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.
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.
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).
215. Furnishing of returns, documents etc. —(1) Where, by virtue of an order under section 210, the Commissioner has delegated to any an officer of Inland Revenue the function and power to receive, or to call for and receive, any returns of income, certificates, documents, accounts and statements from any person the person shall furnish such returns, certificates, documents, accounts and statements to that officer of Inland Revenue and, when furnished, shall be treated as having been furnished to the Commissioner.
(2) where a person is allowed, under any provision of this Ordinance, to make an application to the Commissioner and the Commissioner has delegated to any officer of Inland Revenue the function or power to receive the application, such application, when made, shall be treated as having been made to the Commissioner.
(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.)
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 28, 2021 (The rates are updated at 09:29AM):
Currency
Buying
Selling
Australian Dollar
122.50
124.50
Bahrain Dinar
386.60
388.36
Canadian Dollar
135.50
137.50
China Yuan
23.70
23.85
Danish Krone
23.40
23.70
Euro
198
200
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
392.50
394.50
Qatari Riyal
39.70
40.30
Saudi Riyal
45.50
46
Singapore Dollar
123
124.50
Swedish Korona
18.10
18.350
Swiss Franc
159.60
160.50
Thai Bhat
4.80
4.90
U.A.E Dirham
47
47.50
UK Pound Sterling
233
235.50
US Dollar
170.5
171.50
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.
Pakistan Tax Bar Association (PTBA) has urged the tax authorities to extend date for filing annual tax returns and updating business bank accounts till December 31, 2021 from September 30, 2021.
The FBR announced transfers and postings of following IRS officers:
01. Ms. Hina Akram (Inland Revenue Service/BS-20) has been transferred and posted as Director, Directorate of Internal Audit (Inland Revenue), Karachi from the post of Commissioner, (Zone-I) Regional Tax Office I, Karachi.
02. Adnan Inamullah Khan (Inland Revenue Service/BS-20) is current posted as Chief Coordinator, Chief Coordinator Computer Wing (IR), Islamabad. The officer is assigned additional charge of the post of Director, Northern Region, Directorate of Internal Audit(IR), Islamabad in addition to his own duties, as per Rules.
03. Atif Ali (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-I) Regional Tax Office, Quetta from the post of Commissioner, (Zone-II) Regional Tax Office, Quetta. The officer is also assigned additional charge of the post of CIR (Zone-II) RTO, Quetta, in addition to his own duties, as per Rules.
04. Hazoor Bux Laghari (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (IP/TFD/HRM) Regional Tax Office, Hyderabad / Commissioner (IP/TFD/HRM), Regional Tax Office, Hyderabad post/ Commissioner, (Zone-I) Regional Tax Office, Quetta.
05. Muhammad Abid (Inland Revenue Service/BS-20) on return from NMC has been posted as Chief, (IR-Operations) Federal Board of Revenue (Hq), Islamabad/Chief (IR-Formations), FBR (Hq), Islamabad.
06. Muhammad Abu Bakar Siddique (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (WHT) Regional Tax Office, GujranwalaCommissioner-IR (WHT Zone), RTO, Gujranwala, relieving Muhammad Naveed Akhtar (IRS/BS-20) of his additional charge from the post of Chief, (CSTRO) Federal Board of Revenue (Hq), Islamabad.
07. Muhammad Ali (Inland Revenue Service/BS-20) has been transferred and posted as Chief, (Admin Pool) Federal Board of Revenue (Hq), IslamabadChief (Admn Pool), FBR (Hq), Islamabad from the post of Chief, (IR-Formations) Federal Board of Revenue (Hq), Islamabad.
08. Zia Agro (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Audit-II) Medium Taxpayers office, Karachi Commissioner-IR (Audit-II), Medium Taxpayers Office, Karachi from the post of Commissioner, (Legal) Large Taxpayers Office, Karachi.
09. Irfan Ali (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Legal) Large Taxpayers Office, Karachi from the post of Commissioner, (Audit-II) Medium Taxpayers office, Karachi.
10. Najeeb Qadir (Cost Accountant/BS-20) has been transferred and posted as Chief, (IT Wing) Federal Board of Revenue (Hq), Islamabad from the post of Chief (Cost Accounting), (Audit & Accounting) Federal Board of Revenue (Hq), Islamabad.
11. Abdul Hameed Abro (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue (OPS) (Zone-I) Regional Tax Office I, Karachi from the post of Director (OPS), (OPS) Directorate of Internal Audit (Inland Revenue), Karachi.
12. Ziaullah Khan (Inland Revenue Service/BS-19) has been transferred and posted as Chief, (OPS) (Legal-I) Federal Board of Revenue (Hq), Islamabad from the post of Director, (OPS) (Northern Region) Directorate of Internal Audit (Inland Revenue), Islamabad.
13. Shaukat Hayat (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue (OPS) (WHT) Regional Tax Office, Peshawar from the post of Additional Commissioner, Regional Tax Office, Peshawar.
14. Ms. Maryam Habib (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue (OPS) (Legal) Corporate Tax Office, Karachi from the post of Additional Commissioner, Corporate Tax Office, Karachi.
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.
Analysts at Arif Habib Limited said that market posted gains of 163 points earlier in the session, but faced the onslaught sooner which caused the erosion of these gains and netting a loss of 732 points during the session.
Leveraged positions mostly got thrashing, however, resumption of PKR slippage was another reason cited for the panic selling in market.
Volumes remained thin compared with the activity in recent times, where ample volumes were witnessed in blue chips.
Fertilizer, E&P, O&GMCs, Cement stocks saw quick paced buying by the end of session that helped the index pull back. Among scrips, UNITY topped the volumes with 34.4 million shares, followed by WTL (32.6 million) and BYCO (31.9 million).
Sectors contributing to the performance include Banks (-101 points), Refeinery (-34 points), Paper and Board (-25 points), Inv Banks (-23 points) and Pharma (-20 points).
Volumes declined from 369.5 million shares to 301.4 million shares (-19 per cent DoD). Average traded value also declined by 5 per cent to reach US$ 65.9 million as against US$ 69.5 million.
Stocks that contributed significantly to the volumes include UNITY, WTL, BYCO, HUMNL and BAFL, which formed 40 per cent of total volumes.
Stocks that contributed positively to the index include SYS (+50 points), FFC (+18 points), MTL (+8 points), KTML (+7 points) and EPCL (+7 points). Stocks that contributed negatively include TRG (-51 points), HBL (-51 points), MEBL (-29 points), UBL (-18 points) and PSO (-16 points).
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 27, 2021 (The rates are updated at 11:12AM):
Currency
Buying
Selling
Australian Dollar
122.00
124.00
Bahrain Dinar
386.60
388.36
Canadian Dollar
135.00
137.00
China Yuan
23.70
23.85
Danish Krone
23.40
23.70
Euro
199.00
200.50
Hong Kong Dollar
16.60
16.85
Indian Rupee
2.03
2.10
Japanese Yen
1.41
1.44
Kuwaiti Dinar
481.50
484.00
Malaysian Ringgit
36.40
36.75
NewZealand $
96.25
96.95
Norwegians Krone
17.45
17.70
Omani Riyal
392.50
394.50
Qatari Riyal
39.70
40.30
Saudi Riyal
45.50
46.00
Singapore Dollar
123.50
125.00
Swedish Korona
18.10
18.35
Swiss Franc
159.60
160.50
Thai Bhat
4.80
4.90
U.A.E Dirham
47.20
47.70
UK Pound Sterling
234.00
236.50
US Dollar
170.60
171.60
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.
