Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • 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.

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  • 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).

  • FBR issues rules for carry forward capital losses by listed securities

    FBR issues rules for carry forward capital losses by listed securities

    ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday issued draft rules for tax treatment on capital loss on disposal of listed securities.

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  • IR offices to open on Saturdays to meet collection target

    IR offices to open on Saturdays to meet collection target

    ISLAMABAD: The Federal Board of Revenue (FBR) has decided to open the offices of Inland Revenue on all Saturdays during the month of June in order to achieve revenue collection target for fiscal year 2020/2021.

    In an official note circulated to all Chief Commissioners Inland Revenue of Large Tax Offices (LTOs), Medium Tax Offices (MTOs), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs), the FBR said that all field formations will remain open and observe normal working hours on Saturdays from June 05, 2021 till June 30, 2021.

    The decision has been taken to enhance the efforts to meet the revenue collection targets for the last few weeks of current financial year 2020/2021, it added.

    The chief commissioners Inland Revenue have been directed to ensure that COVID-19 preventive SOPs should be strictly followed.

    The revenue collection of the FBR is provisional at Rs4,167 billion during first eleven months of the current fiscal year. The revenue body needs another Rs533 billion in the month of June 2021 to achieve the revised downward collection target of Rs4,700 billion.

  • Dollar gains 14 paisas in interbank

    Dollar gains 14 paisas in interbank

    KARACHI: The Pak Rupee fell by 14 paisas against the dollar on Tuesday owing to high demand for import and corporate payments.

    The rupee ended Rs153.54 to the dollar from previous day’s closing of Rs153.40 in the interbank foreign exchange market.

    Currency experts said that the market was under pressure due to dollar demand for import and corporate payments.

    They said that due to fiscal year ending in the month of June the corporate buyers were seen active for dollar buying. Furthermore, the demand was also seen for oil import payment.

    They however said that the rupee would recover value in coming days owing to sufficient inflows of export receipts and workers’ remittances.

  • SRB posts 52pc growth in May revenue collection

    SRB posts 52pc growth in May revenue collection

    KARACHI: The Sindh Revenue Board (SRB) has posted 52 percent growth in revenue collection during May 2021 as compared with same month of the last year, a statement said on Tuesday.


    The SRB collected Rs10.26 billion during May 2021 as compared with Rs6.734 billion in the corresponding month of the last year.


    The provincial revenue body collected Rs108.66 billion during 11 months (July – May2020/2021) as compared with Rs91.198billion in the corresponding months of the last fiscal year, showing a growth of 19 percent.


    The SRB attributed the significant growth of 52 percent in May 2021 to the continued trust and cooperation of the taxpayers, the support of Sindh government and the relentless efforts of the SRB officials.


    The provincial revenue authority said that it would continue to work hard to maximize the revenue collection during the last month of the current fiscal year, despite all adverse factors such as low economic growth and the resurgence of COVID-19, impacting the services sector.

  • FED cut for beverage industry in budget likely

    FED cut for beverage industry in budget likely

    KARACHI: The government is seriously considering to bring down federal excise duty (FED) from existing 13 percent to 11.5 percent in the upcoming budget 2021/2022.

    According to sources the tax authorities had received instructions to finalize proposals regarding beverage industry for reducing the rate of FED from 13 percent to 11.5 percent.

    The FED rate on aerated waters, containing added sugar or other sweetening matter or flavored was increased to 13 percent from 11.5 percent through Finance Act, 2019.

    It is interesting to note that Finance Minister Shaukat Tarin in a meeting last week with the delegation of the representatives of the Beverage Industry of Pakistan, said although he is supportive of adopting measures that can boost the industrial development, generate employment and help in expansion of businesses; any decision, regarding the taxation/ relief provided to any industry which has direct linkages with general well being and health of the public, will be taken after a careful analysis of all the facts and arguments.

    The Diabetic Association of Pakistan (DAP) in a recent press conference presented alarming rise of diabetic patients in the country due to growing demand for sugar.

    Therefore, the association demanded the authorities to double the taxes on sugar-sweetened beverages (SSBs) in the coming budget 2021/2022.

    It said diabetes is growing at an alarming rate in Pakistan, which has the 4th highest burden of type 2 diabetes worldwide with more than 19 million cases.

    The association demanded the government to increase the FED to 20 percent in the upcoming budget in order to discourage use of beverages.

    “Unfortunately, beverages are becoming an increasingly essential part of household food consumption with more than a 10 per cent point increase in the last few years along with a gradual increase in production and decrease in the price,” according to a letter sent to the FBR by the association.

    Health experts warned that diabetes was growing at an alarming rate in the country, and as per 2nd National Diabetes Survey of Pakistan 2016-17, every 4th Pakistani adult is suffering from type 2 diabetes.

    “Overweight and obesity are key risk factors leading to early development of diabetes. According to the Non-communicable Disease (NCDs) Steps Survey (2014-15), more than four out of ten adults of Pakistan are obese or overweight, while 37 per cent have hypertension,” according to the survey.

    WHO and the World Bank also recommended Pakistan for increasing taxes on beverages to reduce obesity and related diseases like diabetes.

    The association demanded increase in FED to 20 percent, and create a category of beverages to include sugary drinks beyond aerated water (juices, energy drinks, flavored milk, iced tea, nectars etc.) to impose minimum of 20 per cent excise tax.

  • SRB launches tax scheme for waiver of penalty, default surcharge

    SRB launches tax scheme for waiver of penalty, default surcharge

    KARACHI: The Sindh Revenue Board (SRB) on Monday launched a scheme to exempt whole of the amount of penalty and default surcharge on payment of principal amount by given date.

    Sindh Revenue Board (SRB) in this regard issued notification to exempt the whole of the amount of penalty and such of the amount of default surcharge as is in excess of the amount of default surcharge specified below, provided that the principal amount of tax and the following amounts of the default surcharge thereon are deposited in the prescribed manner in Sindh Government’s head of account “B-02384” during the periods as specified below:-

    (a) the principal amount of tax (as outstanding on 31st May, 2021) along with zero default surcharge thereon if deposited during the period from 1st June, 2021 to 12th June, 2021;

    (b) the principal amount of tax (as outstanding on the 31st May, 2021) along with 5 percent of the amount of default surcharge thereon if deposited during the period from 13th June, 2021 to 21st June, 2021; and

    (c) the principal amount of tax (as outstanding on the 31st May, 2021) along with 10 percent of the amount of default surcharge thereon if deposited during the period from 22’d June, 2021 to 30th June, 2021.

    Explanation: The word “deposited”, used in this notification, means deposited by means of the CPR (Computerized Payment Receipt) so generated.

    The benefits of exemption of penalty and default surcharge, as specified in this notification, shall also be available in relation to the arrears of the tax (as outstanding on the 31St May, 2021) payable under the Sindh Sales Tax Ordinance, 2000 and under the Sindh Sales Tax on Services Act, 2011, by.

    (i) persons who are liable to be registered under section 24 of the Act but were not registered, provided that:-

    (a) they get themselves registered with SRB in the prescribed manner during the aforementioned periods from 1st June, 2021 to the 30th June, 2021;

    (b) they deposit their tax liabilities for the principal amount of tax along with the aforementioned percentages of the amount of default surcharge thereon in relation to the tax periods from the date of the commencement of their economic activity to the tax period of May, 2021, in Sindh Government’s head of account “B-02384” in the prescribed manner by the due dates prescribed in clauses (a), (b) and (c) of paragraph 1 of this notification; and

    (c) they also e-file their tax returns, for the tax periods from date of commencement of their economic activity of taxable services to the tax period May, 2021, during the period from the date of this notification to the 30th June, 2021.

    Explanation: For the purpose of this sub-paragraph (i), the word “registered” in the case of withholding agents shall mean “e-Signed up” in terms of the Sindh Sales Tax Special Procedure (Withholding) Rules, 2014;

    (ii) persons who were registered but were non-filers or null-filers or nil-filers of their tax returns;

    (iii) persons who were late-registered with SRB and they did not file all of their tax returns for the tax periods from the date of commencement of their economic activity of taxable services;

    (iv) persons who withheld any amount of Sindh sales tax but have either not deposited the said withheld amount in Sindh Government’s head of account “B-02384” or have deposited the withheld amount in a head of account other than the Sindh Government’s head of account “B-02384”;

    (v) persons who determine the arrears through self-detection and selfassessment;

    (vi) persons who short-paid any amount of tax in their tax returns;

    (vii) persons against whom any arrears of tax were detected in SRB’s scrutiny of tax returns or in SRB’s audit of taxpayers’ record

    (viii) persons against whom any tax amount has been determined or assessed or adjudged, by an officer of the SRB, through an order or decision passed under the Sindh Sales Tax on Services Act, 2011, or the rules/notification issued thereunder;

    (ix) persons against whom any tax liability has been adjudged or confirmed by the Commissioner (Appeals) or the Appellate Tribunal;

    (x) persons whose cases are under assessment or under adjudication with any officer of the SRB or are pending, at the appellate stage with the Commissioner (Appeals) or with the Appellate Tribunal; and

    (xi) persons whose cases are under litigation in any court of law including the High Court and the Supreme Court.

    The SRB said that the benefits provided under this notification, to the extent as specified below, shall also be available in cases where a person has late paid the principal amount of tax prior to the date of this notification and/or has not yet discharged the liability of penalty (whether the prescribed amount of penalty or the adjudged amount of the penalty) and default surcharge on such late payment provided that he deposits an amount equal to:-

    (a) 5 percent of such amount of penalty and 10 percent of such amount of default surcharge (as outstanding on 31st May, 2021) in Sindh Government’s head of account “B-02384” during the period from 1st June, 2021 to 12th June, 2021;

    (b) 10 percent of such amount of penalty and 15 percent of such amount of default surcharge (as outstanding on 315t May, 2021) in Sindh Government’s head of account “B-02384” during the period from 13th June, 2021 to 21st June, 2021; and

    (c) 15 percent of such amount of penalty and 20% of such amount of default surcharge (as outstanding on 3151 May, 2021) in Sindh Government’s head of account “B-02384” during the period from 22nd June, 2021 to 30th June, 2021.

    If the whole of the dues of the principal amount of tax and the aforementioned prescribed percentage of the amount of default surcharge thereon are paid by a person in terms of this notification, such a person shall not be prosecuted under section 49 of the Act, and the offence, to the extent of the arrears of the tax paid under this notification, shall also be compounded under section 46 of the Act.

    If the principal amount of tax and the aforementioned percentages of the amount of the default surcharge thereon, as are paid in terms of this notification by the persons described in clauses (vi), (vii), (viii), (ix), (x) and (xi) of paragraph 2 of this notification, are held to be not payable in view of the order issued by the respective competent authority (i.e. the adjudicating officer or the Commissioner (Appeals) or the Appellate Tribunal or the Court of Law), the Officer of the SRB, not below the rank of an Assistant Commissioner, shall allow tax adjustment/credit of the amount or, alternatively, shall refund the amount, so paid, within 90 days from the date of receipt of the taxpayer’s application, for refund or for tax adjustment/credit, together with a copy of the order/judgment and also of the evidence that the incidence of the tax was not passed on to the service recipient.

    This notification shall not apply for refund or adjustment of any amount of tax or default surcharge or penalty as has already been paid or recovered on any date on or before the 31st May, 2021.

  • KE privatization was policy mistake

    KE privatization was policy mistake

    KARACHI: Privatizing an integrating and monopoly provider of an essential service (i.e. electricity) to over 20 million people was a policy mistake, said a letter written by an advisor to the Prime Minister on Power and Petroleum.

    Tabish Gauhar, Special Advisor to the PM on Power and Petroleum, in his response to a letter written by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) stated that unbundle K- Electric (formerly Karachi Electric Supply Company) into separate generation, transmission and (more than one) distribution companies as opposed to handing over its management to yet another single buyer of an integrated utility company i.e. an unbundled KE should be managed by different set of private entities going forward to avoid monopoly control and single point of management failure or success.

    “In hindsight, privatizing an integrated and monopoly provider of an essential service (i.e. electricity) to over 20 million people was a policy mistake,” Tabish Gauher said.

    In response to FPCCI President, it is further stated that prior to unbundling, reduce the overall cost of electricity for KE (and, therefore, the implied subsidy burden on the government) by integrating its own generation units and its Independent Power Producers (IPPs) into the national network on the basis of economic order dispatch.

    “This will also help absorb the excess and relatively cheaper power available in the national grid/pool for the benefit of the entire power sector (lower circular debt), consumers of Pakistan (lower tariff) and reduce the need for KE to set up additional, more expensive, power plants and its own and create space on its balance sheet to finance the augmentation of the Transmission and Distribution network,” it said.

    “… our government has already started doing that by increasing power supply to Karachi from the national grid from 650MW to up to 2000 MW, subject to signing a commercial-based power purchase agreement that is still pending,” it added.

    The letter sent to FPCCI president further noted that the ministry supported the recommendations presented by various industrial associations to provide choice of retail supply to all the KE’s end-consumers once its exclusivity / monopoly expires in 2023, as in other DISCOs, in line with government’s power liberalization policy.