Pkrevenue.com

Author: Hamza Shahnawaz

  • FBR notifies transfers of senior BS-19-20 IRS officers

    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.

    FBR transfers IRS officers of BS-17-18-19
  • Share market derails after PKR record low

    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).

    Weekly Review: jittery sentiments likely
  • Pak Rupee hits all-time low despite SBP measures

    Pak Rupee hits all-time low despite SBP measures

    KARACHI: The Pak Rupee (PKR) fell to a historic low at Rs169.60 to the dollar on Monday despite measures of State Bank of Pakistan (SBP) to support the balance of payment.

    The rupee ended Rs169.60 to the dollar from last Friday’s closing of Rs169.08 in the interbank foreign exchange market.

    Currency experts said that the rupee was under pressure from the start of the trading as the market was opened after two weekly holidays.

    They said that rising international oil prices also putting pressure on demand for foreign currency.

    Previously, the local currency recorded an all-time low of Rs169.12 on September 15, 2021.

    Last week the State Bank of Pakistan (SBP took measures to discourage import payments for imported vehicles. The central bank put restrictions on bank financing for imported cars.

    PKR falls against dollar in interbank market
  • Exchange rates in PKR vs foreign currencies on Sept 27

    Exchange rates in PKR vs foreign currencies on Sept 27

    KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 27, 2021 (The rates are updated at 11:12AM):

    CurrencyBuyingSelling
    Australian Dollar122.00124.00
     Bahrain Dinar386.60388.36
     Canadian Dollar135.00137.00
     China Yuan23.7023.85
     Danish Krone23.4023.70
     Euro199.00200.50
     Hong Kong Dollar16.6016.85
     Indian Rupee2.032.10
     Japanese Yen1.411.44
     Kuwaiti Dinar481.50484.00
     Malaysian Ringgit36.4036.75
     NewZealand $96.2596.95
     Norwegians Krone17.4517.70
     Omani Riyal392.50394.50
     Qatari Riyal39.7040.30
     Saudi Riyal45.5046.00
     Singapore Dollar123.50125.00
     Swedish Korona18.1018.35
     Swiss Franc159.60160.50
     Thai Bhat4.804.90
     U.A.E Dirham47.2047.70
     UK Pound Sterling234.00236.50
     US Dollar170.60171.60

    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.

    Exchange rates in PKR vs foreign currencies on Sept 25
  • Institution of prosecution proceedings

    Institution of prosecution proceedings

    The Federal Board of Revenue (FBR) has been granted enhanced authority to initiate prosecution proceedings under Section 201 of the Income Tax Ordinance, 2001.

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  • Exchange rates in PKR vs foreign currencies on Sept 25

    Exchange rates in PKR vs foreign currencies on Sept 25

    KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 25, 2021 (The rates are updated at 11:06AM):

    CurrencyBuyingSelling
    Australian Dollar122.50124.50
     Bahrain Dinar386.60388.36
     Canadian Dollar134.50136.50
     China Yuan23.7023.85
     Danish Krone23.4023.70
     Euro199.50201.00
     Hong Kong Dollar16.6016.85
     Indian Rupee2.032.10
     Japanese Yen1.411.44
     Kuwaiti Dinar481.50484.00
     Malaysian Ringgit36.4036.75
     NewZealand $96.2596.95
     Norwegians Krone17.4517.70
     Omani Riyal392.50394.50
     Qatari Riyal39.7040.30
     Saudi Riyal45.5046.00
     Singapore Dollar124.00125.50
     Swedish Korona18.1018.35
     Swiss Franc159.60160.50
     Thai Bhat4.804.90
     U.A.E Dirham47.0047.50
     UK Pound Sterling233.00235.50
     US Dollar170.40171.40

    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.

    Exchange rates in PKR vs foreign currencies on Sept 24
  • Depositors’ protection money enhanced to Rs500,000

    Depositors’ protection money enhanced to Rs500,000

    KARACHI: The Deposit Protection Corporation (DPC) has increased the guarantee amount for all eligible depositors of banks from Rs250,000 to Rs500,000.

    The State Bank of Pakistan (SBP) on Friday said that the decision had been made by the Board members of the corporation in their meeting held on September 06, 2021.

    This enhanced guarantee amount now provides full protection up to 95 per cent of the eligible depositors.

    The main objective of the deposit protection scheme is to safeguard depositors’ interests and further enhance their trust in the country’s banking sector.

    The deposit protection facility is applicable to all eligible depositors and does not require any further subscription or registration of depositors.

    The guarantee amount or protected deposit becomes payable to eligible depositors only if the State Bank of Pakistan declares a bank as a failed bank and is not payable under any other circumstances.

    SBP prohibits bank loans for imported vehicles
  • Exchange rates in PKR vs foreign currencies on Sept 24

    Exchange rates in PKR vs foreign currencies on Sept 24

    KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 24, 2021 (The rates are updated at 09:13AM):

    CurrencyBuyingSelling
    Australian Dollar122124
     Bahrain Dinar386.6388.36
     Canadian Dollar135137
     China Yuan23.723.85
     Danish Krone23.423.7
     Euro198.5200.5
     Hong Kong Dollar16.616.85
     Indian Rupee2.032.1
     Japanese Yen1.411.44
     Kuwaiti Dinar481.5484
     Malaysian Ringgit36.436.75
     NewZealand $96.2596.95
     Norwegians Krone17.4517.7
     Omani Riyal392.5394.5
     Qatari Riyal39.740.3
     Saudi Riyal4545.5
     Singapore Dollar123.5125
     Swedish Korona18.118.35
     Swiss Franc159.6160.5
     Thai Bhat4.84.9
     U.A.E Dirham46.747.2
     UK Pound Sterling232234.5
     US Dollar169.7170.7

    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.

    Exchange rates in PKR vs foreign currencies on Sept 23
  • Tax laws amended to include digital payment

    Tax laws amended to include digital payment

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday said that tax law has been amended to include mode of digital payment.

    To improve documentation, a new clause (la) has been inserted through Tax Laws (Third Amendment) Ordinance, 2021 in section 21 of the Income Tax Ordinance, 2001.

    Previously payments under a single head account exceeding two hundred and fifty thousand rupees, made by any taxpayer were required to be made through crossed cheque or crossed baking instruments including digital payments.

    Through this amendment, payments made by a company under a single head of account exceeding two hundred and fifty thousand rupees other than by digital means from business bank account of the taxpayer notified to the Commissioner under section 114A of the Ordinance shall not be admissible as deductions.

    However, certain expenditures on account of utility bills, freight charges, travel fare, and payment of taxes and fines would continue to be admissible even though paid in cash or via traditional banking instruments.

    The purpose behind this legislative enactment is to encourage digital payments and discourage traditional mode of transactions by the corporate sector in the first phase. However, owing to lack of total digital readiness by some corporate taxpayers, the corporate taxpayers are allowed to switch to this mode w.e.f. November 01, 2021.

    In the intervening period they may use digital payments or continue with the existing procedure of making payments by a crossed cheque drawn on a bank or by crossed bank draft or crossed pay order or any other crossed banking instrument showing transfer of amount from the business bank account of the taxpayer.

    The FBR further said that currently, any salary paid or payable exceeding twenty five thousand rupees per month has to be made through cross cheque or direct transfer of funds to the employee’s bank account under clause (m) of section 21 of the Ordinance.

    In order to bring this provision in conformity with newly inserted clause (la) ibid, in case of payments against salary in excess of twenty five thousand rupees per month, the mode of digital payment has been added to the available modes referred to above.

    Prosecution for sharing unauthorized information
  • Prosecution for sharing unauthorized information

    Prosecution for sharing unauthorized information

    In a bid to strengthen the protection of sensitive taxpayer information and maintain the integrity of the tax system, the Federal Board of Revenue (FBR) has introduced stringent provisions under Section 198 of the Income Tax Ordinance, 2001.

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