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Author: Mrs. Anjum Shahnawaz

  • President Alvi retains major penalty on NAB official

    President Alvi retains major penalty on NAB official

    ISLAMABAD: The President of Pakistan, Dr. Arif Alvi, has rejected the appeal of a NAB official to set aside the major penalty awarded to him over unlawful communication of official information for benefits of corruption.

    He also directed NAB to proceed against other officers involved in such cases and if found guilty punish them for doing corruption within the very institution that was responsible for controlling corruption.

    READ MORE: President Alvi directs bank to refund unfair recovery

    Noman Iqbal, Assistant Private Secretary (BS-16) had been awarded the major penalty of “reduction to a lower post for a period of five years” after it was proven that he copied and shared official information with unauthorized individuals.

    National Accountability Bureau (NAB), Karachi had conducted a fact-finding inquiry, based on a source report, under which confidential record was found in the mobile phone of appellant, which he was otherwise not authorized to hold.

    READ MORE: President Alvi rejects FBR plea in maladministration cases

    NAB had recommended initiating disciplinary proceedings against Iqbal. Initially, the matter was probed by Chairman Inspection and Monitoring Team, NAB (HQ), which revealed that Iqbal was involved in unlawful communication of official information inside and outside NAB in connivance with two other officials of NAB, Karachi.

    An inquiry committee was also constituted to probe into the matter that found the appellant guilty on charges of “misconduct” and “disclosure of official secrets”.

    A forensic analysis of appellant’s phone also found chats and documents which proved that he had copied and shared information with unauthorized individuals. Afterwards, Iqbal was awarded the penalty of reduction to a lower post for five years and two other officers involved were also penalized.

    READ MORE: Dr. Alvi orders action over misconduct with 82-year taxpayer

    Iqbal then submitted an appeal to the President, being the Appellate Authority, under NAB Employees Services Rules (TCS-2002) to set aside the major penalty.

    Chairman NAB through a summary, circulated through the Ministry of Law and Justice and endorsed by the Prime Minister, requested that the appeal of Iqbal may be rejected. President Dr Arif Alvi upheld the original decision on the grounds that Iqbal had not provided any cogent reason or additional justification to recall the earlier decision of major penalty.

    READ MORE: Dr. Alvi rejects banker’s plea in woman harassment case

    He emphasized that for such individuals this penalty does not do justice and wished that the punishment should have been harsher. “I direct NAB to complete the investigation against other officers involved and if found guilty punish them for the wrong done to the country and tarnishing its image,” the President noted while rejecting the appeal.

  • FBR launches online tax monitoring of steel products

    FBR launches online tax monitoring of steel products

    ISLAMABAD: The Federal Board of Revenue (FBR) has launched online monitoring of sales and purchases by steel sector.

    The FBR issued draft amendment to Sales Tax Rules, 2006 through SRO 541(I)/2022 dated April 22, 2022.

    READ MORE: FBR forms committee to resolve pharmaceutical tax issues

    The tax body proposed amendment to Rule 150FZ for electronic monitoring, tracking and tracing of production, import and supply of the goods.

    The FBR included the steel products in the list of online. At present products of six sectors already in the list, which are: tobacco products, beverages, sugar, fertilizer, cement and petroleum products.

    The FBR said that all the specified goods shall be monitored, tracked and traced in the manner provided in this Chapter and any other instructions, procedures and orders issued by the FBR.

    READ MORE: FBR allocates quota for industries in erstwhile FATA/PATA

    Further that the specified goods, if brought from non-tariff area as defined in the Federal Excise Act, 2005, shall be treated as imported goods for the purposes of this Chapter.

    The Rule 150ZH of the this chapter stated that goods to be affixed with tax stamps, banderoles, stickers, labels, barcodes, etc.–

    (1)On every package, including a tin, container or bottle, of the specified goods whether manufactured or imported shall be affixed or printed a tax stamp, banderole, sticker, label, barcode, unique identification marking, code], etc., hereinafter referred to as tax stamp, in the manner prescribed under this Chapter:

    Provided that in respect of such specified goods which are exempt or meant for export tax stamps whatever the case may be shall be clearly, legibly and indelibly marked as ‘Exempt Goods’ or ‘For Export’, as the case may be.

    READ MORE: FBR announces prize winners of 4th POS invoice draw

    (2) Every tax stamp required to be affixed under these rules shall bear such security features as are approved by the Board in order to–

    (a) prevent counterfeiting;

    (b) enable accounting of production of the specified goods; and

    (c) enable any person in the supply chain or an officer authorized by the Commissioner Inland Revenue to authenticate such tax stamp.

    (3) The system for imported goods shall be installed in a designated area at the port of importation or a customs bonded warehouse, as the case may be, declared by the importer for this purpose, or any other place approved by the Project Director:

    READ MORE: FBR takes measures to facilitate taxpayers in 1HFY22

    Provided that the Board may allow tax stamps to be affixed on any specified goods to be imported in a production facility in the exporting country, subject to such conditions as the Board may specify.

    (4) No person engaged in manufacturing, sale or purchase or handling of specified goods shall remove or tamper with the tax stamp affixed thereon until these are sold to the final consumer.

  • Foreign currency rates in Pak Rupee – April 21, 2022

    Foreign currency rates in Pak Rupee – April 21, 2022

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on April 21, 2022 (The rates are updated at 05:40 AM (Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)133.10135.10
    Bahrain Dinar (BHD)386.50388.50
    Canadian Dollar (CAD)143.10145.10
    China Yuan (CNY)23.5523.95
    Danish Krone (DNK)23.6523.95
    Euro (EUR)196.60199.10
    Hong Kong Dollar (HKD)16.6016.85
    Indian Rupee (INR)2.032.10
    Japanese Yen (JPY)1.411.44
    Kuwaiti Dinar (KWD)481.85484.35
    Malaysian Ringgit (MYR)36.7537.10
    NewZealand $ (NZD)96.8597.55
    Norwegians Krone (NOK)17.5017.75
    Omani Riyal (OMR)392.95394.98
    Qatari Riyal (QAR)39.9040.50
    Saudi Riyal (SAR)48.7549.45
    Singapore Dollar (SGD)132.10134.60
    Swedish Korona (SEK)18.7519.00
    Swiss Franc (CHF)160.35161.25
    Thai Bhat (THB)4.804.90
    U.A.E Dirham (AED)49.7050.40
    UK Pound Sterling (GBP)237.10239.60
    US Dollar (USD)183.60185.30

    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 Pak Rupee – April 20, 2022
  • FBR forms committee to resolve pharmaceutical tax issues

    FBR forms committee to resolve pharmaceutical tax issues

    KARACHI: Federal Board of Revenue (FBR) on Wednesday constituted a committee for resolution of issues of pharmaceutical companies.

    The issues resolution committee will be headed by Chief Commissioner-Inland Revenue, Large Taxpayers Office (LTO), Karachi and comprising officers of FBR for resolution of issues of pharmaceutical companies.

    READ MORE: FBR allocates quota for industries in erstwhile FATA/PATA

    The committee comprises following officers:

    01. Shahid Iqbal Baloch, Chief Commissioner-IR, LTO Karachi (Head).

    02. Sabih ul Aijaz, Commissioner-IR, LTO Lahore.

    03. Masood Akhtar, Commissioner – IR, LTO Islamabad.

    04 .Abdul Jawwad, Commissioner – IR, LTO Karachi.

    READ MORE: FBR announces prize winners of 4th POS invoice draw

    05. Dr. Najeeb Ullah, Commissioner – IR, LTO Karachi.

    06. Dr. Muhammad Khurram, Additional Commissioner – IR, LTO Islamabad.

    07. Ms. Haida Sajjad, Deputy Commissioner-IR, CTO Lahore.

    08. Farrukh Aslam, Deputy Commissioner-IR, LTO Lahore.

    09. Anees Ahmed, Deputy Commissioner-IR, LTO Karachi.

    10. Sharjeel Ahmed, Deputy Commissioner-IR, LTO Karachi.

    12. Ms. Muntaha Saleem, Deputy Commissioner – IR, CTO Islamabad.

    13. Aziz Iqbal, IR Audit Officer, MTO Karachi.

    READ MORE: FBR takes measures to facilitate taxpayers in 1HFY22

    14. Muhammad Haider, Assistant Commissioner – IR, CTO Karachi.

    15. Naeem Akbar, Senior Auditor – IR, LTO Karachi.

    16. Shahid Rehan, Senior Auditor – IR, LTO Karachi.

    The Term of Reference (TOR) of the complaint resolution committee are:

    READ MORE: Tax incentive granted for revival of sick industrial units

    i. Review the nature of grievance/issue possible solution and take immediate action for its resolution;

    ii. Follow up with concerned field formation till issue is resolved;

    iii. Maintain complete record of complaints/issues, mechanism adopted for resolution and post resolution action required; and

    iv. Share data with the Board on monthly basis indicating issues received, issues resolved and issues pending for resolution and reasons for pendency.

  • SBP’s customer exchange rates – April 18, 2022

    SBP’s customer exchange rates – April 18, 2022

    KARACHI: The State Bank of Pakistan (SBP) has announced the latest exchange rates for customers, effective April 18, 2022, based on the weighted average rates of commercial banks.

    These indicative rates are provided for informational purposes, reflecting estimates quoted by various commercial banks to their clients.

    Karachi, April 16, 2022 – In its ongoing commitment to transparency, the State Bank of Pakistan (SBP) released the exchange rates for customers on Monday, April 18, 2022. These rates, calculated on the basis of weighted average rates of commercial banks, serve as a key reference for individuals and businesses engaged in foreign currency transactions.

    The SBP clarified that the data is compiled and disseminated solely for informational purposes. These exchange rates are indicative estimates quoted by various commercial banks to their clients, guiding them in commercial transactions involving foreign currencies.

    Here is a breakdown of the buying and selling rates for different foreign currencies in Pakistani Rupees (PKR) as of April 18, 2022:

    Currency Buying Rate Selling Rate

    • AED 49.4787 49.5882

    • AUD 133.5848 133.8886

    • CAD 143.7027 144.0171

    • CHF 192.3438 192.7773

    • CNY 28.5072 28.5674

    • EUR 196.0415 196.4956

    • GBP 236.5760 237.1300

    • JPY 1.4340 1.4372

    • SAR 48.4374 48.5442

    • USD 181.6052 182.0280

    The SBP emphasized that these rates are indicative and provided for informational purposes, guiding customers in their commercial transactions involving foreign currencies. It is essential for businesses and individuals to stay informed about these rates, as they can impact the cost of international trade and transactions.

    To stay updated on the latest developments in the foreign exchange market, customers are encouraged to regularly check for updates from their respective banks or visit the official website of the State Bank of Pakistan. The SBP remains dedicated to fostering a transparent and well-informed financial environment for all stakeholders.

  • FBR allocates quota for industries in erstwhile FATA/PATA

    FBR allocates quota for industries in erstwhile FATA/PATA

    ISLAMABAD: The Federal Board of Revenue (FBR) on Saturday allocated quota of raw material import on free of duty and taxes for industries located in erstwhile FATA/PATA.

    The FBR issued Sales Tax General Order (STGO) No. 14 dated April 16, 2022 regarding quota for import of raw materials for industries located in erstwhile FATA/PATA.

    The FBR said that import of plant and machinery and inputs by industrial undertakings located in erstwhile FATA/ PATA are exempt under S. No. 151 of Table-1 of the Sixth Schedule to the Sales Tax Act, 1990 till 30th day of June, 2023.

    READ MORE: Erstwhile FATA/PATA units to get exemption on quota

    To prevent misuse of said exemption, a number of significant amendments have been introduced in the Sales Tax Act, 1990 including section 40D and S. No. 74 of Table-1 of the Eighth Schedule to the Sales Tax Act, 1990.

    Different administrative measures are also being taken by FBR including escort of containers from Azakhail Dry Port to the location of the concerned unit.

    READ MORE: FBR explains taxation of erstwhile FATA/PATA industries

    In order to ensure further transparency and prevent leakage of revenue, the FBR has decided that industrial units located in erstwhile FATA/PATA shall be allocated import quota of raw materials as determined by Directorate General IOCO-Inland Revenue in consultation with the Regional Tax Office (RTO), Peshawar on the basis of installed capacity of these units.

    The annual import quota as per the attached Annex-A shall be apportioned equally in 12 equal parts on monthly basis and that shall be duly entered in the WeBOC against each manufacturer/ industrial unit.

    After each updation, the balance available quota for the remaining year shall also be clearly mentioned.

    The FBR said that the STGO shall come into effect immediately until further order.

    READ MORE: FBR issues procedure for availing exemption certificate by erstwhile FATA/PATA residents

  • Weekly Review: Bullish trend likely to prevail

    Weekly Review: Bullish trend likely to prevail

    KARACHI: Bullish trend likely to prevail in the stock market during next week owing to clarity on the political front.

    Analysts at Arif Habib Limited said that the market to remain positive in the upcoming week.

    READ MORE: KSE-100 index gains 117 points amid positive sentiments

    With commencement of the result season and clarity on the political front, certain sectors and scrips are expected to stay under limelight.

    Furthermore, the rollover of Chinese loans worth USD 2.3 billion and IMF negotiations, which will help bolster foreign exchange reserves.

    While any dip in oil prices should also have a positive impact on the equity bourse.

    READ MORE: Pakistan stocks rally on PKR stability

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 5.0x (2022) compared to Asia Pacific regional average of 11.5x while offering a dividend yield of 8.3 per cent versus 2.6 per cent offered by the region.

    In the outgoing week the market roared back after political clarity emerged. Following Prime Minister Shehbaz Sharif’s oath taking ceremony, the new coalition government has begun work to tackle the economy.

    Moreover, the rupee recovered against the dollar at a rapid pace closing at 181.4, marking a 3.6 per cent appreciation.

    READ MORE: Pakistan stocks slide 242 points in profit taking

    Additionally, the country received record high remittances this month clocking in at $2.8 billion, showing a 28 per cent increase MoM, on account of Ramadan / Eid.

    Although, there was a slight correction mid-week, the market sustained momentum and posted its highest WoW increase since 3rd April 2020. The bourse closed at 46,602 points, (up by 4.9 per cent) WoW.

    Sector-wise positive contributions came from i) Commercial Banks (395 points), ii) Fertilizer (292 points), iii) Technology & Communication (268 points), iv) Cement (241 points), and v) Refinery (129 points).

    Whereas, sectors which contributed negatively i) Real Estate Investment Trust (2.19 points), ii) Vanaspati & Allied Industries (1.55 points). Scrip-wise positive contribution came from ENGRO (152 points), TRG (136 points), MEBL (122 points), HBL (85 points), and SYS (80 points).

    READ MORE: Stocks gain 262 points on political stability

    Meanwhile, scrip-wise negative contributors were COLG (14 points), FABL (10.88 points), Fatima (4.74 points), ABL (3.18 points) and DCR (2.19 points).

    Foreign buying witnessed this week, clocking-in at USD 1.29 million compared to a net sell of USD 3.78 million last week. Major buying was witnessed in Technology (USD 2.21 million) and Fertilizer (USD 1.16 million).

    On the local front, Selling was reported by Mutual Funds (USD 9.89 million) followed by Insurance Companies (USD 7.76 million). Average volumes clocked-in at 477 million shares (up by 213 per cent WoW) while average value traded settled at USD 66.3 million (up by 135.6 per cent WoW).

    READ MORE: Stocks up 1700 points, highest ever single day gain

  • Notification issued to raise 10% in pension

    Notification issued to raise 10% in pension

    ISLAMABAD: The Finance Division has issued a notification to implement the decision of the government to raise 10 per cent increase in pension to pensioners of the federal government.

    Prime Minister Shahbaz Sharif has sanctioned an increase of 10 per cent of net pension with effect from April 01, 2022 until further orders to all civil pensioners of the federal government including civilians paid from defence estimates as well as retired armed forces personnel and civil armed forces personnel.

    READ MORE: SBP’s instructions on pensioners biometric verification

    The finance division explained that for the purpose of admissibility of increase in pension sanctioned the term ‘Net Pension’ as pension being drawn minus medical allowance.

    The increase will also be admissible on family pension granted under the pension-cum-gratuity scheme, 1954, Liberalized Pension Rules, 1977, on pension sanctioned under the Central Civil Services (Extraordinary Pension) Rules as well as on the Compassionate Allowance under CSR-353.

    READ MORE: EOBI to launch self assessment scheme for employers

    The finance division said that if the gross pension sanctioned by the federal government is shared with any government in accordance with the rules laid down in Part-IV of Appendix-III to the Accounts Code, Volume-I, the amount of the increase in pension will be apportioned between the federal government and the other government concerned on proportionate basis.

    READ MORE: Mandatory biometric verification restored for pensioners

    “The increase in pension sanctioned will not be admissible on special additional pension allowed in lieu of pre-retirement orderly allowance and monetized value of a driver or an orderly,” it said.

    The benefit of increase in pension sanctioned will also be admissible to those civil pensioners of the federal government who are residing abroad (other than those residing in India and Bangladesh) who retired on or after August 15, 1947 and are not entitled to, or are not in receipt of pension increase under the British Government’s Pension (increase) Acts.

    The payment will be made at the applicable rate of exchange, it said.

    READ MORE: Pensioners living abroad require presenting life certificate

  • New government keeps petroleum prices unchanged

    New government keeps petroleum prices unchanged

    ISLAMABAD: The new government – formed by leading political parties – on Friday decided to keep the prices of petroleum products unchanged for next fortnight.

    The previous PTI government had decided to freeze the price of petrol at Rs150 per liter till June 30, 2022.

    Prime Minister Muhammad Shehbaz Sharif has rejected the Oil and Gas Regulatory Authority’s (OGRA) proposal to hike prices of petroleum products in the country.

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

    It was announced by the Prime Minister while addressing an Iftar Dinner at Prime Minister House in Islamabad on Friday tonight.

    The previous government on February 28, 2022 decided to reduce the prices of petroleum products despite the high international oil prices in the wake of Russia-Ukraine war.

    The finance division had issued the notification to cut the prices of petrol and diesel by Rs10 per liter each from March 01, 2022.

    READ MORE: Pakistan raises petrol price to record high at Rs160/liter

    According to a statement issued by the finance division, the global prices of petroleum products are tracking the Ukraine-Russia war and resultantly surged to $100 per barrel. “The unprecedented increase is very risky for the domestic fuel prices and inflation,” it added.

    The situation leaves very few options for the government, it said, adding that prior to review on February 28, 2022, the government had left more than Rs70 billion per month to keep the prices lower and providing relief to the masses.

    READ MORE; Petroleum prices kept unchanged for next fortnight

    In the fortnightly review on February 28, 2022, the Oil and Gas Regulatory Authority (OGRA) recommended Rs10 per liter increase in the prices of petroleum products.

    According to the statement the new prices of the petroleum products effective from March 01, 2022 are:

    The price of petrol slashed by Rs10 to Rs149.86 per liter from Rs159.86.

    The rate of high speed diesel has been reduced by Rs10 to Rs144.15 per liter from Rs154.15.

    The price of kerosene oil has been brought down by Re1 to Rs125.56 per liter from Rs126.56.

    Similarly, the rate of light diesel oil has been slashed by Rs5.66 to Rs118.31 per liter from Rs123.97.

    READ MORE: Pakistan’s petrol price rises to record high at Rs147.83

    While retaining the prices at current level, Shahbaz Sharif said the government will bear burden of increase in prices of petroleum products itself instead of shifting it to the masses.

    He said that the Prime Minister Office will now be working as Pakistan House where officers from across the country will serve.

    The prime minister said consultation is underway over formation of federal cabinet and it will soon be fianlized.

  • FBR announces prize winners of 4th POS invoice draw

    FBR announces prize winners of 4th POS invoice draw

    ISLAMABAD: The Federal Board of Revenue (FBR) on Friday conducted fourth draw of invoices issued through Point of Sales (POS) and announced prize winners.

    According to the computerized balloting, the bumper prize of Rs1,000,000 has been awarded to Muhammad Ali on the invoice issued by Carefour.

    READ MORE: FBR announces winners of third POS invoice draw

    The FBR announced winners of two second prizes of Rs500,000 each to Syed Tahir Ali Rizvi on the invoice issued by Shan Super Market and Hussain Raza Bhatti on the invoice issued by Jalal Sons.

    Similarly, the four winners of third prize amounting Rs250,000 each are Abdul Waheed Shaikh, Mishal Zohaib, Sher Allam Khan and Mansoor Mehmood.

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

    READ MORE: FBR announces prize winners in second POS invoice balloting

    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.

    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.

    READ MORE: FBR announces winners of first POS prize draw

    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.

    Names and CNICs of the customers shall be included in the random computerized draw upon fulfillment of the requirement.

    READ MORE: Prize scheme on invoices issued by retailers

    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.

    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.