Pkrevenue.com

Author: Hamza Shahnawaz

  • 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
  • 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
  • Today’s currency exchange rates in PKR – Dec 03, 2021

    Today’s currency exchange rates in PKR – Dec 03, 2021

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on December 03, 2021 (The rates are updated at 11:30 AM Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)123.50125.00
     Bahrain Dinar (BHD)386.85388.60
     Canadian Dollar (CAD)136.00137.50
     China Yuan (CNY)23.7523.90
     Danish Krone (DNK)23.5023.80
     Euro (EUR)197.50199.50
     Hong Kong Dollar (HKD)16.7517.00
     Indian Rupee (INR)2.032.10
     Japanese Yen (JPY)1.411.44
     Kuwaiti Dinar (KWD)481.80484.30
     Malaysian Ringgit (MYR)36.5036.85
     NewZealand $ (NZD)96.5597.25
     Norwegians Krone (NOK)17.5017.75
     Omani Riyal (OMR)392.75394.78
     Qatari Riyal (QAR)39.9040.50
     Saudi Riyal (SAR)46.5047.00
     Singapore Dollar (SGD)125.50127.00
     Swedish Korona (SEK)18.5018.75
     Swiss Franc (CHF)159.90160.80
     Thai Bhat (THB)4.804.90
     U.A.E Dirham (AED)48.2048.70
     UK Pound Sterling (GBP)233.00235.50
     US Dollar (USD)176.50178.00

    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.

    Today’s currency exchange rates in PKR – Dec 02, 2021
  • Penalty for violating embargo placed on goods removal

    Penalty for violating embargo placed on goods removal

    A person shall pay a penalty of Rs25,000 or 10 per cent of the amount of tax for violating any embargo placed on the removal of goods in connection with the recovery of tax under Section 48 of the Sales Tax Act, 1990.

    The Federal Board of Revenue (FBR) issued the Sales Tax Act, 1990 updated up to June 30, 2021. The Act incorporated amendments brought through Finance Act, 2021.

    Following is the text of section 33(14) of the Sales Tax Act, 1990:

    33. Offences and penalties.– Whoever commits any offence shall, in addition to and not in derogation of any punishment to which he may be liable under any other law, be liable to the penalty mentioned against that offence: –

    14. Where any person violates any embargo placed on the removal of goods in connection with the recovery of tax.

    Such person shall pay a penalty of twenty-five thousand rupees or ten per cent of the amount of the tax involved, whichever is higher. He shall further be liable, upon conviction by a Special Judge, to imprisonment for a term which may extend to one year, or with a fine which may extend to an amount equal to the amount of tax involved, or with both.

     (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.)

    Imprisonment of five years for fraud under sales tax
  • Imprisonment of five years for fraud under sales tax

    Imprisonment of five years for fraud under sales tax

    A person is liable to imprisonment up to five years for committing fraud under Section 2(37) of the Sales Tax Act, 1990.

    The Federal Board of Revenue (FBR) issued the Sales Tax Act, 1990 updated up to June 30, 2021. The Act incorporated amendments brought through Finance Act, 2021.

    Following is the text of section 33(13) of the Sales Tax Act, 1990:

    33. Offences and penalties.– Whoever commits any offence shall, in addition to and not in derogation of any punishment to which he may be liable under any other law, be liable to the penalty mentioned against that offence: –

    13. Any person who commits, causes to commit or attempts to commit the tax fraud, or abets or connives in commissioning of tax fraud.

    Such person shall pay a penalty of twenty-five thousand rupees or one hundred per cent of the amount of tax involved, whichever is higher. He shall further be liable, upon conviction by a Special Judge, to imprisonment for a term which may extend to five years, or with a fine which may extend to an amount equal to the loss of tax involved, or with both.

    (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.)

    Imprisonment of 5yrs for denying access to FBR officials
  • Today’s currency exchange rates in PKR – Dec 02, 2021

    Today’s currency exchange rates in PKR – Dec 02, 2021

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on December 02, 2021 (The rates are updated at 10:20 AM Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)123.00124.50
     Bahrain Dinar (BHD)386.85388.60
     Canadian Dollar (CAD)135.50137.00
     China Yuan (CNY)23.7523.90
     Danish Krone (DNK)23.5023.80
     Euro (EUR)197.00198.00
     Hong Kong Dollar (HKD)16.7517.00
     Indian Rupee (INR)2.032.10
     Japanese Yen (JPY)1.411.44
     Kuwaiti Dinar (KWD)481.80484.30
     Malaysian Ringgit (MYR)36.5036.85
     NewZealand $ (NZD)96.5597.25
     Norwegians Krone (NOK)17.5017.75
     Omani Riyal (OMR)392.75394.78
     Qatari Riyal (QAR)39.9040.50
     Saudi Riyal (SAR)46.3546.85
     Singapore Dollar (SGD)126.00127.50
     Swedish Korona (SEK)18.5018.75
     Swiss Franc (CHF)159.90160.80
     Thai Bhat (THB)4.804.90
     U.A.E Dirham (AED)48.0048.50
     UK Pound Sterling (GBP)232.50235.00
     US Dollar (USD)175.80177.30

    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.

    Today’s currency exchange rates in PKR – Dec 01, 2021
  • Share market up by 297 points as trading seen in banks

    Share market up by 297 points as trading seen in banks

    KARACHI: The share market witnessed an increase of 297 points on Wednesday due to trading activity seen in the banking sector following an unexpected rise in inflation.

    The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 45,369 points as against the previous day’s closing of 45,072 points.

    Analysts at Arif Habib Limited said that the KSE-100 index stayed in the green zone throughout the day as the market celebrated the transition from emerging to frontier market.

    The index opened with a bullish momentum as traders took an aggressive bet on cement, steel, and technology stocks.

    Later, accumulation was witnessed in the banking sector as CPI for the month of November 2021 clocked in at 11.53 per cent YoY (+3 per cent MoM), the highest inflation in 21 months influenced by a record hike in fuel prices.

    In the last trading hour, a sharp upside was witnessed as short-sellers jumped into square-off trading positions.

    Sectors contributing to the performance include Cement (+113 points), Commercial Banks (+85 points), Fertilizer (+32 points), E&P (+20 points) and Power (+16 points).

    Volumes decreased from 411.5 million shares to 241.1 million shares (-41.4 per cent DoD). Traded value also decreased by 73.5 per cent to reach US$ 52.6 million as against US$ 198.4 million.

    Stocks that contributed significantly to the volumes include FFL, FFLR1, TPLP, MLCF and TRG.

    Shares fall 258 points amid hefty volumes
  • Imprisonment of 5yrs for denying access to FBR officials

    Imprisonment of 5yrs for denying access to FBR officials

    Taxpayers who deny or obstruct the access to authorized officials of the Federal Board of Revenue (FBR) to the business premises under section 25, Section 38, Section 38A or Section 40B of Sales Tax Act, 1990 , then the taxpayers shall liable to face imprisonment up to five years on conviction by a special judge.

    (more…)
  • Three-year jail for making false statement under tax law

    Three-year jail for making false statement under tax law

    A taxpayer is liable to face three years in jail for making a false statement or providing forged documents to tax authorities under Section 2(37) of the Sales Tax Act, 1990.

    The Federal Board of Revenue (FBR) issued the Sales Tax Act, 1990 updated up to June 30, 2021. The Act incorporated amendments brought through Finance Act, 2021.

    Following is the text of section 33(11) of the Sales Tax Act, 1990:

    33. Offences and penalties.– Whoever commits any offence shall, in addition to and not in derogation of any punishment to which he may be liable under any other law, be liable to the penalty mentioned against that offence: –

    11. Any person who, –

    (a) submits a false or forged document to any officer of Inland revenue; or

    (b) destroys, alters, mutilates or falsifies the records including a sales tax invoice; or

    (c) Knowingly or fraudulently makes a false statement, false declaration, false representation, false personification, gives any false information or issues or uses a document which is forged or false.

    Such person shall pay a penalty of twenty-five thousand rupees or one hundred per cent of the amount of tax involved, whichever is higher. He shall, further be liable, upon conviction by a Special Judge, to imprisonment for a term which may extend to three years, or with fine which may extend to an amount equal to the amount of tax involved, or with both.

    (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.)

    Taxpayers to pay penalty on failure to provide information
  • Taxpayers to pay penalty on failure to provide information

    Taxpayers to pay penalty on failure to provide information

    Section 33(10) of Sales Tax Act, 1990 stated that taxpayers in failure to provide information are required to pay penalty.

    (more…)