ISLAMABAD: The Federal Board of Revenue (FBR) has deferred the implementation of a digital mode of payment for another month i.e. December 31, 2021.
The digital mode of payment has been made mandatory for the corporate sector, which was to be implemented from December 01, 2021.
The FBR issued circular No. 10 of 2021-22 on Wednesday to allow further extension till December 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 December 31, 2021.”
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 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.
KARACHI: Mobilink Microfinance Bank Limited (MMBL), Pakistan’s largest digital bank, has retained its market standing as a leader in terms of microcredit and micro-savings during the third quarter of the financial year 2021.
This was disclosed in the latest report released by Pakistan Microfinance Network (PMN).
MicroWatch- A Quarterly Update on Microfinance Outreach in Pakistan, in its latest edition (Issue 61) evaluated Pakistan’s microfinance landscape for Q3, 2021 and stated that MMBL remains the largest provider of microcredit in terms of clients with over 2 million active borrowers and retained its position as a key industry leader by dominating 24.6% of the total market share.
The primary driver behind MMBL’s growth was m-Wallets, which increased by 1.8 million in the third quarter. The report concluded that, in the microfinance industry, M-Wallets held 81% of the total depositors with 14% of the total value of deposits, while the remainder 19% were traditional branch banking accounts worth 86% of the deposits. MMBL’s market share grew by 51% in terms of depositors by the end of the third quarter. MMBL has also been one of the key drivers of the growth in the Gross Loan Portfolio (GLP).
Commenting on MMBL’s growth in Q3 of 2021, President & CEO MMBL Ghazanfar Azzam said, “Digital payments are on the rise in Pakistan and MMBL is a frontrunner in providing digital financial services to the masses. Nearly two million new m-wallets resulted in a 51% growth in MMBL’s market share, which attests to the fact that the Bank is a major contributor to holistic economic growth. Digital financial inclusion is at the core of MMBL’s goals and to accomplish this goal, MMBL is striving to provide products and services to millions of Pakistanis through its expansive digital financial ecosystem.”
The report also depicted a steady growth trajectory by the end of the third quarter of the year and stated that the microfinance industry in Pakistan is on a path to recovery from the adverse effects of the global crisis instigated by the COVID-19 pandemic.
MMBL is dedicated to empowering people through its diverse digital portfolio, thereby enhancing access to equitable financial services all across the country. The sharp uptick in subscriptions is indicative of the growing customer faith in the bank, driven by its constant innovation and the corresponding technological advancements to stay ahead and relevant at all times.
The Federal Board of Revenue (FBR) on a complaint of a taxpayer initiated an inquiry against Syed Zubair Shah, a BS-19 officer of IRS.
M/s. Pak Steel Re-Rolling Mills, Islamabad lodged a complaint against the IRS officer last year.
The FBR appointed Ms. Qaisara Fatima (IRS/BS-20) as Inquiry Officer to probe the charges against the accused officer. The inquiry officer submitted a report on December 04, 2020 with the findings that the charges of corruption and misconduct were proved against the officer.
On the basis of the inquiry report, a Show Cause Notice was issued on 22.12.2020 to the accused officer with the directions to show cause within seven (07) days of the receipt as to why one or more penalties including Major Penalty of “Dismissal from Service” under Government Servants (Efficiency & Discipline) Rules, 1973 may not be imposed upon him.
The accused officer furnished a reply to the Show Cause Notice and denied charges leveled against him and sought an opportunity of personal hearing which was granted by the Authorized Officer on 21.01.2021.
The accused officer challenged the evidence and the Authorized Officer directed the Inquiry Officer to get a forensic audit conducted from the Cyber Crime Wing of FIA. The Inquiry Officer repeatedly directed the accused officer to get his voice recorded for purpose of his voice samples to be produced before FIA authorities; however, there the accused was reluctant and avoided getting his voice recorded. Accordingly, to decide the case another opportunity for a personal hearing was granted by the Authorized Officer on 08.11.2021.
Moreover, the inquiry officer sent the evidence for a forensic audit to the FIA, which contained the voice of the accused and Chief Accountant of M/s. Pak Steel Re-Rolling Mills, Islamabad. The report received from FIA on the telephonic conversation clearly states that spectrogram analysis of audio files obtained from the cell phone of the complainant depicts no sudden variations in pitch and frequency. Therefore, the FIA’s report regarding the conversation recorded on the CD (evidence) confirmed the voice/conversation of the accused officer with the complainant.
After examining the record of the case, written reply of the accused officer including a reply to the Show Cause Notice and findings of the inquiry officer, the Authorized Officer recommended imposition of a major penalty of “dismissalfrom service” under Rule 4(1)(b)(iv) of Government Servants (Efficiency and Discipline) Rules, 1973 upon Syed Zubair Shah (IRS/BS-19).
The Competent Authority, i.e Secretary Revenue Division after considering all the aspects and material relating to the case, defense of the accused officer including a reply to the Show Cause Notice, findings of the inquiry officer, and recommendations of the Authorized officer, has decided to impose a major penalty of “dismissal from service” under Rule 4(1)(b)(iv) of Government Servants (Efficiency and Discipline) Rules, 1973 upon Syed Zubair Shah (IRS/BS-19) presently posted as Secretary (Admin Pool), Federal Board of Revenue (HQ), Islamabad (under suspension).
In light of the above, a major penalty of “dismissal from service” is imposed upon Syed Zubair Shah (IRS/BS-19), Secretary (Admin Pool), Federal Board of Revenue (HQ), Islamabad as laid down in sub-clause (iv) of clause (b) of sub Rule (1) of Rule 4 of the Government Servants (Efficiency & Discipline) Rules, 1973 with immediate effect.
Syed Zubair Shah (IRS/BS-19), shall have the right to appeal to the Appellate Authority under Civil Servants (Appeals) Rules, 1977 within a period of 30 days from the date of communication of this Notification, as provided under the relevant Rules.
President Dr Arif Alvi has provided relief to 6 different victims of bank fraud by upholding the decisions of the Banking Mohtasib ordering private banks to refund a collective sum of over Rs 827,000 to the accountholders.
The President rejected 05 different representations of Habib Bank Limited (HBL) and 01 representation of Meezan Bank Limited against the decisions of Banking Mohtasib directing them to make good the loss of the victims of bank fraud by crediting the lost money to their individual bank accounts.
As per the details of the cases, Muhammad Pervaiz Khan, Kashif Latif, Naimat Ali, Intezar Ahmed, Ms Asia Manzoor, and Mohsin Shabbir (the complainants) had been maintaining their individual bank accounts with HBL.
They received calls from unknown numbers and the callers posed as bank officials and asked them to share their personal credentials which they did. The callers managed to defraud Pervaiz Khan of Rs 333,300, Latif of Rs 140,000, Naimat of Rs 137,489, Intezar of Rs 119,848, Ms Asia of Rs 78,780 and Shabbir of Rs 20,108 by fraudulently transferring funds from their bank accounts.
Afterward, they received alerts about hefty amounts being withdrawn from their bank accounts. The complainants approached the bank to get their defrauded amounts refunded, however, they were not given any relief.
Later, the complainants approached the Banking Mohtasib individually to seek redressal of their complaints. The Banking Mohtasib in its decision wrote that the bank had activated fund transfer service i.e., IB/EFT channel by default without informing the complainants and had not divulged the pros and cons of the “fund transfer” facility in terms of Section 30 of Payment System and Electronic Fund Transfer Act-2007.
It noted that since the facility was unsolicited, therefore, any financial loss in this regard cannot be categorized as “customer liability”.
It further observed that had IB/EFT channel not been made operational by the bank, the complainants could have avoided the financial loss.
The Banking Mohtasib held that the bank could not produce any evidence to the effect that it had complied with the provisions of law, rules and regulations and ordered the bank to refund the defrauded money to the complainants.
Subsequently, the banks filed representations with the Honorable President against the decisions of the Mohtasib.
The President in his decision observed that the banks were given ample opportunity to defend and controvert the claims of the complainants, however, they failed to provide any justification to upset the orders of the Mohtasib.
“The Banks failed to discharge their duty and the legal responsibility cast upon them under the law”, the President noted while rejecting the appeals as being devoid of any merit.
ISLAMABAD: The government Tuesday decided to keep the prices of petroleum products unchanged for the next fortnight till December 15, 2021.
A notification said that the prices of petroleum products will be the same as notified on November 15, 2021.
Petrol would be sold at Rs145.82 per liter; High-Speed Diesel at Rs142.62 per liter; kerosene oil at Rs116.53 per liter and light diesel oil at Rs114.07 per liter, according to a press statement issued by the finance ministry here.
Tarin was addressing a virtual meeting of the Pay and Pension Commission.
The Commission is headed by Zafar Ahmed Khan and is composed of senior professionals from public and private sectors as well as serving Federal and Provincial Secretaries, AJK and GB and other senior officers of the governments also attended the meeting.
Speaking on the occasion, the Adviser underscored that current model for pay and pension is not sustainable and there is a need to rationalize the salaries, allowances, perks etc. on the basis of performance and quality work.
The performance of the employees may be assessed on the basis of setting targets and KPIs and simultaneously best performers may be compensated with rewards.
The Adviser stressed for removal of anomalies in basic pay structure and suggested a uniform basic pay structure for all the organizations. He suggested for the adoption of internationally accepted practices in the matter of pensions.
Tarin emphasized that there is a need to work out ranges for linking compensation with performance. This will ensure meritocracy in the recruitment and result in improved service delivery in the public sector.
The Adviser further extended his full support and cooperation to the Commission.
Chairman, Pay and Pension Commission thanked Adviser to the PM on Finance and Revenue for his keen interest and ownership of the work of the Pay and Pension Commission. He assured that the Commission will do its best to come up to the expectations of the Government and would present an actionable set of recommendations to the Government for rationalizing the pays of the public servants.
ISLAMABAD: The Federal Board of Revenue (FBR) – Pakistan’s apex revenue collecting agency – has collected over Rs2.31 trillion during the first five months (July – November) of the fiscal year 2021/2022.
According to provisional statistics released by the FBR on Tuesday, the net revenue collection is at Rs2.314 trillion during the first five months, which is Rs298 billion higher than the target of Rs2.016 trillion for the period.
This represents a growth of about 36.5 per cent over the collection of Rs. 1.695 trillion during the same period last year.
While chasing the target of Rs 408 billion fixed for the month of November 2021, the net collection for the month realized Rs. 470 billion, which is Rs 62 billion in excess of the assigned monthly target, representing an increase of 35.2 per cent over Rs 348 billion collected in November 2020.
These figures would further improve before the close of the day and after book adjustments have been taken into account, the FBR said.
On the other hand, the gross collections increased from Rs. 1,783 billion during July-November, 2020 to Rs. 2,437 billion in current Financial Year, showing an increase of 36.7 per cent.
The amount of refunds disbursed was Rs 123 billion during July- November 2021 compared to Rs. 88 billion paid last year, showing an increase of 40.5 per cent.
It is pertinent to mention that after collecting over Rs. 4.7 trillion and exceeding its assigned revenue targets set for tax year 2020-21, FBR has successfully maintained the momentum set in July, 2021.
Its tax collection posted historic high growth in the first quarter of the current fiscal year. During the first four months (July-October), FBR has far surpassed its revenue target by Rs 233 billion.
This spectacular performance in the first five months of the current financial year clearly shows that FBR is well on its way to achieving the assigned target of Rs. 5.829 trillion for the year despite the daunting challenges, compelling constraints posed by the corona pandemic, and sporadic tax cuts announced by the government as relief and price stabilization measures.
On the recommendation of the Ministry of Aviation, the Cabinet approved the renewal of aviation licenses of M/S SERENE AIR, M/S AIRBLUE, M/S PIACL and M/S PRINCELY JETS under the National Aviation Policy 2019.
Federal Minister Asad Omar briefed the Cabinet on the new variant of COVID-19, Omicron. The meeting was informed that the new variant originated in Africa. According to initial reports, the rate of spread is very high. The cabinet called for the implementation of COVID SOPs such as use of mask in public places, social distancing, and vaccinations for public safety.
The Cabinet was briefed regarding the introduction of an electronic voting machine and the empowerment of Overseas Pakistanis to vote. Federal Minister Shibli Faraz gave a briefing on procurement of Electronic Voting Machines, training of staff, responsibilities of concerned agencies, public awareness campaign and timely delivery. The cabinet expressed grave concerns over the release of a video of alleged vote-buying during the by-elections in N.A 133. The cabinet said such illegal actions were anti-democratic.
Keeping in view the transparency, the Cabinet directed the concerned departments to clarify about the audit report on the package for COVID-19.
Advisor for Finance presented a comparative review of the prices of essential commodities to the Federal Cabinet.
Weekly inflation fell to 0.67%. Prices of 5 Commodities have seen a reduction trend. The Cabinet was informed that apart from the prices of ghee and tea leaves in the region, prices of all other household items are lower in Pakistan.
These items include flour, grams, dal mash, dal mung, tomato, onion, chicken and petrol. The Cabinet was informed that the prices of flour, sugar, lentils and gram lentils in Sindh are much higher than other provinces. The Cabinet expressed grave concerns over the rising prices of essential commodities in Sindh.
Petroleum Division briefed the Cabinet on the vacancies of MD and CEO in the organizations under the division. The Cabinet was informed that at present 04 posts are vacant on which appointment process is in progress.
The Cabinet, on the recommendation of the Ministry of Aviation, approved the delimitation of high-rise buildings around airports under the Civil Aviation Authority Rules. The height limit of buildings in Islamabad Blue Area has been fixed at 1000 feet. The decision will also help prevent the rampant spread of urban boundaries, save vegetables and preserve agricultural land.
On the recommendation of the Ministry of Commerce, the Cabinet allowed the staff stationed at the Pakistani Embassy in Tehran to import personal vehicles on repatriation under the Hardship Policy.
On the recommendation of the Ministry of Interior, the Cabinet approved to increase the visa period from 120 days to 150 days for those coming to Pakistan from Tablighi Jamaat from abroad. The Cabinet also approved to grant 45 days Visa on Arrival for Tablighi Jamaat. Visas can be obtained through the online visa portal.
Cabinet approved procedure for appointment of EOBI (Employees Old-Age Benefits Institution) Chairman. This appointment will be carried out under the Competitive Process of Management Position Scale Policy 2020.
Cabinet on the recommendation of the Ministry of Overseas Pakistanis postponed approval to issue Overseas Employment Promoter Licenses. The Cabinet directed that a procedure be worked out within a week to review the work of these promoters. Special care should be taken that promoters should not be illegally charging extra money from those travelling abroad.
The Cabinet ratified the decisions taken at the meeting of the Committee on Institutional Reforms held on 12 November 2021. The meeting recommended the reorganization of the Pakistan Gems and Jewelery Development Company.
The Cabinet ratified the decisions taken at the meeting of the Committee on Energy held on 18 November 2021.
The Committee on Energy had recommended Gas Load Management Plan for Winter 2021-22 and setting up of Oil Depot at Kemari Karachi. Gas Load Management Plan for Winter 2021-22:-
Domestic gas will be reserved for domestic consumers only because of its low cost. The CNG sector will be closed from 01 December 2021 to 15 February 2022. Gas supply to IPPs and fertilizer factories will continue.
Gas supply to export sector industries will continue.
Power plants running on LNG will be provided 5 per cent additional gas.
Electricity prices have been reduced for domestic consumers in winter (Rs. 12.96 per kWh) to meet the gas shortage.
Gas saved from CNG, Cement and Captive Power will be used for domestic consumption.
A public awareness campaign is being launched to save gas.
On the recommendation of the Ministry of Commerce, the Cabinet approved the import of MONTANIDE OIL from France for the treatment of Foot-and-Mouth disease in cattle in Punjab.
On the recommendation of the Ministry of Information and Broadcasting, the Cabinet approved setting up of a selection board for the appointment of Chairman ITNE and Chairman Press Council of Pakistan. The Selection Board for Chairman ITNE will consist of the Minister of Information, Secretary Information, Additional Secretary Information, Grade 21 Representatives of Establishment Division and Ministry of Law. The Selection Board for the Chairman Press Council of Pakistan will consist of the Minister of Information, Secretary Information, Additional Secretary Information, Representatives of Establishment Division and Ministry of Law.
Cabinet approved the appointment of Muhammad Saleem as Chairman Privatization Commission.
Federal Minister for Industries and Production gave a detailed briefing to the Cabinet on the current stock and prices of fertilizers in the country. The meeting was informed that this year the fertilizer companies released 53 per cent more fertilizer to the dealers in Sindh as compared to the previous year, due to which there was shortage of urea in Punjab and other areas and the price had gone up.
However, on the directions of the Prime Minister, measures were taken to reduce this disparity and against hoarders, which resulted in an average reduction of Rs. 400 per sack.
At present a sack of urea is available in Gujranwala for Rs. 1850. There is a surplus of 200,000 tons of fertilizer compared to the domestic demand. The Cabinet was informed that an online portal has been set up to monitor the supply of fertilizers through which the federal government, provinces and all district administrations can monitor the movement and stock of fertilizers.
Punjab has taken several steps since November 13 to curb the hoarding of fertilizers. Among them 347 FIRs, 244 arrests, 21111 inspections, 480 warehouse seals and fines of Rs 2.79 crore have been imposed.
In addition, control rooms have been set up in each district where complaints related to shortage of fertilizers, hoarding and profiteering can be lodged. Checkpoints have been set up at provincial borders to curb smuggling. Amendments are being made to the relevant laws against hoarding and profiteering in which informants will be rewarded in proportion to the confiscated property.
The Cabinet ratified the decisions taken at the meeting of the Economic Co-ordination Committee held on November 29, 2021. Approval to hold a special meeting of OIC Foreign Ministers in Pakistan. Approval of 50,000 tons of wheat aid to Afghanistan.
ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) has increased by 11.5 per cent on a Year-on-Year (YoY) basis in November 2021, the Pakistan Bureau of Statistics (PBS) said on Tuesday.
KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 30, 2021 (The rates are updated at 11:48 AM Pakistan Standard Time):
