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Author: Mrs. Anjum Shahnawaz

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.

August 20, 2022
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.
(more…)

August 20, 2022
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%

August 20, 2022
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.

August 20, 2022
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.

August 20, 2022
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.
(more…)

August 18, 2022
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

August 17, 2022
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

August 16, 2022
New petroleum prices in Pakistan from August 16, 2022

ISLAMABAD: Pakistan has revised prices of petroleum products on Monday with effect from August 16, 2022. The finance division issued following new prices that will implement from August 16, 2022:

The price of petrol has been increased by Rs6.72 per liter to Rs233.91 from Rs227.19.

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.

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

The rate of light diesel oil (LDO) has been nominally enhanced by 43 paisas to Rs191.75 from Rs191.32.

A press release issued by the finance division stated that in the wake of fluctuations in petroleum prices in the international market and exchange rate variation, the government had decided to revise the existing prices of petroleum products to pass on the impact to the consumers.

It is important to note that the government revised the prices in the wake of falling international oil prices and massive recovery in rupee value.

It was believed that the government would reduce the prices of petroleum products considering the latest crude oil prices in the international markets and sharp recovery in local currency against the US dollar.

READ MORE: New petroleum prices in Pakistan from July 15, 2022

Some good developments have been seen since the last amendment in prices of petroleum products.

The rupee continued the gain for the seventh straight session after falling to historic low. The local unit witnessed record low at Rs239.94 against the dollar on July 28, 2022. However, since then the rupee is continuously gaining to the dollar. The local currency gained about Rs18.75 or 7.51 per cent during the past seven trading days till August 10, 2022.

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.

READ MORE: New prices of petroleum products in Pakistan from July 01, 2022

The benchmark Brent crude is below $100 dollars in the international market. Brent crude futures were at $97.40 per barrel in New York trade on August 10, 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, 2022. 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.

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

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.

READ MORE: New petroleum prices in Pakistan from June 03, 2022

August 16, 2022
FBR announces prize winners in eighth draw of POS invoices

ISLAMABAD: The Federal Board of Revenue (FBR) on Monday announced winners of eighth balloting of invoices issued through Point of Sale (POS) of retailers.

According to the FBR, the bumper prize of Rs1,000,000 has been awarded to Muhammad Usama Shakeel on the invoice issued by Chase Up.

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

The FBR announced winners of two second prizes of Rs500,000 each to Muhammad Faisal Sadiq on the invoice issued by Metro Pakistan (Pvt) Limited and Muhammad Imran on the invoice issued by CSD.

Similarly, the four winners of third prize amounting Rs250,000 each are awarded to Muhammad Talha Asif, Faizan Ali and Abdul Rehman.

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

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.

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

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: Sindh integrates 56 restaurants for online tax monitoring

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: FBR issues procedure for restoration of input tax adjustment

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.

August 15, 2022