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Author: Mrs. Anjum Shahnawaz

  • FBR transfers BS-18 to BS-20 IRS officers

    FBR transfers BS-18 to BS-20 IRS officers

    ISLAMABAD: The Federal Board of Revenue (FBR) on Friday announced transfers and postings of senior officers of Inland Revenue Service (IRS) in BS-18 to BS-20.

    The FBR notified transfers and postings of the following officers:

    01. Abdul Hameed Shaikh (Inland Revenue Service/BS-20) has been transferred and posted as Chief, (Provincial Taxes) Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad from the post of Chief, (ST&FE Policy) Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad. (The officer is also assigned the additional charge of the post of Chief (Law & Clarification), Inland Revenue Policy Wing, as per Rules.)

    READ MORE: FBR transfers 36 Customs officers in BS-17 to BS-19

    02. Dr. Sajid Hussain Arain (Inland Revenue Service/BS-19) has been transferred and posted as Secretary, (R&SRO) Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad from the post of Secretary, (PAC-IDT)) Audit & Accounting Federal Board of Revenue (Hq), Islamabad.

    03. Ms. Fakhryia Anjum (Inland Revenue Service/BS-19) has been transferred and posted as Chief, (OPS) ( ST&FE Policy) Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad from the post of Secretary, (STB) Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad.

    04. Abdur Razzaq Khan (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue, Regional Tax Office, Multan from the post of Additional Commissioner, Regional Tax Office, Sahiwal.

    05. Farooq Azmat Chatha (Inland Revenue Service/BS-19) has been transferred and posted as Secretary, ( ST&FE Policy) Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad from the post of Additional Commissioner, Large Taxpayers Office, Lahore.

    READ MORE: FBR notifies transfers of IRS officers in BS-19-20

    06. Ali Muhammad (Inland Revenue Service/BS-19) has been transferred and posted as Secretary, (PAC-IDT) Audit & Accounting Federal Board of Revenue (Hq), Islamabad from the post of Secretary, (ST&FE Policy) Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad.

    07. Naveed Mukhtar (Inland Revenue Service/BS-19) has been transferred and posted as Secretary, (ITB) Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad from the post of Additional Commissioner, IR Large Taxpayers Office, Islamabad. (The officer is also assigned the additional charge of the post of Secretary (ITP), Inland Revenue Policy Wing, as per Rules.)

    08. Tariq Iqbal (Inland Revenue Service/BS-19) has been transferred and posted as Secretary, (Law & Clarification) Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad from the post of Secretary, (R&SRO) Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad. (The officer is also assigned the additional charge of the post of Secretary (Court Matters), Inland Revenue Policy Wing, as per Rules.)

    READ MORE: FBR announces transfers of senior tax auditors

    09. Mukhtiar Ahmad Shar (Inland Revenue Service/BS-19) has been transferred and posted as Secretary, (STB) Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad from the post of Additional Commissioner, Large Taxpayers Office, Karachi.

    10. Usman Ahmed Khan (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue, Large Taxpayers Office, Lahore from the post of Additional Director, Directorate General of Training & Research (Inland Revenue), Lahore.

    11. Ms. Naila Ashraf Khan (Inland Revenue Service/BS-18) has been transferred and posted as Second Secretary, (Provincial Taxes-I) Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad from the post of Second Secretary, IR Policy Wing Federal Board of Revenue (Hq), Islamabad. (The officer is also assigned the additional charge of Second Secretary (Law & Clarification), Inland Revenue Policy Wing, as per Rules.)

    12. Fariduddin Khan (AOST/BS-18) has been transferred and posted as Second Secretary, (ITB) Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad from the post of Second Secretary, (Court Matters) Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad.

    13. Usman Ahmed (Inland Revenue Service/BS-18) has been transferred and posted as Second Secretary, (Provincial Taxes-II) Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad from the post of Assistant Director (Audit), Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad.

    14. Zahid Baig (AOST/BS-18) has been transferred and posted as Second Secretary, (ST&FE Policy) Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad from the post of Assistant Director (Audit) / SS (ST-L&P), Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad.

    READ MORE: Sales tax cases may be transferred from special court

    15. Ansar Majeed (AOST/BS-18) has been transferred and posted as Second Secretary, (STB) Inland Revenue Policy Federal Board of Revenue (Hq), Islamabad from the post of Assistant Director (Audit), (STB) IR Policy 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.

  • Digital tax monitoring yields Rs32.43bn from sugar sector

    Digital tax monitoring yields Rs32.43bn from sugar sector

    ISLAMABAD: The digital monitoring initiated by the Federal Board of Revenue (FBR) has resulted in a collection of Rs32.43 billion from the sugar sector during the first half of the current fiscal year.

    (more…)
  • Bank Alfalah tops in house financing under MPMG

    Bank Alfalah tops in house financing under MPMG

    KARACHI: Bank Alfalah has secured the top position in house financing under the government’s flagship Mera Pakistan Mera Ghar (MPMG).

    According to a statement issued by the State Bank of Pakistan (SBP), Bank Alfalah secured the top position followed by Meezan Bank Limited and Standard Chartered Bank Limited.

    A ceremony was held on Friday at Prime Minister House, Islamabad to mark Rs 100 billion in home finance approvals of the Governments flagship Mera Pakistan Mera Ghar (MPMG) program under the theme “ Khawab ke tabeer ab tez ter”.

    READ MORE: Financing for Mera Pakistan Mera Ghar gains momentum

    The Prime Minister lauded the leading role of the State Bank of Pakistan and the efforts of the banking industry in the implementation of MPMG. He also witnessed ceremonial keys being handed over to six beneficiaries of MPMG who were from different regions and represented a variety of segments of Pakistan.

    Over 20 other beneficiaries of MPMG also participated in the ceremony. The Prime Minister expressed his pleasure to see that low and middle-income citizens who were completely ignored earlier are now being served by the banks in obtaining home finance. While distributing awards among top-performing banks with respect to approvals and disbursements, he urged banks to accelerate their efforts to help realize the dream of every Pakistani to own their own homes.

    The ceremony was attended by Ali Amin Gandhapur-Federal Minister for Kashmir Affairs & Gilgit Baltistan, Dr. Shahbaz Gill-Special Assistant to Prime Minister on Political Communication, Senator Shaukuat Tareen-Adviser to Prime Minister on Finance & Revenue, Governor State Bank of Pakistan, Chairman NAPHDA, Dr. Amjad Ali-Minister for Housing Khyber Pakhtunkhwa and Presidents/CEOs of banks.

    READ MORE: SBP launches webpage for promoting house financing

    Dr. Reza Baqir, Governor State Bank of Pakistan, shared the progress of MPMG since inception, highlighting that all stakeholders are taking steps in the right direction to translate the Prime Minister’s vision of increasing homeownership into reality. Till December 20, 2021, banks have received applications of Rs. 263 billion while approvals of Rs. 109 billion have already been made. Over the last nine months, the approved amount increased by Rs. 98 billion. Disbursement has also increased from almost zero in March 2021 to Rs. 32 billion by December 20, 2021. While shedding light on the theme of the event, he mentioned that during the last month, banks on average approved Rs. 4 billion and disbursed Rs. 1.6 billion on weekly basis. He underscored the need to maintain and accelerate this momentum. There are six banks that disbursed over Rs. 2 billion each and seven banks have disbursed over Rs. 1 billion each in the span of 9 months under MPMG.

    The Governor said that growth in MPMG is attributed to various measures taken by the Government, SBP, and NAPHDA to provide a conducive environment for the banking industry to enter the untapped market of housing and construction finance. He mentioned the simplification of complex procedures, a significant reduction in documentation requirement, development of a model to assess informal income, effective redressal mechanism as examples of this support. Communication initiatives like Mera Pakistan Mera Ghar Meri Kahani –a series of testimonials of MPMG beneficiaries have also been instrumental in encouraging others to apply.

    READ MORE: PM launches house financing scheme for NRPs

    Earlier, in a meeting of the National Coordination Committee on Housing, Construction, and Development (NCCHCD), Governor SBP apprised the Prime Minister on developments in housing and construction finance. He recalled that in July 2020, in line with the Government’s vision of boosting economic activity, SBP mandated banks to increase their housing and construction finance to at least 5 percent of their domestic private sector advances by December 31, 2021. Five banks have already achieved their December 2021 targets. The best performing banks in this regard were Albaraka Bank followed by Meezan Bank and Dubai Islamic Bank. He highlighted that as of December 17, 2021, banks have lent Rs. 321 billion which is Rs. 173 billion more than their financing as of June 30, 2020, reflecting a growth of 117 percent since June 2020. He praised Bank Al Habib, National Bank, and Bank Alfalah for a significant increase in their housing and construction finance portfolio since June 2020 till date.

    In conclusion, Governor Baqir expressed SBPs confidence that the banking industry will continue to pace up its performance rapidly to meet the objectives of Mera Pakistan Mera Ghar and to reach targets mandated for Housing and Construction Finance.

    READ MORE: Meezan Bank becomes pioneer in Sharia financing for low cost housing

    The MPMG event also witnessed speeches from Senator Shaukat Tareen, Adviser to Prime Minister on Finance & Revenue, and Lt Gen Anwar Ali Hyder, Chairman NAPHDA. The Finance Adviser reiterated the Government commitment to MPMG and assured banks to provide all needed support. Chairman NAPHA requested banks to demonstrate commitment in providing housing finance to individuals in NAPHDAs LDA City and Peri Urban projects.

  • FBR conducts AML training for jewelers, lawyers

    FBR conducts AML training for jewelers, lawyers

    ISLAMABAD: The Federal Board of Revenue (FBR) has organized a training session on Anti-Money Laundering (AML)/Counter Financing for Terrorism (CFT) for jewelers, accountants and lawyers.

    The revenue body conducted the training session in collaboration with United Nations Office on Drugs and Crime (UNODC).

    The session has been aimed at creating awareness among Designated Non-Financial Businesses and Professions (DNFBPs).

    READ MORE: FBR imposes AML condition on immovable properties

    A number of office bearers of various associations were also present in the training sessions. The senior representatives from the Ministry of Foreign Affairs, National Counter Terrorism Authority (NACTA), FBR, Financial Monitoring Unit (FMU)) and Institute of Chartered Accounts of Pakistan (ICAP) were the key speakers.

    In his opening remarks, Mohammad Iqbal, Director General DNFBPs, emphasized on combating Money Laundering in the non-financial sectors of the country. He apprised the participants of the FATF compliance measures and the country’s own requirements to choke the funds and resources for money laundering and financing of terrorism.

    READ MORE: FBR vows to curb money laundering in real estate

    The DG DNFBPs highlighted that FBR as the AML/CFT regulatory authority will continue supervising and facilitating the DNFBPs so that the ill-gotten proceeds of crimes cannot be stashed in gold or precious metals and stones.

    The speakers informed the DNFBPs on various aspects of AML/CFT, such as screening the lists of proscribed or UN-designated persons and organizations, customer’s due diligence, suspicious transaction reporting and the national risk assessment on money laundering and terrorist financing.

    READ MORE: FBR apprises realtors about FATF requirements

    In the end, a question-answer session was held and the DNFBPs raised their queries on various aspects of AML/CFT implementation. The sessions were welcomed and acknowledged by all the participants.

    Jewelers making cash transactions above Rs2 million liable to comply with FATF conditions: FBR
  • FBR exempts customs, regulatory duty on Afghan goods

    FBR exempts customs, regulatory duty on Afghan goods

    ISLAMABAD: The Federal Board of Revenue (FBR) allowed exemption from customs duty, additional customs duty, and regulatory duty on import of various goods from Afghanistan.

    The FBR on Thursday issued three different statutory regulatory orders (SROs) to allow exemptions on various products on import from Afghanistan.

    Through SRO 1609(I)/2021, the FBR exempted the import into Pakistan from Afghanistan from whole of the customs duty on items, included (HS Codes): coal (2701.1900); bituminous coal (2701.1200); talc (2526.1010); marble (crude or roughly trimmed) (2515.1100); plants and parts of plants (including seed and fruit) (1211.9000); seed of cumin neither crushed nor grounded (0909.3100); suphur of all kinds, other than sublimed suplhur (2503.0000); Yams (dioscorea spp.) (0714.3000); and containers (including containers for the transport of fluids) (8609.00000.

    The notification shall be effective till June 30, 2022.

    The FBR through SRO 1610(I)/2021 allowed concessions of regulatory duty. “Regulatory duty on import of marble (crude or roughly trimmed) falling under PCT code 2515.1100 shall be exempted and regulatory duty on import of ground nuts in shell falling under PCT code 1202.4100 shall be reduced from 20 per cent to 10 per cent, if imported from the Islamic Republic of Afghanistan).”

    The notification shall be effective till June 30, 2022.

    Through SRO 1611(I)/2021 exemption of additional customs duty has been granted on: “import of goods falling under PCT codes 0714.3000, 0909.3100, 1211.9000, 2526.1010, 2515.1100, 2701.1200, 2701.1900 and 8609.0000, if imported from Islamic Republic of Afghanistan.”

    The notification shall be effective till June 30, 2021.

    READ MORE: Tarin directs FBR to ensure security of taxpayers’ data

  • RDA: SECP exempts banks from obtaining license

    RDA: SECP exempts banks from obtaining license

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has exempted banking companies from obtaining licenses to undertake regulated securities activity as security advisors.

    A notification issued by the SECP stated that it had granted an exemption to the banking companies licensed and authorized by the State Bank of Pakistan (SBP) to open RDA and perform the function of distributing units of Collective Investment Schemes (CIS) and/or Voluntary Pension Schemes (VPS) of multiple Asset Management Companies (AMCs) to their RDA holders, from the requirement of obtaining a license to undertake regulated securities activity as security advisor.

    READ MORE: Overseas Pakistanis deposit $1.56 billion through Roshan Digital Account: SBP

    “Provided that such banking companies shall comply with all other requirements prescribed under the applicable regulatory framework,” the SECP said.

    The regulator said that the measure has been taken to facilitate overseas Pakistanis to invest in mutual funds and private pension funds managed by AMCs, and comes as part of SECP’s efforts to increase investor-base in Pakistan’s capital markets by enabling investments through RDAs.

    READ MORE: PM inaugurates Roshan Digital Accounts for NRPs

    However, the permission is only applicable to banks that are eligible to open RDAs. For transfers to accounts other than RDAs, the license requirement is still applicable under Securities & Future Advisor Regulations, 2017.

    It is expected that this initiative will broaden the range of available investment avenues for Overseas Pakistanis and increase flow of foreign remittances to the country.

    READ MORE: SECP warns against investing in fraudulent schemes

  • Instagram account of Pak Embassy hacked, recovered

    Instagram account of Pak Embassy hacked, recovered

    ISLAMABAD: The Instagram account of the Embassy of Pakistan Buenos Aires, Argentina hacked and recovered within few minutes, said a statement on Wednesday.

    “In the early hours of today, the Instagram account of the Embassy of Pakistan Buenos Aires Argentina was hacked by unauthorized outside elements for a few minutes,” according to the statement.

    The account was recovered quickly with the help of the Instagram team. The unauthorized posts by the hackers were deleted.

    Pakistan and Argentina relations are based on solid foundations. Such sinister attempts cannot derail the upward trajectory of our bilateral relations, it added.

  • Dollar tops new record high at Rs178.15

    Dollar tops new record high at Rs178.15

    KARACHI: The deterioration in Pak Rupee (PKR) rupee continued on Wednesday as the dollar topped another record high at Rs178.15.

    The rupee lost 10 paisas against the dollar to end at the fresh low of Rs178.15 as compared with last day’s closing of Rs178.05, the previous low of the rupee, in the interbank foreign exchange market.

    READ MORE: Dollar advances to new historic high of Rs178.05

    Currency experts believed that the high dollar demand for import and corporate payments was due to year-end.

    They said that by every quarter end entities operating in Pakistan repatriate profit and dividend to their parent companies abroad.

    READ MORE: SBP sets limits for sale of foreign exchange to individuals

    The experts said that current account deficit and trade deficit had kept pressure for dollar demand.

    Pakistan’s current account deficit has ballooned to $7 billion during the first five months (July – November) 2021/2022.

    The trade deficit widened by 112 per cent to $20.65 billion during the period under review as compared with $the deficit of 9.72 billion in the same period of the last fiscal year.

  • Prize bond (bearer) holders given 3 months to document

    Prize bond (bearer) holders given 3 months to document

    ISLAMABAD: The holders of unregistered or bearer prize bonds have been given three months to exchange or covert with the documented ways otherwise the bills will have no worth after the deadline.

    Through different notifications, the Finance Division has notified extension to exchange or conversion of high denomination unregistered/bearer prize bonds up to March 31, 2022, from the existing date of December 31, 2021.

    READ MORE: History of Prize Bonds in Pakistan

    The government allowed to exchange the bearer prize bonds with denominations including Rs7,500, Rs15,000, Rs25,000, and Rs40,000.

    In June 2019, the government decided to discontinue high denomination bearer bonds in a phased manner. The government on June 24, 2019, announced to discontinue the circulation of Rs40,000 denomination national prize bonds. Similarly, on December 10, 2020, the government announced to discontinue the circulation of Rs25,000 denomination prize bonds. In April 2021, the finance ministry announced that national prize bonds of denominations Rs7,500 and Rs15,000 shall not be sold.

    The bonds can be converted to premium prize bonds (registered) of denomination of Rs25,000 and Rs40,000 (subject to the adjustment of differential amount) through 16 field offices of SBP Banking Services Corporation, and branches of six commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited, and Bank Alfalah Limited.

    READ MORE: Income tax on prize bonds, lottery winning

    The bonds can be replaced with Special Saving Certificates/Defence Saving Certificates through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks, and the National Savings Center.

    The bonds will only be encashed by transferring the proceeds to the bonds holder’s bank account through the 16 field offices of SBP Banking Services Corporation as well as the authorized commercial bank branches and to the Saving Accounts at National Savings Centers.

    READ MORE: Sale of Prize Bonds Rs7,500, Rs15,000 stopped forthwith

    The State Bank of Pakistan (SBP) data showed that bearer bonds worth Rs28 billion were still in the possession of the investors by the end of October 2021.

    However, the bondholders surrendered these bills worth Rs437.59 billion during the last one year. The stock of these bearer bonds is Rs465.59 billion by October 2020.

    READ MORE: Date extended for exchanging bearer prize bonds

  • SBP sets limits for sale of foreign exchange to individuals

    SBP sets limits for sale of foreign exchange to individuals

    KARACHI: State Bank of Pakistan (SBP) has issued instructions to exchange companies and set limits for the sale of foreign currency to individuals.

    The SBP issued a circular dated December 19, 2021 and revised instructions in Exchange Companies Manual.

    The central bank said that exchange companies may sell foreign currency to individuals while ensuring the following limits:

    Maximum limit per person per day for buying foreign currency (in the form of cash or outward remittance) from all ECs/ECs-B, is $10,000 or equivalent in other foreign currencies.

    Maximum limit per person per calendar year for buying foreign currency (in the form of cash or outward remittance) from all ECs/ECs-B, is $100,000 or equivalent in other foreign currencies.

    READ MORE: SBP revises manual on remittances for petroleum sector

    For this purpose, the Exchange Companies shall obtain an undertaking from individual customer at the time of each sale transaction exceeding $1,000/- (or equivalent in other currencies) that they have not already reached the limit of $100,000/- per calendar year or $10,000/- per day from all ECs/ ECs-B and these limits will not be breached after the current transaction.

    In order to enhance documentation and transparency and to further strengthen the regulatory regime for ECs/ECs-B, the SBP decided to amend the applicable regulations relating to the business of ECs/ECs-B. Accordingly, the relevant instructions in the following Paras of Exchange Companies Manual stand amended as under:

    READ MORE: State Bank reduces retention period for foreign exchange

    For all foreign currency sale transactions equivalent to $500/- or above Exchange Companies will retain copies of identification documents i.e., Computerized National Identity Card (CNIC) /National Identity Card for Overseas Pakistanis (NICOP)/ Pakistan Origin Card (POC) / Passport (having valid visa on it or any other proof of legal stay of a foreigner in Pakistan) after having seen the document in original.

    In addition, Exchange Companies shall also carry out biometric verification of Pakistani Nationals for all such transactions and maintain the record thereof. Exchange Companies will also obtain supporting documents related to the purpose (as stated by the customer) of FCY sale transactions, exceeding USD 1,000 or equivalent in other currencies.

    READ MORE: SBP revises manual to facilitate cross border payments