Section 203 of Income Tax Ordinance, 2001 has described that the Federal Government can appoint more than one special judge for trial of tax cases.
(more…)Day: September 25, 2021
-
Commissioner’s power to compound offences
Section 202 of the Income Tax Ordinance, 2001, updated up to June 30, 2021, now allows the Chief Commissioner, with the prior approval of the Board, to compound offences either before or after the institution of proceedings.
(more…) -
Institution of prosecution proceedings
The Federal Board of Revenue (FBR) has been granted enhanced authority to initiate prosecution proceedings under Section 201 of the Income Tax Ordinance, 2001.
(more…) -
New penalty regime introduced for non-filing tax returns
The Federal Board of Revenue (FBR) has introduced new penalty regime introduced for non-filing tax returns in order to encourage documentation.
(more…) -
NADRA’s computation to be treated as assessment: FBR
ISLAMABAD: Federal Board of Revenue (FBR) has said that computation of income and assets prepared by the National Database Registration Authority (NADRA) shall be treated as assessment.
The FBR in explanation to Tax Laws (Third Amendment) Ordinance, 2021 said that a new section 175B has been inserted in the Income Tax Ordinance, 2001 aiming to broaden the tax base through collaboration between NADRA and FBR.
Sub-section (1) of section 175B mandates NADRA to share its records or any other information available or held by it, on its own motion or upon application by the Board.
Sub-section (2) thereof allows NADRA to compute indicative income and tax liability on the basis of various expenses, receipts, assets, properties and liabilities etc. using artificial intelligence, mathematical or statistical modeling or any modern methods.
The FBR may forward such information to the concerned tax authorities having jurisdiction in connection to the subject matter relating to the information, who may utilize the information for the purpose of levy of tax.
The indicative income and tax liability shall be communicated to the person to whom it relates. Such person shall have the option to pay tax as prescribed. In case of failure to pay such liability within stipulated
timeframe, the tax authority shall take action under the provisions of the Ordinance on the basis of the Indicative Income so computed.
If the person against whom the liability has been determined under sub-section (4) of the newly inserted section pays such liability, such payment shall be construed to be an amended assessment order under section 120 or 122(1) or 122(4) as the case may be.
Board is also vested with the powers to make rules for the purposes of subsections (4) and (5) to prescribe the extent of installments, and any relief regarding the penalty and default surcharge, and time limits.
To provide an enabling environment for the joint mechanism the restrictions on provision of information in terms of section 198 have been done away with and the said section is now omitted.
-
Exchange rates in PKR vs foreign currencies on Sept 25
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 25, 2021 (The rates are updated at 11:06AM):
Currency Buying Selling Australian Dollar 122.50 124.50 Bahrain Dinar 386.60 388.36 Canadian Dollar 134.50 136.50 China Yuan 23.70 23.85 Danish Krone 23.40 23.70 Euro 199.50 201.00 Hong Kong Dollar 16.60 16.85 Indian Rupee 2.03 2.10 Japanese Yen 1.41 1.44 Kuwaiti Dinar 481.50 484.00 Malaysian Ringgit 36.40 36.75 NewZealand $ 96.25 96.95 Norwegians Krone 17.45 17.70 Omani Riyal 392.50 394.50 Qatari Riyal 39.70 40.30 Saudi Riyal 45.50 46.00 Singapore Dollar 124.00 125.50 Swedish Korona 18.10 18.35 Swiss Franc 159.60 160.50 Thai Bhat 4.80 4.90 U.A.E Dirham 47.00 47.50 UK Pound Sterling 233.00 235.50 US Dollar 170.40 171.40 Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.
-
Weekly Review: jittery sentiments likely
KARACHI: Investors’ sentiments are likely jittery during the next week owing to measures taken by the government to curtail import bill.
Analysts at Arif Habib Limited said that with the government making all efforts to restrict imports, tax collection (silver lining in the domestic economic climate at the moment), may also be hurt.
Market sentiments may be tested once again with the government proposing a hike in gas/electricity tariffs.
However, the resumption of the IMF program next month could provide a breather.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) is currently trading at a PER of 5.3x (2021) compared to Asia Pac regional average of 14.4x while offering a dividend yield of 8.1 per cent versus 2.3 per cent offered by the region.
This week marked the current fiscal year’s worst-performing week to date (second on CY basis), the equity bourse closed at 45,074 points (down by 3.4 per cent / 1,563 points WoW).
Amid rising demand and the upcycle in international commodities exacerbating the deficit on the external front, raising red flags over future CPI readings and building pressure on the Pak Rupee, the SBP commenced tapering its monetary stimulus.
A 25 basis points hike in the policy rate, shifting the focus from prioritizing growth to now ensuring sustainability, was put into effect to stop the economy from overheating.
While the government also adopted other measures to curtail demand such as tightening regulatory and consumer financing policies for auto consumers. Hence, investors remained on the edge.
Sector-wise negative contributions came from i) Technology (275 points), ii) Cement (196 points), iii) Commercial banks (148 points), iv) Fertilizer (137 points), and v) E&P (134 points). Whereas, sectors which contributed positively were i) Miscellaneous (41 points), and ii) Chemical (3 points). Scrip-wise negative contributors were TRG (142 points), SYS (124 points), HBL (71 points), OGDC (70 points) and PPL (55 points). Meanwhile, scrip-wise positive contribution came fr om PSEL (46 points), MCB (18 points) and BAFL (15 points).
Foreign buying was witnessed this week, settling at USD 6.7 million compared to a net sell of USD 10.9 million last week. Major buying was witnessed in Other Sectors (USD 6.1 million), Technology and Communication (USD 3.0 million) and Oil and Gas Marketing Companies (USD 1.8 million). On the local front, selling was reported by Individuals (USD 7.5 million) followed by Companies (USD 3.5 million). Average volumes clocked-in at 384 million shares (down by 4 per cent WoW) while average value traded settled at USD 73 million (down by 18 per cent WoW).