Pkrevenue.com

Day: December 3, 2021

  • FBR identifies 482 retailers for POS integration

    FBR identifies 482 retailers for POS integration

    ISLAMABAD: The Federal Board of Revenue (FBR) has identified 482 retailers for mandatory integration of Point of Sale (POS) with the tax online system for sharing sales in real-time.

    The FBR issued the list of 482 retailers by notifying Sales Tax General Order (STGO) No. 6 of 2022 dated December 03, 2021.

    The FBR said that the Finance Act, 2019 added sub-section (6) to section 811 of the Sales Tax Act, 1990 whereby a Tier-1 Retailer who did not integrate its retail outlet in the manner prescribed under sub-section (9A) of section 3 of the Sales Tax Act, 1990 during a tax period, its adjustable tax for that period would be reduced by 15 per cent. The figure of 15 per cent has been raised to 60 per cent vide Finance Act, 2021.

    READ MORE: POS installation offers reduced tax rates: LTO Karachi

    In order to operationalize this important provision of law, a system-based approach has been adopted whereby all Tier-1 retailers who are liable to integrate but have not yet integrated, with effect from July-2021 (Sales Tax Returns filed in August 2021) are to be dealt with as per the procedure laid down in STGO No. 1 of 2022 issued on August 03, 2021.

    Vide the instant STGO No. 6, a list of 482 identified tier-1 retailers has been placed on FBR’s web portal at www.fbr.gov.pk allowing them to integrate with FBR’s system by December 10, 2021, and the procedure of exclusion from this list of 482 identified retailers shall apply as laid down in Para 2 of STGO 1 of 2022 dated 03.8.2021.

    Upon the filing of Sales Tax Return for the month of November 2021 for all hereby notified retailers not having yet integrated, their input tax claim would be disallowed as above, without any further notice or proceedings, creating tax demand by the same amount.

    FBR issues list of 1136 retailers for POS integration
  • MoU signed for digital aggregation of insurance products

    MoU signed for digital aggregation of insurance products

    KARACHI: Insurance Association of Pakistan (IAP) and Central Depository Company of Pakistan Limited (CDC) has signed a Memorandum of Understanding (MoU) for digital aggregation of insurance products CDC’s Emalaak Financials platform.

    Sadia Khan, Commissioner – Securities and Exchange Commission of Pakistan (SECP) presided at the MoU Signing Ceremony at the CDC House, Karachi.

    At the occasion, describing the features of the platform, CEO CDC Badiuddin Akber said: “This Fintech solution of ‘Emlaak Financials’ is indeed a landmark initiative of national significance, as it aims to become ‘Digital Financial Super Market’ in Pakistan by leveraging the potential of technology to increase outreach for various financial products.”

    Azfar Arshad, Chairman IAP applauded the efforts of CDC and SECP and said that this initiative will pave the way for the growth of the Insurance Industry.

    While addressing the occasion, Commissioner SECP – Ms. Sadia Khan said that this digital transformation is expected to have an impact throughout the insurance value chain, from underwriting and pricing of products, their marketing, and distribution, through to claims processing and the ongoing customer servicing.

    The distribution of insurance products through the digital portal EMLAAK is expected to provide low-cost and centralized solutions to policyholders by providing comparative cost-benefit analysis of different products on a centralized platform.

    This will lead to a reduction in the protection gap as new market segments are accessed as well as an increase in the insurance penetration.

    The goal of the regulator is to enable the insurance industry to play its rightful role both in terms of providing the social safety net as well as the development of the capital market.

    She commended the role of CDC in bringing this new initiative to life by capitalizing on its technological capability.

    The event was attended by the senior members of IAP’s Executive Committee and other high-ranking officials of the Insurance industry.

    CDC, NIFT sign agreement to enable digital payments for mutual fund investors
  • Envoy for removal of Saudi-Pak trade barriers

    Envoy for removal of Saudi-Pak trade barriers

    ISLAMABAD: Nawaf bin Said Al-Malki, Ambassador of Saudi Arabia in Pakistan, has stressed the need to remove barriers in trade between Saudi Arabia and Pakistan.

    While welcoming a delegation from Federation of Pakistan Chambers of Commerce and Industry (FPCCI) led by its president Mian Nasser Hyatt Maggo at Saudi Embassy Islamabad, Al-Malki underscored the need of the removal of trade barriers and the promotion of trade through the direct route.

    He stated that Pakistan and Saudi Arabia both possess huge natural resources which can be utilized for enhancement of bilateral trade relations.

    The envoy also informed that there is huge potential in rice, textile, sea food, sports goods, agro-based products and there is a need of direct interaction between the traders of both countries in these commodities.

    He said that Saudi Arabia wanted to see Pakistan as a growing economy as it is a very important country for the whole Muslim Ummah.

    The ambassador said that Pakistan has lots of potential for speedy economic growth that should be highlighted more effectively to attract foreign investors.

    Al-Malki urged that the media should focus on projecting the positive things of Pakistan to change wrong perception about it.

    He said that wrong perceptions about Pakistan in foreign world needed to be changed to unlock its real economic potential.

    President FPCCI Mian Nasser Hyatt Maggo said that Pakistan desired to further strengthen its trade ties with Saudi Arabia as both countries have great scope to promote trade in many areas.

    Read More: Pakistan, Saudi Arabia agree to strengthen bilateral economic ties

    Pakistan has strong strategic, diplomatic and economic relations with Saudi Arabia and cannot forget the financial assistance of Saudi Arabia in the form of oil on credit, construction of educational institutions and on Kashmir cause.

    Maggo while quoting the statistics, he informed that the share of Pakistan in Saudi Arabia’s trade is just one per cent; while in Pakistan’s trade is approximately 7 per cent stated that Saudi Arabia is an important trading partner of Pakistan and the joint business council between the national chambers of both countries can play a vital role in enhancing the trade and business activities.

    He urged on accelerated efforts for activation of trade and economic promotional activities through this platform. Maggo also underlined the need of exchange of trade delegations, holding of B2B meetings, trade exhibitions and business forums etc.

    Read more: Pakistan, Saudi Arabia agree to enhance duty, tax cooperation

    The President FPCCI further highlighted various potential areas for investment in special economic zones of Pakistan under CPEC project. He invited the investors of Saudi Arabia to explore Joint venturesin these special zones. Pakistan will facilitate Saudi investors by providing them one window operation.

    Qurban Ali, Chairman Capital Office & Mirza Abdul Rehman Chief Coordinator FPCCI also emphasized on the enhancement of bilateral trades and investment and suggested opening of Saudi Arabia EXIM bank branch in Pakistan for trade facilitation. Mirza Abdul Rehman &Qurban Ali highlighted the potentials of bilateral trade in different sectors and also requested multiple entry visa to the genuine businessmen on the recommendation of FPCCI within shortest possible time.

    Saudi Arabia places $3bn with Pakistan’s central bank
  • Stocks end flat amid bears rule over bulls

    Stocks end flat amid bears rule over bulls

    KARACHI: Stocks ended flat and on Friday as bears rule over the bulls during the day due to alarming current account deficit.

    The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 43,233 points as against the previous day’s close of 43,234 points.

    Analysts at Arif Habib Limited said that the bears ruled over the bulls today due to concerns over an alarming number of current account deficit, devaluation of Pak rupee, and a big jump in cut-off yields of treasury bills indicating a hawkish stance in the upcoming monetary policy.

    Yesterday, a sharp downfall in the market occurred due to a sell-off by mutual funds which eventually created an attractive opportunity for value hunters.

    The market opened on a positive note as value hunters did aggressive buying in the first session.

    In the second session, across the board selling was witnessed as PKR closed at an all-time low of 176.77, down 0.2 per cent DoD.

    Moving forward, the analysts expect the market to remain volatile and recommend a cautious approach.

    Sectors contributing to the performance include Cement (-180 points), Technology (-63 points), Engineering (-35 points), Textile Composite (-31 points) and Refinery (-25 points).

    Volumes decreased from 386.8 million shares to 287.7 million shares (25.6 per cent DoD). Traded value also decreased by 26.9 per cent to reach US$ 58.1 million as against US$ 79.6 million.

    Stocks that contributed significantly to the volumes include WTL, TPLP, BYCO, UNITY and TRG.

    Pakistan stock exchange crashes; ends down 4.71%
  • Yarn merchants demand cut in interest rate

    Yarn merchants demand cut in interest rate

    KARACHI: Pakistan Yarn Merchants Association (PYMA) on Friday demanded the State Bank of Pakistan (SBP) to cut interest rate to provide relief to coronavirus hit economy of the country.

    In a statement Saqib Naseem, Central Chairman Pakistan Yarn Merchants Association (PYMA), while expressing deep concern over the non-reduction of interest rates by the SBP despite the demands of the business community, said that it has recently increased interest rates by 150 basis points, and news was circulating for increasing interest rates further in the coming days, which will have a devastating effect on the corona-hit economy.

    In particular, there will be a significant increase in the production cost of trade and industry, as well as a storm of inflation.

    PYMA office-bearer said that economists should give suggestions in the interest of the economy, which would boost business and industrial activities in the country, and bring prosperity.

    However, it has been observed that most of the measures taken by the government have increased business and industrial costs and it is becoming extremely difficult for the business and industrial community to run their businesses and industries.

    “The severe economic crisis caused by the Corona epidemic, the business and industrial community was already facing a severe shortage of capital and they were struggling to survive. In these circumstances, raising interest rates by the SBP will lead to a severe financial crisis which is not in any way in the favour of the national economy”, they feared.

    Saqib Naseem appealed to an advisor to the Prime Minister on Finance and Revenue Shaukat Tarin to reduce interest rates immediately to save trade and industry from collapse so that the traders have easy access to capital and they can continue their business and industrial production activities while overcoming all difficulties.

    Otherwise, business and productive activities will be hampered for them, which will have a very negative impact on the economy.

    Saqib Naseem elected central chairman PYMA
  • Dollar makes new high of Rs176.77 at interbank closing

    Dollar makes new high of Rs176.77 at interbank closing

    KARACHI: The US dollar recorded a new high at Rs176.77 against the Pak Rupee (PKR) at the closing of the Interbank foreign exchange market on Friday.

    The dollar gained 35 paisas against the previous day’s closing of Rs176.42 in the interbank foreign exchange market. The dollar made a new peak just after a day reaching the historic high.

    Currency experts said that the high trade deficit and decline in foreign exchange reserves were major reasons behind the massive fall in rupee value.

    The official reserves of the State Bank fell by $244 million to $16.01 billion by the week ended November 26, 2021 as compared with $16.254 billion a week ago.

    The import bill of the country surged by 69.17 per cent to $33 billion during the first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.

    The exports of the country also grew at 27 per cent but much lower than the pace in the growth of the import bill during the period under review. The exports of the country increased to $12.34 billion during July – November 2021/2022 as compared with $9.74 billion in the same period of the last fiscal year.

    Earlier in the day the US dollar has breached the level of Rs177 to make a new record high during intraday trading. The exchange rate reached at Rs177.30 to the dollar during midday trading in the interbank foreign exchange market.

    Dollar makes new record high of Rs176.42 to Pak Rupee
  • Customers’ exchange rates on December 03, 2021

    Customers’ exchange rates on December 03, 2021

    Karachi, Pakistan – The State Bank of Pakistan (SBP) has unveiled the exchange rates for December 03, 2021, providing a snapshot of the current market values.

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  • FBR notifies promotion of senior IRS officers to BS-21

    FBR notifies promotion of senior IRS officers to BS-21

    The Federal Board of Revenue (FBR) has issued a notification (No. 2863-IR-I/2021) on Friday, officially announcing the promotion of several senior officers from the Inland Revenue Service (IRS) to BS-21 from their previous BS-20 positions.

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  • Inland Revenue officers promoted to BS-20

    Inland Revenue officers promoted to BS-20

    In a significant move aimed at recognizing and rewarding the dedication and service of officers within the Inland Revenue Service (IRS), the Federal Board of Revenue (FBR) issued Notification No. 2864-IR-I/2021 on Friday, announcing the promotion of several officers from BS-19 to BS-20.

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  • FBR notifies promotion of Customs officers to BS-20

    FBR notifies promotion of Customs officers to BS-20

    In a move to recognize and reward the dedicated service of officers within the Pakistan Customs Service (PCS), the Federal Board of Revenue (FBR) issued Notification on Friday, announcing the promotion of several officers from BS-19 to BS-20 on a regular basis with immediate effect.

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