Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Jazz, Telenor seek reduction in taxation

    Jazz, Telenor seek reduction in taxation

    ISLAMABAD: Phone carriers in Pakistan including Jazz and Telenor have sought reduction in taxation.

    Federal Minister for Finance and Revenue Miftah Ismail held a meeting with delegation of telecom sector comprising of CEO Jazz Aamir Ibrahim and CEO Telenor Pakistan Irfan Wahab Khan, at Finance Division on Wednesday.

    Federal Minister for IT and Telecommunication Syed Amin-ul-Haq, Chairman Pakistan Telecommunication Authority (PTA), Chairman Federal Board of Revenue (FBR) and other senior officers attended the meeting.

    The delegation briefed the finance minister on the contribution of IT sector in the economic development of Pakistan.

    READ MORE: PITB, Faysal Bank sign MoU to facilitate freelancers

    It was shared that currently IT and Telecommunication sector is facing various issues including serious challenge of profitability.

    In same view, the delegation requested for reduction in taxation over the items that hardly fall under purview of luxury goods.

    It was also shared that growth of IT and telecommunication not only contributes in increasing the exports but also in overall growth of GDP.

    READ MORE: FBR establishes IT center against cyber security attacks

    The finance minister acknowledged the role of IT and Telecommunication in overall economic development of the country.

    Moreover, the Finance Minister assured the delegation of all possible support regarding taxation issues and emphasized to make greater contribution in enhancement of IT and Telecom related exports.

    The delegation thanked the finance minister for support and cooperation.

  • FBR extends date for filing details of foreigners

    FBR extends date for filing details of foreigners

    ISLAMABAD: The Federal Board of Revenue (FBR) has extended the last date for filing statement of information of foreign entities and individuals operating in Pakistan.

    The FBR on Wednesday issued a Circular No. 01 of 2021-22 – International Taxes dated May 31, 2022.

    The FBR extended the deadline for filing of statement under Section 165B of the Income Tax Ordinance, 2001 read with Rule 78L Chapter XIIA of the Income Tax Rules, 2002 up to June 15, 2022.

    READ MORE: Customs Sukkur to auction huge lot of motor vehicles

    Under Section 165B of the Ordinance, financial institutions, including banks are required to furnish information of non-residents.

    “(1) Notwithstanding anything contained in any law for the time being in force including but not limited to the Banking Companies Ordinance, 1962 (LVII of 1962), the Protection of Economic Reforms Act,1992 (XII of 1992), the Foreign Exchange Regulation Act, 1947 (VII of1947) and any regulations made under the State Bank of Pakistan Act,1956 (XXXIII of 1956) on the subject, every financial institution shall make arrangements to provide information regarding non-resident or any other reportable persons to the Board in the prescribed form and manner for the purpose of automatic exchange of information under bilateral agreement or multilateral convention.

    READ MORE: SRB collects Rs132 billion as services tax in 11 months

    (2) All information received under this section shall be used only for tax and related purposes and kept confidential.

    (3) For the purpose of this section, the terms “reportable person” and “financial institution” shall have the meaning as provided in Chapter XIIA of the Income Tax Rules, 2002.”

    The Rule 78L of the Income Tax Rules, 2002 explained the date for filing of common reporting standards reports.

    READ MORE: FBR establishes IT center against cyber security attacks

    The annual domestic reporting date for filing of common reporting standards reports by reporting financial institutions shall be 31st May of each year.

    The common reporting standard reports shall be filed on the AEOI portal on FBR’s official website in CRS XML Schema prescribed by the Global Forum of Organization for Economic Cooperation and Development (OECD).

    READ MORE: FBR collects Rs5.35 trillion in 11 months; up by 28.4%

  • Customs Sukkur to auction huge lot of motor vehicles

    Customs Sukkur to auction huge lot of motor vehicles

    ISLAMABAD: Pakistan Customs, Sukkur office has announced to conduct auction of motor vehicles on June 9, 2022.

    Following motor vehicles will be presented for the auction:

    01. Honda Civic Car, bearing Reg.No.BBA-332, Chassis No.FD3-1004047, Model-2007 and Engine Capacity 1800 CC.

    02. Toyota Feilder Car, Bearing Reg No.AAP-222 (Sindh) Chassis No.NZE121-0197295, Engine Capacity 1496 CC, Model-2003 (as per Japanese website)

    READ MORE: Customs to auction NDP vehicles on June 8, 2022

    03. Sierra Jimny Jeep Bearing Reg No.366 (Lahore) Chassis No.307541, Engine No.F10A, Model-1994, Engine Capacity 970 CC (as per stiker / Biscuit)

    04. Suzuki Swift Car, Bearing Reg No.BAP-947, Chassis No.ZC11S-172363, Model-2006 and Engine Capacity 1300 CC.

    05. Toyota Fielder Car, Bearing Reg No.BBT-721,Chassis No.NZE121-0199788, Model-2001 as per Registration (As per Japan web Site 2003 1500 CC) (Golden Color)

    06. Toyota X Corolla Car, Bearing Reg No.AXZ-096 (Sindh) Chassis No.NZE121-3284468, Model-2004 (as per japani website) and Engine Capacity 1496 CC.

    READ MORE: Lahore Customs to auction vehicles on May 26, 2022

    07. Toyota Vitz Car, Bearing Reg No.AKF-288 (Sindh) Chassis No.SCP13-0047669, Model-2004 (as per japani website) and Engine Capacity 1300 CC.

    08. Toyota Passo Car, Bearing Reg No.AYM-921 (Sindh) Chassis No.QNC10-0107889, Model-2007 (as per Seat Belt and japani website) and Engine Capacity 1297 CC.

    09. Suzuki Swift Car, Bearing Reg No.AXQ-819, Chassis No.ZCIIS-401483 Model-2007

    10. Toyota Corolla Car, Bearing Reg No.AZB-052, Chassis No.NZB121-3211897,Model-2003 (as per japan Site)

    11. Suzuki Alto Car, bearing Registration No.ABG-203, Chassis No.HB353-103722, Model 2013.

    12. Toyota Fielder Car Bearing Reg. No.BGW-608 (Sindh) Chassis No.NZE121-0141334, Model-2002 (as per japani website) and Engine Capacity 1496 CC.

    READ MORE: Gwadar Collectorate auctions motor cars on May 23

    13. Toyota Passo Car, Bearing Reg. No.BHF-625 (Sindh) Chassis No.NGC30-0021227, Model-2012 (as per Seat belt and japani website) and Engine Capacity 1300 CC.

    14. Toyota Passo Car, Bearing Reg. No.APN-979, Chassis No.NGC30-0004023, Model-2010

    15. Toyota Passo Car, Bearing Reg. No.BED-126 (Sindh) Chassis No.QN010-0005508, Model-2004 (as per Seat Belt) and Engine Capacity 996 CC.

    16. Toyota Corolla G Car, Bearing Reg No.MEC-258 (Sindh) Chassis No.NZE121-0357209, Engine No.1NZFE, Model-2005, Engine Capacity 1496 CC (As per Japan web site Model 2005, 1500 CC.

    17. Toyota Aqua Saloon Car, Bearing Reg No.BHP-873, Chassis No.NHP10-6021114, Model-2013 and Engine Capacity 1496 CC.

    READ MORE: Multan customs auctions smuggled diesel oil on May 18, 2022

    18. Toyota IQ Car, Bearing Reg No.BAS-693, (02 Door) Chassis No.KGJ10-6008867, Model-2009 and Engine Capacity 1000 CC(As per japan website)

    19. Toyota Passo Car Bearing Reg No.AJX-089 Chassis No.KGC10-0007222, Model-2004

    20. Suzuki Alto Car Bearing Reg No.BLF-570 (Sindh) Chassis No.HA35S, Model-2012 (as per japani website) and Engine Capacity 660 CC

    21. Toyota Passo Car, Bearing Reg No.BDJ-907, Chassis No.KGC30-0041320, Engine No.1KR-1302319, Model-2012

    22. Suzuki Swift Car, Bearing Reg No.AXC-281 (Sindh) Chassis No.ZC11S-151379, Model-2005 (as per japani website) and Engine Capacity 1298 CC.

    READ MORE: Peshawar Customs auctions motor cars on May 16, 2022

    23. Toyota Corolla X Car, Bearing Reg No.ADF-854 (Sindh) Chassis No.NZE121-3331090, Engine No.1NZ-FE, Model-2005 Engine Capacity 1500 CC. (As per Japan web site Model-2005)

    24. Toyota Corolla Car Bearing Reg No.ALG-553, Chassis No.NZE121-3061490, Model-2001, Engine Capacity 1500 CC

    25. Toyota Fielder Car, Bearing Reg No.AWT-228 (Sindh) Chassis No.NZE121-3397035, Model-2006 (as per Japani website and seat belt) and Engine Capacity 1496 CC

    26. Suzuki Swift Car, Bearing Reg No.GSC-452 Chassis No.ZC71S-553395, Model-2009 (as per Seat Belt and Japani website) and Engine Capacity 1300 CC.

    27. Toyota X Corolla Car, Bearing Reg No.ARF-858 (Sindh) Chassis No.NZE121-3134608, Model-2002 (as per Japani Website) and Engine Capacity 1500 CC.

    28. Toyota Vitz Car, Bearing Reg No.AZM-856 (Sindh) Chassis No.SCP90-2049700, Model-2008 (as per japani seat belt) and Engine Capacity 1300 CC.

    29. Toyota Fielder Car,Bearing Reg No.AZU-197, Chassis No.NZE-121-0029542, Model-2001

    30. Toyota Vitz Car, Bearing Reg No.ALB-813, Chsssis No.NCP10-0169040, Model-2002

    31. Toyota Vitz Car, Bearing Reg No.AAR-650, Chassis No.SCP13-0039876, Engine No.2SZ-3880766, Model-2004

    32. Suzuki Alto Car, Bearing Reg No.BFA-331, Chassis No.HA25S-742227, Engine No.K6A, Model-2010 (as per Seat Belt) Engine Capacity 660 CC

    33. Toyota Feilder Car, Bearing Reg No.APN-787, Chassis No.NZE121-3330709, Model-2005, and Engine Capacity 1500 CC

    24. Toyota Vitz Saloon Car, Bearing Reg No.AZX-194, Chassis No.SCP10-3025577, Model-1999 and Engine Capacity 1000 CC

    35. Toyota Fielder Car, Bearing Reg No.AZU-197, Chassis No.NZE-121-0029542, Model-2001

    36. Toyota Vitz Car, Bearing Reg No.AZU-252 (Sindh) Chassis No.SCP905149806, Engine No.2SZ-FE1296, Model-2010 Engine Capacity 1300 CC. (As per Japan web site Model-2010)

    37. Toyota Premio Car, Bearing Reg No.AAM-619, Chassis No.IZZ-2690216, Engine No.ZZT240-0124218, Model-2006 and Engine Capacity 1500 CC

    38. Toyota Prius Car, Bearing Reg No.BGQ-043, Chassis No.ZVULL30-10000666, Engine No.2ZR-FXE1797ML, Model-2009 and Engine Capacity 1797 CC.

    39. Toyota Prius Car, Bearing Reg No.BGM-530, Chassis No.ZVW30-5241151, Engine No.2ZR-R527984, Model-2010, and Engine Capacity 1797 CC.

  • Pakistan’s headline inflation up by 13.8% in May 2022

    Pakistan’s headline inflation up by 13.8% in May 2022

    ISLAMABAD: Pakistan’s headline inflation based on Consumer Price Index (CPI) increased by 13.8 per cent in May 2022 on Year on Year (YoY) basis as compared with 13.4 per cent in the previous month, Pakistan Bureau of Statistics (PBS) said on Wednesday.

    The latest inflation number is also higher when compared with 10.9 per cent in May 2021.

    READ MORE: Pakistan’s inflation sharply up by 13.4% in April 2022

    On month-on-month basis, it increased by 0.4 per cent in May 2022 as compared to increase of 1.6 per cent in the previous month and increase of 0.1 per cent in May 2021.

    CPI inflation Urban, increased by 12.4 per cent on year-on-year basis in May 2022 as compared to an increase of 12.2 per cent in the previous month and 10.8 per cent in May 2021.

    READ MORE: Pakistan’s headline inflation increases by 12.7% in March

    On month-on-month basis, it increased by 0.3 per cent in May 2022 as compared to increase of 1.6 per cent in the previous month and increase of 0.2 per cent in May 2021.

    CPI inflation Rural, increased by 15.9 per cent on year-on-year basis in May 2022 as compared to an increase of 15.1 per cent in the previous month and 10.9 per cent in May 2021. On month-on-month basis, it increased by 0.6 per cent in May 2022 as compared to increase of 1.6 per cent in the previous month and decrease of -0.03 per cent in May 2021.

    READ MORE: Food inflation rural increases by 14.6% in February 2022

    Sensitive Price Indicator (SPI) inflation on YoY increased by 14.1 per cent in May 2022 as compared to an increase of 14.2 per cent a month earlier and an increase of 19.7 per cent in May 2021.

    On MoM basis, it increased by 0.6 per cent in May 2022 as compared to increase of 1.5 per cent a month earlier and increase of 0.8 per cent in May 2021.

    READ MORE: Pakistan’s inflation climbs up 24-month high in January

    Wholesale Price Index (WPI) inflation on YoY basis increased by 29.6 per cent in May 2022 as compared to an increase of 28.1 per cent a month earlier and an increase of 19.4 per cent in May 2021.

    WPI inflation on MoM basis increased by 1.4 per cent in May 2022 as compared to increase of 3.2 per cent a month earlier and increase of 0.3 per cent in corresponding month i.e. May 2021.

  • Petroleum prices in Pakistan from June 01, 2022

    Petroleum prices in Pakistan from June 01, 2022

    KARACHI: The government of Pakistan on Tuesday decided to keep the petroleum prices unchanged for the next fortnight despite revenue losses due to rising petroleum prices globally.

    The prices of petroleum products from June 01, 2022 shall be: Petrol at Rs179.86 per; High Speed Diesel at Rs174.15 per liter; kerosene oil at Rs155.56 per liter; and light diesel oil at Rs148.31 per liter.

    READ MORE: Pakistan increases petroleum prices by Rs30 per liter

    Earlier, the government on May 26, 2022 announced a massive increase in prices of all petroleum products by Rs30/- per liter in order to satisfy International Monetary Fund (IMF) for release of $1 billion tranche.

    READ MORE: Govt. decides to continue subsidy on petroleum prices

    Finance Minister Miftah Ismail at a press conference announced to increase the prices of petroleum products admitting that there was no way out without removal of subsidy on petroleum products.

    However, the finance ministry in a statement issued on May 31, 2022 stated that the government had decided to keep the prices of petroleum products unchanged with an aim to provide relief to the consumers, despite revenue losses due to rising petroleum prices globally.

    READ MORE: Pakistan cuts petroleum prices amid Russia-Ukraine War

    “With a view to provide maximum relief to the consumers, the Prime Minister of Pakistan has directed that the current prices of petroleum products as notified on 27th May, 2022 shall remain unchanged, despite revenue losses due to rising petroleum prices globally,” Finance ministry said in a statement issued here.

    READ MORE: New government keeps petroleum prices unchanged

  • FBR collects Rs5.35 trillion in 11 months; up by 28.4%

    FBR collects Rs5.35 trillion in 11 months; up by 28.4%

    ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs5.35 trillion during first 11 months of the current fiscal year 2021/2022.

    The latest collection is about 28.4 per cent higher over the collection of Rs4.16 trillion during the same period last fiscal year, the FBR said on Tuesday.

    READ MORE: FBR surpasses collection target for July – April FY22

    The net collection for the month of May, 2022 realized Rs 490 billion represents an increase of 26.8 per cent over Rs 387 billion collected in May, 2021.

    On the other hand, the gross collection of the FBR increased to Rs5.64 trillion during first eleven months of the current fiscal year as compared with Rs4.39 trillion in the corresponding months of the last fiscal year.

    READ MORE: March collection up over 20% amid political unrest: FBR

    The FBR released an amount of Rs30.4 billion as refunds in the month of May 2022 as compared with Rs21.1 billion refunds released in the same month of the last year, showing a growth of 44.3 per cent.

    Similarly, refunds worth Rs 295.5 billion disbursed during first eleven months of the current fiscal year as compared with Rs224.2 billion in the same period of the last fiscal year, showing an increase of 32 per cent.

    READ MORE: FBR posts 30% revenue collection growth in 8MFY22

    Needless to add that the ongoing unprecedented and constant growth trajectory in revenue collection has been achieved despite massive tax relief given by the government on various essential items to common man.

    For the first time ever in the country’s history, Sales Tax on all POL products has been reduced to zero which cost FBR Rs. 45 billion in May, 2022. It is also worth sharing that FBR has introduced a number of innovative interventions both at policy and operational level with a view to maximize revenue potential through digitization, transparency, and taxpayers’ facilitation.

    READ MORE: FBR collects Rs2.92 trillion in first half of FY22

    This has not only resulted in ensuring transparency, taxpayers’ facilitation, and the ease of doing business but also translated in a healthy and steady growth in revenue collection.

    Likewise, the incumbent top leadership of FBR has launched a new culture of clean taxation with a clear focus on collecting only the fair tax and not holding up refunds which are due to be paid.

    This has not only fast-tracked the process of bridging the trust-deficit between FBR and Taxpayers but also ensured the much-needed cash liquidity for business community. That’s precisely why FBR continues to surpass its assigned revenue targets despite challenges and price stabilization measures adopted by the government.

    READ MORE: FBR eyes Rs6 trillion collection in current fiscal year

  • FBR establishes IT center against cyber security attacks

    FBR establishes IT center against cyber security attacks

    ISLAMABAD: The Federal Board of Revenue (FBR) has established a Security Operation Center (SOC) in order to prevent cyber security attacks on its IT system.

    FBR Chairman Asim Ahmad inaugurated the SOC on Tuesday.

    SOC is a state-of-the-art center designed for prevention, detection, and incident response against cyber security attacks on the FBR IT network.

    This most modern digital intervention has been made operational round-the-clock (24x7x365). It is powered by the world’s leading automated solutions and tools for cyber security incident monitoring, inspection for malware and ransomware attacks, data backup/recovery solutions, software vulnerabilities scanning, IT infrastructure penetration testing, and performance monitoring. It is pertinent to mention that these multiple security controls have already been implemented at FBR with sophisticated firewalls, intrusion detection systems, security orchestration and response capability, email threats security, database security, web browser security and end-user security awareness.

    Dr. Ashfaq Ahmad Tunio, Member-IT FBR and Sardar Umar, Secretary IT FBR, briefed the Chairman FBR about its key features and functions.

    He informed that within a short span of 4-5 months, nine different world- class security technology solutions have been procured and implemented or are nearing implementation.

    This robust and high-tech defense-in-depth architecture is a watershed initiative which has inbuilt monitoring mechanisms within the SOC. This has significantly uplifted the security posture of the data and IT network of FBR, he further explained.

    Kamran Meer, the Chief Information Security Officer (CISO)FBR further briefed that a roadmap has been created to implement various other security technology solutions in the coming months to attain a truly world-class posture for FBR in accordance with international best practices, within an overarching Information Security Governance, Risk and Compliance (GRC) framework.

    He also reiterated that the occurrence of cyber attacks was a norm in heavily IT-enabled organizations such as FBR and the most effective approach to cyber defense was to establish a strong program where cyber risk assessments, risk mitigations, SOC operations and rapid incident response were conducted in repetitive cycles 24x7x365 with oversight and support for resources provided by the highest levels of management.

    While commending the outstanding work done by Member IT and his team, Chairman FBR appreciated the digital intervention as a much-needed facility to firewall the repository of high value data of taxpayers. He expressed his unflinching resolve to further upgrade IT infrastructure of FBR in line with the global best practices. He also hoped that all the Field Formations of FBR will soon be connected with this centralised Security Operations Center(SOC) to implement similar security regime in letter and spirit.

  • Pakistan’s high growth threatened by fiscal imbalances

    Pakistan’s high growth threatened by fiscal imbalances

    ISLAMABAD: The ministry of finance on Tuesday said the high economic growth of Pakistan may not sustainable due to macroeconomic imbalances.

    In its monthly review, the ministry said Pakistan is currently facing several severe challenges: accelerating inflation, high external deficits, exchange rate depreciation, declining foreign exchange reserves and mounting uncertainty.

    READ MORE: Raw materials excluded from import banned items list

    On the other hand, economic growth remains relatively high, but in the presence of macroeconomic imbalances may not be sustainable.

    The primary contributors of increasing inflation are the surge in international commodity prices and the massive exchange rate depreciation.

    In fact, the depreciation of the rupee both against the US dollar and on a trade weighted basis against the currencies of Pakistan’s main trading partners is primarily reflection of inflation differential between Pakistan and its main trading partners.

    READ MORE: PM Sharif ready to sign charter of economy: Miftah

    Further relatively high domestic inflation is compensated by Rupee depreciation. However, currency depreciation itself feeds into higher domestic inflation.

    In this sense, Pakistan is caught into a vicious inflation/currency depreciation spiral. In the short run a predicament to stop this cycle is to pursue restrictive fiscal and monetary policies, coupled with policies and announcements that restore market agent’s confidence.

    In the longer run, Pakistan’s main problems can be solved by designing a credible sustainable future economic trajectory that inspires consumers and investors’ confidence. Economic decisions are based on expectations about the future economic path as well as on the degree of certainty/confidence of development prospects.

    READ MORE: Pakistan’s forex reserves ease to $16.15 billion

    An important component of such process is supply oriented policies. Pakistan’s propensity to invest is much lower compared to high growing emerging market and developing countries.

    Accelerating the share of Gross Fixed Capital Formation in GDP would create additional production capacity to meet the increasing demand of consumers and producers. Such supply-oriented framework designed to reallocate the use of national income from consumption to investment expenditures, may be accompanied by suitable demand management policies.

    The ministry said that fiscal deficit in the first nine months has increased to 3.8 percent of GDP against 3.0 percent recorded in the same period last year.

    An increase in deficit has been observed on account of the higher expenditures due to the rise in subsidies and grants. It is expected that the expenditure side would come under further pressure in the remaining months of the current fiscal year.

    READ MORE: IMF demands Pakistan to remove fuel, energy subsidies

    On the revenue side, tax collection currently showing a remarkable performance by posting a growth of 29 percent during the first ten months of the current fiscal year.

    The first ten months’ data shows that the revenue collection has surpassed the target by Rs.237 billion. This is despite tax relief measures which have impacted revenue collection by approximately Rs 73 billion just in the month of April 2022.

    FBR has taken various policy and administrative measures which paid off in terms of improved tax collection during the current fiscal year. It is expected that with the current growth momentum, FBR would be able to achieve its target during FY2022.

  • Islamabad Customs chief transferred ahead budget

    Islamabad Customs chief transferred ahead budget

    In a strategic move with the federal budget announcement just around the corner, the Federal Board of Revenue (FBR) has executed a significant reshuffle by transferring key personnel of Pakistan Customs.

    (more…)
  • Raw materials excluded from import banned items list

    Raw materials excluded from import banned items list

    ISLAMABAD: The ministry of commerce on Monday excluded raw materials from the list of items, which were banned through SRO 598(I)/2022.

    The ministry issued an office memorandum to issue clarification with regard to the SRO 598(I)/2022 dated May 19, 2022.

    Through the SRO 598(I)/2022, the federal government imposed ban on import of certain luxury and non-essential items.

    The ministry said that the decision has been taken in view of the concerns expressed by different trade organizations and the domestic industry regarding import of raw materials, intermediate goods and industrial equipment falling under Pakistan Customs Tariff (PCT) codes listed in the SRO.

    “The SRO 598(I)/2022 dated May 19, 2022 shall not apply on the import of raw materials, intermediate goods and industrial equipment/machinery required by industrial / manufacturing concerns and foreign grant-in-aid projects,” the ministry said.

    Prior to this, the ministry of commerce issued another clarification related to the banned imported items on May 26, 2022.

    Through this clarification, the ministry said that in order to address concerns of the citizenry and certain anomalies out of implementation of the said SRO, it is clarified:

    READ MORE: Banned items: FBR deputes officers 24X7 to facilitate passengers

    The SRO 598(I)/2022 dated May 19, 2022 shall not apply on import of goods for which an airway bill has been issued prior to the issuance of the said SRO.

    Import of following PCT codes description ‘others’ shall be exempted from the prohibition contained in the SRO if they are:

    PCT Code 2309.9000: Other than cat and dog food

    PCT Code 9405.1090: Energy savers.