Federal Minister for Economic Affairs Division Omar Ayub Khan, Secretary Commerce, Secretary M/o Information Technology, Secretary Finance Division, Governor State Bank of Pakistan Dr. Reza Baqir, Executive Director General BOI, and other senior officers participated in the meeting.
Adviser for Commerce Abdul Razak Dawood participated through a video link.
Secretary Commerce briefed the participants about the trade balance situation over the last two months.
Considering the expansion in economic activity, the import of one-time items like vaccines for COVID-19 as well as increased demand for raw materials has resulted in increasing imports during July and August 2021.
In his remarks, the Finance Minister stated that the economy is in a state of growth. As the economy registered a growth rate of 4 per cent during FY2021, there is an increased demand for imports.
As long as the trade deficit is within a sustainable level, it will stimulate economic recovery, he added.
The Finance Minister stressed upon the Ministry of Commerce to conduct sensitivity analysis and build scenarios for effective forecasting both in imports as well as exports for each month of the year.
In his concluding remarks, the Finance Minister said that the prudent policies adopted by the present government have stimulated economic recovery amid the COVID-19 pandemic. The economy is heading in the right direction.
The enhanced revenue collection along with improved ratings (Business Confidence Index and by international credit rating agencies) indicates that the economy has gained momentum and is geared towards inclusive and sustainable economic growth.
The collaboration will facilitate MMBL Borrowers by allowing them to finance commercial vehicles from Universal Motors through subsidized offerings, according to a statement issued on Monday.
President & CEO MMBL, Ghazanfar Azzam, and Adil Noman, CEO Universal Motors signed the MoU in Islamabad with senior officials from both organizations in presence.
The collaboration will usher in fast-track and priority financing for MMBL borrowers to attain commercial vehicles from Universal Motors for starting or expanding their business operations, under convenient terms.
Following the MoU, MMBL customers will get fast product delivery Turnaround Times (TAT), in addition to the provision of 1S/2S/3S dealership or retailer services by Universal Motors, near MMBL branches across the country to extend after-sale services for borrowers.
Creating further ease for borrowers, the vehicles will be delivered at MMBL branch cities with Universal Motors sharing the registration costs, and offering vehicle delivery from Karachi to the destination city at subsidized transportation rates.
Sharing his thoughts at the signing ceremony, President and CEO MMBL, Ghazanfar Azzam said,” MMBL’s expansive product portfolio has witnessed a significant growth trajectory over the past few years with the introduction of more and more customer-centric products that are aimed at facilitating maximum convenience for empowering our borrowers in true sense.
“This collaboration with Universal Motors will further solidify our aim of promoting hassle-free attainment of commercial vehicles, for business use, which will substantially be backed by quality after-sales services.”
Adil Noman, CEO Universal Motors said, “Our collaboration with MMBL will help us target low-income groups that need financing for our sturdy and dependable JMC commercial vehicles. Universal Motors is introducing special financial incentives and logistical support to fully facilitate MMBL borrowers.
“We are hopeful that our collaboration with MMBL will drive our shared ambition of supplementing the economic development of Pakistan.”
KARACHI: The stock market fell by 39 points on Monday in lackluster trading activity during the day. The benchmark KSE-100 index of thePakistan Stock Exchange (PSX)closed at 46,918 points from last Friday’s closing of 46,957 points.
Analysts at Topline Securities said that a lackluster session was observed at the bourse during the day.
To note, concerns regarding a ballooning trade deficit number coupled with a potential reclassification of Pakistan from the MSCI Emerging Market Index to the MSCI Frontier Market Index kept the investors at bay.
On the results front, FCCL announced its FY21 EPS of 2.52 as compared to an LPS of (0.04) in the corresponding period last year. However, the stock succumbed to selling pressure as investors seemed disappointed over no payout after which the stock closed at Rs19.50 (down 2.69 per cent).
Volumes continued to remain depressed as the total volume for the KSE 100 Index clocked in at 94.25 million shares while the total turnover in the KSE All Share Index was recorded at 416.15 million shares.
The volume leader in today’s session was TPL with 59.66 million shares exchanging hands.
The FBR strongly rebutted the malicious disinformation campaign being spread on social media against the proposed Service Charge of Re1 to be collected on all invoices issued by Tier-1 Retailers integrated with FBR’s electronic system of real-time reporting of sales.
It is being insinuated as if the rate of the Service Charge is 1 percent instead of Rupee 1 per invoice only. “This is completely baseless and untrue.”
The nominal Service Charge @ Re. 1 per invoice of whatever denomination, would be collected under section 76 of the Sales Tax Act, 1990, and utilized to promote the integration of all Tier-1 Retailers, launch publicity campaign, and finance a special prize scheme for all customers who duly verify their invoices to determine the validity and genuineness of the invoices issued by the integrated Tier-1 Retailers, FBR added.
The malicious campaign appears to have been initiated by the vested interests who oppose POS integration, and those who continue to collect Sales Tax from the general public but do not deposit it with the Government Treasury.
FBR has re-affirmed its resolve to continue integrating Tier-1 Retailers across the country with vigor.
The FBR through a circular said that PERs or Asset Declaration or both of the following officers, who are in promotion zones, are missing:
Officers of Inland Revenue Service in BS-20:
01. Dr. Shahid Siddiqui Bhatti
02. Dr. Muhammad Naeem
03. Muhammad Imtiaz
04. Dr. Tauqeer Irtiza
05. Amjad Mahmood
06. Yousif Hyder Shaikh
07. Qaiser Mahmood
08. Hyder Ali Dharejo
09. Ms. Sadia Sadaf Gillani
10. Rizwan Ahmad Urfi
11. Abdul Wahid Uqaily
12. Sajid Nazir Malik
13. Dr. Muhammad Sarmad Qureshi
14. Ms. Tehmina Aamer
15. Qasim Raza Khan
16. Shahid Mehmood Sheikh
17. Ardesher Saleem Tariq
18. Muhammad Tahir
19. Muhammad Farooq Azam Memon
20. Syeda Naureen Zahra
21. Nasir Iqbal
22. Imtiaz Ali Solangi
23. Nasir Khan
24. Ms. Fauzia Fakhar
25. Muhammad Irfan Raza
26. Muzaffar Ali Soomro
27. Abid Mehmood
28. Faheem Mohammad
29. Aqeel Ahmad Siddiqui
30. Muhammad Tariq Arbab
Inland Revenue Service officer of BS-19:
01. Muhammad Saleem
02. Mirza Imtiaz Ahmad
03. Asif Rasool
04. Nadeem Bashir
05. Bashir Ahmad Kalwar
06. Abdul Hameed Abro
07. Muhammad Nabeel Rana
08. Dr. Sajid Hussain Arain
09. Murtaza Siddique Khan
10. Ziaullah Khan
11. Dr. Saqib Ahmad Khan
12. Said Munaf
13. Imran Hayee Khan
14. Shaukat Hayat
15. Shahid Soomro
16. Ms. Sajida Kausar
17. Ms. Maryam Habib
18. Ms. Farzana Gohar Ali
19. Muhammad Zaheer Qureshi
20. Muhammad Asif
21. Muhammad Akbar Mahar
22. Pervez Ahmad Shar
23. Syed Khalid Shah
24. Sanaullah Nawazani
25. Muhammad Arshad
26. Amjad Hussain Memon
27. Ms. Adeela Yusuf Khan
28. Faisal Asghar
29. Mazhar Iqbal
30. Mian Muhammad Majid Hayat
The FBR said that failure in the submission of the documents by September 06, 2021, the officer himself/herself will be responsible for non-consideration/deferment/supersession.
Dr. Najeebullah, a seasoned BS-20 officer of the Inland Revenue Service (IRS), has been appointed as the Commissioner of the Automatic Exchange of Information Zone (AEOI) in Karachi.
01. Ishtiaq Ahmed Khan (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue(Legal) Large Taxpayers Office, Lahore from the post of Commissioner, (Sialkot Zone)Regional Tax Office, Sialkot.
02. Amjad Farooq (Inland Revenue Service/BS-20) has been transferred and posted as Director, Directorate of Intelligence & Investigation (Inland Revenue), Lahore from the post of Commissioner, (Audit-I) LargeTaxpayers Office, Lahore.
03. Sahibzada Abdul Mateen (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue(Appeals-II), Karachi from the post of Commissioner, (Zone-III) Regional Tax Office II, Karachi.
04. Sajjad Taslim Azam (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue(Audit-I) Large Taxpayers Office, Lahore from the post of Director, Directorate of Law, Lahore.
05. Abdul Rehman Bullo (Inland Revenue Service/BS-20) has been transferred and posted as Director, Directorate of Intelligence& Investigation (Inland Revenue), Karachi from the post of Commissioner, (Audit-III) Medium Taxpayers office, Karachi.
06. Dr. Tariq Ghani (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Audit-III) Medium Taxpayers office, Karachi from the post of Director, Directorate of InternalAudit (Inland Revenue), Karachi.
07. Muhammad Yasir Pirzada (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue(Appeals-VI), Lahore from the post of Commissioner, (Zone-III) Regional Tax Office, Lahore.
08. Aftab Alam (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Appeals-II), Lahore from the post of Commissioner, (Enforcement Zone) Large Taxpayers Office, Lahore.
09. Imran Munir (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Appeals-I), Lahore from the post of Commissioner, Commissioner Inland revenue (Appeals-II), Lahore.
10. Muhammad Abid (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue(Zone-III) Regional Tax Office, Lahore from the post of Chief, (IR Operations) FederalBoard of Revenue (Hq), Islamabad.
11. Haroon Masood (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (WHT) Regional Tax Office, Abbottabad from the post of Commissioner, (Mardan Zone)Regional Tax Office, Peshawar.
12. Dr. Abdul Rehman Rind (Inland Revenue Service/BS-20) has been transferred and posted as Director, Directorate of Intelligence& Investigation (Inland Revenue), Hyderabad from the post of Commissioner, (WHT) RegionalTax Office, Hyderabad.
13. Ahmad Kamal (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue(Sialkot Zone) Regional Tax Office, Sialkot from the post of Director, Directorate of Intelligence & Investigation (Inland Revenue), Lahore.
14. Muhammad Safdar (Inland Revenue Service/BS-20) has been transferred and posted as Chief, (Admn Pool) Federal Board of Revenue (Hq), Islamabad from the post of Commissioner, (District IRZone) Regional Tax Office, Rawalpindi.
15. Muhammad Naveed Akhtar (Inland Revenue Service/BS-20) is presently posted as Commissioner, (Zone-II) Regional Tax Office, Gujranwala. He will also hold the additional charge of the post of CIR (WHT), RTO, Gujranwala as per Rules.
16. Muhammad Majid (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue(Audit–I) Corporate Tax Office, Lahore from the post of Chief, (Audit & Accounting) Federal Board of Revenue (Hq), Islamabad.
17. Faisal Rauf Memon (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Appeals-IV), Karachi from the post of Director, Directorate Intelligence & Investigation(Inland Revenue), Hyderabad.
18. Ms. Nafeesa Satti (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue(ICTO Zone) Regional Tax Office, Islamabad from the post of Commissioner, (WHT) Regional Tax Office, Islamabad.
19. Shakeel Ahmad Kasana (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue(Enforcement-I) Large TaxpayersOffice, Karachi from the post of Commissioner, (AEOI Zone) Commissioner Inland RevenueAEOI Zone, Karachi.
20. Muhammad Asghar Khan Niazi (Inland Revenue Service/BS-20) has been transferred and posted as Chief, (Accounting) Federal Board of Revenue (Hq), Islamabad from the post of Chief, (Admin Pool) Federal Board of Revenue (Hq), Islamabad.
21. Dr. Muhammad Aslam Mari (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue(Zone-II) Regional Tax Office II, Karachi from the post of Commissioner, CommissionerInland Revenue (Appeals), Sukkur.
22. Imtiaz Ahmad (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue(Enforcement) Large TaxpayersOffice, Lahore from the post of Commissioner, (Audit-I) Corporate Tax Office, Lahore
23. Zafar Rafiq Siddiqui (Inland Revenue Service/BS-20) has been transferred and posted as Chief, (IR-Policy) Federal Board of Revenue (Hq), Islamabad from the post of Commissioner, (Audit-I) Corporate Tax Office, Karachi.
24. Masood Akhtar (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue(Audit-I) Large Taxpayers Office, Islamabad from the post of Chief, (Legal Wing) FederalBoard of Revenue (Hq), Islamabad.
25. Ch. Javed Anwar (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue(Legal) Corporate Tax Office, Lahore from the post of Commissioner, (WHT) RegionalTax Office, Gujranwala.
26. Zulfiqar Ahmad (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Enforcement) Large Taxpayers Office, Islamabad from the post of Commissioner, (AEOI Zone) Commissioner Inland Revenue AEOI Zone, Islamabad.
27. Muhammad Ayaz (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Mardan Zone) Regional Tax Office, Peshawar from the post of Commissioner, (WHT Zone) Regional Tax Office, Peshawar.
28. Syed Naveed-ul-Hassan (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue(Appeals-V), Karachi from the post of Commissioner, (Rahim YarKhan Zone) Regional Tax Office, Bahawalpur.
29. Ms. Ghazala Hameed Razi (Inland Revenue Service/BS-20) has been transferred and posted as Director, Directorate General training & Research (InlandRevenue), Lahore from the post of Commissioner, Commissioner Inland Revenue (Appeals-VI), Lahore.
30. Girdhari Mal Maghwar (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue(Audit-I) Corporate Tax Office, Karachi from the post of Chief, (ST&FE) Federal Board of Revenue (Hq), Islamabad.
31. Pir Khalid Ahmed Qureshi (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue(Zone-II) Regional Tax Office II, Karachi from the post of Commissioner, (Multan Zone) Regional Tax Office, Multan.
32. Mohy ud Din Ismail (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Legal) Corporate Tax Office, Islamabad from the post of Chief, (Legal Wing) Federal Board of Revenue (Hq), Islamabad.
33. Arshad Nawaz Chheena (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Special Zone) Regional Tax Office, Islamabad from the post of Chief, (Admn Pool) Federal Board of Revenue (Hq), Islamabad
34. Abdul Waheed Khan (Inland Revenue Service/BS-20) has been transferred and posted as Chief, (Legal-II) Federal Board of Revenue (Hq), Islamabad from the post of Commissioner, (Audit-I) Large Taxpayers Office, Islamabad.
35. Zulfiqar Ali Memon (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Audit-I) Large Taxpayers Office, Karachi from the post of Commissioner, (Enforcement-I) Large Taxpayers Office, Karachi.
36. Ms. Fauzia Adil (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Appeals-IX), Lahore from the post of Commissioner, (Legal) Corporate Tax Office, Lahore.
37. Sajjad Azhar (Inland Revenue Service/BS-20) has been posted as Commissioner Inland Revenue (WHT) Regional Tax Office, Islamabad on return from deputation.
38. Abdul Hameed Shaikh (Inland Revenue Service/BS-20) has been transferred and posted as Chief, (ST & FE) Federal Board of Revenue (Hq), Islamabad from the post of Commissioner, (Audit-1) Large Taxpayers Office, Karachi.
39. Mussarat Ullah Khan (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Appeals-II), Islamabad from the post of Commissioner, (Special Zone for Builders & Developers) Regional Tax Office, Islamabad.
40. Dr. Najeebullah (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (AEOI Zone) Karachi from the post of Chief, (IR Policy) Federal Board of Revenue (Hq), Islamabad.
41. Muhammad Nawaz (Inland Revenue Service/BS-20) has been transferred and posted as Director, Directorate of Intelligence & Investigation (Inland Revenue), Peshawar from the post of Commissioner, (South Zone) Regional Tax Office, Islamabad.
42. Asif Haider Orakzai (Inland Revenue Service/BS-19) has been transferred and posted as Chief, (OPS) (Legal –III) Federal Board of Revenue (Hq), Islamabad from the post of Commissioner, (OPS) (Legal) Corporate Tax Office, Islamabad.
43. Abdul Hameed Abro (Inland Revenue Service/BS-19) has been transferred and posted as Director, (OPS) Directorate of Internal Audit (Inland Revenue), Karachi from the post of Commissioner, (OPS) Commissioner Inland Revenue (Appeals-V), Karachi.
44. Abdul Shakoor Shaikh (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue (OPS) (Zone-III) Regional Tax Office II, Karachi from the post of Commissioner, (OPS) (Sukkur Zone) Regional Tax Office, Sukkur.
45. Muhammad Asad Tahir (Inland Revenue Service/BS-19) has been transferred and posted as Director, (OPS) (Media) Federal Board of Revenue (Hq), Islamabad from the post of Commissioner, (OPS) (Zone-II) Regional Tax Office, Sargodha.
46. Dr. Saqib Ahmad Khan (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue (OPS) (WHT) Regional Tax Office, Sialkot from the post of Secretary, (Admin Pool) Federal Board of Revenue (Hq), Islamabad.
47. Asif Rasheed (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue (OPS) Commissioner Inland Revenue (Appeals-II), Multan from the post of Additional Director, (Inland Revenue) Directorate of Intelligence & Investigation (Inland Revenue), Faisalabad.
48. Ms. Yasmin Yusuf Khan (Inland Revenue Service/BS-19) has been transferred and posted as Chief, (OPS) (TPA) Federal Board of Revenue (Hq), Islamabad from the post of Director, (OPS) (Coordination, Chairman’s Secretariat) Federal Board of Revenue (Hq), Islamabad.
49. Said Munaf (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue (OPS) (South Zone) Regional Tax Office, Islamabad from the post of Additional Commissioner, Regional Tax Office, Islamabad.
50. Muhammad Shamim (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue (OPS) (Rahim Yar Khan Zone) Regional Tax Office, Bahawalpur from the post of Additional Commissioner, (Zone-I) Regional Tax Office, Hyderabad.
51. Ms. Sajida Kausar (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue (OPS) Commissioner Inland Revenue AEOI Zone, Islamabad from the post of Additional Commissioner, (AEOI Zone) Commissioner Inland Revenue AEOI Zone, Islamabad.
52. Muhammad Zaheer Qureshi (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue (OPS) Commissioner Inland Revenue (Appeals), Sargodha from the post of Additional Commissioner, (DR (ATIR)) Regional Tax Office, Rawalpindi.
53. Muhammad Akbar Mahar (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue (OPS) Commissioner Inland Revenue (Appeals), Sukkur from the post of Additional Commissioner, (LTU Karachi) Large Taxpayers Office, Karachi.
54. Azmat Hayat Ranjha (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue (OPS) (Zone-II) Regional Tax Office, Sargodha from the post of Additional Commissioner, (WHT) Regional Tax Office, Sargodha.
55. Mazhar Iqbal (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue (OPS) (Jhelum Zone (stationed at Jhelum)) Regional Tax Office, Rawalpindi from the post of Additional Commissioner, Regional Tax Office, Rawalpindi.
56. Mian Muhammad Majid Hayat (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue (OPS) Commissioner Inland Revenue (Appeals), Sahiwal from the post of Additional Commissioner, (Withholding Taxes Zone) Regional Tax Office, Lahore.
The FBR said that the Officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting.
Following officers have been transferred and posted:
01. Ms. Aiysha Khalid (Inland Revenue Service/BS-21) has been transferred and posted as Chief Commissioner Inland Revenue Regional Tax Office, Islamabad from the post of Director-General, (WHT) Federal Board of Revenue (Hq), Islamabad.
02. Abdul Wahid Uqaily (Inland Revenue Service/BS-20) has been transferred and posted as Director General, (OPS) (WHT) Federal Board of Revenue (Hq), Islamabad from the post of Chief, (Admin Pool) Federal Board of Revenue (Hq), Islamabad.
03. Ardsher Saleem Tariq (Inland Revenue Service/BS-20) has been transferred and posted as Director General, (OPS) (Anti Benami Initiative) Federal Board of Revenue (Hq), Islamabad from the post of Chief, (IT) Federal Board of Revenue (Hq), Islamabad.
04. Imtiaz Ali Solangi (Inland Revenue Service/BS-20) has been transferred and posted as Chief Commissioner Inland Revenue (OPS) Regional Tax Office, Sargodha from the post of Commissioner, (Zone-II) Regional Tax Office II, Karachi.
The FBR said that the Officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting.
All above-listed officers have been asked to relinquish/assume charge, using an online HRMS facility made available to FBR or by using their IJP logins.
KARACHI: The Pak Rupee (PKR)made a recovery of seven paisas against the dollar on Friday. The interbank foreign exchange markeended at Rs166.91 to the dollar from the previous day’s closing of Rs166.98.
The dollar made a sharp gain early in the day and reached Rs167.20. However, the supply of the greenback during the day helped the rupee to make gains.
The market witnessed the supply of the dollars in the shape of workers’ remittances and export receipts.
Currency experts said that the dollar demand remained high during the day because of the last trading day of the week. However, the supply of the dollar supported the rupee.
