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.
(more…)Author: Hamza Shahnawaz
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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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Furnishing of returns and documents
Section 215 of Income Tax Ordinance, 2001 has explained furnishing of returns and documents.
The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.
Following is the text of Section 215 of the Income Tax Ordinance, 2001:
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.)
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Exchange rates in PKR vs foreign currencies on Sept 28
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.
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Extend date for return filing till Dec 31, PTBA asks FBR
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.
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FBR notifies transfers of senior BS-19-20 IRS officers
ISLAMABAD: The Federal Board of Revenue (FBR) on Monday notified transfers and postings of senior officers of Inland Revenue Service (IRS) in BS-19 and BS-20 with immediate effect until further orders.
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.
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Share market derails after PKR record low
KARACHI: The share market posted a decline of 256 points on Monday owing to slippage in Pak Rupee (PKR) value against the dollar.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) ended at 44,817 points as against last Friday’s closing of 45,074 points.
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).