ISLAMABAD: Federal Board of Revenue (FBR) on Friday constituted a provincial complaint resolution committee for settlement of issues relating of sales tax refund matters for Khyber Pakhtunkhwa (KPK).
The FBR constituted the complaint resolution committee Khyber Pakhtunkhwa comprising following members for settlement of sales tax refund issues for taxpayers falling under the jurisdiction of field formations of Khyber Pakhtunkhwa:
ISLAMABAD – A tax amnesty providing relief on undeclared money to builders and developers for new housing projects is set to expire on December 31, 2020.
The foreign exchange reserves of the country were at $20.402 billion by week ended December 04, 2020.
The foreign exchange reserves of the SBP were remained flat at $13.299 billion by week ended December 11, 2020 as compared with $13.298 billion a week ago.
The foreign exchange reserves held by commercial banks fell by $23 million to $7.081 billion by week ended December 11, 2020 as compared with $7.104 billion a week ago.
KARACHI: The stock market gained 407 points on Thursday owing to uptick in prices of international crude oil which helped energy scrips at the local bours.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,767 points as against 43,360 points showing an increase of 407 points.
Analysts at Arif Habib Limited said that another day, another uptick in KSE100 index, which was attributed to a consistent and gradual increase in international crude oil prices that has seen an overnight jump of 2 percent in Brent and WTI prices.
Resultantly, OGDC and PPL ramped up with significant trading volumes. Among banks, HBL performed well especially in the last hour of trading that ensured decent closing above LDCP and recent past.
Other sectors that contributed to today’s performance were Fertilizer (on the back of input tax adjustment) and Cement. Among scrips, PRL led the table with 45.1 million shares, followed by PAEL (41.6 million) and KEL (28.8 million).
Sectors contributing to the performance include Banks (+90 points), E&P (+67 points), Fertilizer (+62 points), Cement (+30 points) and O&GMCs (+26 points).
Volumes increased further from 433 million shares to 497.5 million shares (+15 percent DoD). Average traded value also increased by 5 percent to reach US$ 140.8 million as against US$ 133.5 million.
Stocks that contributed significantly to the volumes include PRL, PAEL, KEL, ANL and FFL, which formed 32 percent of total volumes.
Stocks that contributed positively to the index include HBL (+46 points), PPL (+33 points), ENGRO (+28 points), OGDC (+26 points) and EFERT (+18 points). Stocks that contributed negatively include HUBC (-14 points), BAHL (-4 points), NML (-4 points), PAKT (-2 points) and KTML (-2 points).
KARACHI: The Pak Rupee strengthened by 28 paisas against the dollar on Thursday owing to improved foreign inflows of workers’ remittances and export receipts.
ISLAMABAD: Directorate General of Intelligence and Investigation. Customs, Multan has announced auction of huge quantity of POL products on December 22, 2020 at the directorate office.
The directorate will auction POL products, included: High Speed Diesel (HSD) 295,200 liters; Kerosene Oil 111,630 liters; and base oil 94,200 liters.
The directorate said that the quotations for the auction had been invited only from Oil Market Companies (OMCs) to purchase the same on as is where is basis.
The successful bidder shall pay 10 percent withholding tax of the accepted bid amount of the auctioned subject POL products.
It said that the sealed tenders/offers must be received up to 1:00PM on December 22, 2020. The tenders/offers shall be opened at 2:00PM on the same day by the competent authority in the presence of all the participants.
The highest tender/offer shall be considered for processing of the case and submit to the competent authority in terms of Rule 73 of Customs Rules. In case of acceptance of the offer by the competent authority under aforementioned rules, rest of the amount shall be paid by the successful bidder within a period of seven days under Rule 68 of the Customs Rules.
In case of rejection of the bid earnest money shall be refunded to the bidder under Rule 74 of Customs Rules.
ISLAMABAD: Federal Board of Revenue (FBR) has issued updated list of Tier-1 retailers, who have integrated their Point of Sales (POS) with the online system of the tax authorities.
Only a customer of Tier-1 retailer is eligible to get cash back of five percent sales tax out of total amount of sales tax paid at the time of purchase from such retailers.
All tier-1 retailers are required to integrate all their POSs with FBR’s computerized system. ‘Tier-1 retailer’ is defined in section 2(43A) of the Sales Tax Act, 1990, to be a person who falls in any of the following categories:
(a) a retailer operating as a unit of a national or international chain of stores;
(b) a retailer operating in an air-conditioned shopping mall, plaza or centre, excluding kiosks;
(c) a retailer whose cumulative electricity bill during the immediately preceding twelve consecutive months exceeds Rupees twelve hundred thousand;
(d) a wholesaler-cum-retailer, engaged in bulk import and supply of consumer goods on wholesale basis to the retailers as well as on retail basis to the general body of the consumers”; and
(e) a retailer, whose shop measures one thousand square feet in area or more.
Following is the list of Tier-1 retailers who integrated their POS with the FBR:
001. RANA TRADING COMPANY (RTC)
002. HI GOLD INTERNATIONAL ENTERPRISES
003. IFFI ELECTRONICS
004. M/S:- TAYYAB SUPER STORE & BUILDERS
005. AFZAL ELECTRONICS
006. AL HAFEEZ ELECTRONICS
007. M/S SEASONS FOODS PRIVATE LIMITED
008. MUNAWAR ASSOCIATES
009. TEAM-A VENTURE (PRIVATE) LIMITED
010. TAFRAL NIAZI TRADERS
011. MS ZUBAIDA ASSOCIATES
012. M/S SUPER ASIA ELECTRONICS,
013. M/S 3-STAR TRADING COMPANY,
014. REWAYAT
015. SEATS
016. TAZ & CO.
017. BIZTECH INTERNATIONAL
018. RETAIL 21
019. WOW SOLUTION (PVT.) LIMITED
020. PAKISTAN ELECTRONICS.
021. AL FALAH SWEETS & BAKERS
022. HAQ’S INTERNATIONAL
023. HOUSE OF CHARIZMA
024. RETAIL CONCEPTS.
025. TILE SELECT (PRIVATE) LIMITED
026. SAVE’N SAVE (PVT) LIMITED
027. SULAFAH
028. WORLD EELCTRONICS
029. KAHF INTERNATIONAL.
030. SAVE MART I-8
031. SAUDA SULF.
032. SHAHEEN CHEMIST
033. KHADIJA ENTERPRISES
034. SPEED (PRIVATE) LIMITED
035. M/S UNITED RETAIL (SMC-PRIVATE) LIMITED
036. H KARIM BUKSH ENTERPRISES
037. M/S PENSY GARMENTS (PVT) LTD
038. M/S PUNJAB CASH AND CARRY BAHRIA TOWN PHASE 4
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued procedure for cash back five percent sales tax to customers, which is paid at the time of payment to Tier-1 retailers.
The FBR issued SRO 1339(I)/2020 dated December 16, 2020 to make amendment in Sales Tax Rules, 2006.
Following is the procedure for payment of five percent sales tax paid on purchases made by customers of Tier-1 retailers:
(1) All customers of Tier-1 retailers are entitled to redeem 5 percent of the sales tax paid as cash back on eligible goods of the tax amount as inscribed on the invoice issued by the Teir-1 retailers.
(2) To redeem under sub-rule (1) the cash online, the customer shall log on to the mobile application.
(3) Soon after log on under sub-rule (2), an independent FBR wallet account shall be created for each customer.
(4) Approved outlet shall also create an independence FBR wallet account for each customer.
(5) An identical FBR wallet account shall be created for each point of sale by the approved outlet.
(6) The customer shall verify the electronically generated invoice through the mobile application.
(7) As soon as the electronically generated invoice is verified, the system shall automatically calculate the 5 percent amount of the tax paid on the invoice.
(8) The customer shall transfer the amount determined under sub-rule (7) into his FBR wallet account.
(9) The customer may redeem the earned amount within one month of his purchases accumulated in his FBR wallet account on any approved outlet who shall refund the amount accumulated in the wallet account of the customer after ensuring that the earned amount is transferred from the customer’s wallet account to the approved outlets wallet account.
(10) The approved outlet shall adjust the amount so refunded to the customer which shall be automatically uploaded from the approved outlet’s wallet account to the sales tax return of the approved outlet for the relevant tax period by auto adjusting the output tax liability.
KARACHI: The inflow of total foreign investment fell by around 81 percent during first five months of the current fiscal year due to outflow of investment from debt securities.
According to data released by State Bank of Pakistan (SBP) on Wednesday the foreign public investment fell by 112.5 percent mainly due to outflow in debt securities.
The investment in debt securities witnessed outflow of $142 million during first five months of the current fiscal year as compared with inflows of $1.13 billion in the same period of the last fiscal year.
The other segment of total investment i.e. foreign private investment witnessed a decline of 40 percent during the period under review.
The foreign private investment fell to $531.6 million during July – November of the current fiscal year as compared with $884 million in the corresponding period of the last fiscal year.
Under the head of foreign private investment, the inflow of direct investment witnessed 17 percent to $717 million during first five months of the current fiscal year as compared with $864.4 million in the same period of the last fiscal year.
The investment in capital market witnessed massive outflow during the period. The portfolio investment during first five months of the current fiscal year witnessed outflow of $185.8 million as compared with inflow of $19.5 million in the same period of the last fiscal year.
