The Federal Board of Revenue (FBR), Pakistan’s premier tax collection agency, has surpassed its revenue collection target for the fiscal year 2020/2021.
(more…)Day: June 30, 2021
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Petrol price increases by Rs2 to Rs112.69/liter
ISLAMABAD: The government on Wednesday announced an increase in price of petrol by Rs2 to Rs112.69 per liter from Rs110.69 with effect from July 01, 2021.
A statement said that the price of high speed diesel (HSD) has been increased by Rs1.44 to Rs113.99 per liter from Rs112.55.
The price of kerosene oil has been increased by Rs3.86 to Rs85.75 per liter from Rs81.89.
Similarly, the price of light diesel oil has been increased by Rs3.72 to Rs83.40 per liter from Rs79.68.
The statement said that in order to provide maximum relief to the consumers, the government has maintained the practice of keeping the prices of petroleum products at an affordable level.
OGRA has been recommending substantial increase in the prices of Petroleum products since 1st May 2021, corresponding to the increase in prices of the petroleum products in the International markets.
However, keeping in view the welfare of the general public, the government has absorbed the impact of the increase by making adjustments in sales tax and petroleum levy.
Currently, the petroleum levy rates are at the lowest of last six years.
During the financial year 2020-21, the government has provided Rs252.41 billion subsidy to the consumers by keeping low the petroleum levy rates against the budgeted Rs. 30/liter on all products.
It is also worth mentioning that as compared to our regional neighbours, Government of Pakistan is providing Petrol and Diesel at the lowest level rates.
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Finance Act, 2021: Taxpayers given three months to update business bank accounts
ISLAMABAD: Declaring business bank accounts has become mandatory from July 01, 2021 otherwise a monetary penalty would be imposed. However, taxpayers have been given to update their registration profile along with business bank accounts up to September 30, 2021.
According to the Finance Act, 2021 a new definition has been included in the Income Tax Ordinance, 2001 in which business bank account means a bank account utilized by the taxpayer for business transaction declared to the Commissioner through original or modified registration form prescribed under section 181.
A Section 114A has been inserted through the Finance Act, 2021 under which every taxpayer will require to declare to the Commissioner the bank account utilized by the taxpayer for business transactions.
Business bank account shall be declared through original or modified registration form prescribed under section 181.
The Finance Act 2021 further imposed monetary penalty for not declaring the business bank account. Where any person fails to declare business bank account(s), in his registration application or fails to amend his registration profile to declare existing business bank account(s) willfully: Such person shall pay a penalty of Rs. 10,000 for each day of default since the date of submission of application for registration or date of opening of undeclared business bank account whichever is later:
Provided that if penalty worked out as aforesaid is less than Rs.100,000 for each undeclared bank account, such person shall pay a penalty of Rs.100,000 for each undeclared business bank account:
Provided further that this provision shall be applicable from the first day of October, 2021 during which period the taxpayer may update their registration forms.
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Share market gains 218 points amid brisk trading
The Pakistan Stock Exchange (PSX), country’s share market, concluded the fiscal year on a positive note as the benchmark KSE-100 index surged by 218 points amidst brisk trading on Wednesday.
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Condition of bank guarantee, post dated cheque waived on temporary import
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday waived the condition of bank guarantee and pay order under temporary import against exempt sales tax and customs duty.
The FBR issued SRO 847(I)/2021 to allow the persons availing facility of temporary importation for subsequent exportation to clear consignments without submitting bank guarantee or pay order. However, the persons shall require to submit indemnity bond or post dated cheque equivalent to the amount of payable duty and taxes.
The FBR said that the export shall be processed subject to profiling by the Risk Management System, the Assistant Collector or the Deputy Collector, in charge of the export station, may examine goods being exported in case of specific information regarding the misuse of the facility with the permission of the collector and findings of the examination shall be uploaded in the system.
The FBR further said that immediately after re-export of goods, the applicant shall produce evidence to the collector of customs concerned that the goods have been re-exported within the stipulated time period.
On production of such evidence or declaration, the indemnity bond and post dated cheque submitted at the time of import shall be released.
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Phone calls above 5 minutes to be chargeable additional 75 paisa
ISLAMABAD: The government has imposed additional 75 paisas as federal excise duty (FED) on a mobile phone call if its duration exceeds five minutes.
The national assembly approved the changes in the law after the Federal Board of Revenue (FBR) will collect additional 75 paisa FED on a call above five minutes.
According to the law, mobile phone call, if call duration exceeds five minutes; seventy five paisa per call in addition to the applicable rate of duty.
The additional federal excise duty on mobile phone calls above five minutes shall be applicable from July 01, 2021.
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KIBOR rates on June 30, 2021
The State Bank of Pakistan (SBP) has released the Karachi Interbank Offered Rates (KIBOR) for various tenors on June 30, 2021.
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Rupee gains 20 paisas against dollar
KARACHI: The Pak Rupee gained 20 paisas against the dollar on Wednesday owing to substantial inflows of remittances and export receipts.
The rupee ended Rs157.54 to the dollar from the previous day’s closing of Rs157.74 in the interbank foreign exchange market.
Currency experts said that the market witnessed inflows of remittances from overseas Pakistanis who sent money to their relatives for Hajj and Eid ul Azha.
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SBP issues customers exchange rates on June 30, 2021
KARACHI: The State Bank of Pakistan (SBP) on Wednesday issued customers’ exchange rates on the basis of weighted average rates of commercial banks.
The SBP said that the data is compiled and disseminated for information only. These Exchange Rates are an estimate of the Exchange Rates quoted by various Commercial Banks to their clients.
They are compiled from the Exchange Rate sheets issued daily by various Commercial Banks providing their indicative Exchange Rates for commercial transactions with customers.
CURRENCY BUYING SELLING AED 42.8161 42.9103 AUD 118.1931 118.4502 CAD 126.8434 127.1192 CHF 170.5525 170.9182 CNY 24.3727 24.4233 EUR 187.0357 187.4509 GBP 217.6191 218.1011 JPY 1.4221 1.4253 SAR 41.9074 41.9981 USD 157.1288 157.4921 -
Kamran Kamal appointed HUBCO chief
KARACHI: Hubco, Pakistan’s largest IPP has announced the appointment of Kamran Kamal as its new CEO. Kamran has succeeded Khalid Mansoor who led the company for eight years, a statement said on Wednesday.
Kamran has already been a part of Hubco for the past 6 years as the CEO of Laraib Energy Limited, a hydel subsidiary of the Company. Previously, he held the position of Vice President China Power Hub Generation Company (CPHGC), a joint venture between HUBCO & China Power International Holding (CPIH). Kamran’s appointment as the new CEO (from within the Company) is a testament of confidence of Hubco’s shareholders in its home-grown talent.
“Pakistan’s energy landscape is full of possibilities. HUBCO’s unparalleled technical expertise, pioneering approach to business and strategic geographical presence provides us with a unique set of capabilities to realize these possibilities for our country said Kamran Kamal. I am excited to lead HUBCO in transforming our approach to creating long-term shared value without ever losing sight of the future of our society, Kamran added.
Kamran is a competent leader with over 18 years of progressive responsibility and leadership experience in energy, infrastructure, commodities, business development and strategy. He has been responsible for large capital projects, building organizational capabilities and for overall business delivery in both management, executive and Board roles. Kamran holds a Masters from Harvard and a BSE in Electrical Engineering from Georgia Tech, USA.
Previously, Kamran was Commodities Trade Head, Engro EXIMP FZE where he managed Fertiliser, Coal, Oilseeds and Sugar Trading Portfolio. He led the company’s growth into new geographies and commodities portfolio. During his tenure at Engro, Kamran was also involved in major energy & infrastructure projects including Thar Coal Mining & Power Plant, LNG Floating terminal and RLNG based power plant.
Under Kamran’s leadership HUBCO will focus on retaining its position as a market leader by focusing on renewables, merchant market model for the Power Sector and diversification into sustainable solutions. Kamran’s understanding of the Power Sector, regulatory environment and his experience of closely working with key external stakeholders will strengthen Hubco’s standing in the power sector.