ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday said that around 71 cases of money laundering have been registered during FY21 (2020/2021) in which an amount of Rs62 billion is involved.
The FBR said that its wing i.e. Directorate General of Intelligence & Investigation-IR showed commendable performance during July 2020 to June 2021.
During this period, Directorate General forwarded 1,608 Investigation Reports and Red Alerts to the field formations involving revenue amounting to Rs244 billion.
The Directorate General filed 71 complaints under Anti-Money Laundering Act, 2010 where more than Rs. 62 billion were involved.
The Directorate General seized 8,754 cartons containing 87,540,000 cigarette sticks during the period of July 2020 to June 2021.
KARACHI: VIS Credit Rating Company Limited has upgraded the entity ratings of Meezan Bank Limited (MEBL) to ‘AAA/A-1+’ (Triple A/ A-One Plus) from ‘AA+/A-1+’ (Double A Plus/ A-One Plus).
KARACHI: Ericsson (NASDAQ: ERIC) has launched its annual Ericsson Innovation Awards (EIA) 2021, a global competition with a grand prize of €25,000 that offers university students around the world, including from Pakistan, the chance to develop new, innovative ideas with support from Ericsson experts.
The theme in 2021 is ‘Bridge the Digital Divide’. The digital revolution has transformed the world, enriching lives in countless ways yet half the planet lives without access to the tools, information, and resources that many of us rely on every day.
Ericsson Innovation Awards is open to students currently enrolled in University studies. Students from around the world are invited to enter the competition and are encouraged to form diverse teams of two to four members. Teams must register and submit their ideas by August 5th at 11 AM GMT and the first 50 submissions will receive extra guidance for refining their ideas.
Innovations come in all sizes, from simple changes in code that could redefine the networks of the future to complex technological advances that will advance humanitarian efforts across the world. We believe that young people drive innovation and development when it comes to current pressing issues. That’s why, with innovation at the heart of Ericsson, we want to invite young talents to register for Ericsson Innovation Awards 2021, said a statement.
Each of the seven regional winners will receive €1,000 cash prize and in some cases, additional special recognition and prizes offered within respective regions.
All 14 Semi-finalists – including the seven regional winners – will receive Seven weeks of mentorship from Ericsson experts in innovation and business, recognition on Ericsson social and digital media, the possibility of Ericsson recruiter interviews (if any suitable positions are available at the time) and certificate of achievement.
All three finalist teams will receive Grand Prize Winner: €25,000, 2nd Place: €15,000, 3rd Place: €5,000, Bonus: Social Media Prize: €2,000, an invitation to the Ericsson Innovation Awards Grand Final, an additional four weeks of mentorship and recognition across Ericsson social media and digital channels.
All three Finalists will have their entries uploaded onto the Instagram page of @ericssoncareers, and for the 24 hours before the Grand Final, anyone can vote on this page. The team who receives the most votes will win an additional €2,000.
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday said it has received 3.01 million income tax returns for tax year 2020 till June 30, 2021.
“FBR’s efforts to broaden the tax base are expanding apace. Early signs suggest such efforts are bearing fruits,” it said in a statement.
As on June 30, 2021, income tax returns for Tax Year 2020 have reached 3.01 million as compared to 2.67 million in Tax Year 2019, showing an increase of 12.5 per cent.
The tax deposited with returns was Rs.52 billion compared to only Rs.34.3 billion last year, showing an increase of 52.1 per cent.
The FBR said that 11,100 point of sale terminals have been integrated with the real time reporting system of the revenue body.
ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs4.732 trillion during fiscal year 2020/2021 surpassing the annual target of Rs4.69 trillion by Rs41 billion.
This represents a growth of about 18 per cent over the collection of Rs. 3,997 billion during the same period last year.
The net collection for the month of June was Rs. 568 billion representing an increase of 26 per cent over Rs. 451 billion collected in June 2020.
The year-on-year growth of 18 per cent is unprecedented particularly as it is realized on the heel of 26 per cent growth in June.
These figures would further improve before the close of the day and after book adjustments have been taken into account.
On the other hand, the gross collections increased from Rs. 4,132 billion during this period last year to Rs. 4,983 billion, showing an increase of 21 per cent.
The amount of refunds disbursed was Rs. 251 billion compared to Rs. 135 billion paid last year, showing an increase of 86 per cent. This is reflective of FBR’s resolve to fast-track refunds to prevent liquidity shortages in the industry.
The improved revenue performance is even more significant due to adoption of ‘no-undue’ advances policy as well as effective enforcement by field formations. It is also a reflection of growing economic activities in the country despite facing the challenge of third wave of COVID-19.
ISLAMABAD: The inflation based on Consumer Price Index (CPI) has increased by 9.7 percent on year-on-year basis in June 2021 as compared to an increase of 10.9 per cent in the previous month and 8.6 per cent in June 2020, Pakistan Bureau of Statistics (PBS) said on Thursday.
On month-on-month basis, it decreased by 0.2 per cent in June 2021 as compared to an increase of 0.1 per cent in the previous month and an increase of 0.8 per cent in June 2020.
CPI inflation Urban, increased by 9.7 per cent on year-on-year basis in June 2021 as compared to an increase of 10.8 per cent in the previous month and 7.6 per cent in June 2020. On month-on-month basis, it decreased by 0.4 per cent in June 2021 as compared to an increase of 0.2 per cent in the previous month and an increase of 0.7 per cent in June 2020.
CPI inflation Rural, increased by 9.7 per cent on year-on-year basis in June 2021 as compared to an increase of 10.9 per cent in the previous month and 10.0 per cent in June 2020. On month-on-month basis, it decreased by 0.1 per cent in June 2021 as compared to a decrease of 0.03 per cent in the previous month and an increase of 1.0 per cent in June 2020.
Sensitive Price Indicator (SPI) inflation on YoY increased by 17.6 per cent in June 2021 as compared to an increase of 19.7 per cent a month earlier and an increase of 11.5 per cent in June 2020. On MoM basis, it decreased by 0.4 per cent in June 2021 as compared to an increase of 0.8 per cent a month earlier and an increase of 1.4 per cent in June 2020.
Wholesale Price Indicator (WPI) inflation on YoY basis increased by 20.9 per cent in June 2021 as compared to an increase of 19.4 per cent a month earlier and an increase of 0.9 per cent in June 2020. WPI inflation on MoM basis increased by 0.9 per cent in June 2021 as compared to an increase of 0.3 per cent a month earlier and a decrease of 0.3 per cent in corresponding month i.e. June 2020.
KARACHI: The Federal Board of Revenue (FBR) on Thursday launched its IRIS portal for filing income tax returns for tax year 2021.
Filing of a return of income is mandatory under Section 114 of the Income Tax Ordinance, 2001.
Section 114: Return of income. — (1) Subject to this Ordinance, the following persons are required to furnish a return of income for a tax year, namely:–
(a) every company;
(ab) every person (other than a company) whose taxable income for the year exceeds the maximum amount that is not chargeable to tax under this Ordinance for the year; or
(ac) any non-profit organization as defined in clause (36) of section 2;
(ad) any welfare institution approved under clause (58) of Part I of the Second Schedule;
(ae) every person whose income for the year is subject to final taxation under any provision of this Ordinance;
(b) any person not covered by clause (a), (ab), (ac) or (ad) who,—
(i) has been charged to tax in respect of any of the two preceding tax years;
(ii) claims a loss carried forward under this Ordinance for a tax year;
(iii) owns immovable property with a land area of five hundred square yards or more or owns any flat located in areas falling within the municipal limits existing immediately before the commencement of Local Government laws in the provinces; or areas in a Cantonment; or the Islamabad Capital Territory;
(iv) owns immoveable property with a land area of five hundred square yards or more located in a rating area;
(v) owns a flat having covered area of two thousand square feet or more located in a rating area;
(vi) owns a motor vehicle having engine capacity above 1000 CC;
(vii) has obtained National Tax Number; or
(viii) is the holder of commercial or industrial connection of electricity where the amount of annual bill exceeds rupees five hundred thousand;
(ix) is a resident person registered with any chamber of commerce and industry or any trade or business association or any market committee or any professional body including Pakistan Engineering Council, Pakistan Medical and Dental Council, Pakistan Bar Council or any Provincial Bar Council, Institute of Chartered Accountants of Pakistan or Institute of Cost and Management Accountants of Pakistan; or
(x) is a resident person being an individual required to file foreign income and assets statement under section 116A.
(1A) Every individual whose income under the head ‘Income from business’ exceeds rupees three hundred thousand but does not exceed rupees four hundred thousand in a tax year is also required to furnish return of income from the tax year.
A return of income under section 114 of a company shall be furnished —
(a) in the case of a company with a tax year ending any time between the first day of January and the thirtieth day of June, on or before the thirty-first day of December next following the end of the tax year to which the return relates; or
(b) in any other case, on or before the thirtieth day of September next following the end of the tax year to which the return relates.
KARACHI: The stock market gained 445 points on Thursday as buying activities were observed on the first day of the fiscal year 2021/2022.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,801 points as against previous day’s closing of 47,356 points, showing an increase of 445 points.
Analysts at Arif Habib Limited said that the market performed well on the first day of FY22, adding a total of 487 points on the board and maintained the momentum by session’s end, closing +445 points.
Profit booking by institutions in the past couple of sessions in the wake of closing FY21 with decent returns, left the institutions with deployable funds that will likely route back to equities in the coming days.
Buying activity was observed across the board with Technology, Cement and Banking stocks contributing the most. Positive news trigger on economic front, including textile sector posting healthy export growth kept the momentum alive.
Among scrips, WTL topped the volumes with 198.7 million shares, followed by SILK (51.4 million) and TPL (48.2 million).
Sectors contributing to the performance include Cement (+102 points), E&P (+67 points), Textile (+41 points), Chemical (+34 points) and Fertilizer (+29 points).
Volumes increased from 549.6 million shares to 760.01 million shares (+38 per cent DoD). Average traded value also increased by 2 per cent to reach US$ 103 million as against US$ 101 million.
Stocks that contributed significantly to the volumes include WTL, SILK, TPL, HUMNL and PACE, which formed 48 per cent of total volumes.
Stocks that contributed positively to the index include LUCK (+65 points), PPL (+30 points), COLG (+22 points), NML (+21 points) and HBL (+19 points). Stocks that contributed negatively include MCB (-12 points), BAFL (-11 points), TRG (-7 points), ABL (-6 points) and PKGS (-5 points).
ISLAMABAD: Unlike past practice of delayed opening of income return filing, the Federal Board of Revenue (FBR) has opened the IRIS portal for filing annual return of income for tax year 2021 from July 01, 2021.
The taxpayers can login with their ID and password to the IRIS portal of the FBR and file their income tax return.
The FBR on Thursday also launched the income tax return forms for salaried persons, association of persons and companies having special tax years.
In the past the FBR was under criticism for delayed issuance of income tax return form which resulted in multiple extensions in date for filing the returns.
As the FBR opened the portal for return filing of tax year 2021 therefore the last date is September 30, 2021 in case of salaried persons, AOPs and companies.
ISLAMABAD: The Finance Act, 2021 has abolished the withholding tax on banking transactions that were applicable under Income Tax Ordinance, 2001.
Following are the details of relief measures announced in the Finance Act, 2021:
Deletion of 12 withholding taxes
Provision
Description
153B
Collection of tax on payment of royalty to residents
231A
Collection of tax on cash withdrawal
231AA
Collection of tax on banking instruments
236P
Collection of tax on banking transactions other than through cash
236Y
Collection of tax from persons remitting amounts abroad through credit or debit or prepaid cards.
236B
Collection of tax on domestic air travel
236L
Collection of tax on international air travel
236V
Collection of tax on extraction of minerals
233A
Collection of tax from members by a stock exchange registered in Pakistan
233AA
Collection of tax on marginal financing by NCCPL
234A
Collection of tax from CNG stations
236HA
Collection of tax on certain petroleum products
Merging of 3 withholding taxes with other existing provisions
Provision
Description
Merged with
150A
Deduction of tax on return on investment in Sukuks
Proposed to be merged in section 151 for residents and in section 152 for non-residents which deal with such payments
152A
Deduction of tax on payments for foreign produced commercials
To be merged with section 152 which deals with payments to non-residents
236S
Collection of tax on dividend in specie
To be merged with section 150 which deals with dividend
Reduction in generalized rate on Minimum Tax on Turnover basis and increase in threshold for individuals and AOPs for chargeability of minimum tax
Broadening of scope of IT services by inclusion of cloud computing and data storage services
Exemption to Special Economic Zone Enterprises from payment of minimum tax
Ten year tax exemption for Special Technology Zone Authority, Zone Developers and Zone Enterprises
Tax exemption on the import of capital goods and dividend income of private funds from investment in special technology zone enterprise
Introduction of special tax regime for manufacturing SMEs
Exemption from tax on income of deep conversion new refineries and BMR projects of existing refineries for 20 and 10 years respectively
Reduced rate of withholding tax of 3% on oilfield services, warehousing services, logistic services, collateral management services and telecommunication services
Inclusion of telecommunication services in definition of industrial undertaking
Exemption to Electronic warehousing receipts traded on Pakistan Mercantile Exchange
Allowance of provincial WWF and WPPF as a deductible allowance while calculating income
Adjustment of business loss against property income
Unconditional grant of exemption from tax to certain organizations
Withdrawal of power of Commissioner to reject advance tax estimates presented by taxpayer
Non recognition of gain/loss on disposal of assets to non-residents under gift from relative, inheritance and agreement to live apart
Reduction in tax rate on capital gain tax on disposal of securities from 15% to 12.5%
Withdrawal of power of tax authorities to conduct inquiry under section 122(5A)
Inclusion of live animals, raw hides and unpackaged meat in definition of agriculture produce
Reduction in tax liability by 25% for women entrepreneurs
Exemption from tax on import of books and agriculture equipment
Exemption from tax for bagasse fired power generating units and reduced rate of tax on dividend income from such projects
Withholding tax rate for oil tanker services reduced from 3% to 2%
Extension in time limits for availing tax benefits under section 100D and Eleventh Schedule vide Income Tax (Amendment) Ordinance 2021 dated 21.02.2021 made part of the bill.
Tax exemptions and concessions for Roshan digital accounts and implementation of electric vehicles and mobile phone policy implemented vide Tax Laws (Amendment) Ordinance, 2021 dated 11.02.2021 made part of bill
