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Author: Mrs. Anjum Shahnawaz

  • MCC Gwadar announces auction of motor vehicles on April 21

    MCC Gwadar announces auction of motor vehicles on April 21

    KARACHI: Model Customs Collectorate (MCC) Gwadar has announced auction of confiscated motor vehicles on April 21, 2021 to be held at Custom House, Gaddani.

    Following motor vehicles will be presented for the auction:

    01. Toyota Premio X Car, Reg: No AAK-046, Chassis No. ZZT240-0112894, Engine No. Nil, Model: 2006

    02. Toyota Surf, Reg No. QBA-0162, Chassis No. KZN185-0043878, Engine No. 1KZ-TE2982, Model: 1997

    03. Toyota Land Cruiser, Reg No. BC-0448, Chassis No. HJ61-002060, Engine No. Nil, Model: 1986

    04. Hino Bus, Reg No. BSB-808, Chassis No. AK1JRKA-16027, Engine JO8CB16832, Model:2012

    05. Coach, Reg No. BSA-515, Chassis No. AK1JMKA-1415, Engine No. Nil, Model: Nil

    06. Toyota Land Cruiser (Red), Reg No. BA-8164, Chassis No. BJ160-009711, Engine No. Not Traceable, Model: 1985

    07. Indus Corolla Car, Reg No. GF-1411, Chassis No. AE100-0028693, Engine No. Not Traceable, Model: 1994

    08. Land Cruiser Prado, Reg No. Not Traceble, Chassis No. LJ78-0002499, Model. 1990

    09. Toyota Land Cruiser, Reg No.BA-5186, Chassis No. HJ60-009651, Model. 1984

    10. Toyota Land Cruiser, Reg: JAA-889, Ch# BJ-60-020679, Model: 1988

    11. Mitsubishi Pajero, Reg: JAL-231, Ch# LO48G-3005856, Model: 1985

    12. Land Cruiser, Reg: QAB-1649, Ch# HJ61-013994, Model:1989

    13. Toyota Jeep Land Cruiser, Reg: AFR-2015, Ch: FJ40-371932, Model: 1989

    14. Toyota Land Cruiser, Reg: Nil, Ch:# LJ78-0039971, Eng:# ZL-33868, Model: 1993

    15. Honda Civic Car, Reg: Nil, Ch:# ESI-1600827, Eng:#D1610173-004871, Model: 2002

    16. BMW, Reg: Nil, Ch:# WBAGL62090DJ92594, Eng:#CC-300, Model: 2002

    17. Toyota Surf, Reg: Nil, Ch:# KZN130-9032504, Eng:#Not Traceable, Model: 1993

    18. Toyota Land Cruiser, Reg No. LSA-3469, Chassis No.FJ55-88824, Engine No. Nil, Model: 1992

    19. Hino Bus, Reg No. CH-14538, Chassis No. AK8JRKA-14538, Engine No. Nil, Model: 2016

    20. Hino Bus, Reg No. BSA-554, Chassis No. AK1JRKA-11056, Engine No. Nil, Model: Nil

    21. Hino Bus, Reg No. JB-3335, Chassis No. AK8JRKA-15635, Engine No., Model: 2012

    22. Hino Bus, Reg No. BSA-327, Chassis No. AK17X-41808, Engine No., Model: 1992

    23. Hino Bus, Reg No. BSA-571, Chassis No. AK-I-JRKA-16707, Engine No. Nil, Model: 2011

    24. Toyota Land Cruiser, Reg No. QBA-3037, Chassis No. FZ180-016013, Model Nil

    25. Zamyad Irani Pick Up, Reg: No WAJ-718, Chassis No. NAZPL140TB-P340284, Engine No. Nil, Model: Nil

    26. Nissan Sunny Car, Reg No. Nil, Chassis No. JN1BDAB14Z0336115, Engine No. GMI-6080565, Model: Nil

    27. Toyota Hilux Surf Jeep, Reg No. BF-3414, Chassis No. RZN185-9024668, Engine No. 3RZ-FE, Model: 2000

    28. Honda Accord, Reg No. AVP-786, Chassis No. CL7-3003313, Engine No. N/A, Model: Nil

    29. Toyota Altis Car, Reg No. AZR-182, Chassis No. ZZE142-7403917, Engine No. N/T, Model: N/T

    30. Hyundai Shehzore, Reg No.KH-4410, Chassis No. AUDF101061, Engine No. N/T, Model: N/T

    31. Mitsubmishi Pejero, Reg No.KB-1782, Chassis No. CL048VFY100117, Engine No. N/T, Model: N/T

    32. Toyota Probox, Reg No.Nil, Chassis No. NLP51-0006233, Engine No. INZ-TV014556, Model: 2004

    33. Toyota Raum car, Reg No.AHK-605, Chassis No. NCZ 20-00962014, Engine No. INZFE-0097850, Model: Nil

    34. Mitsubishi Pejero, Reg No. Nil, Chassis No. V45-4401374, Engine No. 2L2678454, Model: 1998

    35. Mitsubishi Pejero, Reg No.JAB-248, Chassis No. LJ78-00151955, Engine No. –TE, Model: Nil

    36. Mitsubishi Pejero (03 Door), Reg No.LSC-5465, Chassis No. V24-7700536, Engine No. 4D56-T7UF, Model: Nil

    37. Toyota Land Cruiser, Reg No.BD-4472, Chassis No. FZJ80-0022240, Engine No. N/T, Model:1992

    38. Toyota Land Cruiser, Reg No.BF-7385, Chassis No. HZJ80-0011965, Engine No. N/T, Model: Nil

    39. Toyota Land Cruiser, Reg No. Nil, Chassis No. LENFN28FX95300066, Engine No. 312684, Model: Nil

    40. Toyota Land Cruiser Prado, Reg No.JAF-883, Chassis No. IZJ78-0027017, Engine No.1KZIT, Model:1996

    41. Toyota Hilux Pickup, Reg No.WAE-893, Chassis No. RN43-008601, Engine No. Nil, Model: Nil

    42. Toyota Land Cruiser, Reg No.JAA-038, Chassis No. HJ61-006515, Engine No.1158881, Model:1987

    43. Toyota Land Cruiser, Reg No.JAA-195, Chassis No. LJ71-0003920, Engine No.2L-1651949, Model: Nil

    44. Hyundai Shehzore, Reg No.KN-9544, Chassis No. AUDF-128515, Engine No. Nil, Model:Nil

    45. Pejero, Reg No.JAA-983, Chassis No. CL0048VGJ400698, Engine No. Nil, Model: Nil

    46. Shahzor, Reg No.KP-6463, Chassis No. PHFGNSMXR7D138191, Engine No.D4BB6404789, Model:2007

    47. Toyota Land Cruiser, Reg No.JAC-265, Chassis No. KZJ78-0001358, Engine No.1KZ-TE-0005609, Model: Nil

    48. Toyota Prado, Reg No.BF-6548, Chassis No. VZJ121-0007375, Engine No.5VZ-FE3378, Model:2003

    49. Toyota Land Cruiser, Reg No.JAD-117, Chassis No. FZ-J80-0163691, Engine No. Nil, Model: Nil

    50. Hino Mazda Truck, Reg No. JW-1236, Chassis No. AK176KA-43256, Engine No. 12181, Model: 1992

    51. Toyota XLI Car, Reg No. GP-0896, Chassis No. NZE170R-4048738, Engine No. Z333007 (2ZN-FE), Model: 2015  

  • Equity market declines by 392 points on law and order situation

    Equity market declines by 392 points on law and order situation

    The equity market experienced a significant downturn on Monday, with the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closing at 44,914 points, marking a decline of 392 points from the previous close of 45,306 points.

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  • Rupee slips by 11 paisas on import, corporate payment demand

    Rupee slips by 11 paisas on import, corporate payment demand

    KARACHI: The Pak Rupee weakened by 11 paisas against the dollar on Monday owing to demand for import and corporate payments, dealers said.

    The rupee ended Rs152.93 to the dollar from last Friday’s closing of Rs152.82 in the interbank foreign exchange market.

    The currency dealers said that the rupee was under pressure because the market was opened after two weekly holidays.

    However, they said that the market had sufficient supply of the greenback to meet the demand in coming days.

    They said that the inflows of export receipts and workers’ remittances would support the local currency. Further, the market would remain positive due to high stock of foreign exchange reserves of the country.

  • 400,000 taxpayers pay surcharge for ATL

    400,000 taxpayers pay surcharge for ATL

    KARACHI: Around 400,000 taxpayers have paid surcharge for appearance on Active Taxpayers List (ATL) for tax year 2020, according to updated active taxpayers list issued on Monday by the Federal Board of Revenue (FBR).

    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 – is showing around 2.57 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.

  • PSX declares around 200 percent growth in after tax profit for nine-month period

    PSX declares around 200 percent growth in after tax profit for nine-month period

    KARACHI: Pakistan Stock Exchange (PSX) on Monday announced a massive growth of around 200 percent in after tax profit for nine-month period ended March 31, 2021 owing to significant increase in listing fee and income from exchange operations.

    The stock exchange declared Rs542 million as profit after tax during first nine months of the current fiscal year as compared with Rs181 million in the corresponding period of the last fiscal year.

    The PSX declared Re0.68 as basic and diluted earnings per share during July – March 2020/2021 as compared with Rs0.23 in the same period of the last fiscal year.

    According to the results the PSX revenue from exchange operations posted 81 percent increase to Rs531 million during first nine months of the current fiscal year as compared with Rs294 million in the corresponding months of the last fiscal year.

    Similarly, the revenue from listing fee also posted 36 percent increase to Rs410 million during first nine months of the current fiscal year as compared with Rs302 million in the same period of the last fiscal year.

    However, mark-up/interest income of the stock exchange reduced to Rs58 million during the period under review as compared with Rs113.52 million in the corresponding period of the last fiscal year.

    Administrative expensive of the stock exchange increased to Rs908 million during nine-month period ended March 31, 2021 as compared with Rs846 million in the corresponding period of the last fiscal year.

    The income on share of profit from associated also increased to Rs427 million during July – March 2020/2021 as compared with Rs284 million in the same period of the last fiscal year.

  • Tax collection on profit from bank deposits increase to Rs54.55bn in July – March

    Tax collection on profit from bank deposits increase to Rs54.55bn in July – March

    KARACHI: Withholding income tax collection from profit on bank deposits registered 11 percent growth to Rs54.55 billion during first nine months (July – March) 2020/2021, sources said on Monday.

    The collection of withholding tax from profit on bank deposits was Rs49 billion in the nine months of the last fiscal year, officials at Regional Tax Office (RTO) –I Karachi said.

    The RTO-I Karachi, is a revenue collection arm of the Federal Board of Revenue (FBR), has mandate to collect the withholding tax on profit from debt on bank deposits under Section 151 of the Income Tax Ordinance, 2001.

    The rate of tax to be deduction under section is 15 percent of the yield or profit. In case person is not on the Active Taxpayers List (ATL) the tax rate shall be increased by 100 percent.

    The officials attributed the rise in tax collection to massive increase in bank deposits.

    The bank deposits have reached to record high at Rs17.9 trillion by end of March 2021. The deposits of banking system increased by 18.38 percent as the total deposits were at Rs15.12 trillion by end March 2020.

  • Jurisdiction of big taxpayers given to CTO

    Jurisdiction of big taxpayers given to CTO

    KARACHI: Federal Board of Revenue (FBR) has transferred jurisdiction of big volume taxpayers to Corporate Tax Office (CTO) instead of dedicated tax offices for big taxpayers i.e. Large Taxpayers Office (LTO).

    Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2021/2022 pointed out that the FBR had created new LTOs which deal with taxpayers having a turnover of Rs.1 billion or more.

    However, FBR has changed the taxpayer’s jurisdictions abruptly without any intimation.

    Jurisdiction of some tax payers has been transferred from LTO to CTO despite having a turnover of Rs.7 to Rs8 billion which has created a great deal of confusion and hardship. Difficulties in transfer of soft data/hard copies of tax records from one jurisdiction to other has created problem in processing of refunds and other issues.

    The chamber urged the FBR to correctly and transparently implement the said policy.

    Transfer of Jurisdiction should be streamlined and made easier with prior intimation and valid reasoning.

    Taxpayer data will be available for longer period to be checked by himself at one place and it will also facilitate taxpayers.

  • PTA warns against fake calls for money transfer

    PTA warns against fake calls for money transfer

    ISLAMABAD: Pakistan Telecommunication Authority (PTA) on Sunday warned general public for not sharing their personal details on hoax or fake calls because response to those calls may result in loss of money.

    In a press release, the PTA cautioned the public to be aware of hoax, falsified and unsolicited calls and messages asking for personal details or money transfer.

    PTA or other organizations such as banks will never call and ask for personal information, like ATM pin, code, OTP and account details.

    People are advised to do not share their personal information with an unknown caller/SMS sender and ignore calls claiming to be from PTA or other organizations asking to update or verify details i.e mother name, account balance, CNIC No etc.

    Besides contacting their respective telecom service operator, consumers may also register their complaints by dialing 0800-55055 or at https://complaint.pta.gov.pk/RegisterComplaint.aspx . Appropriate action would be taken against the persons involved in this fraudulent activity.

  • Commissioner Appeals should be empowered to grant stay up to 90 days

    Commissioner Appeals should be empowered to grant stay up to 90 days

    KARACHI: Federal Board of Revenue (FBR) has been urged to authorized commissioner appeals to grant stay up to 90 days instead existing 15 days.

    Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2021/2022 said that currently Commissioner (Appeals) grants stay for 15 days only and after expiry of the stay the taxpayer has to file repeated extensions until the decision of the Appeals. Relevant Sections are: ITO 2001 Section 128 (1A)

    The chamber said that this is a cumbersome process which is quite unnecessary and causes undue hardship.

    The KCCI proposed that amendment should be made to Section 128 (1A) of the ITO 2001, to increase the stay duration to Ninety (90) days instead of 15, and extend order timeline to 180 days instead of the existing 30 days.

    This will eliminate unnecessary documentation and save time of both the taxpayer and the Commissioner (Appeals).

  • Major reforms in personal income tax likely in budget

    Major reforms in personal income tax likely in budget

    ISLAMABAD: The tax authorities are working on major reforms in personal income tax to be introduced through budget 2021/2022.

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