The Federal Board of Revenue (FBR) has introduced new valuations for immovable properties in Islamabad, effective from August 01, 2022.
(more…)Author: Mrs. Anjum Shahnawaz
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Income tax return filing date expires on September 30, 2022
ISLAMABAD: The date for filing annual income tax return for the tax year 2022 is expiring on September 30, 2022, official sources told PkRevenue.com on Saturday.
Senior officials at Federal Board of Revenue (FBR) said that the all the taxpayers other than corporate taxpayers are required to file annual return of income for tax year 2022 by September 30, 2022.
READ MORE: How to file returns and other documents?
They said that taxpayers including salaried persons, business individuals, association of persons (AOPs) and companies other than having account year July to June are required to file the return of income.
The corporate entities having financial year between July 01 to June 30 are required to file their income tax returns by December 31 every year.
The FBR through SRO 978(I)/2022 dated June 30, 2022 issued income tax return form for tax year 2022 giving statutory time to taxpayers for making compliance in filing of return.
Section 14 of Income Tax Ordinance, 2001, highlighted the categories of taxpayers, who are required to file their annual return of income and wealth statement.
READ MORE: Who needs to file Tax Year 2022 return in Pakistan?
According to Income Tax Ordinance, 2001, following class of taxpayers are required to file return of income:
— every company
— every person (other than a company) whose taxable income for the year exceeds the maximum amount that is not chargeable to tax under this Ordinance for the year
— any non-profit organization as defined in clause (36) of section 2;
— every person whose income for the year is subject to final taxation under any provision of this Ordinance
Any person not covered by above clauses are also required to file return of income who,—
(i) has been charged to tax in respect of any of the two
preceding tax years;
(ii) claims a loss carried forward under this Ordinance for a tax year;
(iii) owns immovable property with a land area of five hundred square yards or more or owns any flat located in areas falling within the municipal limits existing immediately before the commencement of Local Government laws in the provinces; or areas in a Cantonment; or the Islamabad Capital Territory;
(iv) owns immoveable property with a land area of five hundred square yards or more located in a rating area;
(v) owns a flat having covered area of two thousand square feet or more located in a rating area;
(vi) owns a motor vehicle having engine capacity above 1000 CC;
READ MORE: FBR transfers 15 senior customs officers in BS-20, BS-21
(vii) has obtained National Tax Number; or
(viii) is the holder of commercial or industrial connection of electricity where the amount of annual bill exceeds rupees five hundred thousand;
(ix) is a resident person registered with any chamber of commerce and industry or any trade or business association or any market committee or any professional body including Pakistan Engineering Council, Pakistan Medical and Dental Council, Pakistan Bar Council or any Provincial Bar Council, Institute of Chartered Accountants of Pakistan or Institute of Cost and Management Accountants of Pakistan; or
(x) is a resident person being an individual required to file foreign income and assets statement under section 116A.
The FBR said that filing of income tax return is also mandatory for persons or classes of persons notified by the Board with the approval of the Minister in-charge.
It further said that return of income is also mandatory for every individual whose income under the head ‘Income from business’ exceeds rupees three hundred thousand but does not exceed rupees four hundred thousand in a tax year is also required to furnish return of income from the tax year.
READ MORE: Pakistan Customs foils attempt to clear banned items
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FBR transfers 15 senior customs officers in BS-20, BS-21
ISLAMABAD: The Federal Board of Revenue (FBR) has transferred and posted 15 senior officers of BS-20 and BS-21 in Pakistan Customs Service (PCS) with immediate effect and until further orders.
The FBR through an official communication issued on August 19, 2022 notified transfers and postings of following officers:
READ MORE: Pakistan Customs foils attempt to clear banned items
01. Gul Rehman (Pakistan Customs Service/BS-21) has been transferred and posted as Director General, Directorate General of Customs Valuation, Karachi from the post of Project Director, Pakistan Single Window, Federal Board of Revenue (HQ), Islamabad. The officer has been directed to look after the charge of director general, directorate general of risk management, Karachi.
02. Dr. Fareed Iqbal Qureshi (Pakistan Customs Service/BS-21) has been transferred and posted as Director General, Directorate General of Post Clearance Audit & Internal Audit, Karachi from the post of Director General, Directorate General of Customs Valuation, Karachi.
READ MORE: FBR starts penal action against non-filing of asset declarations
03. Ahmad Reza Khan (Pakistan Customs Service/BS-21) has been transferred and posted as Member, Federal Board of Revenue (HQ), Islamabad from the post of Chief Collector Customs, Khyber Pakhtunkhwa, Peshawar.
04. Wajid Ali (Pakistan Customs Service/BS-21) has been transferred and posted as Director General, Pakistan Customs Academy (PCA), Karachi from the post of Chief Collector of Customs, Appraisement (South), Karachi
05. Muhammad Sadiq (Pakistan Customs Service/BS-21) has been transferred and posted as Director General, Directorate General of IPR (Enforcement), Islamabad (Stationed at Lahore) from the post of Chief Collector of Customs, Balochistan, Quetta.
READ MORE: FBR announces prize winners in eighth draw of POS invoices
06. Abdul Qadir Memon (Pakistan Customs Service/BS-21) has been transferred and posted as Chief Collector of Customs Balochistan, Custom House, Quetta from the post of Chief Collector of Customs Enforcement (South), Karachi.
07. Ahmad Rauf (Pakistan Customs Service/BS-21) has been transferred and posted as Director General, Directorate General of Law and Prosecution, Islamabad (Stationed at Lahore) from the post of Director General, Directorate General of Input Output Coefficient Organization (IOCO), Karachi.
08. Ms. Seema Raza Bokhari (Pakistan Customs Service/BS-21) has been transferred and posted as Project Director, Pakistan Single Window, Federal Board of Revenue (HQ) Islamabad from the post of Director General, Directorate General of Post Clearance Audit & Internal Audit, Karachi (Stationed at Islamabad).
09. Muhammad Ali Raza Hanjra (Pakistan Customs Service/BS-21) has been transferred and posted as Project Director (ITTMS), Federal Board of Revenue (HQ), Islamabad from the post of Chief Collector Customs (North), Islamabad with the additional charge of the post of Project Director (ITTMS), FBR (HQ), Islamabad.
10. Muhammad Imran Khan Mohmand (Pakistan Customs Service/BS-21) has been transferred and posted as Chief Collector of Customs (North), Custom House, Islamabad from the post of Member, Federal Board of Revenue (HQ), Islamabad. The officer has been asked to look after the charge of Director General, Directorate General of Reforms & Automation (Customs), Islamabad in addition to his own duties.
READ MORE: FBR directs Customs officials to declare dual nationality
11. Mirza Mubashir Baig (Pakistan Customs Service/BS-20) has been transferred and posted as Director General (OPS), Directorate General of Input Output Coefficient Organization (IOCO), Karachi (Stationed at Lahore) from the post of Chief, Federal Board of Revenue (Hq), Islamabad.
12. Muhammad Saleem (Pakistan Customs Service/BS-20) has been transferred and posted as chief collector of customs (OPS), Khyber Pakhtunekhwa, Peshawar from the post of Director General (OPS), Directorate General of Reforms & Automation (Customs), Islamabad.
13. Ashhad Jawwad (Pakistan Customs Service/BS-20) has been transferred and posted as Chief Collector of Customs (OPS), Appraisement (South) Karachi from the post of Collector, Collectorate of Customs Appraisement, Port Muhammad Bin Qasim, Karachi.
14. Muhammad Yaqoob Mako (Pakistan Customs Service/BS-20) has been transferred and posted as Chief Collector of Customs (OPS), Enforcement (South), Karachi from the post of Chief, BDT-Customs Federal Boar of Revenue (HQ), Islamabad with the look after charge of the post of Chief/Focal Person, MER IO-8, FATF Cell, FBR (HQ), Islamabad. The officer has been directed to continue to look after the charge of the post of Chief / focal person, MER IO-8, FATF Cell, FBR (HQ), Islamabad (Stationed at Karachi) in addition to his own duties.
15. Muhammad Jamil Nasir Khan (Pakistan Customs Service/BS-20) has been transferred and posted as Collector, Collectorate of Customs Appraisement, Port Muhammad Bin Qasim, Karachi from the post of Chief, Federal Board of Revenue (HQ), Islamabad.
The FBR said that the officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting.
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Weekly Review: monetary policy decision likely to dictate market
KARACHI: The upcoming monetary policy decision scheduled for August 22, 2022 likely to dictate the stock market during the next week.
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Essential items witness inflation above 42%: Pakistan Bureau
ISLAMABAD: Pakistan Bureau of Statistics (PBS) on Friday disclosed that prices of essential items have recorded inflation above 42 per cent on year on year (YoY) basis by week ended August 18, 2022.
The bureau stated that Sensitive Price Indicator (SPI) of essential items depicts an increase of 42.31 per cent.
READ MORE: High inflation may force further monetary tightening
The essential items that recorded increase in prices during this period are included: Pulse Masoor (111.02 per cent), Diesel (108.77 per cent), Petrol (94.53 per cent), Onions (94.43 per cent), Cooking Oil 5 litre (72.96 per cent), Mustard Oil (71.08 per cent), Chicken (69.04 per cent), Vegetable Ghee 1 Kg (68.56 per cent), Vegetable Ghee 2.5 Kg (67.05 per cent), Electricity for Q1 (63.03 per cent), Washing Soap (61.92 per cent), Pulse Gram (58.93 per cent), Gents Sponge Chappal (52.21 per cent), Pulse Mash (51.51 per cent) and Garlic (36.59 per cent).
While a decrease observed in the prices of Chilies Powder (43.42 per cent), Sugar (16.55 per cent) and Gur (1.96 per cent).
READ MORE: Pakistan inflation hits 14-year high at 25% in July
The SPI for the week ended on August 18, 2022 recorded an increase of 3.35 per cent.
Increase is observed in the prices of food items, Tomatoes (20.28 per cent), Chicken (7.57 per cent), Onions (2.30 per cent), Powdered Milk (2.03 per cent), Eggs (1.63 per cent), Pulse Moong (1.42 per cent) and Potatoes (1.07 per cent), non-food items, Electricity for Q1 (6.83 per cent), Petrol (2.96 per cent) and Cigarette (1.69 per cent).
On the other hand, a decrease observed in the prices of LPG (3.46 per cent), Vegetable Ghee 1Kg (1.16 per cent), Garlic (0.94 per cent), Mustard Oil (0.71 per cent), Pulse Masoor (0.42 per cent), Pulse Gram (0.36 per cent), Vegetable Ghee 2.5Kg (0.33 per cent), Cooking Oil 5 litre (0.31 per cent), Diesel (0.18 per cent), Firewood Whole (0.16 per cent) and Sugar (0.03 per cent).
READ MORE: Pakistan hikes key policy rate by 125 basis points to 15%
During the week, out of 51 items, prices of 25 (49.01 per cent) items increased, 11 (21.57 per cent) items decreased and 15 (29.42 per cent) items remained stable.
The SPI is computed on weekly basis to assess the price movements of essential commodities at shorter interval of time so as to review the price situation in the country. SPI comprises of 51 essential items collected from 50 markets in 17 cities of the country.
READ MORE: Pakistan’s sensitive price inflation surges by 37.67%
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Clearance of banned cars, phones allowed on 100% surcharge
ISLAMABAD: The government has allowed clearance of stuck up consignments of cars and mobile phones on payment of 100 per cent surcharge.
The ministry of commerce on Friday issued an office memorandum regarding prohibition / complete quantitative restrictions on import of non-essential and luxury items.
READ MORE: Pakistan lifts ban on import of cars, phones, luxury items
The ministry said that pursuant to the decision of federal cabinet on August 19, 2022, the federal government had allow release of all those consignments/shipments which had been imported in violation of SRO 598(I)/2022 dated May 19, 2022 and landed at any Pakistani port, subject to payment of surcharge.
The commerce ministry stated that to release those held up consignments, except Completely Built Unit (CBU) Auto, CBU phones and CBU home appliances, which landed after June 30, 2022 and on or before July 31, 2022 subject to payment of 25 per cent surcharge, and 35 per cent surcharge for those consignments which arrived after July 31, 2022.
READ MORE: 15% surcharge imposed for clearance of banned items
Similarly, to release held up consignments of CBU auto, CBU mobile phones and CBU home appliances, which landed after June 30, 2022 and on or before July 31, 2022 subject to payment of 100 per cent surcharge.
The ministry of commerce issued SRO 1562(I)/2022 for lifting the ban on luxury and non-essential items, including motor vehicles, mobile phones and home appliances.
The government on May 19, 2022 through a circular No. 598 (I)/2022 imposed the complete ban on import of such items in the wake of serious balance of payment crisis and to prevent fall in rupee value.
Despite the ban, the rupee fell to the historic low of Rs239.94 against the dollar on July 28, 2022.
It is worth mentioning that the foreign exchange reserves were drastically decreased despite imposition of ban on imported luxury items.
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Pakistan lifts ban on import of cars, phones, luxury items
ISLAMABAD: Pakistan on Friday lifted ban on all import of luxury and non-essential items amid serious foreign exchange crisis.
The ministry of commerce issued SRO 1562(I)/2022 for lifting the ban on luxury and non-essential items, including motor vehicles, mobile phones and home appliances.
The government on May 19, 2022 through a circular No. 598 (I)/2022 imposed the complete ban on import of such items in the wake of serious balance of payment crisis and to prevent fall in rupee value.
Despite the ban, the rupee fell to the historic low of Rs239.94 against the dollar on July 28, 2022.
It is worth mentioning that the foreign exchange reserves were drastically decreased despite imposition of ban on imported luxury items.
READ MORE: Pakistan decides to lift ban on imported goods
Pakistan’s foreign exchange reserves have increased by $52 million by week ended August 12, 2022. The foreign exchange reserves of the country have recorded at $13.613 billion by week ended August 12, 2022 as compared with $13.561 billion a week ago i.e. August 05, 2022.
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 $13.615 billion.
The official foreign exchange reserves of the State Bank witnessed an increase of $67 million to $7.897 billion by week ended August 12, 2022 as compared with $7.83 billion a week ago.
READ MORE: 15% surcharge imposed for clearance of banned items
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 declined by $12.249 billion.
The country has taken the decision in order to fulfil the condition of International Monetary Fund (IMF) to get loans.
Addressing a press conference a day earlier alongside members of the government’s economic team, Miftah Ismail said that the import ban on non-luxury items was placed in line with the IMF’s demands.
Miftah said that after much back-and-forth, the IMF has finally announced that its board meeting will take place on August 29 — for considering Pakistan’s request for the release of the $1.17 billion tranche.
The finance minister noted that the government has also fulfilled all the pre-requisites of the lender, while the funding gap of $4 billion has also been met — after friendly countries agreed to help Pakistan financially.
He said that after the import ban, it became easier for the government to import necessary commodities, which were essential for the masses. “When we have limited dollars and we have to feed a huge population, our priority automatically becomes [the nation]. We had to choose between importing cars and wheat — that’s why we imposed a ban.”
READ MORE: Pakistan allows release of banned items stuck up at ports
The finance minister said the government was scrapping the import ban as it was an international requirement, but noted that the regulatory duty that will be imposed on the non-essential imported items will be three times higher than the current levels.
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FBR starts penal action against non-filing of asset declarations
The Federal Board of Revenue (FBR) has taken a firm stance against tax officials who have failed to submit their annual asset declarations, signaling the commencement of penal action against non-compliant officers.
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AVALON – The Most Tech-Enable Real Estate Project In Islamabad
ISLAMABAD: With so many real estate projects in Pakistan on the rise, it’s close to impossible to find the most futuristic & tech-enabled, sustainable, and state-of-the-art project that’s worth investing without breaking the bank while also being trust-worthy.
Having said that, we’ve recently spotted a project that’s taking Islamabad by storm. Their streamers and outdoor billboard are literally everywhere we go.
We did a little digging and found out about this real estate giant, namely AVALON City. The masterplan is in development as Pakistan’s first technological city. This is a state-of-the-art infrastructure designed and idealised as the Future of Real State in Pakistan. Embracing their tagline, they truly want you to ‘Envision Your Lifestyle’.
We found out this project sits at an ideal location of Chakri Road, adjacent to M2 Motorway, ensuring a convenient residence and commercial success for its residents and investors. Have you ever thought about having Smart Homes, Wi-Fi trees, 3D and Virtual Theatres, Electric Bikes, Automated Traffic Control? Well, AVALON City has got it all.
We know what you’re thinking. With all these offerings, they must be expensive as anything but after doing a thorough price comparison, we found out that their prices are very affordable compared to other projects in the vicinity.
The hashtag #AvalonCityIslamabad was trending on social media for the past couple of days.
Don’t believe us? Well, Netizens on social media are going nuts about this.
Some people are comparing it to Saudi Arabia’s The Line project.
While others are just excited that something progressive is coming to Pakistan.
If you’re interested in investing or just getting to know about them, we recommend getting in touch with them directly @ [email protected], +92 (51) 6120517 or www.theavaloncity.com
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Miftah defends petrol price hike in Pakistan from August 16, 2022
ISLAMABAD: Finance Minister Dr. Miftah Ismail on Tuesday defended the government decision to increase the prices of petrol that are implemented from August 16, 2022
A day earlier, Prime Minister Shehbaz Sharif approved the summary to increase the price of petrol with nominal decline in other petroleum products.
READ MORE: New petroleum prices in Pakistan from August 16, 2022
The government announced a significant increase of Rs6.72 per liter in price of petrol to Rs233.91 from Rs227.19 effective from August 16, 2022.
The rate of high speed diesel (HSD) has been nominally reduced by 51 paisas to Rs244.44 from Rs244.95. The price of kerosene oil has been decreased by Rs1.67 to Rs199.40 from Rs201.07. The rate of light diesel oil (LDO) has been nominally enhanced by 43 paisas to Rs191.75 from Rs191.32.
The people of Pakistan were expecting a significant decline in petroleum prices in the wake of sharp decline in international oil prices and massive recovery in rupee value against the dollar during the month of August 2022.
READ MORE: New petroleum prices in Pakistan from August 1, 2022
All the quarters have strongly criticized the government for increase price of petrol. The criticism was also came from coalition partners of the present government.
However, Miftah Ismail through Tweet presented a brief explanation on how petrol and diesel prices are set in Pakistan.
Oil and Gas Regulatory Authority (OGRA) takes the average of petroleum prices, adds freight and premium paid by Pakistan State Oil (PSO) on top of these prices, and multiplies that by the exchange rate.
READ MORE: New petroleum prices in Pakistan from July 15, 2022
In addition it also “trues up” the previous fortnight’s cost by taking into account the rupees paid by PSO at the actual exchange rate as opposed to the average used to estimate the previous fortnight’s cost.
“We have not added any new tax or levy to the price. The price of petrol has gone up (and diesel has gone down) because the cost paid by PSO in the previous fortnight was more than the cost estimated by OGRA and also because the premium paid by PSO on petrol increased and premium paid on diesel remained unchanged,” Miftah Ismail said.
“Again, not one paisa of new taxes or levies was added,” he repeated.
READ MORE: New prices of petroleum products in Pakistan from July 01, 2022