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Author: Mrs. Anjum Shahnawaz

  • ICIJ shares Pandora Papers information with PMIC

    ICIJ shares Pandora Papers information with PMIC

    ISLAMABAD: The International Consortium of Investigative Journalists (ICIJ) has shared information related to the Pandora Papers with the Prime Minister’s Inspection Commission (PMIC), a statement said on Wednesday.

    It said that the investigation into Pandora Papers is now at a fairly advanced stage.

    In the first phase, PMIC collated information regarding the individuals and entities named in the Pandora Papers followed by a process of verification of details through the concerned governmental agencies and regulatory bodies.

    READ MORE: Pandora papers: PM says returning taxpayers’ money

    “During this process, contact was also established with the ICIJ, and the concerned journalists. They shared the information which was available with them,” it added.

    It is relevant to mention that, as opposed to the initial media reports that more than 700 individuals of Pakistan origin were linked with Pandora Papers; the number revealed to PMIC so far is considerably less. PMIC is now focusing on these persons and undertaking necessary assessment as per its Terms of Reference.

    READ MORE: PM task force initiates proceedings in Pandora papers

    Relevant information regarding the individuals, their financial interests and transactions is being thoroughly examined. In order to ensure impartiality and completeness of exercise in all respects, it has been decided not to place information regarding any individual in public domain before concluding the investigation.

    It has further been decided to allow sufficient opportunity to the individuals concerned to clarify their position. All persons, including present and past holders of public office who have been named in the Pandora Papers, are being formally contacted for their version and contention.

    READ MORE: PMIC initiates action against 50 individuals, entities

    The proceedings are being conducted in a manner so as to avoid speculation, media hype and possibility of harassment especially in the case of private persons and businessmen.

    PMIC is satisfied that the task is being completed in an objective manner and a comprehensive report substantiated through data and documents would be completed soon.

    It is reiterated that no adverse inference will be drawn against any individual or entity without first formally placing on record their version or clarification.

    The final report will include a way forward and preferred actions for different categories and sets of persons besides recommendations for system improvement through enhanced transparency and accountability.

    PMIC acknowledges the cooperation and assistance extended by all concerned which helped in streamlining the information gathering, compilation, verification and the evaluation.

  • Brother Gas UAE invests $15 million initially in Pakistan

    Brother Gas UAE invests $15 million initially in Pakistan

    ISLAMABAD: A delegation representing Brother Gas UAE has shared with the Board of Investment (BOI) that they will be investing in three phases, with an initial investment of $15 million.

    The first phase will include setting up a plant in M3 industrial area in Faisalabad which will serve the local market and facilitate export to neighboring markets from Pakistan.

    READ MORE: Domestic oil sales surge by 18% in 5MFY22

    It will include industrial gases, with more than 1000 products. They will install an Aerosol Propellant Gas “APG” plant which will be manufacturing the much needed APG within Pakistan instead of importing the same.

    BOI organized a hybrid investment seminar on Monday, 6th December at Pakistan Pavilion, Dubai Expo, which was attended by local & international business community physically and virtually.

    The business community was apprised on investment policies and potential in Pakistan with focus on technology as well as Knowledge economy.

    On the sidelines of this seminar, Secretary BOI, Ms. Fareena Mazhar met with Kashif Maqsood, Managing Director of Brother Gas UAE, one of the leading oil and gas companies in Dubai.

    READ MORE: KSA extends oil on deferred payments to Pakistan

    Maqsood attended the seminar with his five member senior management team and confirmed their plan to set up a bottling plant at Special Economic Zone in Faisalabad.

    Board of Investment has been facilitating the organization previously and has assisted in applying for a Plot in Faisalabad Special Economic Zone (SEZ). BOI’s close coordination with the organization has resulted in the organization announcing its plan to invest in Pakistan.

    The investment will help reduce imports and bring Foreign Direct Investment (FDI) through exports to neighboring countries. This project will also lead to the introduction of refrigerant gasses and ADNOC lubes for the first time in Pakistan. Secretary BOI has termed this potential investment as a major breakthrough for attracting FDI in Pakistan.

  • Pakistan establishes Afghanistan relief fund

    Pakistan establishes Afghanistan relief fund

    ISLAMABAD: Pakistan on Wednesday established a fund namely ‘Afghanistan Relief Fund’ to provide humanitarian assistance to Afghanistan.

    According to a notification issued by the Finance Division, all proceeds on account of ‘Afghanistan Relief Fund’ and payment into the aforesaid fund will be received at all branches of State Bank of Pakistan, all treasuries and branches of National Bank of Pakistan and all other scheduled banks.

    READ MORE: Pakistan donates 50,000MT wheat to Afghanistan

    The finance division said that the fund may receive donations from both domestic, international donors and contributions from aboard which will be received at all the branches of above referred banks where such branches are existing. “In other foreign countries contributions will be received at Pakistan missions and remitted to the State Bank of Pakistan, which would prescribe necessary procedure for their accounting.”

    All proceeds received in the name of the fund will be credited to the public account of the federal government under following head of account:

    Major object: G12: Special deposit fund

    Minor Object: G121: relief fund

    Detailed Object (New): G12163: Afghanistan Relief Fund

    The finance division said that accounts of the fund would be maintained by Accountant General of Pakistan Revenue, Islamabad and Fund will be administered by the ministry of economic affairs in consultation with the finance division.

    READ MORE: FBR rebuts currency smuggling to Afghanistan

  • Stocks end down amid low volumes, lackluster trading

    Stocks end down amid low volumes, lackluster trading

    KARACHI: The Pakistan Stock Exchange (PSX) experienced a subdued trading day on Wednesday, with the benchmark KSE-100 index closing down by a marginal 7 points at 43,847 points, compared to the previous day’s close of 43,853 points.

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  • FBR postpones property valuation implementation

    FBR postpones property valuation implementation

    The Federal Board of Revenue (FBR) has opted to postpone the implementation of valuation tables for immovable properties following concerns raised by various stakeholders.

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  • FBR hikes sales tax rates on petroleum products

    FBR hikes sales tax rates on petroleum products

    The Federal Board of Revenue (FBR) has issued a notification, SRO 1579(I)/2021, announcing revisions in the sales tax rates on various petroleum products, excluding petrol.

    (more…)
  • Pakistan, Saudi Arabia sign agreement for employment

    Pakistan, Saudi Arabia sign agreement for employment

    ISLAMABAD: A deal has been signed on Sunday by Pakistan and Saudi Arabia for certification and employment of Pakistani skilled workforce through Takamol and NAVTTC.

    The agreement was signed by Minister for Federal Education and Professional Training, Shafqat Mahmood from the Pakistan side, and Dr. Ahmad Jabbar Al Yamni, from Saudia Arabia Takamol side.

    The Agreement signing ceremony took place at the Ministry of Human Resources and Social Development, Saudi Arabia and it was witnessed by senior officials of both countries.

    READ MORE: Saudi Arabia allows direct entry from Pakistan

    This important cooperation between both countries has a far-reaching impact for enhancing the employment opportunities for the skilled Pakistani workforce by joint certification and testing by Takamol Saudi Arabi and NAVTTC National Vocational and Technical Training Commission Pakistan.

    This will also safeguard the existing Pakistani workforce in Saudi Arabia. In order to facilitate the Pakistani expatriate workforce, NAVTTC under the leadership of Shafqat Mahmood, Minister for Federal Education and Professional Training, Chairman NAVTTC Syed Javed Hassan and Executive Director NAVTTC Sajid Baloch worked hard to achieve this hallmark far-reaching Agreement between NAVTTC and Takamol.

    It is expected that millions of Pakistani skilled workers will get gainful employment opportunities with higher earning as a result of the efforts of the Government of Pakistan.

    READ MORE: Saudi Arabia places $3bn with Pakistan’s central bank

    Under this partnership, NAVTTC, National Vocational and Technical Training Commission Pakistan and Takamol, a subsidiary of the Government of Saudi Arabia are establishing the testing regime under the Skills Verification Program, by exchanging the NOS (National Occupational Standards) and facilitating skill verification of candidates through competency-based assessment (Theory & Practical) at exam Centers in Pakistan for candidates desirous of working in the Kingdom of Saudi Arabia.

    This will enable the Pakistani skill workforce to have authentic and internationally recognized joint certification by both Takamol Saudi Arabia and NAVTTC Pakistan, through the Recognition of Prior Learning (RPL) assessment.

    READ MORE: Pakistan, Saudi Arabia agree to strengthen economic ties

    The Ministry of Human Resource and Social Development of the Kingdom of Saudi Arabia (KSA) has introduced Skill Verification Program (SVP) implemented from July 2021 in order to regulate its labor market. After the implementation of SVP in KSA, skill verification has become necessary for the Pakistani skilled workers, who intend to have employment in Saudi Arabia.

    It is important to note that the largest number of Pakistani expatriate workforce is based in Saudi Arabia, who contribute substantially to Pakistan’s economy through foreign remittances.

    Most of the present Pakistani workforce in KSA fall in the category of un-skilled or semi-skilled labor, which means reduced remunerations and it also impacts remittances negatively.

    Moreover, in the changing scenario of labour laws and dynamics of the labor market overseas, a large number of Pakistani skill workforce require skills certification as presently they face non-recognition of their qualifications, skills and certification.

    This cooperation will help a large number of these workers, also leading to national productivity and development.

    Pakistan, Saudi Arabia agree to enhance duty, tax cooperation
  • Penalties under Section 33 (15-21) of Sales Tax Act

    Penalties under Section 33 (15-21) of Sales Tax Act

    Various penalties have been prescribed under Section 33 (15, 16, 17, 18, 19, 21) of Sales Tax Act, 1990, issued by the Federal Board of Revenue (FBR).

    The Federal Board of Revenue (FBR) issued the Sales Tax Act, 1990 updated up to June 30, 2021. The Act incorporated amendments brought through Finance Act, 2021.

    Following is the text of section 33(15, 16, 17, 18, 19, 21) of the Sales Tax Act, 1990:

    33. Offences and penalties.– Whoever commits any offence shall, in addition to and not in derogation of any punishment to which he may be liable under any other law, be liable to the penalty mentioned against that offence: –

    15. Any person who obstructs the authorized officer in the performance of his official duties. (Section 31 & General)

    Such person shall pay a penalty of twenty-five thousand rupees or one hundred per cent of the amount of tax involved, whichever is higher.

    16. Any person who fails to make payment in the manner prescribed under section 73 of this Act. (Section 73)

    Such person shall pay a penalty of five thousand rupees or three per cent of the amount of tax involved, whichever is higher.

    17. Any person who fails to fulfil any of the conditions, limitations or restrictions prescribed in a Notification issued under any of the provisions of this Act. (Section 71 & General)

    Such person shall pay a penalty of five thousand rupees or three per cent of the amount of tax involved, whichever is higher.

    18. Where any officer of Inland Revenue authorized to act under this Act, acts or omits or attempts to act or omit in a manner causing loss to the sales tax revenue or otherwise abets or connives in any such act.

    Such officer of Inland Revenue shall be liable, upon conviction by a Special Judge, to imprisonment for a term which may extend to three years, or with fine which may extend to amount equal to the amount of tax involved, or with both.

    19. Any person who contravenes any of the provision of this Act or the rules made thereunder for which no penalty has, specifically, been provided in this section.

    Such person shall pay a penalty of five thousand rupees or three per cent of the amount of tax involved, whichever is higher.

    21. Where any person repeats an offence for which a penalty is provided under this Act  Such person shall pay twice the amount of penalty provided under the Act for the said offence.

    (Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)

    READ MORE: Penalty for violating embargo placed on goods removal

  • Customs I&I Multan auctions POL products on Dec 7

    Customs I&I Multan auctions POL products on Dec 7

    ISLAMABAD: The Directorate of Customs Intelligence and Investigation, Multan has announced the auction of a huge quantity of confiscated POL (petroleum) products on December 07, 2021.

    The directorate invited sealed quotations/bids along with 25 per cent earnest money in the form of pay order or bank demand in favor of collector of customs from the oil marketing companies (OMCs) to purchase the same on as is where is basis.

    The directorate will auction about 188,509 liters of high-speed diesel and 70,000 liters of crude oil and hydrocarbon oil.

    As per law 10 per cent withholding tax shall be paid by the successful bidder/offer of the accepted bid amount of the auctioned subject POL products.

    Interested/eligible bidders or offerers (OMCs) may participate in auction by way of submission of sealed tender/offer, in the name of the director of customs.

    The directorate said that the sealed tenders must be submitted up to 1:00PM on December 7, 2021. The tender shall be opened at 2:00PM on the same day in the presence of all participants.

    The highest tender/offer shall be considered for processing of the case and submitted to the competent authority.

    In case of acceptance of the offer, rest of the amount shall be paid by the successful bidder within a period of seven days. In case of rejection of the bid earnest money shall be refunded to the bidder.

    Customs I&I to auction old, used vehicles on Nov 17
  • FBR identifies 482 retailers for POS integration

    FBR identifies 482 retailers for POS integration

    ISLAMABAD: The Federal Board of Revenue (FBR) has identified 482 retailers for mandatory integration of Point of Sale (POS) with the tax online system for sharing sales in real-time.

    The FBR issued the list of 482 retailers by notifying Sales Tax General Order (STGO) No. 6 of 2022 dated December 03, 2021.

    The FBR said that the Finance Act, 2019 added sub-section (6) to section 811 of the Sales Tax Act, 1990 whereby a Tier-1 Retailer who did not integrate its retail outlet in the manner prescribed under sub-section (9A) of section 3 of the Sales Tax Act, 1990 during a tax period, its adjustable tax for that period would be reduced by 15 per cent. The figure of 15 per cent has been raised to 60 per cent vide Finance Act, 2021.

    READ MORE: POS installation offers reduced tax rates: LTO Karachi

    In order to operationalize this important provision of law, a system-based approach has been adopted whereby all Tier-1 retailers who are liable to integrate but have not yet integrated, with effect from July-2021 (Sales Tax Returns filed in August 2021) are to be dealt with as per the procedure laid down in STGO No. 1 of 2022 issued on August 03, 2021.

    Vide the instant STGO No. 6, a list of 482 identified tier-1 retailers has been placed on FBR’s web portal at www.fbr.gov.pk allowing them to integrate with FBR’s system by December 10, 2021, and the procedure of exclusion from this list of 482 identified retailers shall apply as laid down in Para 2 of STGO 1 of 2022 dated 03.8.2021.

    Upon the filing of Sales Tax Return for the month of November 2021 for all hereby notified retailers not having yet integrated, their input tax claim would be disallowed as above, without any further notice or proceedings, creating tax demand by the same amount.

    FBR issues list of 1136 retailers for POS integration