Author: Mrs. Anjum Shahnawaz

Last date for return filing will not be extended: FBR

ISLAMABAD: Federal Board of Revenue (FBR) on Monday said it will not extend the last date for filing income tax returns beyond September 30, 2022.

The FBR sent SMS to taxpayers advising them to file their return of income for the tax year 2022 at the earliest. “The last date to file return is September 30, 2022, which will not be extended,” it added.

READ MORE: Last date for filing tax return is September 30, FBR reminds

The revenue body recently launched a campaign to motivate people for filing income tax returns. The FBR said: “Like every year before, the FBR launched a comprehensive awareness campaign to maximize its outreach through electronic and print media, urging taxpayers both existing and new, to file Income Tax Returns on time. The last date to file returns is September 30, 2022.”

The FBR issued an alert about the last date stating that last date to file income tax returns will not be extended. “Last date to file income tax returns for individuals and association of persons (AOPs) is September 30, 2022,” the FBR added.

READ MORE: Disclosure of beneficial ownership made mandatory for companies

The revenue body said that income tax returns can be filed through: Tax Asaan APP and FBR website.

It further stated that tax payment is possible through: internet and mobile banking; credit card and ATMs; cash and bank account.

The FBR further urged the taxpayers to file tax returns and avail exemption from 100 per cent increased withholding tax rates.

The tax body highlighted mandatory income tax return filing for persons and corporate entities.

The FBR said that all resident persons registered with professional bodies, i.e. chamber of commerce, Pakistan Bar Council or Market Committee etc. are required to file income tax returns.

READ MORE: KTBA highlights pharmaceutical industry’s reporting issues

Association of persons and Individuals having more than Rs400,000 annual business income are also required to file their return of income on annual basis.

“The income tax return filing is must for salaried persons if annual income exceeds Rs600,000,” the FBR added.

The revenue body said that the income tax return filing for tax year 2022 is also mandatory for persons who were charged to income tax in tax years 2020 and Tax Tear 2021.

Furthermore following persons are required to file income tax return:

— Persons having National Tax Number (NTN)

— Persons who own a motor vehicle having engine capacity more than 1,000CC

— Persons who own 500 sq. yards or more property / flat in urban areas.

READ MORE: FBR directs speedy clearance of flood relief goods

— Owners of flat with 2,000 sq. feed covered area of 500 sq. yards or more land in FBR rating area.

— All Non for Profit Organizations (NPOs) or welfare organizations that fall under Income Tax Ordinance, 2001.

— Commercial and Industrial consumers paying more than Rs500,000 electricity bill annually.

— Resident persons required to file foreign income and assets statement.

September 19, 2022
Pakistan tax agency invites job applications for audit department

Pakistan tax agency has invited job applications to fill around 57 vacant posts at its internal audit department.

Federal Board of Revenue (FBR), the premier tax agency of Pakistan, said that the vacant posts would be filled in BS-1 to BS-16. It said that the job applications must be submitted by October 02, 2022. Further details can be obtained HERE.

The FBR said that the eligible candidates are advised to apply online through National Job Portal Link https://njp.gov.pk. No manual or hard copy of application will be accepted by any office. Candidates applying for more than one post should apply online for each post separately.

READ MORE: Up to 70% income tax imposed on dividends for year 2022-2023

Vacancies for BS-01 to 05 shall ordinarily be filled on local basis in terms of Rule 16 of Civil Servants (Appointment, Promotion & Transfer) Rules, 1973, whereas vacancies for BS-06 to 15 shall be filled by appointment of persons domiciled in the respective province or region of each office strictly under Rule 15 of the aforesaid rules and instructions issued by the Establishment Division from time to time.

Candidates will be required to bring original documents (Educational, domicile and Experience Certificate etc) alongwith one set of all attested copies of documents at the time of test/interview.

Screening tests and skills tests (where required) will be conducted as per recruitment policy of the Federal Government.

READ MORE: FBR updates salary tax card for year 2022-2023

The contract employees (BS-01 to 15), who were appointed under the Family Assistance Package for the families of Government employees, who died while in service, may also apply online for any of the above post, if they desire so, subject to their eligibility.

10% quota for women, 5% quota for minorities (non-Muslims) and 2% quota for disabled persons shall also be strictly observed as per Government instructions. Disabled persons will have to submit a Certificate as proof of disability, duly issued by recognized Social Welfare Board/office or other authorized Government organization, at the time of test/interview.

The Directorate General, Internal Audit (IR) reserves the right not to fill any vacancy or to reduce/increase the number of vacancies, if the circumstances so warrant at the time of final selection.

The candidates working in Public Sector Departments/Organizations shall have to submit Departmental Permission Certificates from the respective employers at the time of test/interview, failing which they will not be allowed to participate in test/interview process.

In addition to 05 years general upper age relaxation by the Government, further upper age relaxation shall be restricted upto the following categories

READ MORE: FBR issues withholding tax rates on imports for tax year 2022-2023

Minimum and Maximum age shall be calculated on the closing date of receipt of applications.

Information provided in the online Application Form will be verified. In case of any false or forged information, the Directorate General, Internal Audit (IR) reserves the right to cancel candidature of any candidate at any stage (even after employment, if so revealed later) and to initiate legal action against the applicant.

Only short-listed candidates will be called for test/interview. All the candidates will be allowed to appear in the test/interview on provisional basis, subject to detailed scrutiny of their eligibility as per relevant criteria.

No TA/ DA will be admissible for the Test/ Interview.

The candidates may apply online on or before 02-10-2022. Applications received after 02-10-2022 will not be entertained.

September 19, 2022
President Alvi bars retrospective effect to profit rates on saving certificates

ISLAMABAD: The President of Pakistan Dr. Arif Alvi, while rejecting the retrospective effect of government decision, has directed the authorities to pay profit rate on saving certificates on prevailing rates.

While accepting a representation of an aggrieved citizen against a decision of the Wafaqi Mohtasib, President Dr Arif Alvi has directed the Central Directorate of National Savings (CDNS) to pay profit on the Special Saving Certificates (SSCs) as per the profit rate prevailing at the time of purchasing the certificates.

READ MORE: President Alvi directs State Life Insurance to pay compensation

He said that CDNS had committed maladministration by revising the profit rates retrospectively and in contrary to the existing law, thus causing the citizen a loss of Rs 5.3 million.

The President issued these directions while deciding on a representation preferred by Ms Yasmeen Merchant, who had purchased six SSCs from CDNS on 01.11.2019 at a profit rate of 12.7 per cent for five certificates and 13.9 per cent profit rate for the sixth certificate.

READ MORE: President Alvi rejects Habib Bank plea, orders to pay victims

Four days later on 05.11.2019, however, Finance Division issued a notification reducing the profit rates from 12.7 per cent to 11 per cent and 13.9 per cent to 11.8 per cent with retrospective effect from 01.11.2019, causing her a loss of Rs 5.3 million.

The President accepted her representation and held that the complainant was entitled to the profit rate prevailing on the date of issuance of certificates and that the change made through the notification did not apply to her investment in retrospective and, therefore, it could not affect her duly earned right of profit nor it can nullify it to her disadvantage.

READ MORE: HBL ordered to compensate bank fraud victim

He said that the notification issued was in the nature of subordinate or delegated legislation and took effect from the date of its publication in the official Gazette and not from any prior date.

The President added that the rationale behind it was that only the Parliament/legislative bodies could enact a law from a date prior to its enactment i.e., retrospectively and the Government by itself, unless authorized by the statute, had no such authority or power to issue a notification operative from a date different from the date of its publication in the official Gazette.

READ MORE: FBR directed to bring entire sugar supply chain into tax net

The President further highlighted that a person may feel allured by the incentives floated by the Government and act upon it, and it did not behove the Government to recant on its commitment as it may erode the confidence of the general public in the government bodies and may also negatively affect the credibility of the Government.

He further stated that such law was based on settled legal principles and Quranic injunctions as per the 1st verse of Surah Al-Maida “O ye who believe! Fulfil your undertakings”.

The President held that it was not only logical, fair and just to fulfil promises, undertakings and agreements but was also a universally accepted norm. He further declared that both sides were bound by the commitments made at the time of issuance of certificates and directed CDNS to pay the profit as per the promised profit rates of 12.7 per cent and 13.9 per cent on the purchased certificates.

As per details, the citizen’s grievance was that she had purchased the SSCs because of the prevailing profit rate whereas the notification gave retrospective effect to the profit rates and was issued after investment to her disadvantage.

She approached CDNS and later the Wafaqi Mohtasib for redressal of her grievance but to no avail. She then filed a representation with the President, which he accepted.

September 18, 2022
PTA warns internet users of death punishment for blasphemy

The Pakistan Telecommunication Authority (PTA) issued a stern warning on Sunday, cautioning internet users of severe penalties, including death, for blasphemy.
(more…)

September 18, 2022
FBR suggested fixed tax regime for women entrepreneurs

ISLAMABAD: The Federal Board of Revenue (FBR) has been suggested to introduce fixed tax regime for women entrepreneurs in order to facilitate and encourage businesswomen.

The suggestion was made by women entrepreneurs at a meeting with the chairman of Federal Board of Revenue (FBR).

READ MORE: FBR announces prize winners of 9th POS balloting

FBR chairman Asim Ahmad held meeting with the office bearers of Islamabad Women Chamber of Commerce & Industry (IWCCI) on Friday to listen tax-related issues and concerns of women entrepreneurs.

The office bearers, Ms Naima Ansari, President, Ms Samina Fazil, Founder President and Ms Zaheema Eckbaull Khattak, Chief Executive Officer, informed the Chairman FBR that women entrepreneurs are facing hardships in tax compliance such as timely return filing and high cost of filing charged by tax practitioners, which is also discouraging new women entrepreneurs to register their businesses with the FBR. They suggested that fixed tax regime for small women entrepreneurs may be introduced. They also requested that awareness sessions on filing tax returns and tax compliance procedures may be arranged in Women Chamber of Commerce & Industry of major cities to encourage women entrepreneurs to make tax compliance with ease.

READ MORE: FBR updates salary tax card for year 2022-2023

The Chairman FBR appreciated the suggestions put forth by the office bearer of IWCCI representing more than 1,000 women entrepreneurs and assured them that their valued input would be duly considered for launching initiatives to facilitate women entrepreneurs especially belonging to remote and marginalized areas.

READ MORE: Sindh exempts tax on services provided for flood relief

The Chairman FBR has issued directions to establish special desk at Gwadar for addressing grievances and concerns of women entrepreneurs and to facilitate them in filing tax returns. Furthermore, the Chairman FBR has issued directions to field formations to hold awareness sessions in WCCI of major cities for facilitation of women entrepreneurs concerning tax compliance.

Member Policy along with Chief Income Tax Policy and Chief Sales Tax Policy were also present in the meeting.

READ MORE: SBP allows flood relief donations through home remittance channel

September 18, 2022
Latest petroleum prices in Pakistan

ISLAMABAD: Pakistan was scheduled to review the petroleum prices on September 15, 2022. The revision in prices requires approval from the prime minister, who is attending two-day conference of Shanghai Cooperation Organization (SCO).

There is no official announcement in this regard or delay in updating the prices of petroleum products.

READ MORE: New petroleum prices in Pakistan from September 01, 2022

The latest prices of petroleum products in Pakistan, which was implemented on September 01, 2022 were:

The price of petrol has been increased by Rs2.07 per liter to Rs235.98 from Rs233.91.

The price of high speed diesel has been increased by Rs2.99 per liter to Rs247.43 from Rs244.44.

The rate of kerosene oil has been raised by Rs10.92 per liter to Rs210.32 from Rs199.40.

The price of light diesel oil has been increased by Rs9.79 per liter to Rs201.54 from Rs191.75.

The country reviews domestic oil prices after every 15 days to adjust rise and fall of prices in the international market and changes occurred in the exchange rates.

Experts believe that Pakistan may increase the petroleum prices for the fortnight because of massive decline in rupee value during past 15 days besides the expected imposition of sales tax and further increase in petroleum levy.

READ MORE: Pakistan to increase petroleum prices from September 01, 2022

The government on August 31, 2022 decided to increase the prices of petroleum products effective from September 01, 2022. The decision was strongly criticized by the stakeholders because the international markets had seen fall in oil prices.

Pakistan is a net importer of petroleum products so huge foreign exchange is required for paying against foreign purchases and meeting local demand.

The country has spent a staggering amount of $23.32 billion for the import of petroleum group during fiscal year 2021/2022 as compared with $11.36 billion in preceding year, showing a growth of 105 per cent. The import of finished products recorded an increase of 134 per cent to $12.07 billion during the fiscal year 2021/2022 as compared with $5.16 billion in the preceding fiscal year.

The benchmark Brent crude is below $100 dollars. Brent crude futures were at $92.84 per barrel in New York trade on September 09, 2022.

READ MORE: New petroleum prices in Pakistan from August 16, 2022

The present government had started increasing the petroleum prices on May 26, 2022 when the benchmark Brent Oil was at $112 per barrel.

Considering the price slump of international oil, the government had reduced the prices of petroleum products from July 15 to July 31. However experts believed it was a political decision as the government had to increase petroleum levy and apply sales tax.

The previous government of PTI had kept both the petroleum levy and sales tax at zero in order to provide relief to the masses. The PTI government also provided a huge subsidy on prices of petroleum products in order to lower the rates and provide relief to the masses.

However, former Prime Minister Imran Khan was removed through a vote of no-confidence motion on April 10, 2022. Since then the new coalition government led by PML-N increased the prices of petroleum products sharply on three different occasions.

The present government in the budget estimated to collect Rs855 billion as petroleum levy during the fiscal year 2022/2023. As this fiscal year is starting from July 01, 2022, it is likely that the government will opt to impose the levy from this date.

The exchange rate has seen massive decline in rupee value during past week despite inflows received from the International Monetary Fund (IMF).

READ MORE: New petroleum prices in Pakistan from August 1, 2022

Pakistani Rupee (PKR) has plunged by Rs9.43 against the US dollar since the country received tranche from the International Monetary Fund (IMF). The country received a tranche of $1.16 billion from the IMF under Extended Fund (EFF) loan program on August 31, 2022.

The government was hopeful of improvement in economic indicators once the money is received from the IMF. However, in contrast the PKR fell sharply since the IMF funds transferred to the State Bank of Pakistan (SBP).

The exchange rate was Rs218.75 to the dollar on August 31, 2022, the day when the money was received by Pakistan. However, since then the rupee fell by Rs9.43 or 4.31 per cent to Rs228.18 to the dollar on September 09, 2022 in interbank foreign exchange market.

September 16, 2022
Dogecoin to PKR, USD on September 16, 2022

KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on September 16, 2022.

One Dogecoin to PKR is Rs13.96 on September 16, 2022 at 09:15 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.96 at closing on September 15, 2022.

The rate of Dogecoin in US Dollar (USD) is $0.06 on September 16, 2022 at 09:15 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.06 at closing on September 15, 2022.

Dogecoin to Pakistani Rupee on September 15, 2022

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Ripple to PKR, USD on September 16, 2022

KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on September 16, 2022.

One Ripple (XRP) in Pakistani Rupee (PKR) is Rs76.80 on September 16, 2022 at 09:15 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs77.07 at closing on September 15, 2022.

The rate of Ripple in US Dollar (USD) is $0.32 on September 16, 2022 at 09:15 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.33 at closing on September 15, 2022.

Ripple to Pakistani Rupee on September 15, 2022

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Bitcoin to PKR, USD on September 16, 2022

KARACHI: The exchange rate of Bitcoint (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on September 16, 2022.

One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,673,099.90 on September 16, 2022 at 09:15 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,656,615.49 at closing on September 15, 2022.

The rate of Bitcoin in US Dollar (USD) is $19,748.84 on September 16, 2022 at 09:15 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $19,670.81 at closing on September 15, 2022.

Bitcoin to Pakistani Rupee on September 15, 2022

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Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

September 16, 2022
Pakistan reaffirms commitment to work closely with Russia

ISLAMABAD: Pakistan on Thursday reaffirmed its commitment to work closely with Russia to further strengthen cooperation between the two countries.

Prime Minister Mian Muhammad Shehbaz Sharif held a warm and cordial meeting with President of the Russian Federation Vladimir V. Putin on the sidelines of the Shanghai Cooperation Organization (SCO) Council of Heads of State in Samarkand.

READ MORE: Pakistan premier arrives Russia after two decades

The two leaders discussed bilateral ties and exchanged views on regional and international issues.

The Prime Minister thanked President Putin for Russia’s expression of solidarity and support for the people affected by the massive floods in Pakistan. The Prime Minister also shared details of the devastating impact of this climate induced calamity.

The Prime Minister expressed satisfaction at steady growth of Pakistan-Russia relations, which were marked by strong mutual trust and understanding.

The Prime Minister reaffirmed Pakistan’s commitment to work closely with Russia to further expand and strengthen cooperation between the two countries across all areas of mutual benefit including food security, trade & investment, energy, defence and security.

It was agreed to convene the next meeting of the Inter-Governmental Commission (IGC) in Islamabad at an early date. Appreciating Russia’s constructive role in Afghanistan, the Prime Minister said that both Pakistan and Russia had vital stakes in a peaceful and stable Afghanistan.

The Prime Minister said that it was essential to intensify the pace of international engagement on Afghanistan and reaffirmed Pakistan’s commitment to support all regional and international efforts to stabilize Afghanistan.

Prime Minister Muhammad Shehbaz Sharif also met President of Iran Seyed Ebrahim Raisi on the sidelines of the SCO Council of Heads of State meeting in Samarkand on Thursday.

The Prime Minister extended his gratitude to President Raisi and to the people of Iran for their solidarity and support with the Pakistani nation during the massive floods in the country.

The Prime Minister highlighted the devastating impact of the floods caused by climate change, and underscored that Pakistan with the least carbon emissions was bearing the cost of something for which it was not responsible.

He stressed the importance of tangible international action to help address the challenges that climatically vulnerable countries like Pakistan were facing.

READ MORE: Presidents of Pakistan, Iran discuss trade, economy

During the meeting, the two leaders positively evaluated the outcome of the Pakistan-Iran Joint Economic Commission and agreed to further promote bilateral relations in diverse fields.

Both sides also affirmed the desire to strengthen cooperation in economic, trade, connectivity, energy, culture and people-to-people links.

The Prime Minister underscored the need for closer bilateral engagement for boosting economic and energy cooperation, operationalizing barter trade, opening border sustenance markets, and facilitation of Pakistani Zaireen.

It was agreed that Pakistan would be sending a delegation to discuss measures for expanded cooperation in bilateral trade and energy sectors. The Prime Minister reiterated his invitation to President Raisi to visit Pakistan at the earliest convenience. President Raisi renewed his invitation to the Prime Minister to visit Iran.

September 15, 2022
FBR announces prize winners of 9th POS balloting

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday announced prize winners of 9^th balloting of invoices issued through Point of Sales (POS) installed by big retailers.

According to the FBR, the bumper prize of Rs1,000,000 has been awarded to Asfar Imam on the invoice issued by Rehmat e Shereen.

READ MORE: FBR announces prize winners in eighth draw of POS invoices

The FBR announced winners of two second prizes of Rs500,000 each to Irum Abid on the invoice issued by PCC Express and Abdul Qadir on the invoice issued by Imtiaz Provision Store.

Similarly, the four winners of third prize amounting Rs250,000 each have been awarded to Muhammad Imtiaz, Muhammad Aman Ullah Khan, Aamir Hasib Malik and Nadeem Hassan Gohar.

The FBR conducts computerized balloting of invoices issued by Tier-1 retailers on every 15th day of a month. This was ninth draw as it was started in January 15, 2022.

READ MORE: FBR announces prize winners of 7th draw of POS invoices

The FBR encouraged people to actively participate in the balloting to win prizes after buying from POS integrated retailers.

The FBR previously issued a procedure for participating in the prize scheme.

The revenue body said that the customers of the integrated tier-1 retailers, whose names and CNICs are notified through random computerized draw shall be entitled to prizes in respect of their purchases from the integrated tier-1 retailers.

The customers shall verify the electronically generated invoice of integrated retailers either through the “tax asaan” application or by sending SMS to number 9966.

READ MORE: 101 retailers given July 10 as deadline for integration

The application shall notify the customer regarding the status of the invoice either as “verified” or “unverified”.

In case of a verified invoice, the customer shall furnish one time, the following detail to the online system, namely:- Name; CNIC; and Mobile number.

Names and CNICs of the customers shall be included in the random computerized draw upon fulfillment of the requirement.

In case of an unverified invoice, the customer shall report the same through the system. The Board shall conduct inquiry and take appropriate action under the relevant provisions of law.

The computerized draw for the prizes shall be held in the first week of every month at the FBR Headquarters and the invoices of the immediately preceding month shall be entered in the draw.

READ MORE: Sindh integrates 56 restaurants for online tax monitoring

Draw winners shall be required to perform biometric verification, at the nearest e-sahulat facility of NADRA and submit a scanned copy on the “tax assan” application. After successful biometric verification, winners shall be required to provide their IBAN through a “tax asaan” application.

The total prize money and the denomination of the prizes shall be decided on month to month basis by the Board.

September 15, 2022
Total company registration increases to 176,329 in Pakistan

ISLAMABAD: Total registration of companies in Pakistan has increased to 176,329 by end of August 2022, according to official statement issued on Monday.

Securities and Exchange Commission of Pakistan (SECP) said it registered 2,362 new companies in August 2022, raising the total number of registered companies to 176,329.

“This shows an increase of 16 per cent as compared to corresponding period last year,” the SECP said.

Total capitalization (paid-up capital) with regard to the newly incorporated companies for the current month stood at Rs4.9 billion.

READ MORE: SECP’s company registration goes up to 169,919 till May 2022

SEC Pakistan said foreign investment had been reported in 70 new companies. These companies have foreign investors from China, Czech Republic, Egypt, Germany, Hong Kong, Iran, Korea South, Malaysia, Maldives, Mongolia, Morocco, the Netherlands, Nigeria, Poland, Portugal, Singapore, Somlia, Spain, Sri Lanka, Syria, Thailand, Turkey, UAE, UK, Ukraine, the US, Vietnam, and Yemen.

READ MORE: SECP, FBR integration brings 2,365 companies under tax net

In August, about 59 per cent companies were registered as private limited companies, while 38 per cent were registered as single member companies. Three per cent were registered as public unlisted companies, not for profit associations, foreign companies and limited liability partnership (LLP).

About 99.8 per cent companies were registered online, while 94 foreign users were registered from overseas.

READ MORE: RDA: SECP exempts banks from obtaining license

The real estate development and construction sector took the lead with incorporation of 418, trading with 318, information technology with 307, services with 234, tourism with 97, food and beverages with 91, ecommerce with 84, education with 78, marketing and advertisement with 69, textile with 65, engineering with 58, power generation with 44, transport with 43, corporate agricultural farming with 39, mining and quarrying with 35, chemical with 34, healthcare with 31 and 317 companies were registered in other sectors.

READ MORE: SEC Pakistan amends regulations to facilitate startups

As a result of integration of SECP with the Federal Board of Revenue (FBR) and various provincial departments, 1796 companies were registered with the FBR for generation of National Tax Number (NTN), 78 companies with Employees Old-age Benefit Institution (EOBI), 46 companies with PESSI/SESSI and 50 companies with excise and taxation department.

September 12, 2022