Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • FBR constitutes committee for penalty on non-compliance of invoice, packing lists

    FBR constitutes committee for penalty on non-compliance of invoice, packing lists

    ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday constituted a committee to formulate parameters for imposing penalties against non-compliance of invoice and packing list.

    A spokesman said that the Federal Board of Revenue (FBR) has constituted a committee of senior Customs officers to formulate rules to implement Section 156(I) of the Customs Act, 1969, which was amended through the Finance Act, 2021.

    The spokesman said that provision of law prescribes certain penalties for not placing invoice, packing list inside the container or failure to attach or upload mandatory documents with the goods declaration (GD).

    The committee will formulate rules to develop parameters to specify the person and circumstances in which the penalty prescribed for non-placement of invoice and packing list shall be imposed.

    The committee will also identity different types of GDs and prescribe documents that are considered mandatory for submission along with those GDs.

    FBR has explained that the rules will be notified in due course of time and till framing of rules, no action shall be taken in this matter.

    FBR has assured the trade bodies that the subject provisions will be applicable only after notification of rules by FBR.

    Meanwhile the earlier practice will be continued by the Customs field formations. Moreover, after submission of draft rules by the committee, FBR will publish these draft rules on the FBR website for seeking input from all stakeholders before implementing the same.

  • Bitcoin not legal tender in Pakistan

    Bitcoin not legal tender in Pakistan

    Bitcoin and other crypto currencies are not recognized as legal tender in Pakistan. The SBP has advised the general public that Virtual Currencies/Coins/Tokens (like Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond etc.) are neither recognized as a Legal Tender nor has SBP authorized or licensed any individual or entity for the issuance, sale, purchase, exchange or investment in any such Virtual Currencies/Coins/Tokens in Pakistan.

    (more…)
  • Stocks fall by 98 points as selling pressure continues

    Stocks fall by 98 points as selling pressure continues

    KARACHI: The stock market ended down by 98 points on Wednesday as selling pressure continued during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,248 points as against previous day’s closing of 47,346 points, showing a decline of 98 points.

    Analysts at Arif Habib Limited said that the market faced continuity of selling pressure from institutional investors that saw a decline of 311 points and closed the session -98 points.

    Cement, E&P, Banks, O&GMCs and Refinery sectors bore selling pressure, whereas Technology and Steel sectors contributed positively to the Index.

    Among scrips, FFL topped the volumes with 40.9 million shares, followed by WTL (30.1 million) and TPL (20.1 million).

    Sectors contributing to the performance include E&P (-52 points), Tobacco (-29 points), Cement (-20 points), Textile (-11 points), Technology (+25 points) and Pharma (+12 points).

    Volumes declined from 541.3 million shares to 412.2 million shares (-24 per cent DoD). Average traded value also declined by 15 per cent to reach US$ 94.2 million as against US$ 110.8 million.

    Stocks that contributed significantly to the volumes include FFL, WTL, TPL, UNITY and HASCOL, which formed 30 per cent of total volumes.

    Stocks that contributed positively to the index include TRG (+26 points), HBL (+25 points), AGP (+14 points), CHCC (+7 points) and PIBTL (+6 points). Stocks that contributed negatively include PAKT (-29 points), POL (-19 points), KOHC (-14 points), PPL (-12 points) and BAHL (-12 points).

  • CCP initiates probe against Foodpanda for discriminatory practices

    CCP initiates probe against Foodpanda for discriminatory practices

    ISLAMABAD: The Competition Commission of Pakistan (CCP) on Wednesday said it initiated a probe against the online food delivery service platform/aggregator, Foodpanda, to investigate its alleged abuse of dominant position and possible violation of prevailing laws, in the market of online food delivery platforms.

    The CCP said that the enquiry committee will also review and place before the commission, its findings, whether the exemption granted (for loyalty agreements) to Foodpanda in April 2019 for the period of three years is impeding competition in any manner in light of concerns highlighted by various market players.

    The CCP launched the investigation on the formal complaints filed by Foodpanda’s competitor M/s. Cheetay Logistics Pakistan Limited on May 04, 2021, and the All Pakistan Restaurant Association (APRA) on June 10, 2021. Formerly, a complaint was also filed by another online food aggregator, Careem Networks Pakistan (Private) Limited, pertaining to the exemption granted to same aggregator in 2019.

    The CCP’s Cartel and Trade Abuse Department conducted a preliminary fact-finding exercise and found that Foodpanda seems to have a dominant position in the market of online food delivery platforms with a considerable amount of admitted volume of 100,000 per day food orders from different restaurants/outlets/food chains across the country. Regarding the alleged abuse of dominant position, the concerns include: charging exorbitant commissions; offering fidelity rebates; discriminatory practices; setting out various discounts to exploit participants; and entering into exclusivity with parties through loyalty agreements.

    These concerns stretch the scope of abuse to being a barrier for the new entrants in the market of online food delivery platforms.

    The enquiry committee has already been working on the case, consulting all the concerned parties and seeking relevant information for deliberating the matter objectively, the CCP said.

    Findings of the enquiry upon conclusion will be placed before the commission for its decision.

  • Rupee weakens by 55 paisas against dollar

    Rupee weakens by 55 paisas against dollar

    KARACHI: The Pak Rupee ended down by 55 paisas against the dollar on Wednesday owing to demand for oil and other import payments.

    The rupee ended at Rs158.92 to the dollar from the previous day’s closing of Rs158.37 in the interbank foreign exchange market.

    Currency experts said that the rupee depreciated due to higher demand from importers and oil payments.

    The rupee lost around Rs1.38 against the dollar since July 01, 2021

  • KIBOR rates on July 07, 2021

    KIBOR rates on July 07, 2021

    KARACHI: State Bank of Pakistan (SBP) on Wednesday issued following Karachi Interbank Offered Rates (KIBOR) on July 07, 2021.

     TenorBIDOFFER
    1 – Week6.927.42
    2 – Week6.967.46
    1 – Month7.017.51
    3 – Month7.187.43
    6 – Month7.407.65
    9 – Month7.518.01
    1 – Year7.568.06

  • SBP issues customers exchange rates on July 07, 2021

    SBP issues customers exchange rates on July 07, 2021

    KARACHI: The State Bank of Pakistan (SBP) on Wednesday issued customers’ exchange rates on the basis of weighted average rates of commercial banks.

    The SBP said that the data is compiled and disseminated for information only. These Exchange Rates are an estimate of the Exchange Rates quoted by various Commercial Banks to their clients.

    They are compiled from the Exchange Rate sheets issued daily by various Commercial Banks providing their indicative Exchange Rates for commercial transactions with customers.

     CURRENCYBUYINGSELLING
    AED43.162843.2570
    AUD118.8366119.0905
    CAD127.1442127.4146
    CHF171.5195171.8837
    CNY24.524924.5755
    EUR187.3745187.7952
    GBP218.7445219.2294
    JPY1.43151.4347
    SAR42.247042.3386
    USD158.4023158.7656
  • Regulatory duty on exports reduced

    Regulatory duty on exports reduced

    KARACHI: The Federal Board of Revenue (FBR) has slashed regulatory duty up to half on export of goods.

    The FBR issued SRO 843(I)/2021 dated June 30, 2021 to amend the SRO 645(I)/2018 dated May 24, 2018, which is related to regulatory duty on export of goods.

    According to the latest SRO the regulatory duty on export of hides and skins has been reduced to 10 per cent from 20 per cent.

    Similarly, the regulatory duty on export of molasses has been reduced to 10 per cent from 15 per cent.

  • Additional customs duty at 7% slapped on imports under tariff slab of 30% and above

    Additional customs duty at 7% slapped on imports under tariff slab of 30% and above

    The Federal Board of Revenue (FBR) has announced the imposition of additional customs duty (ACD) ranging from 2% to 7% on specific imports falling under various tariff slabs, with the new rates taking effect from July 1, 2021.

    (more…)
  • Sales tax rate on petrol slashed

    Sales tax rate on petrol slashed

    ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday reduced sales tax to 16.40 per cent ad valorem on supply of petrol.

    The FBR issued SRO 860(I)/2021 to reduce the sales tax on petrol.

    Through the SRO the sales tax rate on petrol has been reduced to 16.40 per cent ad valorem from 17 per cent.

    The sales tax rates on kerosene oil and light diesel are 6.7 per cent and 0.20 per cent, respectively.

    The FBR kept the sales tax rate at 17 per cent unchanged for high speed diesel oil.

    The rates of sales tax on petroleum products have been reduced so the government absorbs the high prices in the international markets and pass on the lesser effect to the consumers.