Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Equity market gains 622 points in mixed trading

    Equity market gains 622 points in mixed trading

    KARACHI: The equity market gained 622 points on Monday in mixed trading session during the day. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 45,796 points as against previous closing of 45,175 points showing an increase of 622 points.

    Analysts at Arif Habib Limited said that first trading session after a long Eid vacation, the Market opened +347 points, courtesy LUCK & TRG.

    MSCI EM review during the off period saw inclusion of LUCK and TRG and deletion of INDU, PKGS, OGDC and NBP that resulted in negative price performance in OGDC and likewise positive price performance in LUCK.

    The momentum kept the interest alive and the index kept posting gains with a total addition of 632 points.

    In addition, Tech stocks continued the uptrend with prominent performance by TRG, NETSOL and AVN. Among scrips, WTL topped the volumes with 72.9 million shares, followed by KEL (38.3 million) and GGL (35.9 million).

    Sectors contributing to the performance include Cement (+200 points), Technology (+140 points), Fertilizer (+55 points), Textile (+35 points) and Vanaspati (+34 points).

    Volumes increased from 245.6 million shares to 437.4 million shares (+78 percent DoD). Average traded value also increased by 115 percent DoD to reach US$ 133.5 million as against US$ 62.2 million.

    Stocks that contributed significantly to the volumes include WTL, KEL, GGL, TELE and UNITY, which formed 44 percent of total volumes.

    Stocks that contributed positively to the index include TRG (+135 points), LUCK (+94 points), UNITY (+34 points), MCB (+32 points) and MLCF (+24 points). Stocks that contributed negatively include OGDC (-65 points), PPL (-19 points), HBL (-8 points), NRL (-8 points) and BAFL (-6 points).

  • SBP revises banking hours for public dealing

    SBP revises banking hours for public dealing

    KARACHI: The State Bank of Pakistan (SBP) has revised banking hours for public dealings effective from Monday May 17, 2021.

    The SBP said that as per new schedule the banks and microfinance banks to observed following banking hours for public dealing:

    Monday to Thursday: 9:00 AM to 1:30 PM

    Friday: 9:00 AM to 1:00 PM

    The SBP said that banks may prescribe banking hours as per the requirement with the minimum benchmark of SBP (BSC) set for the purpose.

    Previously, through a notification issued on April 28, 2021, the SBP revised the banking hours in line with the decision of National Command and Operation Center (NCOC) to contain the spread of COVID-19.

    The previous banking hours were:

    Monday to Thursday: 9:00 AM to 1:00 PM (without break)

    Friday: 9:00 AM to 12:30 PM (without break).

    The SBP further said that and all other banks will revert to normal office hours effective from May 17, 2021.

    Monday to Thurs: 9:00 a.m. to 5:30 p.m.

    Friday: 9:00 a.m. to 6:00 p.m.

  • Motor vehicle tax collection grows by 22.7pc; finance ministry issues nine-month statistics

    Motor vehicle tax collection grows by 22.7pc; finance ministry issues nine-month statistics

    ISLAMABAD: The collection of motor vehicle tax has been increased by 22.7 percent owing to better economic conditions during the current fiscal year as compared with unfavorable conditions in the last fiscal year due to corona pandemic.

    According to statistics released by the ministry of finance for the period July – March 2020/2021, the collection of motor vehicle tax increased to Rs20.53 billion during the first nine months of the current fiscal year as compared with Rs16.73 billion in the same months of the last fiscal year.

    The economic conditions were not encouraging at the start of the last fiscal year and later the coronavirus related lockdown adversely impacted commercial and financial activities.

    The provinces have jurisdiction over the collection of motor vehicle tax.

    The province wise collection revealed that the Punjab had posted 15.18 percent increase in motor vehicle tax collection during the period under review. The province collected Rs11 billion during July – March 2020/2021 as compared with Rs9.55 billion in the corresponding period of the last fiscal year.

    The province of Sindh collected Rs7.55 billion during July – March 2020/2021 as compared with Rs5.52 billion during the corresponding period of the last fiscal year, showing an increase of 36.27 percent.

    Khyber Pakhtunkhwa registered an increase of 9.65 percent to Rs1.25 billion during first nine months of the current fiscal year as compared with Rs1.14 billion, showing an increase of 9.65 percent.

    The province of Balochistan posted the highest growth of 43.13 percent to Rs0.73 million during July – March 2020/2021 as compared with Rs0.51 million in the same period of the last fiscal year.

  • MCC Peshawar auctions motor vehicles on May 19-20

    MCC Peshawar auctions motor vehicles on May 19-20

    ISLAMABAD: Model Customs Collectorate (MCC) Peshawar has announced to conduct public auction of motor vehicles at various customs stations on May 19 and May 20, 2021.

    Following are the details of motor vehicles and location of auction:

    STATE WARE HOUSE, PESHAWAR

    01. Mercedes Benz (Bullet Proof) Model 1982, chassis No. WDB-12603312037551

    02. Mitsubishi Pajero Station Wagon Jeep (4X4) Model 1999, Chassis No. JMYHNV360YJ000822

    03. Mitsubishi Pajero Model 1999 (As per Website), Chassis No. JMYHNV360YJ000823

    04. Toyota Land Cruiser Model 1989 (As per Website), Chassis No. LJ70-0005716

    STATE WARE HOUSE, ABBOTTABAD

    01. Toyota Hilux Surf Model 1993 (As per Website), chassis No. KZN130-9007320

    STATE WARE HOUSE, FRONTIER CORPS

    01. Daewoo Car Model 1992, Chassis No. KLATF19TINB-522281

    02. Mark-1 Motor Car Model Nil, Chassis No. LA3VS-216474

    03. Motor Car  Model 1978, Chassis No. M-430-300918

    04. Toyota Corolla Car Model 1982, Chassis No. A171-A-8024009

  • World Bank approves $153 million for Pakistan COVID vaccine drive

    World Bank approves $153 million for Pakistan COVID vaccine drive

    ISLAMABAD: The World Bank’s Board on Friday approved the restructuring of the Pandemic Response Effectiveness in Pakistan (PREP) project, originally approved in April 2020, to redeploy $153 million to support the ongoing national vaccine drive in Pakistan.

    These funds, redeployed at the request of the federal government, will help finance the purchase and deployment of safe and effective COVID-19 vaccines that meet the eligibility criteria of the World Bank. The project will strengthen the health system’s capacity to implement the vaccination campaign for its prioritized and eligible populations.

    “The third wave of COVID-19 emerged in Pakistan in March 2021 and is threatening the lives and livelihoods of millions of people,” said Najy Benhassine, World Bank Country Director for Pakistan.

    “The World Bank remains a committed partner to support Pakistan in addressing this public health crisis, including through vaccination, and providing support to tackle the social and economic impacts of the pandemic.”

    In addition to this financing for vaccines in Pakistan, the World Bank has provided a total of $768.5 million to support the vaccination purchase and rollout efforts in Afghanistan, Bangladesh, Nepal and Sri Lanka.

    In addition to financing, the Bank is providing technical assistance and knowledge-sharing workshops for countries in South Asia on different aspects of designing and deploying fair and equitable vaccine strategies.

  • Eid ul Fitr Mubarak

    Eid ul Fitr Mubarak

    PkRevenue.com wishes Happy Eid-ul-Fitr Mubarak to all valuable readers and followers.

  • Ruet e Hilal committee announces Eid-ul-Fitr on May 13

    Ruet e Hilal committee announces Eid-ul-Fitr on May 13

    The Central Ruet-e-Hilal Committee, responsible for sighting the moon to determine Islamic months, officially announced that the Shawal Moon has been sighted.

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  • Half a million people pay surcharge to get active taxpayer status

    Half a million people pay surcharge to get active taxpayer status

    ISLAMABAD: Nearly half of a million people have paid surcharge for appearance in Active Taxpayers List (ATL) to get benefit of exempt withholding tax or reduced rate of withholding tax on various types of transactions.

    Sources in Federal Board of Revenue (FBR) on Wednesday said that around 500,000 taxpayers who filed their income tax returns after due date had paid surcharge to appear on the ATL for tax year 2020.

    The FBR issues a fresh ATL on March 01 every year on the basis of returns filed for the preceding tax year. The FBR issued ATL for tax year 2020 on March 01, 2021. This ATL carried 2.17 million names of taxpayers who filed their income tax returns by due date or those who filed their returns on the date which was extended by Commissioner Inland Revenue (CIR).

    The updated ATL – on the basis of surcharge paid by those person who filed their income tax returns after due date –  issued on May 10, 2021 is showing around 2.65 million names of active taxpayers.

    The filing of income tax returns is mandatory for all the taxpayers who have taxable income or specified under Section 114 of Income Tax Ordinance, 2001.

    As per statute the compliance of mandatory return filing was not enough to avail the reduced rate facility. According to Section 182A of Income Tax Ordinance, 2001 the persons who fail to file annual return of income by due date or extended by commissioner Inland Revenue then their names would not be included in the active taxpayers list for the year for which return was not filed.

    However, the persons would be included in the taxpayers list on filing return after the due date, if they pay surcharge at: Rs20,000 in case of  a company; Rs10,000 in case of an association of persons; and Rs1,000 in case of an individual.

  • TPL Life launches insurance plan for overseas Pakistanis

    TPL Life launches insurance plan for overseas Pakistanis

    KARACHI: TPL Life has launched Roshan Zindagi, a unique insurance plan designed to facilitate Non Resident Pakistanis (NRP’s) and their families residing in Pakistan.

    With a unique product which is new to Pakistan’s insurance landscape, TPL Life strives to be the only digital life and health solution for valuable contributors to Pakistan’s economy they reside abroad.

    To ensure maximum convenience to NRP’s, the solution aims to provide an end-to-end, paperless and digital experience to over nine million Pakistanis residing abroad through an easy yet preference based journey.

    TPL Life’s Roshan Zindagi Insurance Plan offers Accidental Death Coverage of over Rs2.5 million for NRP’s, Comprehensive Health Insurance Benefits for their families residing in Pakistan, as well as exclusive dismemberment limits against any unforeseen events.

    To further facilitate customers, the plan also provides Cashless Hospitalization of up to Rs20 million with access to TPL Life’s 300 + panel hospitals located across Pakistan.

    The product is currently offered to Pakistanis residing in 11 countries including UAE, Saudi Arabia, Qatar, Oman, Kuwait, Bahrain, Australia, Malaysia, UK, USA and Canada, with an aim to expand the Roshan Zindagi footprint to more than 50 countries serving hardworking expats in the coming years.

    Speaking at the occasion, Faisal Abbasi, CEO, TPL Life said: “It gives me great pleasure to present Roshan Zindagi Plans for Overseas Pakistanis & their families residing in Pakistan.

    “The launch of TPL Life’s Roshan Zindagi Plan is a testament to our quest of completing the circle of safety by providing two-fold benefits to NRPs and their families. We at TPL Life, leave no stone unturned to provide personalized propositions and address the needs of every customer segment in Pakistan.”

  • Implementing full fledged VAT recommended in budget

    Implementing full fledged VAT recommended in budget

    Tax experts, gathered under the banner of the Karachi Tax Bar Association (KTBA), have strongly recommended the implementation of a comprehensive Value Added Tax (VAT) by the Federal Board of Revenue (FBR).

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