Pkrevenue.com

Month: March 2021

  • Philip Morris declares Rs1.76bn after tax annual profit

    Philip Morris declares Rs1.76bn after tax annual profit

    KARACHI: Philip Morris (Pakistan) Limited on Thursday declared a profit of Rs1.76 billion for the year ended December 31, 2020 as against loss of Rs1.96 billion in the preceding year.

    A statement said that the company recorded profit after tax of Rs1.765 billion for the year ended December 31, 2020 compared to loss after tax of Rs1.980 billion for the year ended 2019.

    The increase in operating profit before tax compared to last year is mainly due to significant decrease in ‘other expenses’ by Rs2.732 billion. This decrease in other expenses is primarily attributable to one-off impairment and employee separation cost charged on account of closure of our factory in Kotri during 2019.

    During the year ended, the Company’s volume declined by 20 percent mainly reflecting the pressure faced by the legally compliant tax paying cigarette sector from the expanding illicit one, which now accounts for approximate 37 percent of the total market for the year 2020 versus 33.1 percent for the year 2019 (Retail Audit).

    The Company’s contribution to the National Exchequer, for the year ended December 31, 2020, in the form of excise duty, sales tax and other government levies, stood at Rs22.110 billion, a decrease of 6 percent, compared to the preceding year.

    This is mainly attributable to the excessive excise duty increases of 93 percent (Value Tier) during Federal Budgets of September 2018 and June 2019 that stretched the price gap between duty evaded and duty paid cigarettes which are selling at lower prices than the minimum price prescribed under tax regime with respect to levy and collection of federal excise duty i.e. Rs63/ per pack.

    In March 2020, the government issued a Statutory Regulatory Order No. 72(I)/2020 further restricting advertising, promotion and sponsorship of tobacco and tobacco products leading to a lack of a level playing field for law abiding corporates.

    During the period ended December 31, 2020 the Company’s domestic net turnover stood at Rs13.983 billion resulting in an increase of 7 percent driven by the excise led price increase in June 2019 coupled with price increase in February 2020, both were essential to offset the adverse impact of severe volume decline of 20 percent versus 2019.

    During the same time, the Company’s exports turnover stood at Rs2.613 billion (US$ 16.3 million) showing a significant increase as compared to last year shows the Company’s commitment to support Pakistan’s goals of increasing exports and earn foreign exchange for the Country.

  • KTBA to discuss tax profile update problems with FBR chairman

    KTBA to discuss tax profile update problems with FBR chairman

    KARACHI: Karachi Tax Bar Association (KTBA) to take up problems faced by taxpayers at a meeting with the chairman of the Federal Board of Revenue (FBR), according to a communication received on Thursday.

    In the communication to its members, the KTBA said it was well aware about many issues faced by the members while updating taxpayers’ profile, which is mandatory under Section 114A of the Income Tax Ordinance, 2001.

    The KTBA advised its members to send the nature of problems they faced while updating taxpayers’ profiles on the IRIS portal.

    The tax bar also advised the members to send their issues by March 25, 2021 to enable the KTBA to take up the issues with the FBR chairman for resolution.

    Updating the taxpayer profile has been made mandatory through insertion of Section 114A to the Income Tax Ordinance, 2001 through Finance Act, 2020.

    The last date for updating the profile was December 31, 2020. However, it was extended to March 31, 2021.

    The FBR through various statements has made it clear that those who failed to update the profile would be excluded from the Active Taxpayers List (ATL).

    The FBR has also imposed monetary penalty for failure in updating the profile. Under the Income Tax Ordinance, 2001 an amount of Rs2500 per day with minimum penalty of Rs10,000.

  • Rupee strengthens for four consecutive days; closes at Rs155.45

    Rupee strengthens for four consecutive days; closes at Rs155.45

    KARACHI: The Pak Rupee strengthened for the four consecutive days on Thursday owing to improved inflows and stable economic indicators.

    The rupee gained 29 paisas to close at Rs155.45 to the dollar from the previous day’s closing of Rs155.74 in the interbank foreign exchange market.

    The stable economic indicators and improved inflows of the foreign currency helped the rupee to make gain.

    The rupee gained around Rs1.69 during the last four trading days. The exchange rate was at Rs157.14 to the dollar on March 12, 2021 and it was recorded at Rs155.45 on March 18, 2021.

    Currency experts said that the improved inflows would help the local unit to further make gain.

    They said that the third wave of coronavirus has also discouraged the importers to place new purchase orders.

  • Mobile banking transactions registers massive growth of 192 percent

    Mobile banking transactions registers massive growth of 192 percent

    KARACHI: The value of mobile banking transactions have registered an unprecedented growth of 192 percent to Rs1.12 trillion during quarter October – December 2020, State Bank of Pakistan (SBP) said on Thursday.

    The volume of mobile banking transactions reached 44 million, (up 147 percent) valuing Rs.1.12 trillion (up 192 percent) compared to 17.8 million transactions valuing 382.5 billion in the same quarter, last year.

    The number of registered mobile phone banking users reached 9.4 million accounting an increase of 5 percent. Similarly, 22 million internet banking transactions valuing Rs1.3 trillion were recorded during this period compared to Rs. 1.1 trillion in the previous quarter.

    The SBP released its Quarterly Payment System Review (QPSR) for the second quarter, October – December 2020, of the fiscal year 2020-21, which shows strong growth in digital financial transactions in the country.

    During Q2FY21, 296.7 million e-Banking transactions valuing Rs21.4 trillion were carried out, registering a growth of 24 percent by volume and 22 percent by value, over the same quarter last year. Most of the uptake in e-banking transactions were seen in internet and mobile banking.

    In response to SBP’s measures to incentivize the installation of Point of Sale machines to facilitate digital payments through debit or credit cards, the number of POS machines have shown a notable growth of 18 percent during Q2FY21, reaching 62,480 installations throughout the country.

    On these POS machines, 23 million transactions amounting to Rs115 billion were processed during Q2FY21, which shows the positive impact of the market conducive policies adopted by SBP, particularly targeted towards increasing the payment acceptance infrastructure in Pakistan.

    Card based transactions on e-commerce portals also increased substantially, with e-commerce merchants processing 5.6 million transactions through payment cards amounting to Rs15 billion compared to 3.9 million valuing 11.9 billion in the first quarter of the current fiscal year, which marks a shift in the behavior of the Pakistani population and also complements Government of Pakistan’s efforts to develop a more market friendly landscape toward acceptance of payments by e-commerce merchants.

    Total number of payment cards issued in the country stood at 44 million out of which 27.6 million are debit cards and 1.7 million are credit cards. Further, 7.6 million social welfare cards have been issued by banks on behalf of BISP, EOBI and other government organizations.

    In the last few years, Digital payment transactions in Pakistan have shown significant growth, reflecting the favourable impact of the SBP’s policies in shifting customer preferences. Expansion in digital payment infrastructure as well as the emergence of new payment aggregators have played a role in this growth.

    In line with its declared objectives to digitize payment and financial services, SBP will continue promoting digitization in the country and expects the industry to support these efforts, which will increase convenience and financial inclusion for all Pakistanis.

  • PSX to observe holiday on March 23

    PSX to observe holiday on March 23

    KARACHI: Pakistan Stock Exchange (PSX) will observe a holiday on March 23, 2021 on occasion of Pakistan Day, a statement said on Thursday.

    In a circular, the PSX informed that the stock exchange will remain closed on Thursday March 23, 2021 being public holiday declared by the government on the occasion of Pakistan Day.

  • MCC Appraisement (West) announces motor vehicle auction on March 20

    MCC Appraisement (West) announces motor vehicle auction on March 20

    KARACHI: Model Customs Collectorate (MCC) Appraisement and Facilitation (West), Karachi has announced auction of motor vehicles to be held on March 20, 2021 at

    Following motor vehicles will be presented for the auction:

    1. Used Honda-N One Car, Chassis No. JG1-1208909, Mfg. Year: 2016 Capacity: Not Shown

    2. Used Daihatsu Move Car, Chassis No. LA160S-0022740, Mfg. Year: 2016, Capacity: 658cc

    3. Used Alto (ene charge), Chassis No. HA365-283360, Capacity : Not Shown, Mfg. Year: 2016

    4. Used Toyota Aqua Hybrid, Chassis No. NHP10-6602703, Mfg. Year: 2017, Capacity: 1496 cc

    5. Used Honda Fit Hybrid, Chassis No. 0P5-3406289, Mfg Year: 2017

    6. Used Daihatsu Cast Car, Chassis No. LA250S-0087529, Mfg Year: 2017, Capacity: 658 cc

    7. Used Suzuki Every Van, Chassis No. DA64V-84762 I, Mfg. Year: 2014

    8. Used Suzuki Every Wagon, Chassis No. DA64W-438003, Mfg. Year: 2014

    9. Used Suzuki Every Van, Chassis No. DA17V-213505, Mfg. Year: 2016

    10. Used Daihatsu Move Car, Chassis No. LA150S-0117976, Mfg Year: 2017, Capacity: 658 cc

    11. Used Daihatsu E:S Mira Car, Chassis No. LA300S-1412103, Mfg. Year: 2016, Capacity: 658 cc

    12. Used Honda-N WGN Car, Chassis No. JH1-1399120, Mfg. Year: 2018, Capacity: Not Shown, Milage: 562Kms

    13. Used Daihatsu Move Car, Chassis No. LA 1505-0096763, Mfg. Year: 2016, Capacity: 658 cc

    14. Used Nissan Note, Chassis No. HE12-183219, Mfg. Year: 2017, Capacity: 1198 cc

    15. Used Suzuki Every Van, Chassis No. DA17V-171819, Mfg. Year: 2016

    16. Used Nissan Dayz Car, Chassis No. B21W-0459199, Mfg. Year: 2017

    17. Used Honda Shuttle, Chassis No. 0P7-I035329, Mfg. Year: 2016

    18. Used Suzuki Alto Car, Chassis No. MA36S-273828, Mfg. Year: 2016

    19. Used Honda Fit Hybrid, Chassis No. GP5-1227193, Mfg Year: 2017

    20. Used Nissan NV100 Clipper Van, Chassis No. DR17V-127859, Mfg. Year: 2016

    21. Used Toyota Passo Car, Chassis No. M700A-0068371, Mfg. Year: 2017, Capacity: 996 cc

    22. Used Toyota Aqua Hybrid, Chassis No. NHP10-6585179, Mfg. Year: 2017, Capacity: 1496 cc

    23. Used Toyota Aqua Hybrid, Chassis No. NHP10-2535470, Mfg. Year: 2016, Capacity: 1496 cc

    24. Used Suzuki Every Van, Chassis No. DA17V-225008, Mfg. Year: 2016

    25. Used Suzuki Wagon-R, Chassis No. MH355-103519, Mfg. Year: 2017

    26. Used Audi Q2 1.0TESI, Chassis # WAUZZZGAIJ018984, Manufacturing Year: 2018, Engine Capacity: Not Shown, Mileage: 3664 km

    27. Following motorcycles are also part of the auction:

    (i). New Arctic Cat ATV Bike, Chassis # RFB14ATV.3EK610888, Manufacturing Year: 2014, Engine Capacity: 90 cc

    (ii) New Arctic Cat ATV Bike, Chassis # RFB14ATVXEK6T0905, Manufacturing Year: 2014, Engine Capacity: 90 cc

    (iii) New Arctic Cat ATV Bike, Chassis # RF1314ATVXEK6T0919, Manufacturing Year: 2014, Engine Capacity: 90 cc

    (iv) New Arctic Cat ATV Bike, Chassis # RE8I4ATV2EK6T0896, Manufacturing Year: 2014, Engine Capacity: 90 cc

    (v) New Arctic Cat ATV Bike, Chassis # RFBI4ATVXEK6T0928, Engine Capacity: 90 cc

    (vi) New Arctic Cat ATV Bike, Chassis # RF1314ATV9EK6T0894, Manufacturing Year: 2014, Engine Capacity: 90 cc

    (vii) New Arctic Cat ATV Bike, Chassis # RFB14ATV3EK6T0910, Manufacturing Year: 2014, Engine Capacity: 90 cc

    (viii) New Arctic Cat ATV Bike, Chassis # RFB14ATV3EK6T0938, Manufacturing Year 2014 Engine Capacity 90 cc

    28. Used Range Rover Evoque, Chassis No. SALVA2AG70H828587, Mfg. Year: 2013

    29. Used Mitusbishi Mirage Car, Chassis No. AO3A-0034375, Capacity : Not Shown, Mfg. Year: 2015, Extra Parts (01 Pc New Hydraulioc Jack)

    30. Used Nissan Dayz car, Chassis No. 821-w-0322718, Mfg. Year: 2015 Capacity: 1496ml

    31. Used Daihatsu Cast Car, Chassis No. LA250S-0098171, Mfg. Year: 2017, Capacity: 658cc

    32. Used Suzuki Every Van, Chassis No. DA17W-117175, Mfg. Year: 2015, Capacity: Not Shown

    33. Used Daihatsu Wagon, Chassis No. S33 1G-0028698, Mfg. Year: 2015 Capacity: 658cc

    34. Used Suzuki Alto Car, Chassis No. HA-36V132435, Mfg. Year: 2018, Capacity : 658cc, 4303km

    35. Used Suzuki Alto Car, Chassis No. HE36S-352581, Mfg. Year: 2017, Capacity : Not Shown

    36. Used Mitsubishi Ek Wagon Car, Chassis No. B11 W-0307757, Mfg. Year: 2017, Capacity : Not Shown

    37. Used Honda Hybrid Freed, Chassis No. GP3-1216644, Mfg. Year: 2014, Capacity : Not Shown, Extra parts: (i) 01 pc bonnet (ii) 01 pc back door

    38. Used Hustler Suzuki, Chassis No. MR31S-311545, Mfg. Year: 2016, Capacity : Not Shown

    39. Used Suzuki Alto, Chassis No. 1-IA36S-268860, Mfg Year: 2015, Capacity: Not Shown, Extra parts: (i) 03 pcs bonnet (ii) 01 pc bumper (iii) 11 pcs fander

    40. Used Suzuki Every Van, Chassis No. DA64V-830205, Mfg. Year: 2014, Capacity : Not Shown

    41. Used Audi A3 1.4TFSI, Car, Chassis No. WAUZZZ8VXF1077847, Mfg. Year: 2015

    42. 1 UNIT STC USED VEHICLE TOYOTA AQUA CH/NO: NHP10 -6584555 YEAR 2017

    43. Used Suzuki Every Van, Chassis No. DA64V-844736, Mfg. Year: 2014, Capacity : Not Shown

    44. Used Daihatsu Hijet Cargo Van, Chassis No. S33AV-0115549, Mfg. Year: 2014, Capacity : 658cc

    45. Used Suzuki Every Van, Chassis No. DA17V-152270, Mfg Year: 2015, Capacity : Not Shown

    46. Used Suzuki Alto Car, Chassis No. HA-36V132435, Mfg. Year: 2018, Capacity: 658cc, 43031cm

    47. USED VEHICLE TOYOTA AQUA, MODEL-2017, CH # NHP10-6604902, ENGINE# 1NZ-FXEC CAPACITY: 1496 ML

    48. USED VEHICLE HONDA VEZEL MODEL, CHASSIS NO: RU3-1079539, MFG: 2015 CAPACITY: NOT SHOWN

    49. USED VEHICLE TOYOTA VITZ MODEL, CHASSIS NO: KSP130- 2201340,MFG: 2017, CAPACITY: 996ML

    50. USED VEHICLE TOYOTA PASSO MODEL , CHASSIS NO: M700A0071747,MFG:2017,CAPACIY:996cc

  • Pakistan imports mobile phones worth $1.31 billion in eight months

    Pakistan imports mobile phones worth $1.31 billion in eight months

    ISLAMABAD: Pakistan has imported mobile phones worth $1.31 billion during first eight months of the current fiscal year owing to rise in demand of such devices for digital financial system.

    According to data released by Pakistan Bureau of Statistics (PBS) on Wednesday the import of mobile phones worth $1.311 billion during July – February 2020/2021 as compared with $865 million in the corresponding period of the last fiscal year.

    The strong value of the dollar during the period forced higher import payment in terms of the Pak Rupee. The import of mobile phones in terms of rupee surged by 58 percent to Rs213 billion during first eight months of the current fiscal year as compared with $134.8 billion in the corresponding period of the last fiscal year.

    Market sources said that coronavirus pandemic had limited the physical movement, which had given rise to online transactions. Mobile phones have played a major role in promoting the digital economy.

    Further, the implementation of laws making it mandatory that only verified mobiles through the Pakistan Telecommunication Authority (PTA) to be activated for local services has also discouraged informal channels for the import of mobile phones.

    They said that the depreciation of the Pak Rupee had also an impact on the surge of mobile phone imports.

  • PSX issues notices to six companies for unusual price movement

    PSX issues notices to six companies for unusual price movement

    KARACHI: Pakistan Stock Exchange (PSX) on Wednesday issued notices to six listed companies for explaining unusual movement in their prices of traded shares during past three months.

    The PSX issued notices to the following companies:

    M/s. Service Fabrics Limited

    M/s. Soneri Bank Limited

    M/s. Mughal Iron & Steel Industries Limited

    M/s. Premium Textile Mills Limited

    M/s. Fazal Cloth Mills Limited

    M/s. Indus Dyeing & Manufacturing Co. Limited

    The stock exchange said that listed companies are required to respond promptly by disclosing the following to the public if there are unusual movements in the price or volume of is traded securities is observed:

    a. Details of any matter or development of which it is aware that is or may be relevant to the unusual movements, or

    b. A statement of the fact that it is not aware of any such matter or development.

    The stock market said that while reviewing the trading data of the companies, it had been observed that the prices of the companies had experienced substantial changes during the last three months.

    The PSX said that in case of any material/price sensitive information that is likely to affect the market price/volume, the companies are required to share the same to the exchange for its onward dissemination to all market participants.

    The stock market said that in view of above and in absence of any material announcement, the companies had been advised to furnish the reason and / or any material information in their knowledge which may have resulted in substantial decrease in price.

  • Foreign direct investment falls by 30pc during July-Feb

    Foreign direct investment falls by 30pc during July-Feb

    KARACHI: The net inflow of foreign direct investment (FDI) has declined by 30 percent during first eight months (July – February) 2020/2021 owing to significant increase in outflow of the investment during the period under review.

    According to data released by State Bank of Pakistan (SBP) on Wednesday, the FDI fell to $1.3 billion during first eight months of the current fiscal year as compared with $1.85 billion in the corresponding months of the last fiscal year.

    The inflows under this head witnessed a decline of 16 percent to $1.98 billion during July – February 2020/2021 as compared with $2.36 billion in the corresponding period of the last fiscal year.

    However, outflow under this head increased by 35 percent to $683 million during the period under review as compared with $507 million in the corresponding period of the last fiscal year.

    The overall inflow of private foreign investment fell by 43 percent to $1.04 billion during the first eight months of the current fiscal year as compared with $1.83 billion in the corresponding period of the last fiscal year.

    The portfolio investment from the equity market witnessed massive outflows during the period. The portfolio investment saw an outflow of $256 million during the first eight months of the current fiscal year as compared with outflow of $26.3 million in the same period of the last fiscal year.

    The foreign public investment recorded outflow of $132 million during first eight months of the current fiscal year as compared with inflows of $2.16 billion in the corresponding period of the last fiscal year.

  • Stock market gains 593 points on deferment in opposition protests

    Stock market gains 593 points on deferment in opposition protests

    The stock market witnessed a significant surge on Wednesday, with the benchmark KSE-100 index gaining 593 points, closing at 45,450 points compared to the previous day’s close of 44,857 points.

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