Section 75 of the Sales Tax Act, 1990, provides a mechanism for the application of certain provisions of Act IV of the Customs Act, 1969, in relation to the imposition and exemption from customs duties, draw-back of duty, warehousing, confiscation, and procedural aspects concerning offenses and appeals.
(more…)Author: Hamza Shahnawaz
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Validation of notifications and orders
Section 74A of Sales Tax Act, 1990 has explained validation of all notifications and orders issued.
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 74A of the Sales Tax Act, 1990:
74A. Validation.– (1) All notifications and orders issued and notified in exercise of the powers conferred upon the Federal Government, before the commencement of Finance Act, 2018 shall be deemed to have been validly issued and notified in exercise of those powers.
(2) Notwithstanding any omission, irregularity or deficiency in the establishment of or conferment of powers and functions on the Directorate General (Intelligence and Investigation), Inland Revenue and authorities specified in section 30A, all orders passed, notices issued and actions taken, before commencement of the Finance Act, 2018, in exercise or purported exercise of the powers and functions of the officers of Inland Revenue under this Act by the Director General (Intelligence and Investigation), Inland Revenue or the authorities specified in section 30A shall be deemed to have been validly passed, issued and taken 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.)
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Condonation of time-limit under Sales Tax Act
Section 74 of Sales Tax Act, 1990 has described condonation of time limit.
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 74 of the Sales Tax Act, 1990:
74. Condonation of time-limit.– Where any time or period has been specified under any of the provisions of the Act or rules made there under within which any application is to be made or any act or thing is to be done, the Board may, in any case or class of cases, permit such application to be made or such act or thing to be done within such time or period as it may consider appropriate:
Provided that the Board may, by notification in the official Gazette, and subject to such limitations or conditions as may be specified therein, empower any Commissioner to exercise the powers under this section in any case or class of cases.
Explanation.– For the purpose of this section, the expression “any act or thing is to be done” includes any act or thing to be done by the registered person or by the authorities specified in section 30 of 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.)
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Foreign currency rates in Pak Rupee – May 18, 2022
KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on May 18, 2022 (The rates are updated at 09:50 AM (Pakistan Standard Time):
Currency Buying Selling Australian Dollar (AUD) 131.00 133.00 Bahrain Dinar (BHD) 386.50 388.50 Canadian Dollar (CAD) 144.00 145.50 China Yuan (CNY) 23.55 23.95 Danish Krone (DNK) 23.65 23.95 Euro (EUR) 198.50 200.50 Hong Kong Dollar (HKD) 16.60 16.85 Indian Rupee (INR) 2.03 2.10 Japanese Yen (JPY) 1.41 1.44 Kuwaiti Dinar (KWD) 481.85 484.35 Malaysian Ringgit (MYR) 36.75 37.10 NewZealand $ (NZD) 96.85 97.55 Norwegians Krone (NOK) 17.50 17.75 Omani Riyal (OMR) 392.95 394.98 Qatari Riyal (QAR) 39.90 40.50 Saudi Riyal (SAR) 50.25 50.60 Singapore Dollar (SGD) 133.50 135.50 Swedish Korona (SEK) 18.80 19.05 Swiss Franc (CHF) 160.35 161.25 Thai Bhat (THB) 4.80 4.90 U.A.E Dirham (AED) 52.00 52.50 UK Pound Sterling (GBP) 233.00 235.50 US Dollar (USD) 195.00 197.00 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.
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Pakistani Rupee to US Dollar on May 18, 2022
KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on May 18, 2022:
Buying: Rs 195.00 to the US Dollar
Selling: Rs 197.00 to the US Dollar
The buying rate means an exchange company or a bank buys foreign currency from a customer.
The selling rate means an exchange company or a bank sells the foreign currency from a customer.
The rate has been updated at 09:46 AM Pakistan Standard Time (PST).
The US Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.
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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Pakistani Rupee to UAE Dirham on May 18, 2022
KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on May 18, 2022:
Buying: Rs 52.00 to the UAE Dirham
Selling: Rs 52.50 to the UAE Dirham
The buying rate means an exchange company or a bank buys foreign currency from a customer.
The selling rate means an exchange company or a bank sells the foreign currency from a customer.
The rate has been updated at 09:39 AM Pakistan Standard Time (PST).
The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.
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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Pakistani Rupee to UK Pound Sterling on May 18, 2022
KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on May 18, 2022:
Buying: Rs 233.00 to the UK Pound Sterling
Selling: Rs 235.50 to the UK Pound Sterling
The buying rate means an exchange company or a bank buys foreign currency from a customer.
The selling rate means an exchange company or a bank sells the foreign currency from a customer.
The rate has been updated at 09:35 AM Pakistan Standard Time (PST).
The UK Pound Sterling /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.
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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Pakistani Rupee to Euro on May 18, 2022
KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on May 18, 2022:
Buying: Rs 198.50 to the Euro
Selling: Rs 200.50 to the Euro
The buying rate means an exchange company or a bank buys foreign currency from a customer.
The selling rate means an exchange company or a bank sells for foreign currency from a customer.
The rate has been updated at 09:32 AM Pakistan Standard Time (PST).
The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.
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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Pakistani Rupee to Saudi Riyal on May 18, 2022
KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on May 18, 2022:
Buying: Rs 50.25 to the Saudi Riyal
Selling: Rs 50.60 to the Saudi Riyal
The buying rate means an exchange company or a bank buys foreign currency from a customer.
The selling rate means an exchange company or a bank sells for foreign currency from a customer.
The rate has been updated at 09:27 AM Pakistan Standard Time (PST).
The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.
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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Pakistan going through tough period in 20 years: MD PSX
KARACHI: Farrukh H. Khan, MD and CEO of Pakistan Stock Exchange (PSX) on Tuesday May 17, 2022 said Pakistan going through poorer period as compared to the last 15-20 years.
Talking as guest speaker at the CFO Conference 2022, he said that the role of corporate has changed throughout the decade.
“Pakistan is going through yet another tough period, which has been poorer as compared to the last 15-20 years,” he added.
READ MORE: Pakistan’s forex reserves fall to $16.37 billion
Speaking about the economy, he said that what’s true at the micro-level is also true at the macro level as well. He further said that organizations need to be cognizant of ESG standards and sustainability strategies.
“This conference makes us realize that it’s not enough to be a CFO, but now it has become vital to become a CVO. It’s significant to understand the impact of globalization, accelerating technology, and the requirement of different skill sets for new businesses and startups.”
Khan emphasized that it is no longer sufficient to be a gatekeeper, and one must anticipate and guide change; be aware of who, how, and when someone will disrupt your business.
READ MORE: Dollar makes new high Rs195.75 at interbank closing
The company needs to understand ESG, both customer and capital providers, leadership, communication, empathy, and skill set requirements, which, in the knowledge economy are vital roles.
The Professional Accountants in Business (PAIB) Committee of the Institute of Chartered Accountants of Pakistan (ICAP) organized CFO Conference 2022 on theme ‘Embracing the role as Chief Value Officer’.
Ashfaq Yousuf Tola, President ICAP in his address welcomed the guests and congratulated the organizing committee, council members, sponsors and the participants.
He said this event is worthwhile to attend as it gives 500 years of experience in a single day time. Tola emphasized that the entire world is moving very fast due to the technology advancement, owing to the Covid-19 crisis.
READ MORE: Pakistan stocks gain 59 points in range bound trading
He said that the economy is the key pillar of sustainability, and in order to have the value of ascertaining, one needs to be updated and make appropriate decisions towards sustainability.
Paul Papadimitriou Founder & CEO of Intelligencr delivered a keynote speech on “A Peek into the World’s Financial and Economic Landscape”.
He said that technologies always had a faster effect irrespective of whether a country is rich or poor as these are the opportunities to create value in an organization. Another asset that we have is our youth.
Around 2.5 billion people are entering in middle class and around 1 billion women are new emerging workforce. Pakistan has a great potential to benefit from these faster dynamics as many rural areas is Pakistan are shifting into cities.
READ MORE: ECC approves Rs55.48bn for price differential claims of OMCs
Pakistan being a high potential country despite of the high inflation, is an opportunity for companies looking for outsourcing. CFOs need to be a transcendent leader who empower others in order to get maximum quality output. CFO should take younger people on board as they are looking at them for inspiration to bring value into an organization.
Dr. Ahmad Junaid of KSBL, presented the CFO Survey 2022 result, the survey entailed collective insights from 300+ CFOs, Finance Directors, and Financial Controllers of diversified industries from within Pakistan. It will help businesses understand macroeconomic expectations, capital availability, tech perspective, workforce requirements and other pressing concerns in Pakistan to make informed decisions.
The reason to conduct this survey is to reduce lack of communication among finance professionals. Some important facts shared are the figures of expected GDP of 4.1 per cent in the next year, inflation rate at around 11.5 per cent, Interest rate 12.5 per cent, and Exchange rate 192.6.
Macroeconomic Expectations includes USD Open market rate will be around 200 and up. The survey also includes different aspects of industries like Cost factors, Industry-specific expectations, etc.
The first panel discussion was held on CFOs role in ESG Led Value Creation. The panel discussion was moderated by Saad Faridi, FCA, CEO Tenaga Generasi Limited. The panelists of the discussion were Dr. Imran Ahmad Khan, CEO & MD, Bayer Pakistan, Shazad Dada, CEO UBL and Zubair Anwar Bawany, Deputy Executive Director SDG Country Lead, UN Global Compact Cities Programme.
The session focused on ESG and its implications on the industry. The panelists were of the view that the CFO plays a very important role and sits in most of the committees of building strategy and it’s their responsibility to do something for our future generations.
The session concluded with the message that we all will leave this world one day, so why not we start giving back to society today.
The second panel discussion was held on Agile Organizations. The panel discussion was moderated by Tahir Sharif, FCA, Partner A F Ferguson & Co. accompanied by the Session Chair Khalilullah Shaikh, FCA Past President ICAP. The panelists of the discussion were Mr. Aamir Ghaziani FCA CFO, K-Electric, Atif Kaludi FCA Director Finance & CFO, Lucky Cement, and Ms. Nausheen Ahmedjee, FCA Head of People and Organization, Siemens Pakistan.
The panelist shared their insights on what an agile organization should do for its employees in particular and society in general. The session concluded that Agile organization are more customer-focused and employee oriented. In such companies, employees feel empowered to make the decisions.
Samiullah Siddiqui FCA Chairman PAIBC & Council Member ICAP in his address welcomed all the key note speakers, dignitaries and guests. He also thanked all the sponsors for coming forward in supporting CFO conference 2022 on much needed topic “Embracing the role as Chief Value Officer.
An important session on ‘Becoming a Transcendent Leader’ was moderated by Irfan Chawala, FCA, Director/ CFO, Archroma. Syed Muhammad Taha, MD and CEO of Pakistan State Oil, was the guest. Taha stressed that the journey of becoming a successful leader starts from being an individual to someone who honors the whole team. He added that to become a successful CFO and later transform into a CEO, a good knowledge of technology and changing trends is mandatory.
Eminent speaker with global recognition Kevin Dancey, CEO International Federation of Accountants, spoke virtually on CFO’s Agenda for Sustainability and Integrated Value Creation. He applauded the efforts of ICAP and stated that the commerce industry holds an important place in any country’s advancement.
Iftikhar Hussain Arif, renowned Urdu Poet and Scholar litterateur was graced the occasion in Unwind session. He touched the participants with his thought provoking and soulful poetry and was given standing ovation by the participants.