“Building further on its vision to facilitate taxpayers through automation, digitization, and minimization of human interaction with taxpayers, the FBR is all set to launch Single Sales Tax Portal. Prime Minister is likely to unveil the mega national initiative, later this month,” it said.
This landmark initiative has been made possible after thorough discussions with the provincial revenue authorities of Punjab, Sindh, KPK, Baluchistan, and AJK.
This facility will enable taxpayers to file single monthly Sales Tax returns instead of multiple returns (6 in the past) on different portals; thereby, significantly reducing the time and cost of compliance, and thus achieving maximum efficiency.
The system would be intelligent enough to sift and collect revenues from a single taxpayer and distribute the same among multiple revenue agencies.
This unique project would also help in resolving the long outstanding issues of input tax adjustment among relevant stakeholders. With the proposed launch of Single Sales Tax Portal later this month, the existing cumbersome and tedious processes would be replaced with an efficient & automated system of tax adjustments, with minimum human involvement.
The Portal would also be beneficial for tax collectors in having a 360-degrees view of taxpayers’ business activities across the country in order to maximize revenue potential and tax compliance.
By all standards, this is a giant leap forward in taxpayers’ facilitation and at the same time, a significant step in harmonization of taxes between federal and provincial governments.
8. Tax credit not allowed. – (1) Notwithstanding anything contained in this Act, a registered person shall not be entitled to reclaim or deduct input tax paid on –
(a) the goods or services used or to be used for any purpose other for taxable supplies made or to be made by him;
(b) any other goods or services which the Federal Government may, by a notification in the official Gazette, specify;
(ca) the goods or services in respect of which sales tax has not been deposited in the Government treasury by the respective supplier;
(caa) purchases, in respect of which a discrepancy is indicated by CREST or input tax of which is not verifiable in the supply chain;
(d) fake invoices;
(e) purchases made by such registered person, in case he fails to furnish the information required by the Board through a notification issued under sub-section (5) of section 26;
(f) goods and services not related to the taxable supplies made by the registered person.
(g) goods and services acquired for personal or non-business consumption;
(h) goods used in, or permanently attached to, immoveable property, such as building and construction materials, paints, electrical and sanitary fittings, pipes, wires and cables, but excluding pre-fabricated buildings and such goods
acquired for sale or re-sale or for direct use in the production or manufacture of taxable goods;
(i) vehicles falling in Chapter 87 of the First Schedule to the Customs Act, 1969 (IV of 1969), parts of such vehicles, electrical and gas appliances, furniture furnishings, office equipment (excluding electronic cash registers), but excluding such goods acquired for sale or re-sale;
(j) services in respect of which input tax adjustment is barred under the respective provincial sales tax law;
(k) import or purchase of agricultural machinery or equipment subject to sales tax at the rate of 7% under Eighth Schedule to this Act;
(l) from the date to be notified by the Board, such goods and services which, at the time of filing of return by the buyer, have not been declared by the supplier in his return or he has not paid amount of tax due as indicated in his return; and
(m) the input goods or services attributable to supplies made to un-registered person, on pro-rata basis, for which sale invoices do not bear the NIC number or NTN as the case may be, of the recipient as stipulated in section 23.
(2) If a registered person deals in taxable and non-taxable supplies, he can reclaim only such proportion of the input tax as is attributable to taxable supplies in such manner as may be specified by the Board.
(3) No person other than a registered person shall make any deduction or reclaim input tax in respect of taxable supplies made or to be made by him.
(4) Omitted
(5) Notwithstanding anything contained in any other law for the time being in force or any decision of any Court, for the purposes of this section, no input tax credit shall be allowed to the persons who paid fixed tax under any provisions of this Act as it existed at any time prior to the first day of December, 1998.
(6) Notwithstanding anything contained in any other law for the time being in force or any provision of this Act, Board, with the approval of the Federal Minister-in-charge, may, by notification in the official Gazette, specify any goods or class of goods which a registered person cannot supply to any person who is not registered under this Act.
(7) Omitted
(Disclaimer: The text of above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)
ISLAMABAD: The import bill of Pakistan surged by 65.15 per cent during the first four months (July – October) of 2021/2022, according to official statistics released on Tuesday.
The import bill increased to $25.06 billion during the first four months of the current fiscal year as compared with $15.17 billion in the same period of the last fiscal year, according to data of Pakistan Bureau of Statistics (PBS).
On the other hand, exports of the country registered a growth of 24.71 per cent to $9.44 billion during the first four months of the current fiscal year as compared with $7.57 billion in the corresponding months of the last year.
The trade deficit of the country swelled by 105.43 per cent to $15.62 billion during July – October of the current fiscal year as compared with the deficit of $7.60 billion in the same period of the last fiscal year.
The trade deficit widened by 117 per cent to $3.88 billion in October 2021 when compared with the deficit of 1.789 billion in the same month of the last year.
The import bill during the month of October 2021 increased by 63 per cent to $6.334 billion as against $3.89 billion in the same month of the last year.
Similarly, the exports exhibited a growth of 16.52 per cent to $2.45 billion in October 2021 as compared with $2.1 billion in the same month of the last year.
Analysts at Topline Securities said that bullish momentum continued at PSX as well in the backdrop of improved trade deficit numbers on monthly basis, significant decline in international coal prices and anticipation of agreement between IMF and Government of Pakistan in the prevailing week as announced by the finance minister.
Market opened on a positive note and made an intraday high at 47,315 level (up 340 points; +0.72 per cent) before closing at 47,113 level (up 138 points; +0.29 per cent).
Initially, the cement sector led the show to celebrate substantial reduction of over 35 per cent in global coal prices but witnessed profit taking in the later half of the day.
Technology and Banking sector stocks also provided support by adding 156 points cumulatively.
During the day, total volume and value stood at 306 million shares and Rs8.37 billion, respectively. BYCO was the volume leader with 19.2 million shares traded in it, today.
KARACHI: The US dollar fell against the Pak Rupee (PKR) by 75 paisas on Tuesday owing to positive sentiments prevailing in the foreign currency market.
The rupee is continuously making gain against the dollar after the announcement of Saudi Arabia to support Pakistan in the balance of payment.
The rupee hit the historic low at Rs175.27 on October 26, 2021.
Saudi Arabia last week announced an additional support of $3 billion to Pakistan for building its foreign exchange reserves. The additional financial support is besides a $1.2 billion dollars deferred oil facility to Pakistan to help its balance of payment issues, an official statement said.
The local currency fell by Rs13.00 or 8.25 per cent from June 30, 2021 closing of Rs157.54 to the closing of Rs170.54 on November 2, 2021.
KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 02, 2021 (The rates are updated at 09:45 AM Pakistan Standard Time):
Currency
Buying
Selling
Australian Dollar (AUD)
126.5
128
Bahrain Dinar (BHD)
386.75
388.50
Canadian Dollar (BHD)
137
138.5
China Yuan (BHD)
23.75
23.90
Danish Krone (DNK)
23.45
23.75
Euro (EUR)
196
198
Hong Kong Dollar (HKD)
16.7
16.95
Indian Rupee (INR)
2.03
2.1
Japanese Yen (JPY)
1.41
1.44
Kuwaiti Dinar (KWD)
481.7
484.2
Malaysian Ringgit (MYR)
36.45
36.8
NewZealand $ (NZD)
96.45
97.15
Norwegians Krone (NOK)
17.50
17.75
Omani Riyal (OMR)
392.7
394.7
Qatari Riyal (QAR)
39.90
40.50
Saudi Riyal (SAR)
45
45.5
Singapore Dollar (SGD)
125
126.5
Swedish Korona (SEK)
18.5
18.75
Swiss Franc (CHF)
159.9
160.8
Thai Bhat (THB)
4.8
4.9
U.A.E Dirham (AED)
47.5
48
UK Pound Sterling (GBP)
233.5
236
US Dollar (USD)
170.9
172.3
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.
KARACHI: State Bank of Pakistan (SBP) has strongly rejected the media reports of financial losses or data stolen in the recent cyber attack.
In a tweet on Monday, the SBP said some fake news regarding cyber security attack on banks is in circulation including remarks attributed to Chief Spokesman Abid Qamar.
According to these fake news, nine banks have been affected by the attack and that money has been withdrawn and data stolen.
“Further, no financial loss or data breach has been observed so far,” the SBP added.
The SBP is monitoring the situation closely and it will share any update or information about the incident through its official channels, according to the tweet.
Earlier, on October 30, 2021, the SBP in another tweet stated that the NBP had reported a cybersecurity-related incident that is being investigated. “NBP has not observed any data breach or financial loss. No other bank has reported any such incidence,” the SBP said adding it was monitoring the situation closely to ensure the safety and soundness of the banking system.
01. Mercedes Benz E-230 Car, Reg. No. AAJ-106, Model-1997 Chassis No. WDB2100372A189414 Color Grey 2294cc
02. BMW 7 Series E66 745Li Car, Reg. No. BCP-523, Model-2002 Chassis No. WBAGN62000DE55455, H.P. 4400cc Color White
03. Toyota Mark X Car, Reg.No.AMQ-020, Model-2006 Chassis No.GRX121-3001124, H.P.3000CC, Color Pearl White
04. Toyota Marks-X Car Reg No.ASP-663 Model 2005 Chassis No.GRX121-1005188 color pearl white H.P 2994 CC
05. Honda Civic Car Reg No.AKY-342 Model 2004 Chassis No.JHMES56804S201499 color Black H.P 1590 CC
06. Toyota Marks-X Car Reg No.BBF-001 Model 2005 Chassis No.GRX120-0045540 color pearl white H.P 2499 CC
07. Toyota Marks-X Car Reg No.ARN-690 Model 2005 Chassis No.GRX120-0021588 color Silver H.P 2500 CC
08. Toyota Hilux Surf Reg. No. ABC-600 Model 1997 Chassis No.KZN185-9022690 color Silver 2982 CC
09. Toyota Prado Jeep, Reg No. WAA-225, Model 1996 Chassis No.VZJ95-0001689 Color Blue H.P 3378 CC
10. Toyota Mark-X Car Reg No. LED-14-7246, Model 2005, Chassis No.GRX121-1005846 color Pearl White H.P 3000 CC
11. Honda Accord Car, having dummy/fake registration plate / Mark Reg. No. AXY-881, Chassis No. CL7-3006381, Model-2003, Color Silver
12. Suzuki Swift Car Reg No. BCF-996, Chassis No.ZC11S-166252, 1300CC , Model 2006, Color Silver
13. Toyota Mark-X Car having dummy/fake Reg plate / Mark ASY-789 Karachi, Chassis No. GRX120-0067707, 2499cc Model 2006, Color Pearl White
14. Toyota Premio Car having dummy/fake registration plate / Mark ARL-786, Chassis No. ZZT240-5014560, Engine No.INZ-A477200, 1794cc Model 2003, Color Pearl White
15. Honda Civic Reborn (Hybrid) Car, without Registration plate/Mark, ASP-765 Karachi Chassis No.FD3-1005399, Engine No.DAA-FD3, 1300 CC Model 2006, Color Silver
16.Toyota Surf Jeep having dummy/fake Reg plate / Mark BC-5511, Chassis No. VZN185-0357462, Model 2001, Color Golden
17. BMW-(545i Series) Car, having dummy/fake registration plate / Mark without Registration plate/Mark, Chassis No.WBANB32070B360916 ,Model 2004, Color Black,
18. Suzuki Swift Car having dummy/fake Reg plate / Mark AWA-248, Chassis No.ZCI 1S-123498, Model 2005, Color Black
19. Toyota Vitz Car having dummy/fake Reg. plate / Mark BDA-756, Chassis No. KSP90-2067642, Model 2008, 1000 cc Color White,
20. Toyota Mark-X Car having dummy/fake registration plate / Mark AZU-931, Chassis No. GRX120-0040846, Model 2005, 2500 cc Color White
21. Toyota Land Cruiser Jeep Bearing Registration No. 493301 (Bahrain), Chassis No. JTMDU09J3E5087856, Engine No. 1GRB000618, Model 2014, 4000CC, Color Pearl White
22. Toyota X Corolla Bearing Registration No. AWV-409 (Karachi), Chassis No. ZZE122-3001965, 1500CC, Model 2000, Color Silver
23. Toyota Mark-X Registration No. ARV-871 (Karachi), Chassis No. GRX120-0045784, 2500CC, Model 2005, Color Pearl White
24. Toyota Corolla Car Bearing Registration No. AAM-180 (Quetta), Chassis No. AE100-002618, Model 1992
25. Suzuki Swift Car having Dummy / Fake Registration Plate / Mark AUJ-037 (Karachi), Chassis No.ZC11S-166072 1300CC, Model 2006 Color Silver
26. Toyota Hilux Surf Jeep having Dummy / Fake Registration Plate / Mark E-1412, Chassis No.LN130-7023698 Engine No. 2L-3254319, Model 1992, Color Black
27. Toyota Land Cruiser Lexus LX-470 Jeep bearing Registration Plate / Mark. CC-52-33 (unregistered) Chassis No.UZJ100-0016994, Engine No.2UZ-0026202, Color Rose Mist, Model 1999, 4700CC
28. Toyota Land Cruiser Jeep (Cygnus)having Registration Plate / Mark AJKF-8208 Chassis No.UZJ100-0160781, 4663CC.Model 2006, Color Pearl White
29. Toyota Mark-X Car Regd No.AAK-405, Chassis No.GRX121-1005389, 3000CC, Model 2005 Color Pearl White
30.Suzuki Swift Car Registration No. BAA-230 (Karachi), Chassis No.ZC11S-159920, H.P 1328CC, Model 2006, Color Pearl White
31. Suzuki Swift Car Registration No. AYA-807 ( Karachi), Chassis No.ZC71S-470841, H.P. 1300CC, Model 2009, Color Silver
32. Suzuki Swift Car Registration No. AWX-097 (Karachi), Chassis No.JSAEZC11S00406854, H.P. 1328CC, Model 2006 Color Pearl White
33. Suzuki Swift Car Registration AYG-759, Chassis No.ZC71S-435206, H.P 1300CC, Model 2008, Color Black
