Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Stern action initiated against companies using FBR, SECP registrations for illegal investment

    Stern action initiated against companies using FBR, SECP registrations for illegal investment

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has initiated stern action against companies engaged in attracting the general public for unauthorized investments by using registrations of relevant authorities.

    In a statement on Thursday, the SECP said that mere registration of a company with SECP does not authorize acceptance of deposits from general public.

    Deposit taking by companies other than banking companies is illegal in terms of section 84 of the Act. Financial services including car financing, leasing, acceptance of deposits, house financing etc. can only be offered by specialized companies holding valid licence and regulatory approvals.

    General public is advised in their own interest to be careful, not to deal and invest in illegal schemes offered by such companies.

    In this regard, the SECP while exercising its regulatory power to curb the menace of illegal business practices in the country has taken stern actions against “Lasani Oil Traders (Private) Limited” and “New Lassani Chicks & Chicken (Private) Limited”.

    SECP has promptly initiated legal proceedings for the winding up of these companies in terms of section 301 read with section 304 of the Companies Act, 2017 and disqualification of directors thereof in terms of section 172 of the Act.

    SECP has observed that both the companies are using their registration with SECP and FBR to win public confidence and are publicizing unauthorized investment schemes through Facebook groups and posts on social media.

    In an attempt to block companies’ access to general public, SECP approached PTA to block Facebook/twitter pages, cell phone numbers registered in the name of companies and its directors. The SECP has also made reference of the case to the relevant law enforcement agency.

    The SECP has made public a list of 50 companies, involved in similar un-authorized business activities including illegally collecting deposits from investors by making false promises of exceptionally tantalizing returns.

  • Share market gains 307 points on buying activities

    Share market gains 307 points on buying activities

    KARACHI: The share market gained 307 points on Thursday as buying activities seen on positive sentiments.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,984 points as against 45,677 points showing an increase of 307 points.

    Analysts at Arif Habib Limited said that the market went up today with 467 points during the session, closing the session +307 points.

    The renegotiation of the government with power sector on resolution of circular debt has paved the way for HUBC, KAPCO and KEL to perform.

    On the other hand, a pause in institutional selling (due to redemptions) helped the Index recover today. Banking and E&P sectors recovered from selling observed in past 2 sessions, besides Cement sector that performed in anticipation of better quarterly results.

    Among scrips, KEL led the volumes with 143.8 million shares (24 percent of total volumes), followed by HUMNL (43.2 million) and PIBTL (31.4 million).  

    Sectors contributing to the performance include Banks (+69 points), Cement (+67 points), Technology (+41 points), Textile (+34 points) and Fertilizer (+32 points).

    Volumes increased from 476.6 million shares to 606.3 million shares (+27 percent DoD). Average traded value however declined by 6 percent to reach US$ 111.6 million as against US$ 119.1 million.

    Stocks that contributed significantly to the volumes include KEL, HUMNL, PIBTL, FFL and UNITY, which formed 43 percent of total volumes.

    Stocks that contributed positively to the index include LUCK (+43 points), ENGRO (+27 points), TRG (+25 points), KTML (+24 points) and BAHL (+23 points). Stocks that contributed negatively include MARI (-11 points), UNITY (-9 points), SHFA (-5 points), BAFL (-4 points) and JLICL (-4 points).

  • Foreign exchange reserves fall by $399 million to $20.12 billion

    Foreign exchange reserves fall by $399 million to $20.12 billion

    KARACHI: The liquid foreign exchange reserves of the country fell by $399 million to $20.12 billion by week ended January 15, 2021, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were at $20.519 billion by week ended January 08, 2021.

    The official reserves of SBP also fell by $386 million to $13.014 billion by week ended January 15, 2021 as compared with $13.4 billion a week ago.

    The central bank attributed the decline in reserves to external debt repayments.

    The reserves held by commercial banks also eased by $13 million to $7.106 billion by week ended January 15, 2021 as compared with $7.119 billion a week ago.

  • Rupee ends down by 12 paisas on reports of higher current account deficit

    Rupee ends down by 12 paisas on reports of higher current account deficit

    KARACHI: The Pak Rupee ended down by 12 paisas against the dollar on Thursday owing to negative sentiments prevailed after higher than expected current account deficit in December 2020, dealers said.

    The rupee ended Rs160.62 to the dollar from the previous day’s closing of Rs160.50 in the interbank foreign exchange market.

    The dealers said that the market sentiments were negative on reports of current account deficit in the month of December 2020.

    Analysts at Topline Securities said that Pakistan’s Current Account (C/A) clocked in a deficit of $662 million in Dec-2020 (vs. a surplus of 513 million in November 2020), worst since October 2019 and breaking a streak of five consecutive monthly C/A surplus.

    Vis-à-vis last month, C/A recorded a variance of US$1,175 million, which was largely fueled by an increase of US$940 million in imports of goods. The exports of goods increased by $13 million and home remittances grew by $98 million.

  • SBP directs banks to facilitate taxpayers in e-payment of duty, taxes

    SBP directs banks to facilitate taxpayers in e-payment of duty, taxes

    KARACHI: The State Bank of Pakistan (SBP) on Thursday directed banks to facilitate taxpayers in their payments of duty and taxes through digital/electronic (e-payment) system.

    (more…)
  • FBR proposes CPEC chapter in Customs Rules

    FBR proposes CPEC chapter in Customs Rules

    ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued draft customs rules for the introduction of a separate chapter on procedures for China Pakistan Economic Corridor (CPEC) related activities.

    (more…)
  • FBR explains electronic payment for duty, taxes

    FBR explains electronic payment for duty, taxes

    ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday explained payment of duty and taxes through electronic mode to facilitate trade and industry.

    The FBR today (Wednesday) initiated e-payment for duty and taxes of Rs 1 million and above.

    The FBR answered following basic questions related to e-payment:

    What is PSID?

    Payment Slip ID (PSID) is a 17-digit unique number generated by WeBOC system for making payment of dues by the trader through internet banking, automated teller machines (ATM), bank’s mobile applications, Over the Counter (OTC), Easy Paisa, Jazz Cash etc.

    When is a PSID generated?

    Every time a payment is created against a particular GD after selecting E-Payment option, a PSID number will be generated. For every payment event (initial payment at the time of filing of GD and subsequent payment as a result of any reassessment) WeBOC system will generate a separate unique PSID.

    What are the modes of E-Payment available to a WeBOC user?

    — Bank’s internet portal

    — ATMs

    — Bank Mobile bill payment application

    — Over the Counter E-Payment against PSID

    — Easy Paisa, Jazz Cash etc.

    Would there be an option to view a PSID generated against a particular B/L or GD?

    Yes. A user will be able to see the PSID generated against a particular B/L or GD in the sub-menu of ‘View Generated PSIDs for E-Payment’ in the ‘Payment Management’ tab.

    Would there be an option to view the PSIDs against which payments have already been made?

    Yes. In sub-menu ‘Print Computer Generated Payment Receipt’ of the ‘Payment Management’ tab.

    Can I make E-Payment if I do not have internet banking facility?

    Yes. You can use the following options for making E-Payment against unique PSID generated by WeBOC system even if you do not use internet banking. 2

    — ATMs

    — Over the Counter E-Payment against PSID

    — Easy Paisa, Jazz Cash etc.

    Is there any facility to pay duty and taxes against a GD from multiple bank accounts available in E-Payment?

    For a single PSID, it is mandatory to pay duty / taxes from a single bank account. However, for subsequent payment of duty / taxes for the same GD via a new PSID, payment can be made from a different bank account.

    Is it possible to make payment of duty / taxes for a single GD through E-Payment as well as other payment modes such as pay order / cash?

    For a single payment event, it is mandatory to pay duty / taxes from one payment mode. However, for subsequent payment of duty / taxes for the same GD, payment can be made from a different mode of payment.

    What is the limit for payment through E-Payment mode?

    There is no limit and any amount of leviable duty and taxes can be paid through E-Payment via ATM or internet banking or mobile application or OTC.

    What if the trader account is debited but payment acknowledgement is not received by WeBOC system?

    There is a Dispute Resolution mechanism available in E-Payment System. In such cases, the customer will first contact his bank and then the Collectorate concerned who will forward the matter to M/s. 1LINK. The trader can report such issues to WeBOC team on the following email / phone numbers:

    — [email protected]

    — 021-99214237 or 021-99210395

    — 051-111-772-772 Ext 2

    What type of GD processes are covered under E-Payment?

    All types of GD-related processes are covered under E-Payment.

    In case of IGM de-blocking, the facility for payment through E-Payment is available?

    Yes, IGM de-blocking payment can be made through E-Payment.

    At what time exchange rate will be updated for E-Payment?

    At 00:00 hours (midnight). It is therefore advisable to make E-Payment on the same day of generation of PSID to avoid the impact of exchange rate fluctuation.

    Is it advisable to pay duty and taxes through E-Payment mode between 11:30 p.m. to 12:00 midnight?

    No (due to change of exchange rate there could be an issue with reconciliation of transaction).

    What if the GD is re-opened by the user after the PSID number has been generated?

    In such cases, the PSID will be cancelled. The user will again select the payment mode

    At the time of opting for E-Payment, what other modes-of-payment are available to the user?

    — Bank (manual payment option through NBP)

    — PD Account

    — For E-Payment of Rs 1.0 million and above the option of bank counter of NBP shall not be available w.e.f 20.01.2021,

    After the launch of E-Payment, would the option for payment through PD Account remain available?

    E-Payment system is different from payment through PD account. The option to pay duty / taxes through PD account shall remain available.

    Would there be an e-CPR (Electronic Payment Receipt) generated like through PD Account?

    Yes, the WeBOC system shall generate e-CPR to the trader.

    WeBOC Help Desk

    — For payment related issues, contact your bank’s help desk.

    — For WeBOC related issues, contact us at

    email: [email protected]

    Tel: 021-99214237 or 021-99210395

    051-111-772-772 Ext 2

  • ECC abolishes value added sales tax, reduces advance tax to 0.25pc on sugar import

    ECC abolishes value added sales tax, reduces advance tax to 0.25pc on sugar import

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved removal of value added sales tax and reduction of withholding income tax to nominal 0.25 percent on import of white sugar.

    (more…)
  • Current account posts $662 million deficit in December

    Current account posts $662 million deficit in December

    Pakistan’s balance of payments recorded a current account deficit of $662 million in December 2020, breaking a streak of five consecutive months of surplus, according to data released by the State Bank of Pakistan (SBP) on Wednesday.

    (more…)
  • Ministry approves DLTL claims worth Rs213 million: Razak Dawood

    Ministry approves DLTL claims worth Rs213 million: Razak Dawood

    ISLAMABAD: The ministry of commerce has approved Rs213 million against claims of drawback of local taxes and levies (DLTL) by non-textile sector, Abdul Razak Dawood, Adviser to Prime Minister for Commerce and Investment.

    (more…)