Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • FBR asked to redouble efforts for broadening tax base

    FBR asked to redouble efforts for broadening tax base

    ISLAMABAD: Shaukat Tarin, Adviser to the Prime Minister on Finance and Revenue, on Monday asked the Federal Board of Revenue (FBR) to redouble its efforts for broadening the tax base.

    The adviser expressed his full support and confidence to the FBR team and advised to redouble their efforts and launch the taxpayer outreach initiative at the earliest to expand the existing tax base and boost the revenue collection. Tarin chaired a meeting on broadening of the tax base by the FBR at the Finance Division.

    Chairman FBR, senior officers from FBR, and Finance Division attended the meeting.

    Chairman FBR and his team gave a detailed presentation on the progress on readiness for potential taxpayer outreach initiatives to boost revenue growth and resource mobilization.

    Chairman FBR apprised the Adviser that pragmatic steps have been initiated for the compilation of data, with the support of NADRA, which would be available to potential and current taxpayers in a presentable and comprehensible manner through a web portal.

    Key challenges to reaching out to potential and current taxpayers, public awareness, and confidence-building measures taken by FBR were also discussed in the meeting.

    The adviser lauded the steps taken by FBR and stressed that efficient and robust communication with the taxpayers should be at the center of activity undertaken by FBR to harness public support for its efforts for broadening the tax base and promoting a tax compliant culture in the country.

    FBR offers help to provinces in broadening agri tax base
  • KSA extends oil on deferred payments to Pakistan

    KSA extends oil on deferred payments to Pakistan

    ISLAMABAD: The Kingdom of Saudi Arabia (KSA) has signed an agreement to extend an oil facility of $100 million per month for one year to Pakistan on deferred payments.

    Sultan bin Abdulrahman Al-Marshad, CEO of Saudi Fund for Development (SFD) exchanged the Financing Agreement with Omer Ayub Khan, Minister for Economic Affairs for the Import of Saudi Goods on Monday.

    Talking on the occasion, Minister for Economic Affairs stated that Pakistan values the bilateral and brotherly relations with the Kingdom of Saudi Arabia and thanked KSA for extending support for implementing the infrastructure and energy projects in Pakistan.

    KSA helped Pakistan generously during the earthquake of 2005. Both the countries signed projects worth $500 million during the visit of the Prime Minister of Pakistan to the Kingdom in May this year. As per the Financing Agreement, the SFD will extend the financing facility up to $100 million per month for one year for the import of crude oil and petroleum products from Saudi Arabia, which will be extended for another year.

    The CEO, SFD stated that Saudi Arabia holds relations with Pakistan in the highest esteem and assured to extend full support for the implementation of development projects in Pakistan. Both sides expressed their strong commitment to enhancing bilateral economic relations in the future.

    SBP signs $3bn deposit agreement with Saudi Fund
  • Pakistan donates 50,000MT wheat to Afghanistan

    Pakistan donates 50,000MT wheat to Afghanistan

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday approved a donation of 50,000 metric tons of wheat to Afghanistan.

    The Federal Minister for Economic Affairs Division (EAD) Omar Ayub Khan chaired the ECC meeting and took several important decisions.

    Federal Minister for Energy Hammad Azhar, Abdul Razak Dawood Advisor to Prime Minister on Commerce, Textile, Industries & Production and Investment, Federal Secretaries and other senior officers participated in the meeting.

    The ECC considered the summary submitted by the Ministry of National Food Security & Research approved the proposal for the donation of 50,000 M. Tons of wheat to Afghanistan. ECC further directed the Finance Division to provide funds for the purpose on an actual cost basis.

    The ECC also recommended relaxation of the ban on the export of wheat/wheat flour to Afghanistan to the extent of the instant proposal with the direction that the Ministry of National Food Security and Research may inform the Federal Cabinet of the ratio for mixing of local and imported wheat in case export of wheat flour is required.

    On a Summary tabled by the Ministry of Foreign Affairs regarding “Extraordinary Session of the OIC Council of Foreign Ministers (CFM) in Pakistan” the ECC approved two Technical Supplementary Grants (TSGs) for the purpose during CFY 2021-22 i.e., (i) Rs.233.342 million in favor of the Ministry of Foreign Affairs and (i) Rs 64.2 million in favor of the Interior Division.

    ECC approves cash reward for promotion of IT exports
  • FBR imposes AML condition on immovable properties

    FBR imposes AML condition on immovable properties

    ISLAMABAD: The Federal Board of Revenue (FBR) on Monday imposed a condition under the Anti-Money Laundering Act, 2010 on transfers and registration of immovable properties.

    The FBR DNFBPs Order No. 1 of 2021 impose the condition.

    The FBR said that the Anti-Money Laundering Act, 2010 empowered the revenue board to license or register its reporting entities (R0s) namely, Designated Non-Financial Businesses and Professions (DNFBPs), impose conditions on any activities by DNFBPs to prevent the offenses of money laundering, predicate offenses or financing of terrorism through the issuance of Directions or imposing Conditions under the relevant provisions of the AMLA, 2010.

    Now, in the exercise of the powers conferred under section 6A of the AMLA, 2010 read with clause 1(iii) of Schedule IV ibid, and to foster the anti-money laundering and countering the financing of terrorism regime in Pakistan, FBR has imposed the following Condition on all Real Estate Development Authorities, Cooperative Housing Societies, and all other Housing Societies, Schemes, and Firms dealing in the real estate, namely:-

    “Condition No. 1 of 2021: No public or private Development Authority shall conduct the business activity with any real estate agent for the transfer or registration of immovable property unless the Real Estate Agent is registered with the Federal Board of Revenue as a Designated Non-Financial Business and Profession (DNFBP).”

    The above condition shall be disseminated to all Real Estate Agents registered or dealing with the Development Authorities, Housing Authorities Cooperative Housing Societies and other Housing Schemes dealing in the development of land for residential & commercial purposes, construction, and sale/purchase and/or transfer of ownership rights and also displayed on all relevant places for the information of general public.

    The real estate agents may also be informed to obtain Registration Certificates from the concerned Director, DNFBPs once registered as a DNFBP with FBR.

    Any volition of this Condition shall attract the penal provisions under the AML Act, 2010 and the AML/CFT Sanctions Rules, 2020. This Condition comes into effect on January 1, 2021, the FBR added.

    FBR vows to curb money laundering in real estate
  • Presidents of Pakistan, Iran discuss trade, economy

    Presidents of Pakistan, Iran discuss trade, economy

    ISLAMABAD: The president of Pakistan Dr. Arif Alvi and the president of Iran Seyed Ebrahim Raisi on Sunday discussed bilateral trade and economy.

    (more…)
  • Three-year jail for defaulting sales tax payment

    Three-year jail for defaulting sales tax payment

    A special judge may award imprisonment up to three years to a person who defaulted sales tax payment despite an opportunity from the tax authorities to pay the amount under Section 3, Section 6, Section 7 and Section 48 of the Sales Tax Act, 1990.

    (more…)
  • Tarin launches first professional clearing member

    Tarin launches first professional clearing member

    KARACHI: Shaukat Tarin, Advisor to Prime Minister on Finance and Revenue, on Friday inaugurated the first Professional Clearing Member (PCM) at CDC House, Karachi.

    Speaking at the occasion, Shaukat Tarin said: “It is the top priority of our Government to facilitate businesses and improve ease of doing business environment.

    “This initiative of Professional Clearing Member (PCM) is a very significant and timely initiative by SECP and very well executed by CDC. It is very important for our Capital market that we introduce such novel concepts which will bring more transparency and efficiency in our market.

    “CDC has won the trust and confidence of the investors, Regulator and all stakeholders in the market with its efforts of market development and investor facilitation.

    “The new PCM regime has been successfully implemented after the introduction of the relevant regulatory framework by SECP and capital market infrastructure entities, leading to the launch of EClear Services Limited (ESL) by i.e. CDC, PSX, NCCPL and Pakistan Kuwait Investment Company, with CDC playing the lead role of the project manager.”

    Speaking at the occasion, the SECP Chairman, Aamir Khan said that “The PCM regime shall address two longstanding issues: risk of custody defaults by transferring custody to the PCM, and expanding the retail investor base by empowering small brokers.”

    Tariq Rafi, member of CDC’s Board of Directors, welcomed Tarin and others guests after which Chairman CDC Moin Fudda addressed the audience. CEO CDC Badiuddin Akber presented a brief presentation to the audience explaining the working and benefits of the Professional Clearing Member.

    He mentioned: “The solution will provide investors with a completely new and digital experience of Pakistan’s capital market while giving them the confidence of asset protection by a reliable and independent third party service provider.”

    The event was well attended by Capital market representatives including Chairperson PSX – Dr. Shamshad Akhtar and CEO PSX – Farrukh Khan.

    SEC Pakistan amends regulations to facilitate startups
  • Dollar closes at Rs175.46; hits intraday record high

    Dollar closes at Rs175.46; hits intraday record high

    KARACHI: The US dollar hit all-time high at Rs176.50 during intraday trading on Friday but later reversed to close at Rs175.46 in the interbank foreign exchange market.

    The Pak Rupee (PKR) closed at Rs175.46 to the dollar as against the previous day’s closing of Rs174.98 in the interbank foreign exchange market.

    Currency experts said that the rupee remained under pressure due to the outflow of the foreign currency in the shape of external debt repayment.

    Pakistan’s foreign exchange reserves fell by $766 million to $22.774 billion due a week. According to the State Bank of Pakistan (SBP), the country’s foreign exchange reserves were at $22.774 billion by week ended November 19, 2021 as compared with $23.55 billion by the week ended November 12, 2021.

    They further said that the large imports are a major threat to the rupee stability. The import bill registered 65 per cent growth to $25.1 billion during first four months of the current fiscal year as compared with $15.17 billion in the corresponding months of the last fiscal year.

    The Pak Rupee hit the all-time low of Rs175.73 to the dollar on November 12, 2021 in the interbank foreign exchange market.

    Dollar reaches record high of Rs176.50 in intraday
  • Petroleum dealers call off strike on successful talks

    Petroleum dealers call off strike on successful talks

    ISLAMABAD: The talks between the government and Pakistan Petroleum Dealers Association ended in a success which has led to the strike being called off.

    “The talks between the government and petroleum dealers association have led to the strike being called off,” Hammad Azhar, Minister of Energy said in a Tweet on Thursday night.

    Earlier, the petroleum dealers association observed a shutdown strike on Thursday for raising profit margin on sale of petroleum products.

    Most of the fuel pumps were remained closed during the day. Even those pumps owned by Oil Marketing Companies (OMCs) which announced to open their outlets, were also closed for the shortage of stock.

    The energy minister in his Tweet said that the government will notify 0.99 paisa increase in their margins after due approval from the cabinet as per the existing summary. “After six months we will move to % (per cent) system up to 4.4 per cent margin,” he added.

    Earlier, PPDA Chairman Abdul Sami Khan said petroleum dealers had been in a difficult position due to the high cost of business and low margins. He said that the government guarantees a margin of only 2 per cent on sales of fuel oil in the face of rising electricity tariffs.

    “We demand the government to cancel our petrol pumps licenses,” he said, adding that nearly 50 per cent of the petrol pumps will close down permanently with license cancellation as no one will reapply for acquisition.

    “Immediate increase on ex-depot price in dealers’ margin for HSD and MS without burdening common people and without increasing prices of petroleum products, absorbing dealers’ margin increase by reducing Sales Tax and PDL,” he demanded.

    A day earlier, Gas & Oil Pakistan Company Limited (GO), with the largest retail outlet network of 1,000 outlets in the private sector and the largest network of company-owned, company-operated (COCO) outlets in Pakistan assured the customers that all its outlets would remain open and continue to function normally.

    “GO remains firm in its commitment to fulfilling the fueling needs of the nation come what may,” the company said in a tweet.

    Shell Pakistan also announced to open its outlet to serve the nation. “Shell Pakistan announces that they will not participate in the strike on November 25, 2021,” according to the company. All the company-operated retail stations will be opened to serve the customers, it added.

    Hascol, another OMC, assured that all its owned and company-operated (COCO) stations, including all service stations on the M2 Lahore-Islamabad Motorway will remain open and ready to serve them as per routine.

    Pakistan State Oil (PSO) also showed its commitment that all COCO stations will remain open nationwide and continue to function normally. “PSO is committed to serving the nation during such challenging time,” it said.

    OMCs shun petroleum dealers strike, to open outlets
  • Saudi Arabia allows direct entry from Pakistan

    Saudi Arabia allows direct entry from Pakistan

    ISLAMABAD: Saudi Arabia has allowed direct entry from Pakistan with effect from December 01, 2021, according to a report.

    The nationals of Pakistan are now eligible for direct entry without spending 14-day quarantine in a third country.

    According to Saudi Press Agency report quoting an official source at the ministry of interior, the directive will come into force from next Wednesday, December 01, 2021.

    Saudi Arabia along with Pakistan also allowed direct entry from Indonesia, India, and Egypt. Brazil and Vietnam are the other countries that are included in the new list of countries allowed direct entry into the Kingdom.

    Turkey eases COVID restriction for Pak travelers