Author: Mrs. Anjum Shahnawaz

Pakistan reaffirms commitment to complete IMF program

ISLAMABAD: Pakistan on Thursday reaffirmed commitment to complete the loan program under International Monetary Fund (IMF).

The resolve has been expressed at an online meeting of Finance Minister Ishaq Dar with Nathan Porter, IMF Mission Chief for Pakistan.

The two sides discussed the progress made with the ongoing IMF program, particularly the impact of floods on macroeconomic framework and targets for the current year.

IMF indicated its willingness to sympathetically view the targeted assistance for poor and vulnerable, especially flood affectees.

It was agreed that expenditure estimates for flood related humanitarian assistance during the current year will be firmed up alongwith estimates of priority rehabilitation expenditure.

In this regard engagement at the technical level shall be expeditiously concluded for proceeding with the 9th Review. Finance Minister Senator Ishaq Dar reiterated GOP’s commitment to successfully completing the IMF program.

November 17, 2022
FBR gathers dual nationality information of customs officials

Islamabad: The Federal Board of Revenue (FBR) has embarked on the task of gathering information regarding the dual nationality status of customs officials in various grades from BS-1 to BS-21.
(more…)

November 17, 2022

Foreign currency rates in PKR – November 17, 2022

KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 17, 2022 (The rates are updated at 09:00 AM (Pakistan Standard Time):

CURRENCY NAME	BUYING	SELLING
US DOLLAR $ (USD)	226.70	229.00
SAUDI RIYAL (SAR)	62.20	62.80
UAE DIRHAM (AED)	64.20	64.80
EURO (EUR)	243.00	245.40
UK POUND (GBP)	278.00	280.80
JAPANESE YEN (JPY)	1.66	1.68
SWISS FRANC (CHF)	247.05	248.05
DANISH KRONE (DKK)	32.15	32.25
NORWEGIAN KRONE (NOK)	23.06	23.16
SWEDISH KRONA (SEK)	22.00	22.10
AUSTRALIAN DOLLAR (AUD)	157.00	159.00
CANADIAN DOLLAR (CAD)	175.60	177.60
INDIAN RUPEE (INR)	2.35	2.70
CHINESE YUAN (CNY)	32.00	34.00
AFGHAN AFGHANI (AFN)	2.00	2.50

Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

Foreign currency rates in PKR – November 16, 2022

November 17, 2022

PKR to USD on November 17, 2022

KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on November 17, 2022:

Buying: Rs 226.70 to the US Dollar

Selling: Rs 229.00 to the US Dollar

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells the foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The US Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to USD on November 16, 2022

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PKR to SAR on November 17, 2022

KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on November 17, 2022:

Buying: Rs 62.20 to the Saudi Riyal

Selling: Rs 62.80 to the Saudi Riyal

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells for foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to SAR on November 16, 2022

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PKR to EUR on November 17, 2022

KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on November 17, 2022:

Buying: Rs 243.00 to the Euro

Selling: Rs 245.50 to the Euro

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells for foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to EUR on November 16, 2022

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PKR to GBP on November 17, 2022

KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on November 17, 2022:

Buying: Rs 278.00 to the UK Pound Sterling

Selling: Rs 280.80 to the UK Pound Sterling

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells the foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The UK Pound Sterling /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to GBP on November 16, 2022

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PKR to AED on November 17, 2022

KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on November 17, 2022:

Buying: Rs 64.20 to the UAE Dirham

Selling: Rs 64.80 to the UAE Dirham

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells the foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to AED on November 16, 2022

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PKR to CAD on November 17, 2022

KARACHI: Following are the rates of buying and selling of one Canadian Dollar (CAD) in Pakistani Rupee (PKR) in the open market on November 17, 2022:

Buying: Rs 175.60 to the Canadian Dollar

Selling: Rs 177.60 to the Canadian Dollar

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells for foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The Canadian Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to CAD on November 16, 2022

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Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. The given rates are opening for the day. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

November 17, 2022
PKR to CAD on November 17, 2022

KARACHI: Following are the rates of buying and selling of one Canadian Dollar (CAD) in Pakistani Rupee (PKR) in the open market on November 17, 2022:

Buying: Rs 175.60 to the Canadian Dollar

Selling: Rs 177.60 to the Canadian Dollar

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells for foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The Canadian Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to CAD on November 16, 2022

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PKR to USD on November 17, 2022

KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on November 17, 2022:

Buying: Rs 226.70 to the US Dollar

Selling: Rs 229.00 to the US Dollar

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells the foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The US Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to USD on November 16, 2022

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PKR to SAR on November 17, 2022

KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on November 17, 2022:

Buying: Rs 62.20 to the Saudi Riyal

Selling: Rs 62.80 to the Saudi Riyal

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells for foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to SAR on November 16, 2022

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PKR to EUR on November 17, 2022

KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on November 17, 2022:

Buying: Rs 243.00 to the Euro

Selling: Rs 245.50 to the Euro

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells for foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to EUR on November 16, 2022

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PKR to GBP on November 17, 2022

KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on November 17, 2022:

Buying: Rs 278.00 to the UK Pound Sterling

Selling: Rs 280.80 to the UK Pound Sterling

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells the foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The UK Pound Sterling /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to GBP on November 16, 2022

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PKR to AED on November 17, 2022

KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on November 17, 2022:

Buying: Rs 64.20 to the UAE Dirham

Selling: Rs 64.80 to the UAE Dirham

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells the foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to AED on November 16, 2022

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Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. The given rates are opening for the day. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

November 17, 2022
PKR to AED on November 17, 2022

KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on November 17, 2022:

Buying: Rs 64.20 to the UAE Dirham

Selling: Rs 64.80 to the UAE Dirham

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells the foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to AED on November 16, 2022

————————————————-

PKR to CAD on November 17, 2022

KARACHI: Following are the rates of buying and selling of one Canadian Dollar (CAD) in Pakistani Rupee (PKR) in the open market on November 17, 2022:

Buying: Rs 175.60 to the Canadian Dollar

Selling: Rs 177.60 to the Canadian Dollar

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells for foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The Canadian Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to CAD on November 16, 2022

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PKR to USD on November 17, 2022

KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on November 17, 2022:

Buying: Rs 226.70 to the US Dollar

Selling: Rs 229.00 to the US Dollar

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells the foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The US Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to USD on November 16, 2022

————————————————-

PKR to SAR on November 17, 2022

KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on November 17, 2022:

Buying: Rs 62.20 to the Saudi Riyal

Selling: Rs 62.80 to the Saudi Riyal

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells for foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to SAR on November 16, 2022

————————————————-

PKR to EUR on November 17, 2022

KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on November 17, 2022:

Buying: Rs 243.00 to the Euro

Selling: Rs 245.50 to the Euro

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells for foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to EUR on November 16, 2022

————————————————-

PKR to GBP on November 17, 2022

KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on November 17, 2022:

Buying: Rs 278.00 to the UK Pound Sterling

Selling: Rs 280.80 to the UK Pound Sterling

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells the foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The UK Pound Sterling /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to GBP on November 16, 2022

————————————————-

Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. The given rates are opening for the day. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

November 17, 2022
Action against banks for overcharging on LCs by month-end

ISLAMABAD: State Bank of Pakistan (SBP) on Wednesday said it has finalized to take action against banks involved in overcharging on opening of Letters of Credit (LCs).

The National Assembly Standing Committee on Finance and Revenue was informed here on Wednesday that the actions against eight banks involved in overcharging on opening of LC would be taken by the end of current month.

READ MORE: Dollar climbs to PKR 222.41 amid foreign payment demand

While briefing the Committee, Deputy Governor State Bank of Pakistan (SBP), Dr. Inayat Hussain said that in light of inspection findings, SBP is also in process of completing the enforcement action against the concerned banks.

The Committee met under the Chairmanship of Qaiser Ahmed Sheikh and discussed various issues pertaining to the Ministry and its attached departments.

The Chairman of the Committee said that now the monitoring process of the Central Bank has been tightened and no complaints have been received yet.

READ MORE: SBP introduces reporting system for illegal foreign exchange activity

Inayat said the shortage of dollars in the market is due to the gap between import and export and foreign exchange is also required for balance of payment.

He highlighted that the shortage occurs when Dollar inflow is less than the outflow. These are the reasons for the increase in the rate of the Dollar and the depreciation of the rupee, he added.

MNA Sabir Hussain Kaim Khani said that National Bank of Pakistan (NBP) was also responsible for the devaluation of the rupee and increase in the rate of Dollar. He questioned how will we stop others when a government bank does this.

The Chairman of the Committee said that Banks were still saying that they don’t have Dollars and market confidence was affected due to fluctuations in the value of the rupee.

READ MORE: Pakistan remittances decline by 15.7% in October 2022

Dollar is worth Rs 222 in the market and there is a difference of 15 rupees in the interbank and open market, he added.

Governor State Bank should should come to respond to this, Barjees Tahir said.

MNA Khalid Hussain Magsi said that now the economy was not in right direction because we have not set the direction.

Meanwhile discussing the issue of allocation of funds to National Disaster Management Authority (NDMA) and essential items provided to the floods affectees, the official of NDMA informed that the authority disbursed around 283,934 tents, 77,585 tarpaulins, 2,044,104 mosquito nets, 234,545 blankets.

MNA Nafisa Shah said that according to her information, around 4 to 5 thousand children were died of Malaria in Khairpur district but there was no data available on flood victims. She said that things were given twice in each house and compiling data of flood victims was the biggest responsibility.

READ MORE: Pakistan banks may issue corporate cards for cross-border commercial payments

Zarai Taraqiati Bank Limited (ZTBL) briefed the Committee on its overall performance, however the Committee was not satisfied with the briefing and allowed three months’ time asking it to come again with better preparation.

The Committee also asked ZTBL President to ensure his presence in the next meeting.

November 16, 2022
Baggage rules amended for lowering cash limit for outbound passengers

KARACHI: Federal Board of Revenue (FBR) on Wednesday notified draft rules to amend Baggage Rules for lowering cash limit for outbound passengers.

The FBR issued SRO 2043(I)/2022 to make amendments in the Baggage Rules, 2006. The cash limit has been lowered to $5,000 per person per visit from $10,000.

READ MORE: SBP limits cash up to USD 5,000 taking out of Pakistan

According to the proposed rules, any persons travelling abroad (except to Afghanistan) is allowed to take out of Pakistan US Dollar or equivalent thereof in other foreign currencies as per the limits given below:

The cash limit per visit per person shall be $5,000 for a person 18 years and above (adults). The annual limit per person shall be $30,000.

The cash limit per visit per person shall be $2,500 for a person below 18 years (minors). The annual limit per person shall be $15,000.

READ MORE: FBR halts POS prize scheme

The FBR further said that foreign currency cash limit for passengers travelling to Afghanistan will be: maximum limit per person per visit shall be $1,000. The annual limit per person shall be $6,000.

The FBR introduced further amendments to the Baggage Rules, according to which the annual limits for outbound passengers for the respective countries will be as per Tables ‘A’ and ‘B’ for a calendar year starting from the year 2023.

However, for calendar year 2022, the existing annual limits in vogue before the issuance of this notification will continue to be effective till December 31, 2022.

READ MORE: Tax on persons receiving dividends in Pakistan

Any person taking foreign currency or any other prohibited or restricted item out of Pakistan shall file a declaration in the tbiin as set out in Appendix-C, before or at the time of departure, electronically in the WeBOC or pass track or manually at the airport.

The incoming passenger when in possession of foreign currency exceeding US $ 10,000 or equivalent, or any other prohibited or restricted item, shall also file a declaration in the Form as set out in Appendix-C.”; and (3) in Appendix “C”, for the DECLARATION, the following shall be substituted, namely:-

“DECLARATION

Are you carrying any of the following goods?

(a) Prohibited or restricted goods such as arms & ammunitions, narcotics, psychotropic substances or satellite phones etc.?

(b) Gold and precious metals, jewelry, precious or semi-precious stones.

READ MORE: Direct tax collection up 41% in four months of current fiscal year: FBR

(c) Foreign currency in US $/ Bearer Negotiable Instrument or equivalent:

1. For outbound passengers to all countries taking out foreign currencies; and

2. Incoming passengers bringing into Pakistan amount exceeding US $ 10,000 or equivalent.

Any other items requiring declaration before Customs.

“I declare that t e information furnished by me is correct and in the event of its being incorrect, I hold myself liable for such action as deemed fit under the Foreign Exchange Regulation Act, 1947 and the Customs Act, 1969.” – Signature of the Passenger

November 16, 2022
Petroleum prices in Pakistan for next fortnight effective from November 16, 2022

ISLAMABAD: The government of Pakistan on Tuesday decided to keep the petroleum prices unchanged for next fortnight starting from November 16, 2022.

It was third straight announcement to keep the prices of petroleum products unchanged. Previously, on September 30, 2022 following changes in petroleum prices were announced:

The rate of petrol has been reduced by Rs12.63 per liter to Rs224.80 from Rs237.43.

READ MORE: Petroleum prices in Pakistan effective from November 01, 2022

The price of high speed diesel has been cut by 12.13 per liter to Rs235.30 from Rs247.43.

The rate of Kerosene oil has been slashed by Rs10.19 to Rs191.83 from Rs202.02.

The price of light diesel oil has been reduced by Rs10.78 to Rs186.50 from Rs197.28.

The government has taken the latest decision amid challenges including long march initiated by leading opposition party and rising benchmark Brent crude rates in international markets.

The present coalition government led by PML-N is under immense pressure since coming into power in April 2022. This government is mainly criticized for sky rocket prices of all essential items bringing inflation to record levels. The present government had opportunity to attract masses by lowering petroleum prices.

READ MORE: Pakistan keeps petroleum prices unchanged from October 16, 2022

On the other hand, Imran Khan, Chairman, Pakistan Tehreek I Insaaf (PTI) launched long march on October 28, 2022 from Lahore demanded the present government to announce general election as the country on the brink of default and masses were witnessing the brunt of high prices.

The present government has annoyed people through its last decision to keep the prices of petroleum products unchanged. Experts had opinion that the government had room to give benefit by slashing the prices.

Pakistan is the net importer of petroleum products to meet the domestic demands. Oil import bill of the country went up to $4.86 billion during first quarter (July – September) of the current fiscal year as compared with $4.59 billion in the corresponding quarter of the last year.

READ MORE: Pakistan sharply reduces petroleum prices from October 01, 2022

On the other hand the rupee once against started depreciation due to political instability and falling foreign exchange reserves. Although, the SBP recently received $1.17 billion from the International Monetary Fund (IMF) to buffer its foreign exchange reserves and support the local currency. Yet the scheduled repayment gradually dry to foreign exchange reserves position.

Most recently, the SBP again received $1.5 billion from the Asian Development Bank (ADB) to strengthen the foreign exchange reserves position. However, the repayment pressure and rising political noise the rupee unable to show resistance against the dollar.

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.

READ MORE: Pakistan reviews petroleum prices on Sept 30, 2022 amid crash in global rates

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.

November 15, 2022
FBR halts POS prize scheme

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday halted the issuance of prizes through computerized balloting of invoices issued by point of sale (POS) of Tier-1 retailers.

The FBR suspended the draw that was to be held on November 15, 2022. The prize scheme was continuously held since its first draw on January 15, 2022. The FBR conducted 10 draw on 15^th of every month.

READ MORE: FBR announces prize winners of 10th POS balloting

The FBR issued SRO No. 2042(I)/2022 to suspend the SRO 1005 of 2021 regarding POS Prize Scheme.

The prize scheme has been suspended till January 31, 2023 to make it more inclusive and participatory for the public. All invoices verified during intervening period will be included in the next prize draw.

“The new scheme will be launched after discussions with Tier-1 retailers, card acquirers, issuers, and other stakeholders. A new scheme would be launched very soon,” the FBR added.

Under the suspended scheme, the FBR had encouraged people to actively participate in the balloting to win prizes after buying from POS integrated retailers.

READ MORE: FTO directs stop unlawful recovery from taxpayers’ bank accounts

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.

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.

READ MORE: FBR collects Rs196 billion as income tax from salaried class

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: WHT share in direct taxes jumps to 67% despite omitting provisions

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.

November 15, 2022