Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • FPCCI criticizes restoring bank account freezing powers

    FPCCI criticizes restoring bank account freezing powers

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday expressed serious reservations over restoration of powers to officers of Inland Revenue (IR) in freezing bank accounts without approval.

    FPCCI President Mian Nasser Hyatt Maggo recorded his strong reservations on the attachment of bank account under section 140 of the income tax ordinance, 2001 and section 48 of the sales tax act, 1990 and term new amendment as a hurdles to ease of doing business as envisioned by Prime Minister of Pakistan.

    He stated that on the instructions of the Prime Minister the government machinery made an atmosphere among the taxpayers that unless the taxpayers are at ease to do their business without any fear of the tax officials, it is not possible to boost the collection of revenue.

    However, it seems that the said atmosphere is again at its disturbance in the light of the Board’s letter dated 11-10-2021 wherein attachment of bank account is ordered to be made without informing tax the payers and implementation is ordered retrospectively on all recoveries.

    President FPCCI said that the trade is facing a blow due to escalation of parity between the dollar and rupee and now comes the draconian steps being taken by the Board in the shape of instructions to forcefully recover the disputed taxes from the bank accounts of taxpayers.

    Maggo further added that this is totally against the recent instructions to bar the tax machinery from taking money without prior intimation to the account holders and the fresh instructions would be a dent on the Finance Minister’s pro taxpayer posture. It is also not out of place to mention that the former Chairman FBR also against such steps of the Board to collect taxes forcefully and taken practical steps to stop such practices.

    He also said that the tax machinery is almost at a failure to dig out new taxpayers instead it is bent upon on hand twisting methods against the existing taxpayers to collect so called revenue.

    On the other hand if such practices are enforced it will pile up the litigation between the tax collectors and taxpayers and the courts are already at a burden due to such litigation.

    The trade community feels that the hierarchy of the FBR is under pressure to meet their targets and to recover the disputed taxes by using their extra ordinary powers.         

    In recent months, the taxpayers have been complaining about the “highhandedness” by the FBR. The matter had also landed in the Senate Standing Committee on Finance that last week recommended the government to sack taxmen who made exaggerated tax demands and then rejected appeals of taxpayers under pressure from FBR headquarter.

    Maggo registered a strong complaint on behalf of the Business Community against the orders passed by the FBR and urged to review its policy and collect the taxes under the trade friendly atmosphere.

    FPCCI expresses annoyance over gas suspension
  • Rupee falls to new record low at Rs171.13 to dollar

    Rupee falls to new record low at Rs171.13 to dollar

    KARACHI: Deterioration continued in Pak Rupee (PKR) against dollar on Wednesday as the local currency hit new record low at Rs171.13.

    Previously, the rupee recorded the all-time low at Rs171.04 against the dollar a day ago on October 12, 2021 in interbank foreign exchange market.

    Currency experts said that the dollar demand for import payment was continuously depreciating the rupee value.

    The import bill surged by 65 per cent to $18.63 billion during first quarter (July – September) of the current fiscal year as compared with $11.28 billion in the corresponding quarter of the last fiscal year.

    It is important to note that the State Bank of Pakistan (SBP) during past couple of weeks took various measures to discourage outflow of dollars. However, these measures are unable to stop depreciation in rupee value.

    The local currency remained under pressure since start of the current fiscal year. The local unit has lost Rs13.59 against the dollar from Rs157.54 on June 30, 2021 to Rs171.13 to date.

    PKR at fresh low of Rs171.04 against dollar
  • Pakistan abolishes visa fee for Afghans

    Pakistan abolishes visa fee for Afghans

    ISLAMABAD: The federal cabinet in a meeting on Tuesday has approved the abolition of visa fees for Pakistani visas for Afghans coming into Pakistan.

    Prime Minister Imran Khan chaired the meeting of the federal cabinet.

    The cabinet approved the inclusion of Afghan businessmen in the list of Pakistan Business Visas for their convenience.

    It also approved in principle a code of conduct for issuing Pakistani visas to Afghans. The regulation will issue all visas online and will minimize the duration of the administrative process for obtaining a visa.

    At the beginning of the meeting, the Cabinet offered Fateha for late Dr. Abdul Qadeer Khan. The Cabinet was briefed on the progress regarding introduction of electronic voting machines (EVM) and empowerment of Overseas Pakistanis to vote.

    The cabinet directed to celebrate Eid Milad-un-Nabi in a grand manner. The federal cabinet decided to have a look at the comparative prices of essential commodities in all its meetings.

    The meeting approved the renewal of Charter License Class-II (Domestic) of M/s K2 AIRWAYS (Pvt.) Ltd. The Cabinet approved the issuance of Charter Licence Class-II (Domestic & International) for M/s AIR SIAL Ltd.

    The Establishment Division briefed the Cabinet on the vacancies of CEOs and Managing Directors in various Ministries and state owned companies under their supervision. The Cabinet was informed that at present a total of 80 posts are vacant. Out of which 44 posts will be filled by following the due process, whereas posts in 18 institutions are being abolished. The Cabinet directed that the procedure of appointments should be completely transparent and merit-based.

    The federal cabinet approved the reconstitution of PEMRA Council of Complaints Islamabad and approved the appointment of Syed Muhammad Ali Bukhari as its Chairman. The council will consist of 6 members, including three women members.

    The Cabinet approved the establishment of a special riot police force to protect the lives and property of citizens of the federal capital Islamabad and to maintain law and order.

    This decision has been taken keeping in view the increase in urban population of Islamabad, the sensitivity of the federal capital and the needs of police. The force will be equipped with the latest technology and equipment to help prevent crime. Force personnel will be trained according scientific standards.

    The Cabinet approved the provision of Pakistan Online Visa facility for foreigners working on CPEC projects.

    The Cabinet approved the criteria and regulations for admission on merit in government medical and dental colleges run by the federal government. Following this decision, 50 per cent marks will be given to the marks obtained in the entrance test and the remaining 50 per cent marks will be given to the marks obtained in the intermediate examinations.

    The decisions taken at the meeting of the Economic Co-ordination Committee of the Cabinet on October 7, 2021 were partially ratified.

    The Cabinet postponed the agenda of the decisions taken at the meeting of the Committee on Transport and Logistics on October 4, 2021. The Cabinet set up a sub-committee comprising Minister of Energy and Minister of Maritime Affairs to review the matter and re-submit it to the Cabinet.

    The Cabinet approved the procedure for online verification of Power of Attorney documents for the convenience of overseas Pakistanis. The move will enable Pakistanis abroad to quickly verify legal documents, previously, it involved a lengthy waiting time.

    The Cabinet approved the establishment of a Real Estate Regulatory Authority to regulate the sale and purchase of land under the Islamabad Real Estate (Regulations and Development) Act, 2020.

    The Cabinet approved the establishment of Rehmat-ul-Ulameen Authority. The authority will include world-renowned Muslim scholars. The authority will conduct research on various aspects of Prophet’s life. The authority will propose a curriculum for the training of children in the light of teachings of Seerat-un-Nabi. The authority will also take steps to highlight true identity of Islam in the world. The authority will work to prevent the rise of sexual crimes, and will ensure tolerance in society.

    The Cabinet appreciated and commended the Prime Minister’s initiative and reiterated the great commitment of all members of the Cabinet to participate in the promotion of this great cause.

    OMCs must have 21 days stock of POL products, federal cabinet decides
  • Exchange rates in PKR vs foreign currencies on Oct 12

    Exchange rates in PKR vs foreign currencies on Oct 12

    KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on October 12, 2021 (The rates are updated at 12:20 PM):

    CurrencyBuyingSelling
    Australian Dollar123.50125.00
    Bahrain Dinar386.75388.50
    Canadian Dollar135.50137.50
    China Yuan23.7523.90
    Danish Krone23.4523.75
    Euro196.00198.00
    Hong Kong Dollar16.6516.90
    Indian Rupee2.032.10
    Japanese Yen1.411.44
    Kuwaiti Dinar481.60484.10
    Malaysian Ringgit36.4536.80
    New Zealand Dollar96.3597.05
    Norwegians Krone17.5017.75
    Omani Riyal392.70394.70
    Qatari Riyal39.8040.40
    Saudi Riyal45.2545.75
    Singapore Dollar123.50125.00
    Swedish Korona18.3018.55
    Swiss Franc159.80160.70
    Thai Bhat4.804.90
    U.A.E Dirham46.5047.10
    UK Pound Sterling232.00234.50
    US Dollar170.80172.80

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

  • President upholds major penalty for NAB senior official

    President upholds major penalty for NAB senior official

    ISLAMABAD: Dr. Arif Alvi, the President of Pakistan, has upheld the major penalty of dismissal from service to a senior official of National Accountability Bureau (NAB).

    President Dr Arif Alvi while rejecting the appeal of ex-Assistant Director NAB, Muhammad Umair has asked the NAB to prosecute him to the maximum extent of the law on account of him being guilty of grave “inefficiency and misconduct”, and stealing 15 original deeds of property in reference no. 15/2019 (State v/s Sharjeel Inam Memon & Others).

    The President upheld the maximum service punishment in law of “major penalty” of “dismissal from service”, which he considers definitely not enough considering the crime involved, a press release issued by the President’s Media Wing here on Monday said. Muhamamd Umair, ex-Assistant Director (AD), had submitted an appeal to the President of Pakistan against the orders of Chairman National Accountability Bureau (NAB) imposing a major penalty of “Removal from Service”.

    Rejecting the appeal, the President stated that it was a case of blatant corruption, and was tantamount to throwing mud in the eyes of the people of Pakistan who had been betrayed. He said that Pakistan had suffered a great deal because of corrupt looters and plunderers, adding that so-called accidental fires destroy entire floors to remove every bit of evidence.

    The President added that documents were stolen even in foreign countries where corruption of Pakistani politicians was being investigated.

    According to the details, NAB had taken possession of 15 original deeds of property from the Secretary of Sharjeel Memon, Izhar Hussain, at the time of his arrest from his house in April 2019.

    Subsequently, the documents were kept in a steel Almirah in NAB which had been specifically provided to ex-Assistant Director, who was made the sole custodian of these documents.

    On 18th August 2020, the Defense Counsel claimed before the court that NAB did not possess the original documents, in response to which Umair promised to bring them to court the following day.

    On 19th August, the appellant told the court that he had lost the record in his office.

    This lapse resulted in the instant relief and granting of post-arrest bails to the accused persons.

    According to the fact-finding report, all the record was present but only the most important 15 original documents were removed cleverly from the file and were recovered only after pressure was brought upon the NAB official.

    NAB had recommended an immediate suspension of Umair, along with initiation of disciplinary proceedings under NAB Employees Terms and Conditions of Service (TCS) 2000 and proceeding under section 31(a) of National Accountability Ordinance, 1999. He was placed under suspension for three months with effect from 03-09-2020.

    In the light of the report of the Fact-Finding Inquiry Committee, it was decided to proceed against the officer under clause 11.05(2) of NAB’s TCS-2002 and issued him the show cause notice. After the fulfillment of legal requirements, Chairman NAB, on the recommendations of the Authorized Officer, awarded a major penalty of “Removal from Service” on Muhammad Umair under clause 11.03(1) (b) (iii) of NAB Employees Services Rules (TCS 2002).

    Subsequently, the ex-Assistant Director submitted an appeal to the President of Pakistan on 28-07-2021. While rejecting the appeal of Umair, President Dr Arif Alvi stated that the incident was shocking and documents were missing not as an accident but by deliberate action of a very corrupt official of NAB.

    He expressed surprise over the timing of the theft, adding that the theft was clever and the file was not lost.

    He observed that theft could not have been done by any outsider but only by someone who was totally aware of the entire case.

    The President said that it was very painful case for him and the criminal action caused huge damage of billions of rupees to Pakistan, besides betraying our trust and exchanging it for corrupt money.

    “I, therefore, reject the appeal and urge NAB to prosecute the individual to the best of its abilities”, the President noted.

    Dr. Alvi opens property exhibition for UAE based NRPs
  • PQGTL inks deal to promote Takaful products online

    PQGTL inks deal to promote Takaful products online

    KARACHI: Pak-Qatar General Takaful (PQGTL) has signed an agreement with Cometinsure (Online aggregator) to promote Takaful products online.

    Muhammad Raza (Head of Operations, PQGTL) and Muhammad Sufyan Bedi (Operations Manager, Cometinusre) signed the agreement along with senior officials of both companies.

    Muhammad Raza while speaking at the signing ceremony stated, “We are extremely delighted to join hands with Cometinsure as customers will benefit from searching Takaful products online and our reach will also increase to spread awareness about Takaful products. These kind of partnerships are very fruitful for offering convenience to customers.”

    Sufyan while expressing his views said, “We are very excited to partner with Pak-Qatar General Takaful in our urge to digitalize Insurance/Takaful distribution channel. This partnership will surely bring benefits to all the customers of Cometinsure and Pak-Qatar General Takaful by bringing ease of purchasing adequate Takaful coverage and swift claim processing.”

    Cometinsure being the most successful and fastest-growing insurance aggregator is taking some huge steps to satisfy their customers by providing suitable and befitting quotes in no time.

    A company originated in 2017 has now become a revolutionary platform that distributes the best Insurance/Takaful quotes by allying with the Top Rated Insurance Companies.

    Pak-Qatar Takaful, PakWheels ink pact for auto products
  • Index tumbles on concerns over economic contraction

    Index tumbles on concerns over economic contraction

    KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) on Monday fell by 648 points owing to rising concerns over hike in electricity prices and contraction in economy.

    The index closed at 43,829 points as against last Friday’s closing of 44,477 points, showing a decline of 648 points.

    Analysts at Arif Habib Limited said that the market tumbled again on concerns over high energy and commodity prices as well as prospects of further electricity tariff hikes that can lead to erosion of purchasing power and an economic contraction.

    Increase in international oil prices failed to have a material impact on the stock prices of E&P stocks. Selling pressure was witnessed across the board, however, Technology, Cement, O&GMCs contributed to downward trend.

    Among scrips, WTL led the table with 41.3 million shares, followed by TELE (13.8 million) and TREET (9.4 million).

    Sectors contributing to the performance include Technology (-202 points), Cement (-121 points), Banks (-56 points), Engineering (-49 points) and O&GMCs (-36 points).

    Volumes increased from 176.1 million shares to 226.6 million shares (+29 per cent DoD). Average traded value also increased by 21 per cent to reach US$ 48.4 million as against US$ 40 million.

    Stocks that contributed significantly to the volumes include WTL, TELE, TREET, HUMNL and TRG, which formed 35 per cent of total volumes.

    Stocks that contributed positively to the index include PPL (+21 points), COLG (+9 points), HUBC (+8 points), ABL (+7 points) and FML (+7 points). Stocks that contributed negatively include TRG (-119 points), SYS (-68 points), LUCK (-26 points), FFC (-25 points) and UNITY (-25 points).

    Weekly Review: high imports, prices likely concerns
  • SBP softens conditions for renewable energy financing

    SBP softens conditions for renewable energy financing

    KARACHI: The State Bank of Pakistan (SBP) has relaxed financing conditions to promote investment in renewable energy solutions by companies.

    The SBP in a statement on Monday said that it had softened the conditions for renewable energy solution providers under its Refinance Scheme for Renewable Energy.

    Now, all Renewable Energy Investment Entities (RE-IEs) interested in installing renewable energy projects/solutions are allowed to avail refinance under category III of the scheme.

    An RE-IE is a business entity (including vendors and suppliers) whose business is to establish renewable energy projects for onward leasing/renting out/selling on deferred payment basis or selling of electricity generated from these projects to end users.

    It may be recalled that with an aim to help address the challenges of energy shortages and climate change, SBP revised its SBP Financing Scheme for Renewable Energy in July 2019.

    SBP also launched a Shariah complaint version of the scheme in August 2019. The scheme now comprises of three categories. Under Category I, financing is allowed for setting up of renewable energy power projects with capacity ranging from 1 MW to 50 MW for own use or selling of electricity to the national grid or a combination of both.

    Under Category II, financing is allowedto domestic, agriculture, commercial and industrial borrowers for installation of renewable energy based projects/solutions of up-to 1 MW to generate electricity for own use or selling to the grid/distribution company under net metering.

    Under Category III, financing isallowed to vendors/suppliers/energy sale companies for installation of wind and solar systems/solutions of up to 5 MW. Since the inception of the scheme,717 projects having potential of adding 1,082 MW of energy supply through renewable sources have been financed. As of June 30, 2021, total outstanding financing under the Scheme is Rs53billion. While there is substantial take up under Category I & II, solution suppliers under Category III faced problems.

    Accordingly, in light of the feedback received from stakeholders including renewable energy solution suppliers, Alternate Energy Development Board, NEPRA and banks, the requirement of AEDB certification has been relaxed for RE-IEs who do not undertake installations on their own but hire services of installers/vendors for installation of RE projects/solutions.

    However, vendors/ suppliers/engineering procurement & construction (EPC) contractors of these RE-IE will still be required to be certified under AEDB certification regulations. It is expected that this revision in category III will further facilitate in production of clean energy.

    SBP makes biometric mandatory for forex transactions
  • Business community mourns Abdul Qadeer’s demise

    Business community mourns Abdul Qadeer’s demise

    KARACHI: Pakistan’s business community has mourned the demise of Dr. Abdul Qadeer Khan, who was legendary scientist and father of Pakistan’s nuclear program.

    Mian Nasser Hyatt Maggo, President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), in a statement said that the entire business, industry and trade community of Pakistan is mourning the demise of the legendary and celebrated scientist and father of Pakistan’s nuclear programme Dr. Abdul Qadeer Khan.

    FPCCI Chief added that Dr. AQ Khan lived an accomplished life and lived the dream of Pakistan to the fullest. He inspired and motivated three generations of Pakistanis and will continue to inspire and influence the future generations to come.

    Mian Nasser Hyatt Maggo said that the nuclear programme of Pakistan has effectively made the country’s defense invincible from external threats and has provided a secure environment for socio-economic growth of Pakistan.

    FPCCI will hold Fateha Khawani in all its office countrywide for the departed soul and to commemorate Dr. AQ Khan’s unparalleled contributions to country’s defense, academia and philanthropic landscape.

    FPCCI demands tax return filing date extension
  • Rupee falls by 21 paisas against dollar

    Rupee falls by 21 paisas against dollar

    KARACHI: The Pak Rupee (PKR) depreciated by 21 paisas against the dollar on Monday, closing at Rs170.74 in the interbank foreign exchange market. This decline followed Friday’s closing rate of Rs170.53, reflecting a surge in dollar demand for external payments.

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