Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Debt, credit card machines must for POS retailers: FBR

    Debt, credit card machines must for POS retailers: FBR

    ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday said retailers, who integrated Point of Sale (POS), must have facility of debt and credit card machines to facilitate their customers in making payments.

    The FBR issued Circular No. 05 of 2022 regarding implementation of Rule 150ZEB(II) of the Sales Tax Rules, 2006.

    READ MORE: Who are Tier-1 retailers under Sales Tax Act?

    The revenue body said that all Tier-1 retailers are expected to maintain the highest standards of documentation, reporting and transparency.

    In their endeavors to achieve such high standards, they are integrated with FBR’s IT system for real-time reporting of their economic transactions.

    READ MORE: FBR issues list of 608 Tier-1 non-compliant retailers

    It has transpired that many integrated Tier-1 retailers are indulged in making cash transactions, which is not only against the overall scheme of things, but also the intended objectives.

    In this connection, it is pertinent to note that Rule 150ZEB(II) of the Sales Tax Rules, 2006, mandates that each Tier-1 Retailer “must have the facility of debit and credit card machines installed at each notified outlet and the sales through debit or credit cards shall not be ordinarily refused.”

    READ MORE: Tier-1 retailers given deadline for integration

    “Accordingly, all integratable Tier-1 Retailers are liable to have debt/credit card machine installed at their outlets and IRS field formations to ensure implementation the rules in this respect,” the FBR added.

  • Supernet, Avara awarded project for supply, maintenance

    Supernet, Avara awarded project for supply, maintenance

    ISLAMABAD: Supernet Limited on Wednesday announced that they, in conjunction with their Australian technology partner Avara Technologies Pty Ltd have been awarded a new project within a long-term program that they were awarded in 2021 by a major Pakistani customer.

    The new project valued at approximately Rs250 million constitutes Phase 3 of the program for the supply of multiservice multiplexers and associated operations, maintenance, warranty and support services.

    READ MORE: Supernet awarded telecom projects worth Rs100 million

    The program includes establishment of a repair facility in Pakistan and transfer of knowledge through an expansive training program enabling in country engineers and technicians to rectify faults throughout the equipment’s lifecycle.

    Avara’s DynaFlex product family is a flexible, fully featured, access multiplexer with powerful cross-connect and protection capabilities.

    READ MORE: Suprenet gets project for optic fiber supply

    With the ability to handle a wide range of interfaces like POTS, SCADA, Ethernet, Serial Data and Tele-Protection, the DynaFlex platform is an ideal choice for transporting mission critical TDM services over PDH, SDH, Ethernet or MPLS-TP packet-based interfaces. DynaFlex offers a broad range of hot pluggable channel cards to complement a range of physical interfaces in a modular manner.

    In 2021 Supernet and Avara successfully delivered in time the first batch of DynaFlex multiplexers under Phase 1 of the program despite supply chain and logistics challenges due to the COVID-19 pandemic.

    The delivery for Phase 2 is under implementation with the newly awarded Phase 3 expected to reach completion towards the tail end of 2022.

    Ali Akhtar. Supernet’s Head of BU, Telecoms & Defense and Lasha Aponso, CEO, Avara jointly stated: “This is a major triumph for us right at the start of 2022 and we are thrilled to have been awarded this new project. It reaffirms the trust and satisfaction of the customers in our products and services. On the back of this victory, we’re charging full steam ahead with our plans to expand business in Pakistan.”

  • Starlink not legal internet service provider: PTA

    Starlink not legal internet service provider: PTA

    ISLAMABAD: Pakistan Telecommunication Authority (PTA) on Wednesday said that Starlink is not a legit internet service provider in the country.

    The PTA in a press release informed the general public that satellite broadband provider Starlink had neither applied for nor obtained any license from PTA to operate and provide internet services in Pakistan.

    READ MORE: PTA allows free mobile calls for Murree emergency

    Therefore, general public is advised in their own interest that they must refrain for engaging in any pre-booking orders being placed on Starlink or any of its associated websites.

    The directions came in the wake of reports that Starlink, through its website, is asking intended subscribers to pay a deposit of $99 (refundable) as pre-order for equipment/services.

    READ MORE: PTA issues procedure to block telemarketing messages

    PTA has already taken up the matter with Starlink to stop taking pre-order bookings from intended consumers with immediate effect as the Company has not been granted any license for provision of internet services in Pakistan.

    READ MORE: PTA renews Jazz license for $449.2 million

  • FBR asked to facilitate startups, e-commerce

    FBR asked to facilitate startups, e-commerce

    ISLAMABAD: Federal Board of Revenue (FBR) has been asked to facilitate startups and e-commerce across border exporters in the country.

    Special Assistant to the Prime Minister (SAPM) on E-Commerce, Senator Aon Abbas Buppi on Tuesday issued the directives at a meeting with FBR Chairman Dr. Muhammad Ashfaq.

    The SAPM also stated that startups is a growing economy and this segment needs all the facilitation by the government to promote digital economy and promoting e- Commerce, said a press release issued here.

    READ MORE: FBR slashes sales tax rates on petrol, HSD

    Aon Abbas Buppi specifically asked to abolish minimum turnover taxes for new startups to provide a conducive business environment for them.

    SAPM discussed with the FBR chairman to offer facilitation for startups and e-Commerce cross border exporters, Chairman FBR agreed to work on proposals from SAPM and assured that FBR will work along with the Ministry of commerce to create a conducive environment for the e-commerce ecosystem.

    Meanwhile Special Assistant to the Prime Minister (SAPM) on E-Commerce said the government has built the first e-commerce university in the country and is pursuing a revolutionary program to provide skilled labor in the sector.

    READ MORE: FBR to re-notify property values on February 01

    The e-commerce university will start its work by March 2022, which will provide affordable and quality education to the students. The country needs standard e-commerce university time.

    He said that the government of Pakistan Tehreek-e-Insaf (PTI) has introduced the first e-commerce policy in October 2019, which would create new avenues of employment opportunities for the youth of the country.

    Aon Abbas said that E-Commerce policy provides communities with a guideline on how they can take advantage of this innovative opportunity.

    He said the country currently has more than 50 percent youth population for whom there would be huge job opportunities in the e-commerce sector.

    READ MORE: FBR extends date for filing sales tax return

    SAPM said that Prime Minister Imran Khan has given us a target to open 10 million new jobs through the e-commerce sector.

    He said that 10,000 new companies have to be opened and 10,000 new people have to be trained to create more manpower in this sector.

    He said that at present the global market for e-commerce is $30 trillion, of which Pakistan’s share is very small.

    It has $4 trillion in Business to Business and $4 trillion in Business to Companies trade.

    READ MORE: Cash transactions above Rs50,000 not admissible

  • FBR slashes sales tax rates on petrol, HSD

    FBR slashes sales tax rates on petrol, HSD

    ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday slashed sales tax rates on petrol and high speed diesel (HSD) in order to reduce the impact of high oil prices at consumer end.

    The FBR issued SRO 88(I)/2022 dated January 18, 2022 to notify changes the sales tax rates on supply of petroleum products.

    The sales tax on supply of petrol has been reduced to 2.5 per cent ad valorem from 4.77 per cent. Similarly, the rate of sales tax on supply of high speed diesel has been reduced to 5.44 per cent from 9.08 per cent.

    The FBR kept unchanged the sales tax rates on kerosene and light diesel oil at 8.30 per cent and 2.70 per cent, respectively.

    The revenue body previously issued SRO 01(I)/2022 dated January 3, 2022 to change the rate of sales tax on petroleum products.

    Earlier on January 15, 2022, the government announced to increase prices of all petroleum products for next fortnight.

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

    According to the notification, the price of petrol has been increased by Rs3.01 to Rs147.83 per liter from Rs144.82.

    The price of high speed diesel (HSD) has been increased by Rs3 to rs144.62 per liter from Rs141.62.

    The rate of kerosene has been enhanced by Rs3 to Rs116.48 per liter from Rs113.48.

    The price of light diesel oil has been increased by Rs 3.33 toRs114.54 per liter from Rs111.21.

    According to a notification issued by the Finance Division on January 15, 2022, the decision to enhance domestic prices of petroleum products because the international oil price had registered 6.2 per cent during the last week. Presently, at the highest level since last year.

    READ MORE: Prices of all POL products increased to wish New Year

    The existing sales tax rate and petroleum levy on various petroleum products are much below the budgeted targets.

    The finance ministry said that against the recommendations of Oil and Gas Regulatory Authority (OGRA) for increase of Rs5.52 per liter in petrol and Rs6.19/liter in high speed diesel prices, the Prime Minister had directed to absorb at the international prices through further cut in sales tax from last fortnight.

    “The finance ministry will take Rs2.6 billion revenue hit due to reduced sales tax rates,” it added.

    Therefore, the government has decided to make partial increase in the prices of the petroleum products in order to provide relief to the end consumers.

  • FBR to re-notify property values on February 01

    FBR to re-notify property values on February 01

    ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday said it will re-notify the valuation of immovable properties on February 01, 2022. The FBR further said that the valuation issued on December 01, 2021 will remain in abeyance till January 31, 2022.

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  • Rupee declines by 26 paisas to dollar on import demand

    Rupee declines by 26 paisas to dollar on import demand

    KARACHI: The Pak Rupee (PKR) declined by 26 paisas against the US dollar on Tuesday due to higher foreign currency demand for import payment.

    The local unite ended at Rs176.18 to the dollar from last day’s closing of Rs175.92 in the interbank foreign exchange market.

    READ MORE: Rupee recovers 15 paisas against dollar in interbank

    Currency experts said that the market witnessed higher dollar demand since start of the day. The reports of surge in international oil prices increased the dollar demand.

    The international oil prices witnessed significant rise and recorded $87.50 per barrel during the trading.

    READ MORE: SBP warns banks of penal action for delaying transaction alerts

    Pakistan is one of the major importers of petroleum products. The oil import grew by 113 per cent to $10.18 billion during first half 2021/2022 as compared with $4.77 billion in the corresponding half of the last fiscal year.

    The experts said that the falling foreign exchange reserves were also a major threat for rupee’s stability in days ahead.

    READ MORE: NBP directed to pay Rs0.5 million to fraud victim

    The foreign exchange reserves of the country fell by $118 million to $23.901 billion by the week ended January 07, 2022 as compared with $24.019 billion by the week ended December 31, 2021.

    The official reserves of the SBP declined by $88 million to $17.598 billion by the week ended January 07, 2022 as compared with $17.686 billion a week ago.

    READ MORE: SBP shortens period to 120 days for bringing export earnings

  • Exchange rates: PKR to AED on January 18, 2022

    Exchange rates: PKR to AED on January 18, 2022

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on January 18, 2022:

    Buying: Rs 47.90 to the UAE Dirham

    Selling: Rs 48.40 to the UAE Dirham

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

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

    The rate has been updated at 12:10 PM Pakistan Standard Time (PST).

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

    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.

    Exchange rates: PKR to AED on January 17, 2022
  • Digital payments defined through Finance Supplementary Act 2022

    Digital payments defined through Finance Supplementary Act 2022

    In an effort to provide clarity and streamline the taxation of digital payments, recent amendments have been made to the Income Tax Ordinance, 2001, through the Finance (Supplementary) Act, 2022.

    (more…)
  • FBR extends date for filing sales tax return

    FBR extends date for filing sales tax return

    ISLAMABAD: Federal Board of Revenue (FBR) on Monday extended date for filing sales tax return for the month of December 2021 up to January 24, 2022.

    The last date for filing the sales tax return for the month of December 2021 is January 18, 2021.

    The taxpayers are required to file their sales tax returns for the month of December 2021 through the Single Sales Tax Portal.

    READ MORE: FBR launches sales tax return filing through single portal

    The FBR on December 27, 2021 issued a notification under which it directed the taxpayers to file their sales tax returns for month of December 2021 through Single Sales Tax Portal.

    The FBR issued a notification to extend the dates for submitting stock details and payment of sales tax and federal excise as well.

    READ MORE: Power of the Board and Commissioner to call for records

    The FBR said that the date of submission of Annexure – C of Sales Tax and Federal Excise Duty, which was due on January 10, 2022 has been extended up to January 19, 2022.

    Similarly, the payment of sales tax and federal excise duty, which was due on January 15, 2022 has been extended up to January 21, 2022.

    The single portal for sales tax returns has been launched to facilitate taxpayers, promote ease of doing business and reduce compliance cost.

    READ MORE: Inland Revenue officers promoted to BS-20

    The FBR said that through this portal, sales tax registered persons shall be able to file a single sales tax return instead of having to file separate returns to the FBR and each of the different provincial sales tax authorities.