Pkrevenue.com

Author: Hamza Shahnawaz

  • FBR authorized to appoint special panels for tax audit

    FBR authorized to appoint special panels for tax audit

    Section 32A of Sales Tax Act, 1990 authorized the Federal Board of Revenue (FBR) to appoint special panels for conducting sales tax audit.

    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 32A of the Sales Tax Act, 1990:

    32A. Audit by Special Audit Panels. (1) The Board may appoint as many special audit panels as may be necessary, comprising two or more members from the following, –

    (a) an officer or officers of Inland Revenue;

    (b) a firm of chartered accountants as defined under the Chartered Accountants Ordinance, 1961 (X of 1961);

    (c) a firm of cost and management accountants as defined under the Cost and Management Accountants Act, 1966 (XIV of 1966); or

    (d) any other person as directed by the Board, to conduct audit of a registered person or persons, including audit of refund claims and forensic audit and the scope of such audit shall be determined by the Board or the Commissioner Inland Revenue on a case-to-case basis. In addition, the Board may, where it considers appropriate, also get such audit conducted jointly with similar audits being conducted by provincial administrations of sales tax on services.

    (2) Notwithstanding that records of a registered person have been audited by an officer appointed under section 30, the Board or a Commissioner may direct special audit panel appointed under sub-section (1) to audit the records of any registered person.

    (3) Every member of special audit panel appointed under sub-section (1), shall have the powers of an officer of Inland Revenue under sections 25, 37 and 38.

    (4) Each special audit panel shall be headed by a chairman who shall be an officer of Inland Revenue.

    (5) If any one member of the special audit panel, other than the chairman, is absent from conducting an audit, the proceedings of the audit may continue and the audit conducted by the special audit panel shall not be invalid or be called in question merely on the ground of such absence.

    (6) The Board may prescribe rules in respect of constitution, procedure and working of special audit panel.

    (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.)

    Powers, delegation of powers by Inland Revenue officials
  • KSE-100 index sheds 585 points on mini-budget reports

    KSE-100 index sheds 585 points on mini-budget reports

    KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) fell by 585 points on Wednesday as investors feared on mini-budget reports.

    The index closed at 44,364 points from the previous day’s closing of 44,948 points.

    Analysts at Arif Habib Limited said that bears continued to dominate over the bulls for the straight three consecutive sessions in a week as investors feared the upcoming mini-budget.

    Moreover, The International Monetary Fund (IMF) has rejected Pakistan’s request to keep a door open for borrowing from the central bank and also did not agree on any meaningful accountability of the State Bank of Pakistan (SBP).

    The third day of the roll-over week remained under pressure despite attractive valuations. Across the board, selling was witnessed.

     On the institutional front, a cautious stance was recorded due to the concerns of foreign selling spree in the upcoming MSCI re-balancing day.

    Sectors contributing to the performance include Banks (-159.0 points), Fertilizers (-123.8 points), Cements (-117.8 points), and Pharmaceuticals (-48.7 points).

    Volumes increased from 264.6 million shares to 310.3 million shares (+17.3 per cent DoD). Average traded value also increased by 33.0 per cent to reach US$ 74.0 million as against US$ 55.6 million.

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

    KSE-100 Index falls 796 points on KIBOR rise
  • Dollar crosses Rs175 at interbank closing

    Dollar crosses Rs175 at interbank closing

    KARACHI: The US dollar rebounded on Wednesday by gaining 74 paisas against the Pak Rupee (PKR). The rupee ended Rs175.04 to the dollar from the previous day’s closing of Rs174.30 in the interbank foreign exchange market.

    Currency analysts said that the mounting demand of dollars for import payments had deteriorated the rupee value.

    They said that the rupee had made recovery for the first two sessions of the current week following rise in key policy rate by the State Bank on November 19, 20201.

    However, huge import bill kept the high demand for dollar.

    Pakistan’s current account deficit sharply widened to $5.08 billion during first four months (July – October) of the current fiscal year as compared to a surplus of $1.31 billion in the same period of the last year.

    The rupee hit the all-time low of Rs175.73 to the dollar on November 12, 2021 in the interbank foreign exchange market.

    Dollar slips 47 paisas at market close
  • Ghandhara Nissan to launch Chery vehicles current fiscal

    Ghandhara Nissan to launch Chery vehicles current fiscal

    KARACHI: Ghandhara Nissan Limited on Tuesday announced to launch of Chery passenger vehicles in Pakistan during the current fiscal year.

    In a communication to Pakistan Stock Exchange (PSX), the company shred information which refers to the arrangements made between M/s. Ghandhara Nissan Limited and M/s. Chery Automobile Co. Limited – Wuhu, China (Chery) for the launch of Chery passenger vehicles in Pakistan.

    “With this note, we would like to appraise the stakeholders that as per the plans we look forward to launching chery SUVs during the current financial year.”

    The company is currently engaged in the pre-launch tasks of the project including the establishment of dealership network, modernization/up-gradation of plant infrastructure, marketing and supply chain activities.

    “We would update the stakeholders regarding the expected launch time of the vehicles in the near future,” the company added.

    About the Company: Ghandhara Nissan Limited was incorporated on August 8, 1981 in Pakistan as a private limited company and subsequently converted into a public limited company on May 24, 1992. The Company is a subsidiary of Bibojee Services (Private) Limited.

    The registered office of the Company is situated at F-3, Hub Chowki Road, S.I.T.E., Karachi. Its manufacturing facilities are located at Port Qasim, Karachi and regional offices in Lahore and Rawalpindi. The Company’s shares are listed on Pakistan Stock Exchange Limited.

    The principal business of the Company is assembly / progressive manufacturing of vehicles including JAC Trucks, import and sale of Nissan, Dongfeng and Renault vehicles in Completely Built-up condition and assembly of other vehicles under contract agreement. 

  • Powers and functions of directorates

    Powers and functions of directorates

    The Sales Tax Act, 1990, under Section 30E, provides clarity on the powers and functions of Directorates and their officers.

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  • Today’s currency exchange rates in PKR – Nov 23, 2021

    Today’s currency exchange rates in PKR – Nov 23, 2021

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 23, 2021 (The rates are updated at 09:59 AM Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)126127.50
     Bahrain Dinar (BHD)386.75388.50
     Canadian Dollar (CAD)136.50138.50
     China Yuan (CNY)23.7523.90
     Danish Krone (DNK)23.4523.75
     Euro (EUR)196198
     Hong Kong Dollar (HKD)16.7016.95
     Indian Rupee (INR)2.032.10
     Japanese Yen (JPY)1.411.44
     Kuwaiti Dinar (KWD)481.70484.20
     Malaysian Ringgit (MYR)36.4536.80
     NewZealand $ (NZD)96.4597.15
     Norwegians Krone (NOK)17.5017.75
     Omani Riyal (OMR)392.70394.70
     Qatari Riyal (QAR)39.9040.50
     Saudi Riyal (SAR)46.1546.65
     Singapore Dollar (SGD)126127.50
     Swedish Korona (SEK)18.5018.75
     Swiss Franc (CHF)159.90160.80
     Thai Bhat (THB)4.804.90
     U.A.E Dirham (AED)48.1048.60
     UK Pound Sterling (GBP)233.50236
     US Dollar (USD)175176.50

    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 – Nov 22, 2021
  • FBR notifies transfers of Customs officers of BS 17-19

    FBR notifies transfers of Customs officers of BS 17-19

    ISLAMABAD: Federal Board of Revenue (FBR) on Monday, November 22, 2021, notified transfers and postings of officers of Pakistan Customs Service (PCS) in BS-17 to BS-19 with immediate effect until further orders.

    The FBR notified transfers and postings of the following Customs officers:

    01. Tasleem Akhtar (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate General of Training & Research (Customs), Karachi from the post of Additional Director, Directorate of Intelligence & Investigation, FBR, Karachi.

    02. Omar Shafique (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Intelligence & Investigation, FBR, Karachi from the post of Additional Collector, Collectorate of Customs Enforcement, Quetta.

    03. Moeen Afzal Ali (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Collectorate of Customs Enforcement, Quetta from the post of Additional Collector, Collectorate of Customs (Exports), Port Muhammad Bin Qasim, Karachi.

    04. Rana Irfan Shaukat (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Collectorate of Customs Enforcement, Multan from the post of Additional Director, Directorate of Intelligence & Investigation, FBR, Multan.

    05. Syed Itrat Hussain (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Intelligence & Investigation, FBR, Multan from the post of Deputy Director, Directorate of IPR Enforcement (North), Islamabad.

    06. Dr. Jam Muhammad Imran (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate General of Intelligence & Investigation, FBR, Islamabad from the post of Deputy Director, Directorate General of Input Output Coefficient Organization, Karachi.

    07. Muhammad Ahmad Zaheer (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Director, Directorate of Post Clearance Audit (Central), Lahore from the post of Assistant Director, Directorate of Intelligence & Investigation, FBR, Lahore.

    08. Muhammad Saleem (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Collectorate of Customs (Exports), Port Muhammad Bin Qasim, Karachi from the post of Assistant Director, Directorate of Intelligence & Investigation, FBR, Gwadar.

    The FBR said that the officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting.

    FBR promotes 18 Customs officials to Assistant Collector
  • Formation of Directorates under Sales Tax Act

    Formation of Directorates under Sales Tax Act

    Section 30B to 30DDD of Sales Tax Act, 1990 has explained formation of Directorates under 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 30B to 30DDD of the Sales Tax Act, 1990:

    30B. Directorate General Internal Audit.– The Directorate General Internal Audit shall consist of a Director General and as many Directors, Additional Directors, Deputy Directors and Assistant Directors and such other officers as the Board, may by notification in the official Gazette, appoint.

    30C. Directorate General of Training and Research.–The Directorate General of Training and Research shall consist of a Director General and as many Directors, Additional Directors, Deputy Directors and Assistant Directors and such other officers as the Board, may by notification in the official Gazette, appoint.

    30D. Directorate General of Valuation.–The Directorate General of Valuation shall consist of a Director General and as many Directors, Additional Directors, Deputy Directors and Assistant Directors and such other officers as the Board, may by notification in the official Gazette, appoint.

    30DD. Directorate of Post Clearance Audit.– The Directorate of Post clearance Audit shall consist of a Director and as many Additional Directors, Deputy Directors, Assistant Directors and such other officers as the Board may, by notification in the official Gazette, appoint.

    30DDD. Directorate General of Input Output Co-efficient Organization.- The Directorate General of Input Output Coefficient Organization (IOCO)-Inland Revenue shall consist of a Director General and as many Directors, Additional Directors, Deputy Directors, Assistant Directors and such other officers as the Board may, by notification in the official Gazette, appoint.

    (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.)

    Intelligence officers empowered to exercise sales tax law
  • Pakistan allows sales tax exemption on Afghan fruits

    Pakistan allows sales tax exemption on Afghan fruits

    The Federal Board of Revenue (FBR) in Pakistan issued a sales tax notification, SRO 1501(I)/2021, on Monday, formalizing the government’s decision to exempt the sales tax on the import of most Afghan fruits.

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  • Supernet awarded telecom projects worth Rs100 million

    Supernet awarded telecom projects worth Rs100 million

    ISLAMABAD: Supernet Limited, one of Pakistan’s leading telecommunications service providers and systems integrators, has secured telecommunication projects worth Rs100 million

    A statement issued on Monday said that the company had been awarded three equipment supply projects consisting of equipment and services in the domains of satellite communications, telecommunications, and power with a combined equivalent value of Rs. 100 million.

    The projects have been awarded by a strategic organization thereby expanding the customer base of its Telecommunications and Defense Business Unit, said a news release issued here on Monday.

    The equipment and associated support and warranty services shall support the customer’s large communications network in the country. Supernet has already successfully delivered one project in totality.

    The second project is on track to be completed by the end of November 2021 with the third one expected to reach completion in the 1st quarter of 2022. Head of BU, Telecoms and Defense at Supernet Ali Akhtar, said, “We are thrilled to have been awarded these projects with each one being awarded through a competitive bidding process resulting in our solutions being picked as the best techno-commercial ones.”

    “We have successfully been able to on board a new client, widening our customer base, and we’ve done it by winning significant business right off the bat. We are as always, grateful to our customers for their trust and confidence in us as well the cooperation of our partners in our supply chain”, he added.

    Supernet Limited, one of Pakistan’s leading telecommunications service providers and systems integrators, has been operating since 1995. Supernet offers a full portfolio of local-to-global integrated communications infrastructure solutions to Telecoms, Defense, Enterprise and government entities.

    Supernet’s “Connectivity” products and services include a broad spectrum of Wide Area Network (WAN) and Metropolitan Area Network (MAN) solutions based on satellite, fiber optics, microwave and radios.

    In recent years, Supernet has established its expertise in domains including cyber security, power, networking, and surveillance solutions as part of its “Beyond Connectivity” initiative thereby offering a richer portfolio of solutions and services to customers.

    PTA issues procedure to block telemarketing messages