KARACHI: Officials of Large Taxpayers Office (LTO) Karachi have apprised the business community that installation of Point of Sale (POS) offered reduced rate of sales tax.
A team of tax officials from Large Tax Office (LTO) Karachi visited Pakistan Business Council (PBC) on Wednesday to discuss the integration of Tier-1 retailers, a statement said on Wednesday.
The purpose of the visit was to listen and redress the grievances regarding the online integration of Tier-1 retailers / Point of Sale (POS) with the FBR system.
It was apprised to the members that the POS integration of retailers does not involve new tax, rather it gives the benefit of reduced rate of sales tax to consumers who buy the goods from integrated Tier-1 retailers.
The LTO Karachi team was comprised of officers included: Shakeel Ahmad Kasana, Commissioner-Inland Revenue (IR); Aijaz Hussain, Additional Commissioner-IR; Shoukat Ali Changezi, Additional Commissioner-IR; Abdul Hameed Mangrio Deputy Commissioner-IR; and Amjad Ali Moroojo, Audit Officer-IR.
The representatives of the PBC were: Ehsan A. Malik, Chief Executive; Samir S. Amir, Director Research; and Aman Chanchi, Unilever Pakistan.
The Commissioner-IR briefed the members regarding the scope and purpose of POS integration.
A formal presentation was given by Abdul Hameed Mangrio, Deputy Commissioner which was followed by Q&A session.
The delegation requested the members to encourage the Tier-1 retailers to get integrated with the FBR system for ease of reporting of sales and avoid unnecessary documentation besides enjoying reduced rates of tax on their supplies.
The members of the Council appreciated the outreach efforts of FBR to remove the misconception and misgivings regarding the online integration of retailers with the FBR system.
They appreciated the system and informed that Pakistan Business Council is always encouraged to promote documentation of the economy and Point of Sale (POS) is the right step in this direction.
They also assured their active engagement for making the Point of Sale (POS) integration a success story for the larger interest of the country and the documentation of the economy.
KARACHI: The share market fell by 293 points on Wednesday as selling pressure remained unabated during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,373 points as against previous day’s closing of 44,667 points.
Analysts at Arif Habib Limited said that selling pressure continued unabated at the bourse, courtesy of foreign investors.
Eye watering commodity prices, especially Coal, have had their bearing on Cement and Steel sector stocks and had ripple effects on O&GMCs, E&P sectors due to concerns over potential increase in circular debt emanate from rising energy costs.
A key conditionality from IMF for resumption of program has been upward revision in electricity tariff, besides an end to subsidies and increase in tax revenues.
These measures in part or whole are expected to dent earnings growth of the corporate sector in the coming quarters, which is reflecting on stock prices as well.
Ripple effects of selling in cyclical as well as oil & gas chain are observed in overall market with significant selling pressure in TRG among tech sector stocks. Among scrips, UNITY led the volumes with 25.7 million shares, followed by TELE (20.1 million) and WTL (16.8 million).
Sectors contributing to the performance include Cement (-91 points), Textile (-36 points), Banks (-35 points), Technology (-30 points), Fertilizer (-24 points) and E&P (+36 points).
Volumes declined from 334.6 million shares to 252.8 million shares (-25 per cent DoD). Average traded value also declined by 26 per cent to reach US$ 59.0 million as against US$ 79.2 million.
Stocks that contributed significantly to the volumes include UNITY, TELE, WTL, TREET and BYCO, which formed 35 per cent of total volumes.
Stocks that contributed positively to the index include MARI (+43 points), UBL (+22 points), MTL (+8 points), COLG (+5 points) and NATF (+4 points). Stocks that contributed negatively include HBL (-28 points), CHCC (-24 points), KTML (-20 points), LUCK (-19 points) and ENGRO (-16 points).
ISLAMABAD: Prime Minister Imran Khan on Tuesday said that taxpayers’ money should be returned to Pakistan from those whose names were revealed by the Pandora papers.
The prime minister has chaired a meeting of the federal cabinet.
The cabinet was informed that initially, the Prime Minister’s Inspection Commission will meticulously review the record of all those Pakistanis which are named in Pandora Revelations and decide about legal proceedings according to the outcome of such investigations. “The taxpayers’ money should return to Pakistan,” the Prime Minister remarked.
The meeting was briefed on the introduction of electronic voting machines and giving voting rights to Overseas Pakistanis.
In this lieu the process of taking opposition on board is underway. Emphasizing the importance of EVMs the Prime Minister said that for the country’s greater good, the government wants to bring transparency in election process.
Effective awareness campaign should be launched to highlight the usefulness of electronic voting machines, he added.
SAPM for National Health Services Dr Faisal Sultan gave a detailed briefing to the Cabinet on admission test in medical colleges. The meeting was told that the admission test is conducted to produce professionally competent doctors and dentists. High standards of medical education are necessary as doctors have to save human lives.
In this regard, a uniform entrance test at par with prevalent international best practices is set up which is marked with the help of modern technology. The purpose of the entrance test is to test the actual intelligence and not to merely pass the exam on the basis of the rote learning. Each student’s exam is different from the other so that the chances of copying are eliminated.
About 200,000 students take the medical admission test every year for 20 thousand seats. Due to lack of resources, it is not possible to arrange computers or laptops for 200000 students at the same time during admission tests. The pool of questions for the exam is made in accordance with the syllabus in which different questions are included in the questionnaire.
The Supreme Court has directed that medical entrance tests be conducted uniformly across the country. The cabinet agreed that Effective and transparent admission test system is of great importance and is necessary as these individuals, later on, have to save human lives by becoming doctors.
The cabinet allowed the MetLife-Alico company to move abroad its capital (received in lieu of its sale proceeding) in accordance with Securities and Exchange Commission of Pakistan’s regulations.
The Cabinet approved a reduction in the punishment of prisoners on the auspicious occasion of Eid Milad-ul-Nabi. The Cabinet directed that Eid Milad-ul-Nabi (PBUH) be celebrated on a grand scale. Moreover, it was decided that the ten days from 3rd Rabi ul Awwal to 13th Rabi ul Awwal will be dedicated to Rehmat al Alameen (PBUH).
The Cabinet approved the appointment of experts in committee on drug research under Drug (Research) Rules, 1978. These experts posted hail from Punjab, Sindh, Khyber Pakhtunkhwa and Balochistan. These experts will help in research on medicines in Pakistan.
The Cabinet allowed the promotion of important and life saving drugs in light of the recommendations of the Drug Regulatory Authority.
In order to provide winter relief for domestic consumers and keeping in view the paucity of Natural gas, the Cabinet approved usage of electricity instead of gas on the recommendation of the Cabinet Committee on Energy. In addition to the above, the domestic electricity customers will also have the facility that if they use more units this winter than the previous year, they will be charged additional units at a lower price.
The decisions taken by the Economic Coordination Committee in the meeting held on 30 september 2021 were also ratified. The decisions taken by the Cabinet Committee on Legislation in the Meeting of 30 September 2021 were also ratified.
The Cabinet directed all ministries to use E-Procurements System. All the tenders should be run in a completely transparent manner and the procurement process should eliminate corruption. The Cabinet directed to form a three members committee that will make a comprehensive assessment of electricity and construction contracts entered by the previous governments, especially road construction contracts and will present the report to the cabinet. The committee will comprise Federal Ministers Fawad Ahmed Chauhdary and Hammad Azhar.
The Cabinet approved submission of the recommended Code of Conduct by Census Advisory Committee to the Council of Common Interests for the Seventh Census.
The Census Rules contain the following recommendations:
-The census will be conducted in accordance with the Constitution and law.
-Adherence to the principles laid by United Nations for Census.
-Setting up of a census-specific unit and master plan.
-Updation of maps.
-Taking on board all Stake Holders.
-Questionnaire for census
– Conducting Pilot exercise for Census
– Census Awareness Campaign
-Training of Personnel
-Code for Data Collection
– Monitoring of Field Teams
-Security arrangements for field teams
– An after census Survey for verification
-Establishment of National Census Liaison Centre
Keeping in view the security reasons, the Cabinet approved the appointment of Security personnel for by-elections in Azad Jammu and Kashmir.
The Cabinet approved the allotment of land in Islamabad for the construction of purpose-built buildings for Panahgahs.
Analysts at Arif Habib Limited said that market lost further ground today by shedding 451 points during the session and closing -378 points.
Discussions with IMF are still ongoing with the hope of near-term resolution and resumption of the IMF program. Besides IMF program worries, continued pressure on PKR parity with USD has also caused concern amongst investors, especially foreigners who have lately started selling PK equities.
Among technology stocks, Octopus hit the upper circuit, whereas other tech stocks remained under pressure, especially TRG which saw selling pressure despite anticipation of high earnings.
Among scrips, TELE topped the volumes with 30.3 million shares, followed by ANL (19.5 million) and GGL (18.5 million).
Sectors contributing to the performance include Cement (-170 points), Technology (-99 points), Fertilizer (-45 points), Banks (-23 points) and O&GMCs (-17 points).
Volumes increased from 267.2 million shares to 334.7 million shares (+25 per cent DoD). The average traded value also increased by 34 per cent to reach US$ 79.3 million as against US$ 59.1 million.
Stocks that contributed significantly to the volumes include TELE, ANL, GGL, WTL and BYCO, which formed 30 per cent of total volumes.
Stocks that contributed positively to the index include MARI (+74 points), UBL (+19 points), HUBC (+18 points), PSEL (+13 points) and EPCL (+11 points). Stocks that contributed negatively include LUCK (-66 points), TRG (-65 points), OGDC (-34 points), SYS (-27 points) and MLCF (-24 points).
KARACHI: The dollar maintained the highest peak against the Pak Rupee in the interbank foreign exchange market on Tuesday.
The rupee ended Rs170.80 to the dollar, which is also the same previous day’s closing level in the interbank foreign exchange market. The dollar is at the highest level against the local unit.
Currency experts said that a day earlier the State Bank of Pakistan (SBP) took another measure to support the rupee. The central bank reduced the retention period of foreign exchange by exporters from five days to three days.
They said that the dollar demand for import payment remained high. The dollar demand had increased further after the reports of 65 per cent growth in import bill during the first quarter of the current fiscal year.
KARACHI: The State Bank of Pakistan (SBP) on Monday reduced the retention period of foreign exchange in the shape of export receipts and remittances of export commission.
The index closed at 45,045 points as against last Friday’s closing of 44,872 points.
Analysts at Arif Habib Limited said that increased foreign outflow (due to reclassification of Pakistan from MSCI EM to MSCI Frontier market) in recent sessions has put an added pressure on the Index and today was no different.
Outflows from E&P, Banks and Fertilizer sector kept the local investors poised for further downside in these sectors and reflection of that was witnessed in PPL, POL, HBL, SYS, EFERT.
Uptick in NETSOL, TRG and AVN just prior to commencement of trading in Octopus digital, helped the index turn green, which was otherwise down by 310 points during the session.
The lost points saw recovery by the close of session and added a net gain of 153 points (unadjusted). Among scrips, TELE topped the volumes with 25.6 million shares, followed by WTL (21.6 million) and SMBL (14.7 million).
Sectors contributing to the performance include Technology (+70 points), Pharma (+48 points), Food (+21 points), Chemical (+18 points) and Inv Banks (+13 points).
Volumes remained the same at 267.2 million shares (+0.1 per cent DoD). Average traded value also increased by 12 per cent to reach US$ 59.1 million as against US$ 52.8 million.
Stocks that contributed significantly to the volumes include TELE, WTL, SMBL, BYCO and GGL, which formed 33 per cent of total volumes.
Stocks that contributed positively to the index include TRG (+49 points), SEARL (+39 points), COLG (+17 points), AVN (+17 points) and ENGRO (+16 points). Stocks that contributed negatively include PPL (-23 points), LUCK (-21 points), POL (-12 points), FFC (-11 points) and CHCC (-8 points).
Section 224 of Income Tax Ordinance, 2001 explicitly declares that any proceedings before the Commissioner, Commissioner (Appeals), or Appellate Tribunal are to be treated as judicial proceedings.
Section 223 of Income Tax Ordinance, 2001 allowed a taxpayer to nominate a representative for an appearance on his/her behalf before the tax authorities.
223. Appearance by authorised representative. — (1) Any taxpayer who is entitled or required to attend before the Commissioner, the Commissioner (Appeals) or the Appellate Tribunal in connection with any proceeding under this Ordinance may, except when required under section 176 to attend personally, attend by an authorised representative.
(2) For the purposes of this section and subject to sub-section (3), an authorised representative of a taxpayer shall be a person who is a representative of the person under section 172 and any of the following persons, namely:–
(a) A relative of the taxpayer;
(b) a current full-time employee of the taxpayer;
(c) any officer of a scheduled bank with which the taxpayer maintains a current account or has other regular dealings;
(d) any legal practitioner entitled to practice in any Civil Court in Pakistan;
(e) any accountant; or
(f) any income tax practitioner.
(3) For the purposes of this section —
(a) no person who has been dismissed or removed from service in the Income Tax Department shall be entitled to represent a taxpayer under sub-section (1);
(b) no person having resigned from service after having been employed in the Income Tax Department for not less than two years shall be entitled to represent a taxpayer under sub-section (1) for a period of two years from the date of resignation;
(c) no person having retired from service in the Income Tax Department shall be entitled to represent a taxpayer under sub-
section (1) for a period of one year from the date of retirement in any case in which the person had made or approved, as the case may be, any order of assessment, refund or appeal within one year before the date of retirement; or
(d) no person who has become insolvent shall be entitled to represent a taxpayer under sub-section (1) for so long as the insolvency continues;
(e) no person who has been convicted of an offence in relation to any income tax proceedings under this Ordinance shall be entitled to represent a taxpayer under sub-section (1) for such period as the Commissioner may, by order in writing, determine.
(4) Where any legal practitioner or accountant is found guilty of misconduct in a professional capacity by any authority entitled to take disciplinary action against the legal practitioner or accountant, an order passed by that authority shall have effect in relation to any right to represent a taxpayer under sub-section (1) as it has in relation to the person’s right to practice as a legal practitioner or accountant.
(5) Where any person (other than a person to whom sub-section (4) applies) is found guilty of misconduct in relation to any income tax proceeding, the Commissioner may, by an order in writing, direct that the person cease to represent a taxpayer under sub-section (1) before the Commissioner, Commissioner (Appeals) or Appellate Tribunal.
(6) The Commissioner shall not make an order under clause (e) of sub-section (3) or sub-section (5) in respect of any person, unless the Commissioner has given the person a reasonable opportunity to be heard.
(7) Any person against whom an order under clause (e) of sub-section (3) or sub-section (5) has been made may, within thirty days of service of notice of the order, appeal to the Board to have the order cancelled.
(8) The Board may admit an appeal after the expiration of the period specified in sub-section (7) if satisfied that the appellant was prevented by sufficient cause from lodging the appeal within the period.
(9) No order made under clause (e) of sub-section (3) or sub-section (5) shall take effect until thirty days after notice of the order is served on the person or, where an appeal has been lodged under sub-section (7), until the disposal of the appeal.
(10) The Board may make rules under section 237 for the registration of income tax practitioners and related matters, including establishing a code of conduct for such practitioners.
(11) In this section –
“accountant” means –
(a) a chartered accountant within the meaning of the Chartered Accountants Ordinance, 1961 (X of 1961);
(b) a cost and management accountant within the meaning of the Cost and Management Accountants Act, 1966 (XIV of 1966); or
(c) a member of any association of accountants recognised for the purposes of this section by the Board; and
“income tax practitioner” means a person who is registered as such by the Board, being a person who possesses such qualifications as may be prescribed for the purposes of this section or who has retired after putting in satisfactory service in the Income Tax Department for a period of not less than ten years in a post or posts not below that of Income Tax Officer.
(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.)
222. Appointment of expert. — The Commissioner may appoint any expert as the Commissioner considers necessary for the purposes of this Ordinance, including for the purposes of audit or valuation.
222A. Fee and service charges.- (1) The Board with the approval of Federal Minister-in-charge may, be notification in the official Gazette, and subject to such conditions, limitations or restrictions as it may deem fit to impose, levy fee and services charges for valuation or in respect of any other service or control mechanism provided by any formation under the control of the Board, including ventures of public-private partnership at such rates as may be specified in the notification.
(2) The Board may authorize and prescribe the manner in which fee and service charges collected including by ventures of public-private partnership under this section are expended.
(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.)
