Section 218 of Income Tax Ordinance, 2001 describes service of notices and other documents. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021.
(more…)Author: Hamza Shahnawaz
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Authentication of forms, notices and other documents
The Federal Board of Revenue (FBR) has detailed the authentication procedures for forms, notices, and other documents as per Section 217 of the Income Tax Ordinance, 2001.
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Exchange rates in PKR vs foreign currencies on Oct 1
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on October 1, 2021 (The rates are updated at 09:30AM):
Currency Buying Selling Australian Dollar 122.50 124.50 Bahrain Dinar 386.60 388.36 Canadian Dollar 135 137 China Yuan 23.70 23.85 Danish Krone 23.40 23.70 Euro 199.50 201.50 Hong Kong Dollar 16.60 16.85 Indian Rupee 2.03 2.10 Japanese Yen 1.41 1.44 Kuwaiti Dinar 481.50 484 Malaysian Ringgit 36.40 36.75 NewZealand $ 96.25 96.95 Norwegians Krone 17.45 17.70 Omani Riyal 392.60 394.60 Qatari Riyal 39.75 40.35 Saudi Riyal 45.50 46 Singapore Dollar 123 124.50 Swedish Korona 18.25 18.50 Swiss Franc 159.70 160.60 Thai Bhat 4.80 4.90 U.A.E Dirham 47 47.50 UK Pound Sterling 232.50 235 US Dollar 172.30 173.30 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.
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Taxpayers can avail date extension as per law: FBR
KARACHI: The Federal Board of Revenue (FBR) on Wednesday announced it will not extend the last date for filing income tax returns for tax year 2021. However, taxpayers may apply for filing date extension as per Income Tax Ordinance, 2001.
The FBR in a communication sent to all the field office of Inland Revenue informed it had been decided that last date of filing of returns i.e. September 30, 2021 will not be extended for individuals, Association of Persons (AOPs) and companies which are required to file income tax returns by the due date.
“However, simultaneously provisions of Section 119(1) of the Income Tax Ordinance, 2001 stipulate that a “person required to furnish a tax return under Section 114 of the Income Tax Ordinance, 2001 … may apply, in writing to the commissioner for an extension of time to furnish the return.”
Thus, while it is important that the date of filing of tax returns for tax year 2021, being September 30, 2021, is retained as the final date for the purpose, it is absolutely necessary that Commissioners generously grant extensions in all cases of the hardship of any nature.
“In order to render the entire process of filing for extension and granting of time to taxpayers for filing of tax returns, IRIS is being modified to make it facilitative and less time-consuming.”
The FBR said that the chief commissioners, both in terms of administrative responsibilities as well as legal powers vested in term under Section 119(4) ibid, are required to be fully vigilant and ensure that no requests for extension remain unattended in their jurisdiction.
The FBR also instructed that every Inland Revenue field formation should ensure the implementation of guidelines in respect of manual returns.
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Exchange rates in PKR vs foreign currencies on Sept 29
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 29, 2021 (The rates are updated at 10:23AM):
Currency Buying Selling Australian Dollar 123.10 125.10 Bahrain Dinar 386.60 388.36 Canadian Dollar 136.10 138.10 China Yuan 23.70 23.85 Danish Krone 23.40 23.70 Euro 199.10 201.10 Hong Kong Dollar 16.60 16.85 Indian Rupee 2.03 2.10 Japanese Yen 1.41 1.44 Kuwaiti Dinar 481.50 484 Malaysian Ringgit 36.40 36.75 NewZealand $ 96.25 96.95 Norwegians Krone 17.45 17.70 Omani Riyal 392.60 394.60 Qatari Riyal 39.75 40.35 Saudi Riyal 45.90 46.40 Singapore Dollar 123.70 125.20 Swedish Korona 18.25 18.50 Swiss Franc 159.70 160.60 Thai Bhat 4.80 4.90 U.A.E Dirham 47.40 47.90 UK Pound Sterling 234.10 236.60 US Dollar 171.40 172.40 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.
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Cellular spectrum auction generates $30 million: PTA
ISLAMABAD: Pakistan Telecommunication Authority (PTA) on Tuesday said that an amount of $30 million has been generated as revenue from first-ever cellular spectrum auction for Next Generation Mobile Service (NGMS) in Azad Kashmir Jammu and Kashmir (AJ&K) and Gilgit Baltistan.
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FBR extends IR working hours for tax collection
ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday directed offices of Inland Revenue (IR) to observe extended working hours to facilitate taxpayers in payment of duty and taxes.
In an official memorandum, the FBR directed all the IR offices including Large Taxpayers Office (LTOs), Medium Tax Office (MTO), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs) to open and observe extended working hours till 9:00 PM on Wednesday September 29, 2021 and till 12:00 midnight on Thursday, September 30, 2021, to facilitate the taxpayers in payment of duties and taxes.
The FBR directed chief commissioners Inland Revenue to establish liaison with the State Bank of Pakistan (SBP) and authorized branches of National Bank of Pakistan (NBP) to ensure transfer of tax collection by these branches on September 30, 2021 to the respective branches of the SBP on the same date so as to account for the same towards the collection for the month of September 2021.
Earlier in the day the SBP also issued instructions to the banks to facilitate the taxpayers in payment of duty and taxes.
The SBP said that the SBP-BSC offices and NBP branches (A, B and C category) shall observe extended banking hours till 8:00 PM and 9:00 PM on September 29, 2021 and September 30, 2021, respectively for collection of government taxes and duties through manual mode as well as Alternate Delivery Channels (ADCs) mode at Over-the-Counter (OTC) facility.
The SBP further said that in order to ensure same day settlement of tax collection on September 30, 2021, following special clearing and settlement will be arranged through M/s. NIFT and 1Link:
a. M/s. NIFT shall arrange special clearing at 7:00 PM on September 30, 2021 for same-day clearing of payment instruments.
b. M/s. 1Link shall arrange to provide the settlement batch of transactions executed through ADCs platform till 10:00 PM on September 30, 2021 to the SBP for settlement in government accounts.
The NBP branches shall settle their transactions of September 30, 2021, with respective SBP-BSC field offices / head office latest by 10:00 PM same day i.e. September 30, 2021.
The SBP said that in order to eliminate the issue of spillover of tax receipts, NBP shall ensure that no instrument concerning government receipts, lodged in aforesaid office hours, shall remain unattended at any NBP branch and shall be settled in the value date of September 30, 2021 through special clearing.
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FPCCI demands tax return filing date extension
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Tuesday demanded the tax authorities of extending the return filing date at least for two months.
In a statement, FPCCI President Mian Nasser Hyatt Maggo, demanded the Federal Board of Revenue (FBR) to extend the deadline for tax filing by two months to facilitate the business community and support the government’s drive to broaden the tax base and collect maximum taxes.
FPCCI Chief, referring to the fast-approaching deadline of September 30, 2021, i.e. Thursday; and, recommended to the authorities that on the basis of feedback from businesses across Pakistan, FPCCI maintains that hundreds of thousands of SME owners will not be able to file their income taxes by Thursday.
Mian Nasser Hyatt Maggo said that FBR has notified a daily surcharge of 0.1 per cent for delayed filing on taxable income; which is not only harsh but also impractical as it translates into 3 per cent per month and 36 per cent per annum.
The maximum surcharge by FBR should not be more than KIBOR plus 2 per cent; which also happens to be the rate when FBR delays the processing of tax refunds.
Mian Nasser Hyatt Maggo, as President FPCCI, has reiterated his stance that FBR should stop taking one-sided radical anti-business decisions; instead, should have a detailed consultative process with the business, industry and trade community of Pakistan and FPCCI is ever-ready to provide its platform as their apex representative body.
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Rupee hit new low against dollar at Rs169.97
KARACHI: The Pak Rupee (PKR) fell to another record low against the dollar on Tuesday to end at Rs169.97 in the interbank foreign exchange market.
The rupee lost 37 paisas against the dollar to end at a new historic low of Rs169.97 from previous day’s record low of Rs169.60 in the interbank foreign exchange market.
Currency experts said that due to higher international oil prices and other external payments kept the dollar demand high.
They said that widening of the current account deficit and trade deficit during the first two months also put pressure on exchange rates.
The rupee has lost around 12.43 against the dollar since July 01, 2021.
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OGDCL announces gas discovery in KPK
In a significant development for Pakistan’s energy sector, the Oil and Gas Development Company Limited (OGDCL) has announced a major gas discovery in the province of Khyber Pakhtunkhwa (KPK).
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