Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • FBR collection target may be fixed at Rs5,829 billion for 2021/2022

    FBR collection target may be fixed at Rs5,829 billion for 2021/2022

    ISLAMABAD: The government likely to fix Rs5,829 billion as revenue collection target for next fiscal year 2021/2022, sources said on Wednesday.

    The tax target for the next fiscal year is around Rs134 billion less than the projected revenue collection by the International Monetary Fund (IMF).

    The IMF has projected an amount of Rs5,963 billion as tax collection by the Federal Board of Revenue (FBR) during the next fiscal year.

    The sources said that the revenue collection by the FBR during the current fiscal year 2020/2021 has been projected at Rs4,961 billion against the actual revenue target of Rs4,963 billion.

    With the current projection of the revenue collection for the current fiscal year, the FBR would need to increase the collection by 24.26 percent to achieve the projected collection target for fiscal year 2021/2022.

    The sources said that the revenue collection target for Inland Revenue would be Rs5,044 billion during the next fiscal year as against project revenue collection of Rs3,991 billion during the outgoing fiscal year.

    The collection targets for fiscal year 2021/2022 under different heads have been projected as: Income Tax Rs2,182 billion; Sales Tax Rs2,506 billion; Federal Excise Duty Rs356 billion; and Customs Duty at Rs785 billion.

  • FBR notifies transfer, postings of IR officers

    FBR notifies transfer, postings of IR officers

    KARACHI: The Federal Board of Revenue (FBR) on Wednesday announced transfers and postings of Inland Revenue (IR) officers with immediate effect until further orders.

    The FBR announced transfers and postings of the following officers:

    Transfers/Postings of the following officers of the Inland Revenue Service

    01. Syed Bilal Mahmood Jafri (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner-IR, Corporate Tax Office, Karachi from the post of Deputy Commissioner/Initiating Officer, Benami Zone-III, Karachi

    02. Ms. Anoshe Fakhruddin (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner / Initiating Officer, Benami Zone-III, Karachi from the post of Deputy Commissioner / Administrator, Benami Zone-III, Karachi.

    03. Ms. Motia Shah (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner (Prob)/Administrator, Benami Zone-III, Karachi from the post of Assistant Commissioner (Prob), Corporate Tax Office, Karachi.

    The FBr said that if the officers are drawing performance allowance prior to issuance of this notification, they will continue to draw the same on their new place of posting.

  • Stock market eases by 64 points in range bound trading

    Stock market eases by 64 points in range bound trading

    KARACHI: The stock market witnessed a decline of 64 points on Wednesday while trading in range bound trading during the day.

    The Index closed at 48,127 points as against previous day’s closing of 48,191 points, showing a decline of 64 points.

    Analysts at Arif Habib Limited said that the market traded range bound today, oscillating between +95 points and -231 points and closed the session -64 points.

    E&P, Cement, Banks and Fertilizer sector stocks saw profit booking with the exception of KAPCO and PSO, on the back of an expectation of release of payment related to circular debt.

    Persistent increase in coal prices over the past couple of weeks caused an eclipse in cement sector.

    Among scrips, WTL led the table with 202.6 million shares, followed by BYCO (59.1 million) and PTC (36.2 million).

    Sectors contributing to the performance include E&P (-50 points), Cement (-29 points), Banks (-25 points), Technology (-23 points) and Fertilizer (-11 points).

    Volumes declined further from 1,392 million shares to 1,046 million shares (-25 percent DoD). Average traded value also declined by 9 percent to reach US$ 179.5 million as against US$ 197 million.

    Stocks that contributed significantly to the volumes include WTL, BYCO, PTC, UNITY and ANL, which formed 35 percent of total volumes.

    Stocks that contributed positively to the index include KAPCO (+15 points), NBP (+14 points), HCAR (+14 points), SHFA (+13 points) and UNITY (+13 points). Stocks that contributed negatively include HBL (-35 points), OGDC (-21 points), PPL (-10 points), LUCK (-16 points) and TRG (-14 points).

  • Rupee falls by 23 paisas on import demand

    Rupee falls by 23 paisas on import demand

    KARACHI: The Pak Rupee fell by 23 paisas against dollar on Wednesday owing to demand for import payment.

    The rupee closed at Rs 145.77 to the dollar from previous day’s closing of Rs 154.54 in the interbank foreign exchange market.

    Currency experts said that due to fiscal year end the local currency was under pressure as importers purchasing dollars for foreign payments.

  • SBP amends regulations to promote real estate sector

    SBP amends regulations to promote real estate sector

    Karachi: In order to provide further support to the development of real estate sector, State Bank of Pakistan (SBP) has amended its capital adequacy regulations by significantly lowering the applicable risk weight (from 200% to 100%) on banks/ DFIs’ investments in the units of Real Estate Investment Trusts (REITs).

    REITs are companies that raise funding from general public and institutions and deploy these
    funds through investment in real estate properties.


    With the aforesaid changes in capital adequacy regulations, banks/DFIs will now be able to increase their investments in REITs without the need to allocate relatively large amount of capital.

    This will, in turn help banks to promote development of real estate sector in the country.

    The enhanced participation of financial institutions, backed by regulatory initiatives, would also encourage REIT Management Companies to launch new REITs, providing further boost to the Government’s agenda
    for development of housing and construction sectors.


    It may not be out of place to mention that SBP has been taking a number of regulatory steps to
    enhance banks/DFIs’ participation in such sectors through their financing and investment activities, In line with Government of Pakistan’s various initiatives for the development of housing and construction sector.

    Earlier, SBP amended certain provisions of its existing Prudential Regulations for
    Corporate & Commercial Banking to encourage enhanced participation and investment of banks/DFIs in the REITs that enabled banks/DFIs to make higher investments in REITs to the tune of 15% of their equity as against the previous limit of 10%.

    Moreover, SBP has allowed the banks to count their investments in shares/units/bonds/TFCs/Sukuks issued by REIT Management Companies towards
    achievement of their mandatory targets for housing and construction finance.

    The amendments in SBP’s capital adequacy regulations will further incentivize banks to contribute towards a well-functioning capital market for real estate sector.

  • FBR collects Rs108 billion from auto sector during 11 months

    FBR collects Rs108 billion from auto sector during 11 months

    ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs108 billion from auto sector during first eleven months of the current fiscal year, showing 51 percent growth despite coronavirus pandemic, a statement said on Wednesday.

    The FBR issued details of revenue collection from major sectors during July  – May 2020/2021.

    Tax revenue of Rs. 108 billion is collected from the auto sector so far which was Rs72 billion in the last year showing growth of 51 percent.

    Likewise, revenue of Rs 117 billion is collected from the banks in the current year which was Rs. 87 billion last year exhibiting increase of 34 percent.

    FBR has collected Rs127 billion from the cement sector in the first eleven months which was Rs97 billion last year showing increase of 31 percent.

    The revenue collected from the POL is Rs. 577 billion which was Rs. 516 billion last year showing an increase of 12 percent.

    From the tobacco sector, FBR has collected Rs. 129 billion revenue which was Rs. 104 billion last year thus showing an increase of 24 percent.

    The revenue from sugar sector was Rs. 53 billion which was Rs. 31 billion last year showing a growth of 74 percent.

    The Customs duty collections in the current year from the major items include vehicles, Iron Steel and Machinery and mechanical appliances.

    Customs duty of Rs. 98 billion is collected from vehicles which was Rs. 52 billion last year showing an increase of 86 percent.

    Customs duty from Iron and Steel remained Rs. 53 billion which was Rs. 42 billion last year showing a growth of 24 percent.

    Similarly, Customs duty from machinery and mechanical appliances is Rs. 38 billion which was Rs. 30 billion last year in the same period thus showing a growth of 26 percent.

  • Income tax return filing increases by 11.4pc to 2.93 million

    Income tax return filing increases by 11.4pc to 2.93 million

    ISLAMABAD: The Federal Board of Revenue (FBR) has received 2.93 million income tax returns for tax year 2020 by end of May 2021.

    According to statement issued on Wednesday, the FBR said in an effort to broaden the tax base the income tax return filing increased significantly.

    As on May 31, 2021, income tax returns for tax year 2020 have reached 2.93 million Compared to 2.63 million in tax year 2019, showing an increase of 11.4 percent.

    The tax deposited with returns was Rs.52 billion compared to only Rs.34 billion last year, showing an increase of 55 percent.

    FBR has also released the information about Tier-I retailers who have been integrated with POS system. According to the information, 10,767 sales points have been integrated with Point of Sales Linked Invoicing System.

  • Customs intelligence to auction motor vehicles on June 04

    Customs intelligence to auction motor vehicles on June 04

    KARACHI: Directorate of Intelligence and Investigation (Customs), Karachi has announced public auction of motor vehicles to be held on June 04, 2021 at state warehouse of the directorate.

    The directorate to auction following motor vehicles:

    1. Mercedes Benz E-230 Car, Reg. No. AAJ-106, Model-2001, Chassis No. WDB2100372A189414 Color Grey 2294cc.

    2. BMW 7 Series E66 745Li Car, Reg. No. BCP-523, Model-2002, Chassis No. WBAGN62000DE55455, H.P. 4400cc Color White.

    3. Toyota Mark X Car, Reg.No.AMQ-020, Model-2006, Chassis No.GRX121-3001124, H.P.3000CC, Color Pearl White.

    4. Toyota Marks-X Car Reg No.ASP-663 Model 2005, Chassis No.GRX121-1005188 color pearl white H.P 2994 CC.

    5. Honda Civic Car Reg No.AKY-342 Model 2004, Chassis No.JHMES56804S201499 color Black H.P 1590 CC.

    6. Toyota Marks-X Car Reg No.BBF-001 Model 2005, Chassis No.GRX120-0045540 color pearl white H.P 2499 CC.

    7. Honda Civic Car Reg No.BED-504 Model 2008, Chassis No.JHMFD46208S202135 color Black H.P 1799 CC.

    8. Toyota Marks-X Car Reg No.ARN-690 Model 2005, Chassis No.GRX120-0021588 color Silver H.P 2500 CC.

    9. Toyota Surf Jeep Reg. No. BG-0235 Model 2001, Chassis No.VZN185-9047191 color White H.P 3378 CC.

    10. Toyota Hilux Surf Reg. No. ABC-600 Model 2000 Chassis No.KZN185-9022690 color Silver 3982 CC.

    11. Toyota Prado Jeep, Reg No. WAA-225, Model 1996, Chassis No.VZJ95-0001689 Color Blue H.P 3378 CC.

    12. Toyota Mark-X Car Reg No. LED-14-7246, Model 2005, Chassis No.GRX121-1005846 color Pearl White H.P 3000 CC.

    13. Toyota Mark-X Car Reg No. ASP-663, Model 2005, Chassis No.GRX121-1001181 Color Pearl White H.P 3000 CC.

    14. Mercedes Benz (E-300), Reg No.AZC-955 Model 2009 Chassis No. WDD2120542A078371 Color Black H.P 3998 CC.

    15. Toyota Corolla X Reg No. AGS-666, Model 2001, Chassis No. NZE124-3003485 Color White H.P 1500 CC.

    16. Mercedes Benz, bearing Reg No. ATL-999 Model 2006, Chassis No. WDB2110772B024601 Color White H.P 2000 CC.

    17. Suzuki Swift Car Reg No. BCF-996, Chassis No.ZC11S-166252, 1300CC , Model 2006, Color Silver.

    18. Suzuki Swift Car having dummy/fake registration plate / Mark AZN-773, Chassis No.ZC11S-159084, Model 2006, Color Pearl White.

    19. Toyota Surf Jeep having dummy/fake registration plate / Mark AAB-868 Islamabad, Chassis No. VZN185-9050159, 3400cc Model 2000, Color Silver.

    20. Toyota Mark-X Car having dummy/fake registration plate / Mark ASY-789 Karachi, Chassis No. GRX120-0067707, 2499cc Model 2006, Color Pearl White.

    21. Toyota Surf Jeep having dummy/fake registration plate / Mark BF-8481, Chassis No. RZN185-0045234, 2700cc Model 2001, Color Pearl White.

    22. Toyota Premio Car having dummy/fake registration plate / Mark ARL-786, Chassis No. ZZT240-5014560, Engine No.INZ-A477200, 1794cc Model 2003, Color Pearl White

    23. Toyota Prado Jeep having dummy/fake registration plate / Mark GS-0864, Chassis No. KZJ95-0061884, 2982cc Model 1997.

    24. Honda Civic Reborn (Hybrid) Car, without Registration plate/Mark, ASP-765 Karachi Chassis No.FD3-1005399, Engine No.DAA-FD3, 1300 CC Model 2006, Color Silver.

    25. Toyota Surf Jeep having dummy/fake registration plate / Mark BC-5511, Chassis No. VZN185-0357462, Model 2001, Color Golden.

    26. BMW-(545i Series) Car, having dummy/fake registration plate / Mark without Registration plate/Mark, Chassis No.WBANB32070B360916 ,Model 2004, Color Black.

    27. Suzuki Swift Car having dummy/fake registration plate / Mark AWA-248, Chassis No.ZCI 1S-123498, Model 2005, Color Black.

    28. Toyota Premio Car having dummy/fake registration plate / Mark AAN-143, Chassis No. AZT240-0027358, Model 2007, 1998 cc Color Pearl White.

    29. Honda Civic Reborn (Hybrid) Car having dummy/fake registration plate / Mark BDD-455, Chassis No. FD3-1005994, Model 2006, Color Sky Blue.

    30. Suzuki Swift Car having dummy/fake registration plate / Mark ATK-895, Chassis No.ZCI 1S-180516, Model 2006, Color Pearl White.

    31. Toyota Vitz Car having dummy/fake registration plate / Mark BDA-756, Chassis No. KSP90-2067642, Model 2008, 1000 cc Color White.

    32. Toyota Mark-X Car having dummy/fake registration plate / Mark AZU-931, Chassis No. GRX120-0040846, Model 2005, 2500 cc Color White.

    33. Honda Accord Car, having dummy/fake registration plate / Mark Reg. No. AXY-881, Chassis No. CL7-3006381, Model-2003, Color Silver.

  • FBR notifies rules for implementing e-audit

    FBR notifies rules for implementing e-audit

    The Federal Board of Revenue (FBR) has issued draft rules to streamline the process of online audit (e-audit) proceedings, enabling taxpayers to attend hearings virtually without the need to visit tax offices.

    (more…)
  • KSE-100 index gains 295 points on expectations of supportive budgetary measures

    KSE-100 index gains 295 points on expectations of supportive budgetary measures

    KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 295 points on Tuesday on expectations of supportive measures to be announced in upcoming budget 2021/2022.

    The 1ndex closed at 48,191 points as against previous day’s closing of 47,896 points, showing an increase 295 points.

    Analysts at Arif Habib Limited said that the market remained upbeat today in anticipation of budgetary measures, which was further supported by an uptick in international crude prices courtesy of Brent that crossed US$ 70/bbl.

    The index added a total of 341 points during the session.

    O&GMCs and Power sector took turns on the back of release of payments due from the government on account of circular debt, however, no news came to fruition.

    E&P sector contributed to the upside in Index on the back of positivity in crude oil prices, whereas Fertilizer sector added points to the table on budget incentives. Among scrips, WTL topped the volumes with 353.9 million shares, followed by BYCO (94.1 million) and SILK (86.1 million).

    Sectors contributing to the performance include E&P (+83 points), Fertilizer (+57 points), Power (+25 points), Pharma (+23 points) and Textile (+17 points).

    Volumes declined from 1,412 million shares to 1,392 million shares (-2 percent DoD). Average traded value also declined by 5 percent to reach US$ 207.4 million to US$ 197.29 million.

    Stocks that contributed significantly to the volumes include WTL , BYCO, SILK, PTC and PIBTL, which formed 46 percent of total volumes.

    Stocks that contributed positively to the index include ENGRO (+41 points), PPL (+39 points), LUCK (+22 points), HUBC (+22 points) and OGDC (+21 points). Stocks that contributed negatively include MEBL (-13 points), SNGP (-10 points), PSO (-10 points), FCCL (-8 points) and TRG (-8 points).