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Author: Mrs. Anjum Shahnawaz

  • Jahangir Tareen’s sugar mill declares 248% rise in annual profit

    Jahangir Tareen’s sugar mill declares 248% rise in annual profit

    The sugar mill of Jahangir Khan Tareen – ruling party PTI’s leader and used to very close to Prime Minister Imran Khan – has declared a phenomenal increase of 248 per cent in annual profit for year ended September 30, 2021.

    Jahangir Khan Tarin is director of JDW Sugar Mills.

    JDW Sugar Mills Limited on Wednesday shared its financial results with the Pakistan Stock Exchange (PSX).

    READ MORE: Digital tax monitoring yields Rs32.43bn from sugar sector

    The board of the company in a meeting held on January 05, 2022 recommended a final cash dividend for the financial year ended September 30, 2021 at Rs10 per share i.e. 100 per cent.

    Gross profit of the company increased to Rs10.13 billion for the year under review as compared with Rs7.59 billion in the preceding year.

    READ MORE: FBR tightens condition for tax stamped sugar bags

    According to JDW website, Tareen’s experience in business world began when he was made the CEO of his family-owned beverages business in Multan in 1981.

    Over the next eight years, he increased the business manifold and in the year 1989 Pepsico International offered him a franchise in Lahore.

    Tareen took over the franchise in 1991 as the Chairman of Riaz Bottlers (Pvt) Limited and developed it into one of the Pakistan’s best operating franchise.

    READ MORE: FPCCI recommends interprovincial trade of sugar

    He went into sugar business and established his first sugar mills in 1992 as JDW Sugar Mills. This has grown into Pakistan’s largest and most efficient Sugar milling operations (JDW Sugar Mills). This is the only Sugar Mill in the country, which is supported by its own Sugarcane Plantation (30,000 acres) and Sugar cane research organisation.

    The Mills runs an extensive community development programme geared towards increasing yield and profitability of small farmers while also funding education and health initiatives in its area of operations.

    The per acre yield of sugarcane in Rahim Yar Khan has doubled due to the Cane Development Program of JDW Sugar Mills. While per acre production cost has been reduced by innovative cultivation and production techniques.

    READ MORE: PSMA, 84 sugar mills served show cause notices for cartelization

    It’s due to the combined efforts of sugarcane development, farmers’ training, motivating farmers with timely payments, that sucrose recovery in the operating area of JDW Sugar Mills jumped from 8.2 per cent to almost 11 per cent in 2016.

  • Suprenet gets project for optic fiber supply

    Suprenet gets project for optic fiber supply

    Supernet Limited has secured a significant telecommunications infrastructure development project from a prominent Pakistani mobile network operator. Valued at over Rs150 million, the project encompasses the supply of optical fiber and associated equipment, alongside its deployment across various regions in Punjab, as announced by Supernet in a recent statement.

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  • FBR raises sales tax on all petroleum products

    FBR raises sales tax on all petroleum products

    ISLAMABAD: The Federal Board of Revenue (FBR) on Monday notified an increase in sales tax on all the petroleum products.

    The FBR issued SRO 01(I)/2022 to notify increase in sales tax rates on petroleum products. The FBR amended the rates of sales tax, which were issued previously through SRO 1604(I)/2021 on December 16, 2021.

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

    According to the latest notification enhanced the sales tax on petrol from 1.63 per cent to 4.77 per cent.

    The sales tax rate on high-speed diesel has been increased to 9.08 per cent from 7.37 per cent.

    The FBR enhanced the sales tax on kerosene oil to 8.30 per cent from 8.19 per cent. Likewise, the sales tax on light diesel has been increased to 2.70 per cent from 0.46 per cent.

    The government on December 31, 2021 increased prices of all petroleum products effective from January 01, 2022.

    READ MORE: Petrol price reduces to Rs140.82 per liter

    The prices have been increased across the board around Rs4 per liter on all the products.

    According to a notification issued by the finance division, the new price of petrol has been increased by Rs4 to Rs144.82 per liter from Rs140.82. The rate of high-speed diesel (HSD) has been increased by Rs4 to Rs141.62 per liter from Rs137.62. Similarly, the price of kerosene has been increased by Rs3.95 to Rs113.53 per liter from Rs109.53. Likewise, the price of light diesel oil has been increased by Rs4.15 to Rs111.06 per liter from Rs107.06.

    READ MORE: SBP revises manual on remittances for petroleum sector

    The notification stated that in the fortnightly review of petroleum products prices, the prime minister had rejected the proposal of Oil and Gas Regulatory Authority (OGRA) for an increase in prices of petroleum products and advised to increase only Rs4 per liter to meet the petroleum levy target agreed with the International Monetary Fund (IMF).

    “Sales tax on petrol and diesel has been adjusted downwards as compared to December 16, 2021, to keep the prices lower,” the notification stated.

  • FBR extends digital payment system till January 31

    FBR extends digital payment system till January 31

    ISLAMABAD: The Federal Board of Revenue (FBR) has deferred the implementation of a digital mode of payment for another month i.e. January 31, 2022.

    The digital mode of payment has been made mandatory for the corporate sector, which was to be implemented from January 01, 2021.

    The FBR issued circular No. 11 of 2021-22 on Monday to allow further extension till January 31, 2021.

    “In exercise of the powers conferred under Section 214A of the Income Tax Ordinance, 2001 (hereinafter “the Ordinance”) and taking cognizance of various representations filed by the taxpayers, the Federal Board of Revenue is pleased to extend the deadline for digital payments by Corporate Sector stipulated in Section 21(1a) of the Ordinance up to January 31, 2022.”

    Previously, the FBR issued Circular No. 09 of 2021-22 to allow an extension in the deadline for implementation of digital mode of payment up to November 30, 2021.

    The new provision was introduced through Tax Laws (Third Amendment) Ordinance, 2021.

    The FBR in its explanation through Circular No. 07 dated September 23, 2021 said: to improve documentation, a new clause (la) has been inserted in section 21 of the Ordinance.

    The Pakistan Tax Bar Association (PTBA) in a letter to the FBR chairman stated that the implementation of digital payment was not practical at the moment.

  • Tax collection from property transactions surges to Rs61 billion

    Tax collection from property transactions surges to Rs61 billion

    ISLAMABAD: The annual collection of withholding tax from transactions of immovable properties has surged by 98 per cent to Rs61.06 billion during fiscal year 2020/2021.

    According to official statistics made available to PkRevenue.com, the collection from sales and purchase of immovable properties was Rs30.77 billion during fiscal year 2019/2020.

    Sources in the Federal Board of Revenue (FBR) attributed the increase in revenue collection to enhanced activities during the fiscal year due ease in restrictions related to coronavirus.

    READ MORE: Advance tax on purchase of immovable property

    They said that the first case of coronavirus was identified in February 2019, and then the government resorted to strict lockdown, which stalled the economic activities.

    However, in the subsequent year the government decided to relax the corona restrictions and brought the economic activities to normal.

    The FBR collects withholding tax under section 236C of the Income tax Ordinance, 2001 on sale and transfer of immovable properties.

    READ MORE: Advance tax on sale or transfer of immovable property

    Furthermore, the FBR collect withholding tax under Section 236K of the Income Tax Ordinance, 2001 on purchase of immovable properties.

    The collection of withholding tax on sale or transfer of immovable properties registered a growth of 76 per cent to Rs7 billion during fiscal year 2020/2021 as compared with Rs12.2 billion in the preceding fiscal year.

    The collection of withholding tax on purchase of immovable properties registered an unprecedented growth of 105 per cent to Rs49 billion during fiscal year 2020/2021 as compared with Rs24 billion in the preceding fiscal year.

    READ MORE: FBR issues new, revised tables of property valuation

    The FBR sources said that the collection during the fiscal year 2021/2022 would increase significantly due to change in valuation tables for the purpose of withholding tax collection from transactions of immovable properties.

    The FBR on December 01, 2021 issued fresh and revised valuation of immovable properties for various cities of the country.

    However, the implementation of the fresh valuation table will be applicable from January 16, 2021.

    READ MORE: FBR postpones property valuation implementation

  • FBR decides to manage, display gifts received by officials

    FBR decides to manage, display gifts received by officials

    ISLAMABAD: The Federal Board of Revenue (FBR) has decided to manage and display gifts received during official meetings, a statement said on Monday.

    The Board in Council of the FBR in its meeting on January 01, 2022, discussed various agenda items and made some very important decisions.

    READ MORE: Tax payment with return drops to Rs54 billion in FY21

    For the first time ever in the organization’s history, the council unanimously agreed to establish Toshakhana under the relevant rules and guidelines of the Cabinet Division.

    The council also discussed the existing rules regarding the acceptance and disposal of gifts.

    After thorough deliberations, it was decided to notify procedures with regards to inventory management and display of the gifts received from dignitaries/guests during official meetings and visits.

    READ MORE: Pak-Afghan 2nd round talks on DTA concludes

    It was further decided that all officers of FBR would voluntarily declare and deposit gifts received by them. The minimum threshold for gifts has been determined to be Rs. 10,000 for FBR instead of Rs. 30,000, currently fixed for the other divisions of the Federal Government.

    The only exception to these rules is applicable on shields and gifts that have an individual’s name engraved. It was also agreed that gifts so far declared will be disposed of as per applicable rules and regulations.

    READ MORE: New rates of FED on local, imported motor vehicles

    Furthermore, the BIC also approved the new nomenclature for FATE Wing which will now be known as Public Relations Wing.

    Likewise, the two training directorates of Inland Revenue Service and Pakistan Customs, FBR have got their new names, IRS Academy and Pakistan Customs Academy, respectively.

    READ MORE: Mini-budget: FBR to generate Rs4.5bn through tax rate increase on cellular services

  • Exchange rates: PKR to GBP on January 03, 2022

    Exchange rates: PKR to GBP on January 03, 2022

    KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on January 03, 2022:

    Buying: Rs 236.10 to the UK Pound Sterling

    Selling: Rs 238.60 to the UK Pound Sterling

    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 09:23 AM Pakistan Standard Time (PST).

    The UK Pound Sterling /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 GBP on January 01, 2022
  • Exchange rates: PKR to EUR on January 03, 2022

    Exchange rates: PKR to EUR on January 03, 2022

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on January 03, 2022:

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  • Exchange rates: PKR to SAR on January 3, 2022

    Exchange rates: PKR to SAR on January 3, 2022

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on January 3, 2022:

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  • Tax payment with return drops to Rs54 billion in FY21

    Tax payment with return drops to Rs54 billion in FY21

    ISLAMABAD: The voluntary payment along with annual income tax return has dropped to Rs54.09 billion during the fiscal year 2020/2021, according to official data made available to PkRevenue.com

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