KARACHI: The KSE-100 index of Pakistan Stock Exchange (PSX) declined by 123 points on Friday amid an increase in the profit rate of National Saving Schemes (NSS).
The KSE-100 index ended at 43,396 points from the previous day’s closing of 43,519 points.
Analysts at Topline Securities said that the KSE-100 Index largely remained in the negative zone during the day to close at 43,396 level.
This negativity in the market can be attributed to increase in National Saving Scheme in the range of 161 basis points to 240 basis points.
Major contribution to the index came from NESTLE, TRG, FFC, MEBL and BAFL, as they cumulatively contributed 75 points to the index, whereas on the flip side SYS, BAHL, DAWH, HBL and UBL lost value to weigh down on the index by 108 points.
Traded volume and value for the day were 179 million shares and Rs.6.73 billion, respectively. TRG was today`s volume leader with 14.6 million shares.
KARACHI: Dr. Muhammad Ashfaq Ahmed, Chairman of the Federal Board of Revenue (FBR), has announced cash reward for officials of Inland Revenue Enforcement Network (IREN) for conducting successful raids against illegal sugar bags.
A statement issued on Saturday said that the Chairman had appreciated the performance of IREN squads and announced a cash reward for those officers, who conducted successful raids. He stated that the Track & Trace system coupled with IREN’s valiant drive would help overcome the menace of non-tax paid goods in the market.
It is pertinent to mention that the Prime Minister of Pakistan has recently launched a Track & Trace System on the Sugar Sector. Therefore, IREN has also been entrusted to ensure its enforcement in the entire supply chain of the Sugar Industry.
For this purpose, the Chief Coordinator IREN and his Regional Enforcement Squads across Pakistan are geared to conduct raids and ensure seizures on the non-tax paid sugar stocks, which move out of the factory premises/warehouses without tax stamps.
As a result, IREN Squads have intensified their operations in every nook and corner of the country, against the non-compliant supply chain operators dealing in the sugar sector in order to maximize revenue potential.
The Squads have raided various sugar dealers in almost all big cities and various small towns to check sugar stocks. During these raids Hyderabad Squad has seized stock of 172 sugar bags without affixing of Tax Stamps in the premises of M/s Gulzar & Co. The stock of 172 sugar bags was seized and legal action was being initiated against those who were found involved in the tax evasion.
Building on its momentum to maximize tax compliance, FBR IREN squads, has seized 8,320,000 illegal cigarettes worth Rs. 21,479,625 involving duties and taxes of Rs. 17,242,635 in the month of November, 2021. Likewise, in the first five months of FY- 2021-22, IREN has seized non duty / tax paid cigarettes of Rs. 177,959,737 (approximately 74,131,500 sticks) resulting in detection of evasion of duties and taxes worth Rs. 142,905,265.
KARACHI: Prime Minister Imran Khan on Friday launched Green Line Bus Rapid Transport System (BRTS) project, which will facilitate around 135,000 commuters of Karachi city.
The BRTS is a landmark project worth Rs.35.5 billion as it will provide facility to Karachi’s Western and Central Districts commuters.
The Green Line BRTS system, which included 21 stations along with ticketing rooms, escalators and stairs, also had the facility of backup generators to ensure uninterrupted supply of electricity.
Ministry of Planning, Development and Special Initiatives got this federal government project through Sindh Infrastructure Development Company (SIDCL).
Prime Minister Imran Khan while addressing the inaugural ceremony said that as any modern city cannot be successfully run without a modern transport system, the Green Line project will help fulfill modern day transportation requirements of the residents of Karachi.
Describing Karachi as an “engine of growth” for the country, he said, the prosperity of Karachi was considered as the prosperity of Pakistan.
The Prime Minister said that with every country having a city including London in UK, Paris in France and New York in the United States contributed in country’s development and prosperity, the success Karachi will also help Pakistan achieve progress and prosperity.
He described the federal government’s Green Line project as first step towards the modernization of Karachi in terms of transport, adding, governments in the past did not focus on modern transportation system for the mega city.
Prime Minister Imran Khan said that since he was seeing Karachi for the last 50 years, he had also seen this mega city transforming from “a city of lights” to “ruins” due to lack of management support system.
He said that despite sanctions on Iran, its capital Tehran had become a modern and prosperous city with all civic facilities due to modern management system like any capital of the developed countries including London, Paris and New York.
The Prime Minister said that Tehran, which did receive any funds from the public sector development program like in Pakistan, its collects and generates around US $ 500 million [per annum] in local revenue as against Karachi which might be collecting something around US $ 30 million.
37B. Procedure to be followed on arrest of a person.– (1) When an officer of Inland Revenue authorized in this behalf arrests a person under Section 37A, he shall immediately intimate the fact of the arrest of that person to the Special Judge who may direct such Officer to produce that person at considers such time and place and on such date as the Special Judge considers expedient and such Officer shall act accordingly.
(2) Notwithstanding anything contained in the sub-section (1), any person arrested under this Act shall be produced before the Special Judge or, if there is no Special Judge within a reasonable distance, to the nearest Judicial Magistrate, within twenty-four hours of such arrest, excluding the time necessary for the journey from the place of arrest to the Court of the Special Judge or, as the case may be, of such Magistrate.
(3) When any person is produced under sub-section (2) before the Special Judge, he may, on the request of such person, after perusing the record, if any and after giving the prosecution an opportunity of being heard, admit him to bail on his executing a bond, with or without sureties, or refuse to admit him to bail and direct his detention at such place as he deems fit:
Provided that nothing herein contained shall preclude the Special Judge from cancelling the bail of any such person at a subsequent stage if, for any reason, he considers such cancellation necessary, but before passing such order he shall afford such person an opportunity of being heard, unless for reasons to be recorded he considered that the affording of such opportunity shall defeat the purposes of this Act.
(4) When such person is produced under sub-section (2) before a Judicial Magistrate, such Magistrate may, after authorising his detention in such custody at such place and for such period as he considers necessary or proper for facilitating his earliest production before the Special Judge, direct his production before the Special Judge on a date and time to be fixed by him or direct such person to be forthwith taken to, and produced before, the Special Judge and he shall be so taken.
(5) Nothing in sub-section (3) or sub-section (4) shall preclude the Special Judge or the Judicial Magistrate from remanding any such person to the custody of an officer of Inland Revenue holding inquiry against that person if such officer makes a request in writing to that effect, and the Special Judge or the Judicial Magistrate, after perusing the record, if any, and hearing such person, is of the opinion that for the completion of inquiry or investigation it is necessary to make such order:
Provided that in no case the period of such custody shall exceed fourteen days.
(6) When any person is arrested under this Act, an officer of Inland Revenue shall record the fact of arrest and other relevant particulars in the register specified in sub-section (10) and shall immediately proceed to inquire into the charge against such person and if he completes the inquiry within twenty-four hours of his arrest, excluding the time necessary for journey as aforesaid, he may, after producing such person before the Special Judge or the nearest Judicial Magistrate, make a request for his further detention in his custody.
(7) While holding an inquiry under sub-section (6), an officer of Inland Revenue shall exercise the same powers as are exercisable by an officer in charge of a police station under the Code of Criminal Procedure, 1898 (Act V of 1898), but such officer shall exercise such powers subject to the foregoing provisions of this section while holding an inquiry under this Act.
(8) If an officer of Inland Revenue, after holding an inquiry as aforesaid, is of the opinion that there is no sufficient evidence or reasonable ground for suspicion against such person, he shall release him on his executing a bond, with or without sureties, and shall direct such person to appear, as and when required, before the Special Judge, and make a report to the Special Judge for the discharge of such person and shall make a full report of the case to his immediate superior.
(9) The Special Judge to whom a report has been made under sub-section, (8) may, after the perusal of record of the inquiry, and hearing the prosecution, agree with such report and discharge the accused or, if he is of the opinion that there is sufficient ground for proceedings against such person, proceed with his trial and direct the prosecution to produce evidence.
(10) An officer of Inland Revenue empowered to hold inquiry under this section shall maintain a register to be called “Register of Arrests and Detentions” in the prescribed form in which he shall enter the name and other particulars of every person arrested under this Act, together with the time and date of arrest, the details of the information received, the details of things, goods or documents, recovered from his custody, the name of the witnesses and the explanation, if any, given by him and the manner in which the inquiry has been conducted from day to day; and, such register or authenticated copies of its aforesaid entries shall be produced before the Special Judge, whenever such Officer is so directed by him.
(11) After completing the inquiry, an officer of Inland Revenue shall, as early as possible, submit to Special Judge a complaint in the same form and manner in which the officer incharge of a police station submits a report, before a court.
(12) Magistrate of the first class may record any statement or confession during inquiry under this Act, in accordance with the provisions of Section 164 of the Code of Criminal Procedure, 1898 (Act V of 1898).
(13) Without prejudice to the foregoing provisions of this section, Board, with the approval of the Federal Minister-in-charge, may, by notification in the official Gazette, authorize any other officer working under the Board to exercise the powers and perform the functions of an officer of Inland Revenue under this section, subject to such conditions, if any, that it may deem fit to impose.
(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.)
37A. Power to arrest and prosecute.– (1) An officer of Inland Revenue not below the rank of an Assistant Commissioner of Inland Revenue or any other officer of equal rank authorised by the Board in this behalf, who on the basis of material evidence has reason to believe that any person has committed a tax fraud or any offence warranting prosecution under this Act may cause arrest of such person.
(2) All arrests made under this Act shall be carried out in accordance with the relevant provisions of the Code of Criminal Procedure, 1898 (Act V of 1898).
(4) Notwithstanding anything contained in sub-section (1) to subsection (3) or any other provision of this Act, where any person has committed a tax fraud or any offence warranting prosecution under this Act, the Commissioner may, either before or after the institution of any proceedings for recovery of tax, compound the offence if such person pays the amount of tax due along with such default surcharge and penalty as is determined under the provisions of this Act.
(5) Where the person suspected of tax fraud or any offence warranting prosecution under this Act is a company, every director or officer of that company whom the authorised officer has reason to believe is personally responsible for actions of the company contributing the tax fraud or any offence warranting prosecution under this Act shall be liable to arrest; provided that any arrest under this sub-section shall not absolve the company from the liabilities of payment of tax, default surcharge and penalty imposed under this Act.
(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.)
37. Power to summon persons to give evidence and produce documents in inquiries under the Act.– (1) Any officer of Inland Revenue shall have powers to summon any person whose attendance he considers necessary either to tender evidence or to produce documents or any other thing in any inquiry which such officer is making for any of the purposes of this Act.
(2) Any person summoned under sub-section (1) shall be bound to attend either in person or by an authorised agent, as the officer of Inland Revenuemay direct;
Provided that a person who is exempted from personal appearance in a court under section 132 and 133 of the Code of Civil Procedure (Act V of 1908), shall not be required to appear in person.
(3) Any inquiry before an officer of Inland Revenueshall be deemed to be a judicial proceeding within the meaning of section 193 and 228 of the Pakistan Penal Code (Act XLV of 1860).
(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.)
Section 34A of the Sales Tax Act, 1990, provides a mechanism for the exemption from penalty and default surcharge imposed under Sections 33 and 34 of the Act.
KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on December 09, 2021 (The rates are updated at 09:06 AM Pakistan Standard Time):
Currency
Buying
Selling
Australian Dollar (AUD)
124.50
125.50
Bahrain Dinar (BHD)
386.85
388.60
Canadian Dollar (CAD)
138.50
140.00
China Yuan (CNY)
23.75
23.90
Danish Krone (DNK)
23.50
23.80
Euro (EUR)
199.00
201.00
Hong Kong Dollar (HKD)
16.75
17.00
Indian Rupee (INR)
2.03
2.10
Japanese Yen (JPY)
1.41
1.44
Kuwaiti Dinar (KWD)
481.80
484.30
Malaysian Ringgit (MYR)
36.50
36.85
NewZealand $ (NZD)
96.55
97.25
Norwegians Krone (NOK)
17.50
17.75
Omani Riyal (OMR)
392.75
394.78
Qatari Riyal (QAR)
39.90
40.50
Saudi Riyal (SAR)
47.00
47.50
Singapore Dollar (SGD)
128.00
129.30
Swedish Korona (SEK)
18.50
18.75
Swiss Franc (CHF)
159.90
160.80
Thai Bhat (THB)
4.80
4.90
U.A.E Dirham (AED)
48.40
48.90
UK Pound Sterling (GBP)
235.00
237.50
US Dollar (USD)
177.75
179.25
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.
Taxpayers are liable to pay default surcharge in case the due payment is not deposited in national kitty in time under Section 34 of the Sales Tax Act, 1990.
34. Default Surcharge.– (1) Notwithstanding the provisions of section 11, if a registered person does not pay the tax due or any part thereof, whether wilfully or otherwise, in time or in the manner specified under this Act, rules or notifications issued thereunder or claims a tax credit, refund or makes an adjustment which is not admissible to him, or incorrectly applies the rate of zero per cent to supplies made by him, he shall, in addition to the tax due, pay default surcharge at the rate mentioned below:—
(a) the person liable to pay any amount of tax or charge or the amount of refund erroneously made, shall pay default surcharge at the rate of twelve per cent per annum, of the amount of tax due or the amount of refund erroneously made; and
(c) in case, the default is on account of tax fraud, the person who has committed tax fraud shall pay default surcharge at the rate of two per cent per month, of the amount of tax evaded or the amount of refund fraudulently claimed, till such time the entire liability including the amount of default surcharge is paid.
(2) For the purpose of calculation of default surcharge, –
(a) in the case of inadmissible input tax credit or refund, the period of default shall be reckoned from the date of adjustment of such credit or, as the case may be, refund is received; and
(b) in the case of non-payment of tax or part thereof, the period of default shall be reckoned from the 16th day of a month (following the due date of the tax period to which the default relates) to the day preceding the date on which the tax due is actually paid.
Explanation.– For the purpose of this section tax due does not include the amount of penalty.
(Disclaimer: The text of the 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.)
