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Author: Mrs. Anjum Shahnawaz

  • Commercial banks urged to withdraw appeals in Riba case

    Commercial banks urged to withdraw appeals in Riba case

    ISLAMABAD: A leading scholar of the country on Sunday urged commercial banks to withdraw their appeals against the order of Federal Shariat Court (FSC).

    The FSC judgment declared that Riba (usury) is Haram and prevailing banking system with interest system should be abolished forthwith.

    READ MORE: State Bank, NBP to withdraw petitions in Riba case: Ishaq Dar

    State Bank of Pakistan (SBP) and National Bank of Pakistan with other six commercial banks filed a review before the Supreme Court against the judgment of the FSC.

    Recently, the SBP and NBP reportedly withdrew the appeals. However, private banks are still in litigation to contest the judgment of FSC.

    “The private banks should withdraw their appeals to annul the judgment of the Federal Shariat Court (FSC) against the Riba (usury),” said Hafiz Muhammad Tahir Mehmood Ashrafi, Prime Minister’s Special Representative for Interfaith Harmony and the Middle East Hafiz Muhammad Tahir Mehmood Ashrafi, while talking to the state media.

    READ MORE: KCCI demands implementation of Riba free banking

    He said the government had taken practical steps by withdrawing appeals of national and state banks from the apex court in a bid to get rid of the interest-based economic system.

    Ashrafi, who is also the chairman of Pakistan Ulema Council, assured the government all-out support of Ulema and Mashaykh in the implementation of FSC’s decision in letter and spirit.

    He proposed all the financial institutions devise a combined strategy to make the country’s economic system free of interest which was totally against the divine commands.

    He also urged the government to take stern action against the people who were allegedly involved in an interest-based system at the local level.

    READ MORE: SBP seeks Supreme Court guidance on Riba case judgement

    He said Pakistan, currently, was facing a critical financial crisis and its solution was lying in political stability and improved law and order situation in the country.

    He urged all the religious and political parties to unite on one platform and help cope with burgeoning polarization, extremism, and the new wave of terrorism with collective efforts.

    He also appealed the Pakistan Tehreek-e-Insaf Chief Imran Khan to come to the table-talk to evolve consensus on the ‘Charter of Pakistan’ as it was the need of the hour and it would help control increasing violence in the society and improve the ailing economy of the country.

    He proposed that the way ‘Message of Pakistan’ was designed to promote religious harmony in all sections of the society, there should be long-term policies on the country’s social, economic, and foreign affairs issues in the shape of ‘Charter of Pakistan’ and it should be implemented by all the governments to come and national institutions in the larger national interest.

    READ MORE: IPS demands implementation of court judgment on Riba

    Ashrafi emphasized that Pakistan had to go out of the box in the matter of its foreign policy as there was a paradigm shift in the external affairs of the Islamic and Arab world.

    He also thanked the Saudi leadership for extending the term of deposit in the State Bank of Pakistan (SBP) from the Saudi Fund for Development.

    Expressing gratitude to Custodian of the Two Holy Mosques King Salman bin Abdulaziz and his Crown Prince Muhammad bin Salman, he said the relationship between Pakistan and Saudi Arabia was like two brothers.

    He said Prime Minister Muhammad Shehbaz Sharif’s meetings with Saudi Crown Prince Mohammed bin Salman would yield further cooperation in the shape of Saudi investment in the days to come ahead in the country.

    “Similarly, other Islamic countries are also increasing trade and economic cooperation with Pakistan,” he said expressing the hope that there would be good news from the United Arab Emirates, Qatar, Turkey and Saudi Arabia in the near future.

    Ashrafi hinted that there was a big hand of the external forces and anti-state elements behind an organized smear campaign against the national security institutions and armed forces.

    “We must counter the concocted propaganda of our arch enemy against our national defense institutions and Pakistan Army with a pragmatic approach instead of becoming part of it,” he maintained.

  • Separate property declaration under Section 7E only for returns already filed

    Separate property declaration under Section 7E only for returns already filed

    A separate declaration for immovable property income has been allowed only for those returns filed prior October 13, 2022.

    The FBR issued SRO 2068(I)/2022 dated December 01, 2022 to enforce the draft amendments issued through SRO 2052(I)/2022 dated November 22, 2022.

    As per the instant SRO 2068(I)/2022, the FBR said that where return has been furnished prior to coming into force of notification No. SRO 1891(I)/2022, dated October 13, 2022, the form specified in the said notification shall be furnished separately by December 31, 2022.

    Form 7E

    Through Finance Act, 2022 deemed income on immovable property has been imposed from tax year 2022 (July 01, 2021 – June 30, 2022) and declaration has been made mandatory of the deemed income along with annual return by December 15, 2022.

    READ MORE: Tax on deemed income from immovable property under Section 7E

    According the FBR, a new section 7E has been introduced through Finance Act, 2022 whereby for tax year 2022 and onwards, a resident person is treated to have derived income equal to five percent of fair market value of the capital assets situated in Pakistan which will be chargeable to tax at the rate of 20 per cent under Division VIIIC of Part I of First Schedule of the Ordinance.

    Following exclusions have been provided to which this section will not apply:

    (i) One capital asset owned by the resident person;

    (ii) Self-owned business premises from where the business is carried out by the persons appearing on the active taxpayer’s list at any time during the year;

    (iii) Self-owned agriculture land where agriculture activity is carried out by the person but excluding farmhouse and annexed land. Farmhouse has been defined in this section;

    READ MORE: Supreme Court discourages taxpayers seeking relief in show cause notices

    (iv) Capital asset allotted to —

    (a) A Shaheed or dependents of a Shaheed belonging to Pakistan Armed Forces;

    (b) A person or dependents of a person who dies while in the service of Pakistan armed forces or federal or provincial government;

    (c) A war wounded person while in service of Pakistan armed forces or federal or provincial government;

    (d) An ex-serviceman and serving personnel of armed forces or ex-employees or serving personnel of federal and provincial governments who are original allotees of the capital asset as duly certified by the allotment authority;

    (v) Any property from which income is chargeable to tax under the Ordinance and tax leviable has been paid;

    (vi) Capital asset in the first year of acquisition on which tax under section 236K has been paid;

    READ MORE: Member Customs assures swift clearance of export consignments

    (vii) Where fair market value of the capital assets in aggregate excluding capital assets mentioned in serial nos. (i) to (vi) above does not exceed rupees twenty-five million;

    (viii) Capital assets which are owned by a provincial government or local government;

    (ix) Capital assets owned by local authority, a development authority, builders and developers for land development and construction subject to the condition that such persons are registered with Directorate General of Designated Non-Financial Businesses and Professions.

  • Customs duty for motor vehicle kits of new models reduced to 15pc

    Customs duty for motor vehicle kits of new models reduced to 15pc

    The Federal Board of Revenue (FBR) has announced a reduction in customs duty to 15% for components used in the assembly or manufacture of cars in any kit form.

    (more…)
  • FBR detects big retailers for online integration of transactions

    FBR detects big retailers for online integration of transactions

    ISLAMABAD: Federal Board of Revenue (FBR) has detected about 89 big retailers for a compulsory integration of their transactions.

    FBR in this regard issued Sales Tax General Order (STGO) No. 05 of 2023 for Tier-1 retailers to integrate their businesses with the FBR’s Point of Sale (POS) System.

    According to Sales Tax Act, 1990 updated up to August 22, 2022, the definition of Tier-1 Retailer is:

    “Tier-1 retailer” means a retailer falling in any one or more of the following categories, namely:-

    (a) a retailer operating as a unit of a national or international chain of stores;

    (b) a retailer operating in an air-conditioned shopping mall, plaza or centre, excluding kiosks;

    (c) a retailer whose cumulative electricity bill during the immediately preceding twelve consecutive months exceeds Rupees twelve hundred thousand;

    (d) a wholesaler-cum-retailer, engaged in bulk import and supply of consumer goods on wholesale basis to the retailers as well as on retail basis to the general body of the consumers”;

    (e) a retailer, whose shop measures one thousand square feet in area or more or two thousand square feet in area or more in the case of retailer of furniture;

    (f) a retailer who has acquired point of sale for accepting payment through debit or credit cards from banking companies or any other digital payment service provider authorized by State Bank of Pakistan;

    (g) a retailer whose deductible withholding tax under sections 236G or 236H of the Income Tax Ordinance, 2001 (XLIX of 2001) during the immediately preceding twelve consecutive months has exceeded the threshold as may be specified by the Board through notification in the official Gazette; and

    (ga) a person engaged in supply of articles of jewellery, or parts thereof, of precious metal or of metal clad with precious metal excluding a person whose shop measures three hundred square feet in area or less;

    (h) any other person or class of persons as prescribed by the Board.

    The latest STGO stated that the Finance Act, 2019 added sub-section (6) to section 8B of the Sales Tax Act, 1990 whereby a Tier-1 Retailer “(T -lR)” who did not integrate its retail outlet in the manner prescribed under sub-section (9A) of section 3 of the STA, 1990 during a tax period, its adjustable tax for that period would be reduced by 15 per cent.

    The figure of 15 per cent has been raised to 60 per cent vide Finance Act, 2021.

    In order to operationalize this important provision of law, a system-based approach has been adopted whereby all T-IRs who are liable to integrate but have not yet integrated, with effect from July-2021 (Sales Tax Returns filed in August, 2021) are to be dealt with as per the procedure laid down in STGO No.1 of 2022 issued on August 03, 2021.

    Vide the instant Sales Tax General Order, a list of 89 identified T-IRs has been placed on FBR’s web portal at www.tbr.gov.pk allowing them to integrate with FBR’s system by December 12, 2022 and the procedure of exclusion from this list of 89 identified T-1Rs shall apply as laid down in STGO No. 17 of 2022 dated 13.05.2022.

    Upon filing of Sales Tax Return for the month of November, 2022 for all hereby notified T-1Rs not having yet integrated, their input tax claim would be disallowed as above, without any further notice or proceedings, creating tax demand by the same amount.

  • Lahore Customs Intelligence announces auction of motor vehicles on Dec 03

    Lahore Customs Intelligence announces auction of motor vehicles on Dec 03

    Directorate of Intelligence and Investigation (Customs) Lahore has announced auction of motor vehicles to be held on December 03, 2022.

    The auction will be held at State Warehouse, Directorate of Intelligence and Investigation (Customs), 358 Jahanzeb Block, Allama Iqbal Town, Lahore.

    The directorate announced auction of following motor vehicles:

    READ MORE: Tax commission constituted to make pro-economic growth policies

    01. Mercedes Benz Car, Model 2006, and Chassis No. WDB2110652A125731, Color-White, AWV-001.

    02. Nissan Ceferio Car, Registration Plate No.LEE-07-1, Chassis No.GF50-054361, Model 2003, Color Black.

    03. Honda Accord Car, Registration No.LRX-8411, Chassis No.CF3-1200586, Model 2000, Color Silver.

    04. Toyota Mark-X Car, Model 2005 Chassis No.GRX120-0036739, Color-White, FW151/Islamabad.

    05. Honda Civic Car, Model 2006, and Chassis No. FD3-1004939 Engine No. -Could not be traced, Color-Silver.

    06. Toyota Prius car, Model 2010 Registration No. MN-12-4040 Chassis No. ZVW30-1153342 Engine Capacity 1800cc. N/V Color, White.

    READ MORE: FBR notifies circular to allow third extension in date of return filing

    07. Kawasaki Heavy Bike Ch. No. JKAZXT20AAA027919 Model Year 2010, 1200 R.

    08. BMW Heavy Bike Ch. No. WB1021608AZPZ4634 Model Year 2010, 800 S.

    09. Honda Heavy Bike JH2SC6A7YM400905 Model Year 2000 1100 ST.

    10. Toyota Corolla Car, 1992 Reg. No. IDF-5967, Chassis No. CE100-3017915, 1839 cc. (Subject to Lab Report).

    i) Honda Civic Car, 2003 Applied For Chassis No. ES1-1400549 (Subject to Lab Report)

    ii) Honda Civic Car, 2003 REG. No. LED-12-3138, Chassis No. ESI-1401502 (Subject to Lab Report)

    11. Daihatsu Mira Car, Model 2012, Chassis No. LA300S-1090029, Color-Maroon, Fake Registration No. ABW-821/Islamabad.

    12. Daihatsu Mira Car, Model 2012, Chassis No. LA300S-0008381, Color- Silver, Fake Registration No. BGW-399.

    READ MORE: FBR collects Rs2.69 trillion in 5MFY23 despite tax free petroleum products

    13. Toyota Passo Car, Model 2010, Chassis No. KGC30-0011620, Color- Wine Red, Fake Registration No. WY-443/ISB

    14. Hino Dump Truck (10 Wheeler), Model 1995, Chassis No. FS2KKB-10504, Regn. No. TKB-017/Sibi.

    15. Range Rover Model-2013, Color-Black Chassis No. SALVA2AG3DH716417.

    16. Mercedes Benz Car, Model-2013, Chassis No. WDD2220572A089193, Color-Pearl White.

    17. Toyota Land Cruiser Prado, Model 2003 Chassis No. VZJ121-0004619, Color- Pearl White, LV-068/Islamabad

    18. Honda Civic 2007, Chassis No. JHMFD16308S216139, Color- Blue, ARU-969/Islamabad.

    READ MORE: Tax return filing date extended up to Dec 15, 2022

    19. Toyota Hilux Surf, Model-2005, Chassis No. VZN215-0006330, Color- Black, LEH-13-2373.

    20. Toyota Passo Car, Model 2006 (AZD-928/Sindh), Chassis No: KGC10-0124072, Engine No. N/V, Color-White.

    21. Toyota Aqua Car, Model 2012, Chassis No. NHP10-6086977, Color: White BFP-930/Sindh.

    22. Toyota Mark X Car, Model-2010 as per seat belt Chassis No. GRX130-6037989 Color: White Registration Plate No. AKE-250/ICT.

  • UNAIDS, health ministry commemorate World AIDS Day

    UNAIDS, health ministry commemorate World AIDS Day

    ISLAMABAD: Ministry of National Health Services, Regulations and Coordination, in collaboration with Common Management Unit for AIDS, TB and Malaria, UNAIDS, WHO, UNDP UNICEF, UNFPA, UNODC, APLHIV commemorated World AIDS Day 2022.

    This year theme of the World AIDS Day is “Equalize”, this slogan is a call to action to increase availability, quality of services for HIV treatment, testing and prevention. Equalize calls for communities to make use of and adapt the message to highlight the particular inequalities they face and to press for the actions needed to address them.

    During the event, World AIDS Day Report 2022 was launched by Abdul Qadir Patel, Honorable Federal Minister, and said that “Government of Pakistan, at both the national and provincial levels, despite competing priorities and fiscal limitations, and with the support of partners like UNAIDS, UNDP, WHO, UNFPA, UNICEF, and other stakeholders has strived to provide HIV prevention and treatment services through high impact community-based HIV prevention programme.  We are going to revise national and provincial AIDS Strategies, setting the plan of action in the light of global guidance.”

    “There is a need to initiate national prevention revolution, that includes all available options to stop the transmission of HIV including protection commodities, immediate initiation of antiretroviral therapy and pre-exposure prophylaxis. Specific populations and locations require additional tools such as harm reduction (needle–syringe and opioid substitution therapy programmes) for people who inject drugs.” says Mr. Mirza Nasir-ud-Din Mashhood Ahmad, Special Secretary Health, Ministry of National Health Services, Regulations and Coordination.

    Mustafa Jamal Kazi, Federal Joint Secretary & National Coordination for Coordination Management Unit, AIDS, TB and Malaria, while presenting the HIV response in the country highlighted “that Government of Pakistan has allocated PKR 2,000 million to tackle AIDS, TB and Malaria and this shows the commitment to prevent lives from HIV infections, while significantly strengthening health systems to deliver people-centered services to those most in need.

    This year, Government of Pakistan reaffirms it support to overcome challenges pertaining to strengthening of HIV response, but also on the road ahead to achieving the Sustainable Development Goal target of ending AIDS as a public health threat by 2030.

    Ms. Yuki Takemoto, UNAIDS Country Director took an opportunity to thank Federal Minister, Federal Secretary and Joint Secretary stating that “The Global AIDS Strategy, 2021–2026 provides a clear, evidence-informed blueprint for getting the AIDS response on track. No miraculous silver bullet is needed, using the tools already at its disposal, the Government of Pakistan, together with communities and partners simply needs to translate its commitments into concrete results for people. And this can only happen when people living with HIV and key populations are provided with a platform to amplify their voices. UNAIDS supports Government of Pakistan to translate its political commitment in strengthening HIV response in the country. 

    Ms. Aliona Niculita, Deputy Resident Representative UNDP Pakistan, emphasized the agency’s commitment to address economic, social, cultural and legal inequalities to contribute towards ending the AIDS epidemic in collaboratively working towards build resilient health systems to enable equitable and efficient access to services embedded with utmost dignity and respect for communities.

    H.E. Ambassador Henrik Persson, Swedish Ambassador to the Pakistan extended his full support. He said as an ambassador I want to reiterate that the time to act is now, let’s spell a new beginning to reflect on our gains and failures of yesterday to seize the countless possibilities of tomorrow for making Pakistan HIV free.

    While addressing to the audience Dr. Luay Shabaneh, UNFPA Representative quoted that HIV/AIDS has to be integrated in high-quality sexual and reproductive health at all levels of health care facilities to eliminate stigma and make timely interventions.

    Asghar Satti, Representative of People Living with HIV (APLHIV) said that with the support and whole hearted efforts of educating and informing the citizens against the myriad dangers posed by the HIV/AIDS rooted in ignorance we will meet success.

    The Government takes the opportunity to thanks all the partners and stakeholders for their continuous support to strengthen the HIV response in the country and calls upon them to play their roles. He also appreciated the support of Islamabad Traffic Police and Boys Scout Association for their support. Mr. Mustafa Jamal Kazi Joint Secretary/National coordinator, MNHSR&C/CMU for AIDS, TB and Malaria, said in his closing Remarks.

    In the end exhibition of artifacts and handicrafts were displayed by people living with HIV, jail inmates and marginalized women and girls. Economic empowerment initiatives have become an increasingly popular approach for the prevention and mitigation of HIV.

  • Pakistan exports plunge 18.34pc in November 2021

    Pakistan exports plunge 18.34pc in November 2021

    ISLAMABAD: Pakistan exports have registered 18.34 per cent decline Year on Year (YoY) in November 2022 owing to import restrictions and slowdown in global demand.

    Data released by Pakistan Bureau of Statistics (PBS) on Thursday revealed that exports fell to $2.37 billion in November 2022 when compared with $2.9 billion in the corresponding month last year.

    READ MORE: Pakistan’s import restrictions help narrowing trade deficit by 27%

    Imports of the country recorded 33.60 per cent decline to $5.245 billion in November 2022 when compared with $7.9 billion in the same month of the last year.

    This resulted contraction in trade deficit of 42.46 per cent to the deficit of $2.876 billion in November 2022 as against $5 billion in the same month of the last year.

    READ MORE: Pakistan import bill falls by 12.72% in 1QFY23

    The decline in exports can be attributed to the restrictions imposed on imports which hampered industrial and export activities. Furthermore, global slowdown also added to export fall.

    Meanwhile, exports recorded a nominal decline of 0.63 per cent to $2.37 billion in November 2022 when compared with previous month of September 2022 at $2.38 billion.

    However, imports recorded an increase of 11.34 per cent to $5.24 billion on Month on Month (MoM) in November 2022 when compared with $4.71 billion in the previous month.

    READ MORE: Pakistan trade deficit narrows by 17% in 2MFY23

    This brings the widening of trade deficit by 23.59 per cent to $2.876 billion in November 2022 when compared with the deficit of $2.33 billion in September 2022.

    Overall trade deficit during first five months (July – November) 2022/2023 contracted by 30.14 per cent to $14.41 billion when compared with the deficit of $20.62 billion in the corresponding months of the last fiscal year.

    READ MORE: Pakistan’s trade deficit narrows by 18% in July 2022

    Exports of the country recorded 3.48 per cent decline to $11.93 billion during first five months of the current fiscal year as against $12.36 billion in the same months of the last year.

    Whereas, import bill fell by 20.15 per cent to $26.34 billion during the period of July – October of fiscal year 2022-2023 as against $32.98 billion in the same period of the last fiscal year.

  • SBP foreign exchange reserves fall to $7.5 billion

    SBP foreign exchange reserves fall to $7.5 billion

    KARACHI: Official foreign exchange reserves of State Bank of Pakistan (SBP) have declined by $327 million by week ended November 25, 2022 leaving import cover of only one and half months.

    The official foreign exchange reserves of the SBP fell by $327 million to $7.499 billion by week ended November 25, 2022 as compared with $7.826 billion a week ago.

    READ MORE: Pakistan official reserves fall to around 1 ½ months import coverage

    The import bill of the country was at $4.71 billion in October 2022, according to Pakistan Bureau of Statistics (PBS). According to the month import bill the existing foreign exchange reserves of the SBP have reduced to cover only 1.56 months import payment.

    The central bank attributed the decline in official reserves to repayment against external debt.

    READ MORE: Pakistan forex reserves inch up to $13.796 billion

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP dropped by $12.647 billion.

    It is pertinent to mention that the SBP’s reserves witnessed sizeable increase after inflows from the Asian Development Bank (ADB) $1.5 billion on October 26, 2022.

    READ MORE: Pakistan FX reserves slip sharply by $958 mn on external payments

    The total reserves of the country fell by $267 million to $13.378 billion by week ended November 25, 2022 as compared with $13.645 billion a week ago.

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.850 billion.

    READ MORE: SBP’s weekly forex reserves dip by $157 million to $7.44 billion

    The foreign exchange reserves held by commercial banks however, recorded an increase of $60 million to $5.879 billion by week ended November 25, 2022 as compared with $5.819 billion a week ago.

  • Tax commission constituted to make pro-economic growth policies

    Tax commission constituted to make pro-economic growth policies

    ISLAMABAD: Finance Minister Ishaq Dar has constituted a high powered tax commission for identifying bottlenecks in tax system and recommending pro-economic policies.

    The Federal Board of Revenue (FBR) issued a notification on Thursday regarding constitution of Reforms and Resource Mobilization Commission (RRMC).

    The commission comprising following members:

    READ MORE: FBR notifies circular to allow third extension in date of return filing

    01. Ashfaq Tola, Chairman of the commission

    02. Asif Haroon

    03. Haider Ali Patel

    04. Abdul Qadir Memon

    05. Dr. Veqar Ahmed

    06. Saqib Sherazi

    07. Ghazanfar Bilour

    08. President of FPCCI or his nominee

    READ MORE: FBR collects Rs2.69 trillion in 5MFY23 despite tax free petroleum products

    09. President Pakistan Tax Bar Association

    10. Chairman FBR

    11. Member (Reforms & Modernization) FBR Secretary to the Commission

    Subject Experts included:

    12. Nisar Muhammad-Customs

    13. Dr. Muhammad Iqbal-Income Tax

    14. Abdul Hameed Memon-Sales Tax

    According to Terms of Reference (TORs), the commission will advise and made recommendations to the finance minister on the following areas:

    READ MORE: Tax return filing date extended up to Dec 15, 2022

    (i) To review existing revenue policies, evaluate FBR data and macro level, and identify initiatives/measures/policies for resource mobilization, ease of doing business and pro-economic growth.

    (ii) To identify issues/difficulties/snags/risks of the existing tax system and recommend remedial measures.

    (iii) To review the budget proposals, evaluate their consequences on business, and advise the finance minister on practical aspects of budget proposals.

    (iv) To review the proposed amendments in Finance Bill and make recommendations to the finance minister on implications of proposed amendments on businesses.

    (v) To review the complexities of tax legislation and recommend simplification e.g. different compliance level for different categories of taxpayers.

    READ MORE: FBR sets up check posts for monitoring supplies from tax exempt areas

    (vi) To suggest action plan to curb the parallel economy and to make recommendations for improving financial inclusion in the documented system.

    (vii) To review and recommend a robust IT system on modern lines and upgrade existing IT facilities to maximize tax compliance, enforcement, broaden the tax base and provide taxpayer facilitation.

    (viii) To make recommendations for minimizing taxpayer/tax collector interaction and maximizing trust between the FBR and the taxpayers.

    (ix) To revie and advise restructuring of FBR from the following perspectives:

    a. To evaluate the possibility of making FBR autonomous.

    b. To evaluate the possibility of establishing and independent audit system.

    c. To evaluate the possibility of establishing a separate legal department.

    (x) To make recommendations on harmonization of GDT between the Federation and provinces and development of a single portal for filing of sales tax returns.

    (xi) Any other related matter.

    According to the notification, the commission:

    READ MORE: Tax on deemed income from immovable property under Section 7E

    (i) Shall be independent and headed by a full-time chairman; its chairman shall report directly to the finance minister.

    (ii) May interact with stakeholders and form sub-group, and evaluate their proposals for the federal budget.

    (iii) May co-opt any other person with the prior approval of the finance minister.

    (iv) May avail services of any expert (s) on need basis.

    (v) Will have a full-time secretariat at FBR Headquarter, and FBR shall provide logistic and human resource support to the commission.

    (vi) Shall take decision by majority vote of all members.

    (vii) Shall submit its first report by mid of April 2023.

  • Pakistan’s inflation increases by 23.8pc in November 2022

    Pakistan’s inflation increases by 23.8pc in November 2022

    Pakistan’s headline inflation based on Consumer Price Index (CPI) increased by 23.8 per cent in November 2022, according to official data revealed on Thursday.

    CPI inflation General, increased to 23.8 per cent on year-on-year basis in November 2022 as compared to an increase of 26.6 per cent in the previous month and 11.5 per cent in November 2021. On month-on-month basis, it increased to 0.8 per cent in November 2022 as compared to an increase of 4.7 per cent in the previous month and an increase of 3.0 per cent in November 2021.

    READ MORE: Headline inflation surges by 26.6% in October 2022

    CPI inflation Urban, increased to 21.6 per cent on year-on-year basis in November 2022 as compared to an increase of 24.6 per cent in the previous month and 12.0 per cent in November 2021. On month-on-month basis, it increased to 0.4 per cent in November 2022 as compared to an increase of 4.5 per cent in the previous month and an increase of 2.9 per cent in November 2021.

    READ MORE: Pakistan’s headline inflation rises 23.2% in September 2022

    CPI inflation Rural, increased to 27.2 per cent on year-on-year basis in November 2022 as compared to an increase of 29.5 per cent in the previous month and 10.9 per cent in November 2021. On month-on-month basis, it increased to 1.3 per cent in November 2022 as compared to an increase of 5.0 per cent in the previous month and an increase of 3.1 per cent in November 2021.

    READ MORE: Pakistan’s headline inflation hits 47-year high in August 2022

    Sensitive Price Indicator (SPI) inflation on YoY increased to 27.1 per cent in November 2022 as compared to an increase of 24.0 per cent a month earlier and an increase of 18.1 per cent in November 2021. On MoM basis, it increased by 6.1 per cent in November 2022 as compared to a decrease of 1.5 per cent a month earlier and an increase of 3.6 per cent in November 2021.

    READ MORE: Pakistan inflation hits 14-year high at 25% in July

    Wholesale Price Index (WPI) inflation on YoY basis increased to 27.7 per cent in November 2022 as compared to an increase of 32.6 per cent a month earlier and an increase of 27.0 per cent in November 2021. On MoM basis, it decreased by 0.02 per cent in November 2022 as compared to a decrease of 0.5 per cent a month earlier and an increase of 3.8 per cent in corresponding month i.e. November 2021.