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Author: Mrs. Anjum Shahnawaz

  • Customs Intelligence Lahore auctions motor vehicles on Nov 19, 2022

    Customs Intelligence Lahore auctions motor vehicles on Nov 19, 2022

    ISLAMABAD: Directorate of Customs Intelligence and Investigation, Lahore has announced auction of motor vehicles to be held on November 19, 2022.

    The directorate will present following motor vehicles for the auction:

    READ MORE: FBR, SBP discuss stuck-up consignments, LC opening

    01. Used Mercedes Benz Car, Model 2006, 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. Used Toyota Mark-X Car, Model 2005 Chassis No.GRX120-0036739, color-White, FW151/Islamabad

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

    READ MORE: World Bank satisfied with progress of Pakistan Raises Revenue Program

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

    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).

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

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

    READ MORE: FBR Member PR holds meetings to create return filing awareness

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

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

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

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

    17. Used Range Rover Model-2013, color-Black Chassis No. SALVA2AG3DH716417

    18. Used Mercedes Benz Car, Model-2013, Chassis No. WDD2220572A089193, color-Pearl White.

    READ MORE: FBR chairman heads compliance risk management committee

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

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

    21. Used Toyota Hilux Surf, Model-2005, Chassis No. VZN215-0006330, color- Black, LEH-13-2373

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

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

  • FBR, SBP discuss stuck-up consignments, LC opening

    FBR, SBP discuss stuck-up consignments, LC opening

    Islamabad: In a collaborative effort to address challenges related to stuck-up consignments and the opening of Letters of Credit (LCs), the Federal Board of Revenue (FBR) and the State Bank of Pakistan (SBP) engaged in discussions on Friday.

    (more…)
  • World Bank satisfied with progress of Pakistan Raises Revenue Program

    World Bank satisfied with progress of Pakistan Raises Revenue Program

    The World Bank has commended the Federal Board of Revenue (FBR) for the successful implementation of the Pakistan Raises Revenue Program (PRRP), aimed at fostering sustainable growth in domestic revenue.

    (more…)
  • State Bank, NBP to withdraw petitions in Riba case: Ishaq Dar

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

    ISLAMABAD: Finance Minister Senator Muhammed Ishaq Dar Wednesday said that State Bank of Pakistan (SBP) and National Bank of Pakistan (NBP) will withdraw their petitions from the Supreme Court of Pakistan against the judgment of Federal Shariat Court in which the Court had ordered implementation of interest-free (Riba free) banking system in the country.

    READ MORE: KCCI demands implementation of Riba free banking

    He said that in this regard he held several meetings and detailed discussions with the SBP Governor and under the special directives of Prime Minister, it was decided that both the SBP and NBP would withdraw their petitions against the decision.

    He said that the government would also expedite its efforts to introduce Shariah compliant banking system in the country for rapid growth and promotion of Islamic bank and finance.

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

    He further informed that during 2013-2018 several steps were being taken to promote Islamic economic system and a special committee comprising on Islamic scholars were also formed, adding that Islamic Banking system also observed significant growth and progress at that time.

    READ MORE: IPS demands implementation of court judgment on Riba

    However, he said that from last few years the sector was completely neglected and no further progress was witnessed, adding that promotion of Islamic economic system and interest free banking was the top priority of incumbent government

    He said that government was also determined to overcome all the challenges faced for introducing interest free banking system and it will take all possible measures to take forward the interest free banking and economy for the prosperity of nation.

    READ MORE: Court judgment: Riba is Haram in any form

  • Pakistan has sufficient stock of fuel to meet domestic demand

    Pakistan has sufficient stock of fuel to meet domestic demand

    ISLAMABAD: Pakistan has sufficient stock of fuel to meet the domestic requirement of the country, an official statement said on Tuesday.

    The statement has clarified the news reports circulated regarding fuel shortage. It said the reports are baseless and contrary to facts.

    On November 7, 2022 the petrol stocks are around 550,000 Metric Tons which is sufficient for 21 days and with regard to diesel the present stocks are 438,000 Metric Tons which is adequate for 15 days, based on Oil Companies Advisory Council’s (OCAC) stock position.

    PSO’s planned import of diesel for the month of November 2022 is around 220,000 metric Tons out of which one cargo is on the way to Karachi and is expected to arrive on November 12,2022 while cargoes of other OMCs are in line to meet the country’s planned demand.

    Keeping in view the above position, the stock in the country is sufficient to take care of current requirements, it added.

  • Supreme Court of Pakistan to observe normal working day on November 9, 2022

    Supreme Court of Pakistan to observe normal working day on November 9, 2022

    ISLAMABAD: Supreme Court of Pakistan will observe normal working day on November 9, 2022, which has been declared as public holiday by the federal government.

    “It is informed to all concerned that the Supreme Court of Pakistan will remain open on November 9, 2022 (Wednesday) due to fixation of some important part-heard cases,” a statement said.

    “All the Benches will function normally as per the cause list,” it added.

    Earlier the federal government issued a circular restoring the holiday on occasion of Iqbal Day.

    According to the circular, in continuation of Cabinet Division’s circular No. 10-01/2021-Min-II dated December 17, 2021, it is for information that the Prime Minister is pleased to restore the public holiday on occasion of Allama Iqbal Day i.e. November 9, 2022.

    “Therefore, Wednesday November 09, 2022 shall be observed as public holiday throughout the country,” the circular stated.

  • FBR chairman heads compliance risk management committee

    FBR chairman heads compliance risk management committee

    ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday constituted a Compliance Risk Management Committee (CRMC), which will head by the FBR Chairman.

    According to a notification issued to constitute the committee stated that CRMC comprising of the following officer by designation:

    READ MORE: FBR approves setting up directorate for risk profiling of main sectors

    01. Chairman, FBR: Chairman of the Committee

    02. Member (Inland Revenue – Operations): Member of the Committee

    03. Member (Inland Revenue – Policy): Member of the Committee

    04. Member (Audit & Accounting): Member of the Committee

    05. Member (IT): Member of the Committee

    06. Directorate General (Compliance Risk Management): Secretary of the Committee

    07. Chief Commissioner of Inland Revenue Field Formation: Co-opted Members

    READ MORE: National Tax Council discusses GST harmonization

    A day earlier, the FBR approved establishment of Directorate General of Compliance Risk Management to develop risk profiles of the main segments and sectors.

    Previously, the FBR issued SRO 1796(I)/2022 to specify the functions, jurisdiction and power of the directorate and its officers.

    According to the SRO, the following shall be the functions of the Directorate General of Compliance Risk Management, namely:

    READ MORE: Definitions under Pakistan Income Tax Laws updated up to June 30, 2022

    (a) develop risk profile on the main segments and sectors related to the four pillar’s of compliance (registration, filing, reporting and payment) to be included in the risk register. This would be required at least quarterly and annually;

    (b) creation and updation of the risk register;

    (c) data collection (both internal and external sources) through an integrated system with Information Technology Wing of FBR for the purpose of creation of an indigenous data bank;

    (d) environmental scanning, research and studies of approved compliance topics;

    (e) collection of risk evaluation reports from risk owners (field formations) based upon taxpayer’s segment at all four compliance level (registration, filing correct reporting, payment and collection) on a quarterly and annual basis and update of risk portal;

    (f) collection of third party data;

    READ MORE: No tax amnesty, no tax rate cut under IMF program: FBR chief

    (g) planning risk treatment or mitigate strategies, developing compliance improvement plan(s), assisting field units in case selection exercise;

    (h) periodic measurement of risk management performance against the key risk indicators, risk identification analysis, tax gap analysis through scientific and analytical tools;

    (i) operation of data analysis centers by utilizing services of data analysts and data scientists;

    (j) development and implementation of CRM policy, frameworks and its practical implementation, design, develop and maintain the structured CRM methodologies and procedures e.g. design of a risk policy and processes based on CRM framework at FBR;

    (k) management of general administration finance, human resources, budget;

    (l) to assign any responsibility or function to Inland Revenue field formation;

    (m) to coordinate with any of Wing of Directorate General for the purpose of CRM; and

    (n) hiring of sectoral or business experts for assistance in sectoral studies, analysis of business trends and identification of sectoral risks.

  • FBR approves setting up directorate for risk profiling of main sectors

    FBR approves setting up directorate for risk profiling of main sectors

    ISLAMABAD: Federal Board of Revenue (FBR) on Monday approved establishment of Directorate General of Compliance Risk Management to develop risk profiles of the main segments and sectors.

    The FBR issued a notification stating that the competent authority had approved establishment of the directorate general of compliance risk management under the FBR.

    READ MORE: National Tax Council discusses GST harmonization

    Previously, the FBR issued SRO 1796(I)/2022 to specify the functions, jurisdiction and power of the directorate and its officers.

    According to the SRO, the following shall be the functions of the Directorate General of Compliance Risk Management, namely:

    (a) develop risk profile on the main segments and sectors related to the four pillar’s of compliance (registration, filing, reporting and payment) to be included in the risk register. This would be required at least quarterly and annually;

    READ MORE: Definitions under Pakistan Income Tax Laws updated up to June 30, 2022

    (b) creation and updation of the risk register;

    (c) data collection (both internal and external sources) through an integrated system with Information Technology Wing of FBR for the purpose of creation of an indigenous data bank;

    (d) environmental scanning, research and studies of approved compliance topics;

    (e) collection of risk evaluation reports from risk owners (field formations) based upon taxpayer’s segment at all four compliance level (registration, filing correct reporting, payment and collection) on a quarterly and annual basis and update of risk portal;

    (f) collection of third party data;

    (g) planning risk treatment or mitigate strategies, developing compliance improvement plan(s), assisting field units in case selection exercise;

    READ MORE: No tax amnesty, no tax rate cut under IMF program: FBR chief

    (h) periodic measurement of risk management performance against the key risk indicators, risk identification analysis, tax gap analysis through scientific and analytical tools;

    (i) operation of data analysis centers by utilizing services of data analysts and data scientists;

    (i) development and implementation of CRM policy, frameworks and its practical implementation, design, develop and maintain the structured CRM methodologies and procedures e.g. design of a risk policy and processes based on CRM framework at FBR;

    READ MORE: FBR may withdraw condition of invoice, packing list in containers

    (k) management of general administration finance, human resources, budget;

    (l) to assign any responsibility or function to Inland Revenue field formation;

    (m) to coordinate with any of Wing of Directorate General for the purpose of CRM; and

    (n) hiring of sectoral or business experts for assistance in sectoral studies, analysis of business trends and identification of sectoral risks.

  • China continues to help Pakistan stabilize financial situation

    China continues to help Pakistan stabilize financial situation

    BEIJING: China has done its utmost to help Pakistan stabilize financial situation, said Chinese Foreign Ministry Spokesperson, Zhao Lijian on Monday and added his country will continue to do so in the future.

    “China and Pakistan are all-weather strategic cooperative partners. We have been supporting each other for common development and in joint efforts to overcome difficulties,” he said during his regular briefing in response to a question about the debt assistance provided by China and other financial assistance.

    “China has done its utmost to help Pakistan stabilize its financial situation. We have been doing so, and we will continue to do so,” he said.

    As per media reports, during Prime Minister Shehbaz Sharif’s recent official visit to Beijing, the Chinese leadership promised to roll out $4 billion in sovereign loans, refinance $3.3 billion commercial bank loans and increase currency swept by about $1.45 billion.

    To a question about Pakistan’s current political situation, he said that China had noted the relevant reports.

  • National Tax Council discusses GST harmonization

    National Tax Council discusses GST harmonization

    ISLAMABAD: National Tax Council on Monday discussed the harmonization of General Sales Tax (GST) in the country.

    Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting on National Tax Council at Finance Division.

    READ MORE: Definitions under Pakistan Income Tax Laws updated up to June 30, 2022

    Finance Minister Punjab Mr. Muhammad Mohsin Leghari, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Secretary Finance, Chairman Federal Board of Revenue (FBR), Provincial Finance Secretaries and other senior officers of Finance Division attended the meeting.

    READ MORE: Sindh exempts sales tax on services provides for floods relief by customs agents, port operators

    The meeting reviewed the progress on the decisions of the last meetings of the NTC on harmonization of GST across the country.

    The Finance Minister shared that in order to have ease of doing business, harmonization of GST is important. Further, GST harmonization will be a major step towards completion of policy actions under World Bank’s RISE program.

    READ MORE: No tax amnesty, no tax rate cut under IMF program: FBR chief

    The participants shared their opinions on the harmonization of GST. Chairman FBR and provincial stakeholders extended their consensus to proceed ahead in the spirit of greater national interest for harmonization of GST under the umbrella of National Tax Council (NTC).

    In conclusion, Finance Minister Senator Ishaq Dar appreciated the stakeholders for building consensus and settlement of the decision regarding harmonization of GST for ease of doing business.

    READ MORE: FBR may withdraw condition of invoice, packing list in containers