributing to the performance include Cement (+158 points), Technology (+91 points), Banks (+23 points), Vanaspati (+22 points), Fertilizer (-16 points) and Pharma (-11 points).

    Volumes sprung back from 379.9 million shares to 571 million shares (+50 percent DoD). Average traded value also increased by 44 percent to reach US$ 159.1 million as against US$ 110.5 million.

    Stocks that contributed significantly to the volumes include UNITY, TRG, MLCF, GGLR1 and ANL, which formed 28 percent of total volumes.

    Stocks that contributed positively to the index include TRG (+65 points), LUCK (+65 points), CHCC (+28 points), SYS (+25 points) and UNITY (+22 points). Stocks that contributed negatively include MEBL (-20 points), ENGRO (-10 points), PSO (-7 points), FFC (-6 points) and DAWH (-4 points).

  • Rupee gains 23 paisas against dollar

    Rupee gains 23 paisas against dollar

    KARACHI – The Pakistani Rupee strengthened by 23 paisas against the US dollar on Thursday, driven by an adequate supply of the greenback to meet import and corporate demand, according to market dealers.

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  • IR offices to observe extended working hours on December 31

    IR offices to observe extended working hours on December 31

    The Federal Board of Revenue (FBR) announced on Thursday that the offices of Inland Revenue will extend their working hours on December 31, 2020, until midnight.

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  • FBR approves concession on electricity, gas supply to manufacturers

    FBR approves concession on electricity, gas supply to manufacturers

    The Federal Board of Revenue (FBR) has given its approval for a concessionary regime on the supply of electricity and gas to manufacturing units. The decision, announced in a notification issued on Wednesday, is set to benefit manufacturers and exporters who have been availing the zero-rating of sales tax under the rescinded SRO 1125(I)/2011 dated December 31, 2011.

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  • Customs auctions big lot of non-duty paid vehicles on December 26

    Customs auctions big lot of non-duty paid vehicles on December 26

    KARACHI: Pakistan Customs has announced auction of a big lot of non-duty paid (NDP) and confiscated vehicles on December 26, 2020 at State Warehouses Model Customs Collectorates (MCC) Hyderabad and Sukkur.

    Following is the list of vehicles to be presented for the auction:

    01. Premio Car, Reg. No. ALP-100, Chassis No. NZT240-0049126, HP-1496 CC, Model-2003.

    02. Toyota Hilux Pickup, Reg. No. CG-7795, Chassis No. LN107-0000289, HP-2500 CC, Model-1991.

    03. Mitsubishi Pajero Jeep, Reg. No. BC-8606, Chassis No. V45-4503036, HP-3475 CC, Model-1998.

    04. Toyota X Corolla Car, Reg. No. ABB-726, Chassis No. NZE121-3021675, HP-1500 CC, Model-2000.

    05. Honda Civic Car, Reg. No. GS-7884, Chassis No. JHMFD16306S209631, HP-1330 CC, Model-2006.

    06. Honda Civic Car, Reg. No. AMA-541, Chassis No JHMFD163-06S211972, HP-1330 CC, Model-2006.

    07. Passo Car, Reg. No. AYL-523, Chassis No. KGC10-0124141, HP-996 CC, Model-2006.

    08. Toyota Vitz Car, Reg. No. AWJ-762, Chassis No. SCP90-5068687, HP-1300 CC, Model-2005.

    09. Passo Car, Reg. No. AXB-288, Chassis No. KGC10-0003456, HP-996 CC, Model-2004.

    10. Toyota Premio Car, Reg. No. AHH-716, Chassis No. ZZT240-0086451, HP-1800 CC, Model-2005.

    11. Toyota Royal Crown Saloon Car, Reg. No. BER-084, Chassis No. GRS180-5005980, HP-2499 CC, Model-2004.

    12. Toyota Vitz Car, Reg. No. AWT-419, Chassis No. SCP10-0443086, HP-1000 CC, Model-2003.

    13. Toyota Vitz Car, Reg. No. JS-325, Chassis No. NCP15-0038504, HP-1300 CC, Model-2005.

    14. Honda Civic Car, Reg. No. ARB-323, Chassis No-JHMFD-36208S202547, HP-1330CC, Model-2007.

    15. Hino Oil Tanker, Reg. No. SWA-020, Chassis No. FF147-29845, Model-1996.

    16. Premio Car, Reg. No. AMS-966, Chassis No. AZT240-0005261, HP-1800 CC, Model-2002.

    17. Swift Car, Reg. No. BGF-480, Chassis No. ZC11S-156533, HP-1300 CC, Model-2008.

    18. Toyota Vitz Car, Reg. No. AVJ-688, Chassis No. KSP90-004346, HP-1000 CC, Model-2005.

    19. Swift Car, Reg. No. BDT-319, Chassis No. JSAEZC21S00106922, HP-1330CC, Model-2005.

    20. Passo Car, Reg. No. AXB-466, Chassis No. KGC15-0018612, HP-1000CC, Model-2005.

    21. Lexus, Reg. No. AFE-767 (Islamabad), Chassis No. JTJHYOOWX04237603, HP-5700 CC, Model-2017.

    22. Toyota Vitz Car, Reg. No. AFR-2020, Chassis No. KSP90-5130780, HP-1000 CC, Model-2008.

    23. Swift Car, Reg. No. AXX-923, Chassis No. ZC11S-176926, HP-1300 CC, Model-2006.

    24. Toyota X Corolla Car, Reg. No. BCG-249, Chassis No. NZE121-3137839, HP-1496, Model-2002.

    25. Toyota Hilux Surf Jeep, Reg. No. BC-8087 (Sindh), Chassis No. RZN185-9020932, HP-2492 CC, Model-1998.

    26. Toyota Hilux Surf Jeep, Reg. No. RLD-101 (Rawalpindi), Chassis No. RZN185-9010109, HP-2693 CC, Model-1997.

    27. Toyota Vitz Car, Reg. No. AUR-222 (Sindh), Chassis No. KSP90-0038819, HP-996 CC, Model-2015.

    28. Daihatsu Mira Car, Reg. No. BMV-317, Chassis No. LA3005-1307088, HP-650 CC, Model-2015.

    29. Daihatsu Mira Car, Reg. No. BHQ-719, Chassis No. LA300S-1292331, HP-650 CC, Model-2013.

    30. Suzuki Kei Car, Reg. No. MS-557, Chassis No. HN22S729038, HP-660 CC, Model-2002.

    31. Toyota Axio Saloon Car, Reg. No. YB-311 (ICT-Islamabad), Chassis No. NZE141-6085401, HP-1490 CC, Model-2008.

    32. Toyota Vitz Car, Reg. No. AQU-166, Chassis No. KSP90-0013768, HP-997 CC, Model -2005.

    33. Suzuki Swift Car, Reg. No. AWA-156, Chassis No. ZC21S-105962, Model-2005.

    34. Toyota Vitz Car, Reg. No. AAQ-091, Chassis No. SCP90-503661, Model-2006.

    35. Toyota Fielder Car, Reg. No. D-3049, Chassis No. ZZE122-0198824, HP-1496 CC, Model-2005.

    36. Toyota Premio Car, Reg. No. BAL-721 (Sindh), Chassis No. ZRT260-3079531, HP-1797 CC, Model-2011.

    37. Mira Car. Reg. No. AGA-740, Chassis No. LA300S-1115847, Model-2012.

    38. Honda Civic Car, Reg. No. ADQ-086 (Sindh), Chassis No. ESI-1005496, HP-1590 CC, Model-2001.

  • Benami assets worth Rs7.4 billion detected; 78 percent contributed by Karachi Zone

    Benami assets worth Rs7.4 billion detected; 78 percent contributed by Karachi Zone

    ISLAMABAD: The Anti-Benami Zones established by the Federal Board of Revenue (FBR) have successfully detected benami assets totaling Rs7.4 billion, following thorough investigations in Karachi, Islamabad, and Lahore.

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  • FPCCI demands return filing date extension

    FPCCI demands return filing date extension

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday demanded the tax authorities to extend the last date for filing income tax returns for tax year 2020.

    In a message, Mian Anjum Nisar, President, FPCCI said that the date should be extended to facilitate the taxpayers considering spread of coronavirus.

    The last date for filing income tax returns for tax year was expired on December 08, 2020. Many taxpayers were unable to meet the deadline and are now receiving notices from the Federal Board of Revenue (FBR) to file their returns along with fine and penalty.

    Further, the FBR notices also contain warning of prosecution in case the returns are not filed along with fine and penalty.

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    Date for filing income tax returns may be extended
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  • FBR develops e-module for settlement of assessment cases

    FBR develops e-module for settlement of assessment cases

    ISLAMABAD: The IT Wing of Federal Board of Revenue (FBR) has developed e-module for settlement of assessment cases under Section 122D of Income Tax Ordinance, 2001.

    In an office memo issued to chief commissioners Inland Revenue (CCIR) of Large Tax Offices (LTOs), Medium Tax Office (MTO), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs), the FBR said that e-module of agreed assessment under Section 122D of Income Tax Ordinance, 2001 is available in IRIS.

    The FBR said that the option to avail the opportunity of agreed assessment is visible to taxpayers, who have been issued show cause notices under Section 122(9) of the Ordinance.

    The FBR directed the CCIRs to sensitize unit officers about the e-module and also aware legal fraternity and taxpayers about this addition in IRIS.

    The FBR further directed the CCIRs to provide information in respect of taxpayers, who opted for agreed assessment by 5th of every month along with details of number of cases applied, number of cases finalized and demand created in settlement cases.

    The CCIRs have also been directed to form assessment oversight committees at their tax offices and send details to the FBR by January 05, 2021.

    The Section 122D of the Ordinance has been introduced through Finance Act, 2020. Prior to the Finance Act, 2020 there was no mechanism under the Ordinance for negotiated settlement of tax disputes before finalization of an assessment/amended assessment.

    In order to facilitate taxpayers, reduce burden on the formal appeal system and effecting speedy recoveries, a new section 122D enabling agreed assessment has been inserted through the Finance Act, 2020.

    If a taxpayer intends to settle his case on or after receipt of a notice for amendment of assessment under section 122(9) of the Ordinance, he shall have the option of filing an offer of settlement in the prescribed form before the Assessment Oversight Committee for resolution of his dispute.

    In addition, the taxpayer shall also be obliged to file a reply in response to notice for amendment of assessment under section 122(9) of the Ordinance before the concerned Commissioner.

    The Assessment Oversight Committee shall comprise the Chief Commissioner Inland Revenue, the Commissioner Inland Revenue and the Additional Commissioner Inland Revenue having jurisdiction over the taxpayer.

    The Committee shall examine the offer of settlement and may also call for the record of the case. Moreover, the Committee shall have the mandate to accept or modify the offer of settlement of the taxpayer through consensus after affording the taxpayer an opportunity of being heard.

    In case, the Committee’s decision is acceptable to the taxpayer, the taxpayer shall be obliged to deposit the amount of tax payable, including penalty and default surcharge, in accordance with the decision of the committee pursuant to which the Commissioner shall amend the assessment in accordance with the decision of the committee.

    Moreover, in such instances, the taxpayer shall forego his right to file appeal against such amended assessment.

    In case, the Committee is unable to arrive at a consensus in respect of the offer of settlement or the taxpayer is not satisfied with the decision of the Committee, the concerned commissioner shall decide the case on the basis of reply filed by the taxpayer in response to notice of amendment issued under section 122(9) of the Ordinance.

    Cases involving concealment of income or interpretation of question(s) of law having effect on other cases have been ousted from the purview of the agreed assessments under section 1220 of the Ordinance.

  • FBR withdraws regulatory duty on cotton import

    FBR withdraws regulatory duty on cotton import

    The Federal Board of Revenue (FBR) has taken a significant step to boost the textile industry by withdrawing the five percent regulatory duty on the import of cotton yarn.

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