Pakistan has reaffirmed its commitment to provide tax incentives and collaborative support to Qatari businessmen looking to invest in the country.
(more…)Author: Mrs. Anjum Shahnawaz
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Dispensation of swift justice priority of Supreme Court of Pakistan
Pakistan needs a speedy justice system in order to win the confidence of people and take quantum leap to reduce the pendency of cases. The Supreme Court of Pakistan (SCP) has taken various measures to improve the justice system in the country and encourage all the lower and higher courts to enhance efficiency in their workings.
In order to recognize the efficiency, the SCP distributed awards among model court judges in 2019. Shabana Waheed, Additional District Judge (ADJ) Karachi Central was among the judges, who received the model court award.
ADJ Shabana Waheed is taking lead in providing speedy justice without hurting the actual essence of the justice system. She is known to resolve disputes in shorter span of time even convincing parties to resolve with the mutual consent to settle out of court.
In a recent case, ADJ Shabana Waheed helped the parties to mutually resolve the dispute of an immovable property. It was case of real brother and a sister. The sister was claiming that the immovable property was in the name of her mother and the distribution of shares should be within heirs of the mother. On the other hand the brother claimed it was benami property as their mother was a housewife; therefore, the owner of the property would be he himself or his father (late), as the property was purchased after the death of the father.
During course of discussion, the sister disclosed that her father had purchased another immovable property during his lifetime and the instant disputed property was purchased from the funds received through sale of the previous property that was also sold after the death of the father. The disclosure of the sister cleared the things.
The brother offered to surrender his benami right if his sister agreed to distribute share amongst all heirs of their father, including step sisters and brothers. The sister also showed positive gesture and agreed to the proposal.
The role of the ADJ is that, though it was not official court proceeding, she resolved the issue while convincing both the sister and the brother to abide the Sharia Law and protect the rights. She also referred many verses of the Holy Quran to shed light on the importance of rights.
This quick resolution not only bring closer both brother and sister, who were contesting this case for the past many years, but it also resulted harmony in the society just because of ADJ Shabana Waheed.
Hon’ble Chief Justice of Pakistan Mr. Justice Umar Ata Bandial at the opening ceremony of New Judicial Year 2022-2023 said that dispensation of swift and economic justice being a priority, the Federal Judicial Academy and the Law and Justice Commission of Pakistan (LJCP), under the guidance of this Court, are resorting to alternative dispute resolution (ADR), which in time shall reduce the pendency of cases in all tiers of courts by around 40 percent, in the next three years.
The Opening ceremony of New Judicial Year 2022-2023 was held today on 12th September 2022 in Court Room No.1 of Supreme Court of Pakistan, Islamabad. The ceremony was presided over by the Hon’ble Chief Justice of Pakistan Mr. Justice Umar Ata Bandial and was attended by the Hon’ble Judges, law officers and members of the legal fraternity.
The ceremony was held on the eve of the start of the New Judicial Year, to take stock of performance of the past year and to formulate future policies accordingly not only for advancement of justice but also for protection of the fundamental rights of the people.
The Hon’ble Chief Justice graced the occasion with the key note address. His lordship informed that during the period from 2nd Feb, 2022 till 9th Sep, 2022 the court has decided 14,943 cases, minimizing the pending cases from 54,134 to 50, 265, accordingly.
The Hon’ble Chief Justice of Pakistan concluded with a solemn pledge regarding the court’s commitment to defend the Constitution in its entirety.
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FBR promotes 35 IRS officers to BS-18
The Federal Board of Revenue (FBR) announced on Friday the promotion of 35 officers from the Inland Revenue Service (IRS) from BS-17 to BS-18 on a regular basis, effective immediately.
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ECC approves clearance of banned items landed till August 18, 2022
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the customs clearance of banned items, which landed till August 18, 2022.
Federal Minister for Finance and Revenue Miftah Ismail virtually presided over the meeting of the ECC. Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmmod, Federal Minister for National Health Services, Regulations and Coordination Abdul Qadir Patel, MNA/ex-PM Shahid Khaqan Abbasi, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Coordinator to the PM on Economy Bilal Azhar Kayani, Chairman NDMA, Chairman FBR, Federal Secretaries and senior officers attended the meeting.
READ MORE: USC to disburse ration bags worth Rs540 million to flood victims
The ECC considered a summary of Ministry of Commerce on clearance of stuck up consignments in light of office memorandum dated 22 July, 2022, 19 August, 2022 and 23 August, 2022 issued by Ministry of Commerce.
The ECC approved the proposal and directed that the consignments of previously banned items that landed in Pakistan till August 18, 2022 may be released at the rate of surcharge.
Ministry of National Health Services, Regulations and Coordination presented a summary for exemption of Active Pharmaceutical Ingredients (APIs) from Custom Duty and Additional Custom Duty.
READ MORE: Pakistan State Oil gets Rs30 billion to avoid default
The ECC after discussion directed Ministry of National Health Services, Regulations and Coordination to withdraw the summary and submit a fresh summary to rationalize price of paracetamol to ensure its availability.
The summary presented by Ministry of National Food Security and Research regarding import of Wheat through Gwadar sea port was deferred by ECC.
National Disaster Management Authority (NDMA) presented a summary for allocation of funds for procurement and logistics of relief items for flood affectees and apprised about devastation caused by the recent floods in Pakistan. In order to provide immediate relief to the flood affectees, NDMA started procurement on emergency basis costing Rs. 2.4 billion.
READ MORE: Pakistan decides to lift ban on imported goods
Due to colossal damages, the already procured items are not sufficient viz-a-viz relief requirement in the flood affected areas.
Therefore, NDMA placed orders for procurement of more items at cumulative cost of Rs. 7.113 billion, which are being procured in emergency to provide relief to affectees. Previously, NDMA was allocated Rs. 8 billion for procurement and logistics cost of relief items to the flood affectees.
READ MORE: 15% surcharge imposed for clearance of banned items
The amount was insufficient as the cost of only procurement has surpassed Rs. 9.5 billion. Besides procurement, NDMA is also undertaking logistics of all relief goods and materials provided by friendly countries.
Foregoing in view, the ECC approved allocation of Rs. 10 billion to National Disaster Management Authority (NDMA) with direction to the Finance Division to immediately release Rs. 5 billion to NDMA.
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Customs appraising officer awarded ‘dismissal from service’
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday awarded major penalty of ‘dismissal from service’ upon an appraising officer of Pakistan Customs on the charges of misconduct.
According to an official notice, the FBR stated disciplinary proceedings were initiated against Syed Imtiaz Hussain Shah, Appraising Officer (BS-16), Directorate of Post Clearance Audit (North), Islamabad by the Authority/Member (Admn/HR) by issuing order under Rule-7 read with Rule-6 of the Civil Servants (Efficiency & Discipline) Rules, 2020 dated July 20, 2022 on account of acts of omission and commission constituting “Misconduct” under Rule- 3(b) read with Rule-2(1)(K) of the Civil Servants (E&D), Rules, 2020.
READ MORE: Outbound passengers to declare currency above $5,000
A Show Cause Notice was served upon Syed Imtiaz Hussain Shah, Appraising Officer (BS-16). In response to the Show Cause Notice, the accused submitted defence reply to the Authority on August 16, 2022 along with the request for personal hearing.
The Member (Admn/HR) / Authority afforded an opportunity of personal hearing to the accused on September 08, 2022.
READ MORE: Dental practitioners directed to get sales tax registration
After having gone through the case record including reply to Show Cause Notice, verbal submissions made by the accused during the personal hearing and other relevant record, the Member (Admn/HR) being Authority in this case, is of the considered opinion that the charges of “Misconduct” stand established against the accused.
READ MORE: Tax rates on profit from bank deposits during year 2022/2023
Therefore, the Authority Member (Admn/HR) has decided to impose a major penalty of “Dismissal from Service” upon Syed Imtiaz Hussain Shah, Appraising Officer, Directorate of Post Clearance Audit (North), Islamabad under Rule- 4(3)(e) of the Civil Servants (E&D) Rules, 2020.
The officer will have a right to appeal against this Order to the Appellate Authority under Civil Servants (Appeals) Rules, 1977 within a period of 30 days from the date of communication of this Notification.
READ MORE: Up to 70% income tax imposed on dividends for year 2022-2023
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Outbound passengers to declare currency above $5,000
Federal Board of Revenue (FBR) Wednesday issued draft rules to make it mandatory for outbound passengers to make declaration of currency amounting above $5,000.
The FBR issued draft amendment to Baggage Rules, 2006 by issuing SRO 1751(I)/2022 dated September 20, 2022.
READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65
The revenue body said that the draft rules had been published for information of all persons likely to be affected and notice is also given that objections or suggestions may for consideration of the board should be sent within seven days of the draft amendments.
According to the amendment, in case of accompanied baggage, the outbound passenger who is in possession of foreign currency exceeding $5,000 of equivalent, any other prohibited or restricted item or any other item requiring declaration before Customs, shall file a declaration before or on departure, electronically in the WeBOC or manually.
READ MORE: PKR falls for 13th session as dollar ends near record high
Similarly, the incoming passenger who is in possession of foreign currency exceeding $10,000 or equivalent, any other prohibited or restricted item or any other item requiring declaration before customs shall file a declaration.
Earlier, on September 11, 2022, the FBR issued a clarification stating that a misleading impression has been created in some section of the press that Pakistan has recently imposed currency declaration requirements for passengers coming into Pakistan, which is contrary to facts. Unlike portrayed by some section of the press, the mandatory requirement for passengers coming into Pakistan and bringing currency and/or negotiable instruments was notified by the State Bank of Pakistan more than 10 years ago vide notification no. F.E.1/2012-SB dated 16th June 2012. This requirement came into force on July 01,2012.
READ MORE: PKR plunges for 12th session; Dollar ends at PKR 237.91
Subsequently, in order to widen the scope of declaration to include gold jewelry, precious stones and other prohibited/ restricted goods, Pakistan Customs also introduced a comprehensive “Customs Declaration Form for Passengers” which was notified vide SRO 689(I)/2019 dated 29th June, 2019. These rules cover both the incoming and outgoing passengers.
These requirements for declaration are in line with international standards and the best practices adopted by most of the countries in the world. The passengers can make the declaration either manually at the Customs counter or electronically in the Customs System. In order to increase awareness amongst the international passengers, Pakistan Customs has been collaborating with the Civil Aviation Authority, Airlines, and Immigration Authorities to improve its outreach for both departing and arriving passengers. As a result, the compliance has been steadily increasing.
READ MORE: Dollar rallies for 11th straight session; ends PKR 236.84 at interbank
FBR has further reiterated that the currency declaration regime for all international passengers has been in field for more than a decade, rather than being recently introduced on account of any recent FATF review requirements.
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New petroleum prices in Pakistan effective from September 21, 2022
Pakistan on Wednesday revised the prices of petroleum products that are effective from September 21, 2022.
According to a statement issued by the Finance Division, the government decided to increase prices of petrol by Rs1.45 per liter to Rs237.43 from previous rate of Rs235.98.
READ MORE: New petroleum prices in Pakistan from September 01, 2022
However, the government kept the price of high speed diesel (HSD) unchanged at Rs247.43 per liter.
The price of kerosene oil has been reduced by Rs8.30 per liter to Rs202.02 from Rs210.32.
Similarly, the rate of light diesel oil has been reduced by Rs4.26 per liter to Rs198.28 from previous rate of Rs201.54.
The finance division said that in the wake of fluctuating global oil prices and exchange rate variation, the government had decided to revise the prices of petroleum products.
The government review the prices of petroleum products every fortnight. The latest rate revision was scheduled for September 15, 2022 for the period starting from September 16, 2022.
READ MORE: New petroleum prices in Pakistan from August 16, 2022
However, the government delayed the review which raises concerns amongst the stakeholders as many believed the government deliberately kept the price at higher side despite significant decline in global oil prices.
A day earlier, Korangi Association of Trade and Industry (KATI) expressed concern over delay in revision of petroleum prices by the government.
READ MORE: New petroleum prices in Pakistan from August 1, 2022
KATI President Salman Aslam expressed concern over the government’s delay in changing the prices of petroleum products.
He said that there is a trend of continuous decline in oil prices in the global market, and the government should immediately announce a reduction in the price of petrol so that inflation and production costs can be reduced.
READ MORE: New prices of petroleum products in Pakistan from July 01, 2022
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Today’s petroleum prices in Pakistan
ISLAMABAD: Petroleum prices in Pakistan are remained same at the level announced earlier this month as the government has not revised the prices as scheduled.
Today’s prices as on September 20, 2022 is the same as announced and effective on September 01, 2022 as the government had not revised the prices which were scheduled on September 15, 2022 and effective on September 16, 2022.
READ MORE: New petroleum prices in Pakistan from September 01, 2022
Therefore, today’s prices of petroleum products in Pakistan are:
The price of petrol is Rs235.98 per liter.
The price of high speed diesel is Rs247.43 per liter.
The rate of kerosene oil is Rs210.32 per liter.
The price of light diesel oil is Rs201.54 per liter.
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.
READ MORE: Pakistan to increase petroleum prices from September 01, 2022
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.
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.
READ MORE: New petroleum prices in Pakistan from August 16, 2022
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.
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.
READ MORE: New petroleum prices in Pakistan from August 1, 2022
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).
Pakistani Rupee (PKR) has plunged by PKR 20 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 PKR 20 to Rs239 to the dollar on September 20, 2022 in midday interbank foreign exchange market.
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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.
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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.