Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Online module launched to facilitate Greenfield investors

    Online module launched to facilitate Greenfield investors

    ISLAMABAD: Federal Board of Revenue (FBR) has launched an online module to facilitate investor to apply online for grant of Greenfield industry status, a FBR spokesman said on Wednesday.

    To promote investment in the Greenfield Industry and to facilitate such investors, Federal Board of Revenue (FBR) has launched online module in Iris for facilitating filing of applications for the grant of Greenfield Industry Status.

    To this end, two separate applications have been provided under the Income Tax Ordinance, 2001 and Sales Tax Act, 1990.

    Faceless compliance and facilitation through the use of ICT tools is a priority agenda of FBR as per the Vision of the Present government.

    FBR is moving fast to accomplish this vision as a leader in developing and launching such faceless compliance tools for facilitation of the taxpayers.

  • Stock market gains 109 points in mixed trading activities

    Stock market gains 109 points in mixed trading activities

    KARACHI: The stock market gained 109 points on Wednesday in mixed trading activities during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,360 points as against 43,251 points showing an increase of 109 points.

    Analysts at Arif Habib Limited said that yesterday’s across the board profit booking saw some respite today with E&P and Fertilizer taking charge of the Index.

    International crude oil prices inched up further, which helped price performance in OGDC, PPL and POL.

    Similarly, fertilizer stocks also took cue from a recent uptick in Urea offtake.

    Cement, Technology, Refinery sector stocks which have led the growth in Index from 39500 level saw consistent profit booking and kept the growth in index in check.

    Although the Index added a total of 305 points during the session, the closing half hour brought the index down with ending the trail for Index 109 points. Among scrips, TRG topped the volumes with 29 million shares, followed by PRL (28.1 million) and HASCOL (22.8 million).

    Sectors contributing to the performance include E&P (+90 points), Technology (+49 points), Fertilizer (+47 points), Textile (+20 points), Cement (-53 points) and Power (-22 points).

    Volumes declined from 702.2 million shares to 433 million shares (-38 percent DoD). Average traded value also declined by 27 percent to reach US$ 133.3 million as against US$ 182.5 million.

    Stocks that contributed significantly to the volumes include TRG, PRL, HASCOL, BYCO and ANL, which formed 27 percent of total volumes.

    Stocks that contributed positively to the index include OGDC (+55 points), SYS (+46 points), ENGRO (+38 points), PPL (+27 points) and BAHL (+23 points). Stocks that contributed negatively include UBL (-18 points), LUCK (-13 points), DGKC (-12 points), MLCF (-11 points) and MTL (-10 points).

  • Taxpayers to get profile update format at IRIS portal

    Taxpayers to get profile update format at IRIS portal

    ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued draft amendment for notifying format for updating profile by taxpayers.

    The FBR issued SRO 1341(I)/2020 dated December 16, 2020 to issue draft amendment to Income Tax Rules, 2002.

    A new rule 34B has been proposed for taxpayer’s profile. The FBR said that this rule shall apply for the purpose of section 114A of the Income Tax Ordinance, 2001, which provides for the furnishing of a taxpayer’s profile.

    A taxpayer’s profile shall be filed electronically on the prescribed format and manner as provided on IRIS web portal.

    The taxpayer’s profile shall be verified in the manner specified on IRIS web portal.

    Through Finance Act, 2020 a new section 114A was inserted to Income Tax Ordinance, 2001 for making it mandatory for taxpayers to update their profile.

    Following is the text of Section 114A:

    Section 114A: Taxpayer’s profile.

    (1) Subject to this Ordinance, the following persons shall furnish a profile, namely:-

    (a) every person applying for registration under section 181;

    (b) every person deriving income chargeable to tax under the head, “Income from business”;

    (c) every person whose income is subject to final taxation;

    (d) any non-profit organization as defined in clause (36) of section 2;

    (e) any trust or welfare institution; or

    (f) any other person prescribed by the Board.

    (2) A taxpayer’s profile-

    (a) shall be in the prescribed form and shall be accompanied by such annexures, statements or documents as may be prescribed;

    (b) shall fully state, in the specified form and manner, the relevant particulars of –

    (i) bank accounts;

    (ii) utility connections;

    (iii) business premises including all manufacturing, storage or retail outlets operated or leased by the taxpayer;

    (iv) types of businesses; and

    (v) such other information as may be prescribed;

    (c) shall be signed by the person being an individual, or the person’s representative where section 172 applies; and

    (d) shall be filed electronically on the web prescribed by the Board.

    (3) A taxpayer’s profile shall be furnished,-

    (a) on or before the 31st day of December, 2020 in case of a person registered under section 181 before the 30th day of September, 2020; and

    (b) within ninety days registration in case of a person not registered under section 181 before the 30th day of September, 2020.

    (4) A taxpayer’s profile shall be updated within ninety days of change in any of the relevant particulars of information as mentioned in clause (b) of sub-section (2).

  • Rupee recovers 20 paisas against dollar

    Rupee recovers 20 paisas against dollar

    KARACHI: The Pak Rupee recovered 20 paisas against the dollar on Wednesday after ease in demand for import and corporate payments and increase in foreign inflows.

    The rupee ended Rs160.39 to the dollar from previous day’s closing of Rs160.59 in the interbank foreign exchange market.

    The local unit recovered against the greenback after witnessing three straight trading sessions decline.

    The currency experts said that the supply of the dollar was sufficient in the market. Further, demand for import and corporate payment also seen easing, they added.

  • FBR issues procedure for conducting e-audit

    FBR issues procedure for conducting e-audit

    ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued procedure for conducting electronic audit by officers of Inland Revenue.

    An amendment was introduced to Sales Tax Act, 1990 through Finance Act, 2020 under which commissioner of Inland Revenue authorized to conduct audit proceedings electronically through video link or any other facility as prescribed by the FBR.

    The FBR now made amendments to Sales Tax Rules, 2006 to implement the law introduced through Finance Act, 2020.

    The FBR said where a case has been selected under section 25 or section 72B of the Sales Tax Act, 1990, as the case may be, and the competent authority issues directions to conduct e-audit, the following procedure shall be adopted:

    (a) the concerned commissioner Inland Revenue shall serve a notice under sub-section (1) of Section 25 of the Act to the registered person specifying the reasons for selection of his case for audit;

    (b) The commissioner Inland Revenue having jurisdiction shall assign the case to an audit officer to conduct e-audit.

    (c) A registered person shall produce the record as required to be maintained under section 22 of the act through IRIS or an electronic data carrier as notified by the Board;

    (d) a registered person shall not be required to appear either personally or through authorized representative in connection with any proceedings under e-audit before the audit officer:

    Provided that a registered person may request for an opportunity of personal hearing through IRIS and such hearings shall be conducted exclusively through video links from personal computer system or any of the nearest tax facilitation center situated at the premises of the field formations.

    (e) the audit officer after considering all the information, documents or evidence, if the audit officer finds no discrepancy and have no conclusive proof against registered person, he may close the audit in IRIS under intimation to the commission inland revenue having jurisdiction;

    (f) after completion of audit, examination of record and obtaining registered person’s explanation on all the issues raised, if the audit officer does not agree with the declared version, he shall prepare an audit report, containing audit observations and finding. The audit officer shall forward the report to the commissioner Inland Revenue having jurisdiction and also send a copy of it to the registered person through IRIS;

    (g) the commissioner inland revenue having jurisdiction shall assign the case to an adjudication officer to make an order for assessment of tax under section 11, including imposition of penalty and default surcharge in accordance with section 33 and 34 of the Act;

    (h) on the basis of the audit report referred to in sub-rule (e), the adjudicating officer shall issue a show cause notice through IRIS to the registered person; and

    (i) the adjudicating officer may, if considered necessary, after obtaining the registered person’s explanation on all the issues raised in the audit report, pass an order under section 11 of the act.

  • Banking deposits increase by 18pc in November

    Banking deposits increase by 18pc in November

    KARACHI: Deposits of the banking system have increased by 18 percent to Rs16.84 trillion by end of November 2020 as compared with same month of the last year, according to details released by the State Bank of Pakistan (SBP).

    The banking deposits were at Rs14.31 trillion by November 2019.

    The deposits of the banking system have increased by 1.1 percent in November 2020 as compared with Rs16.66 billion in October 2020.

    The banking deposits hit all time high of Rs16.88 trillion in September 2020.

    Banking experts said that the deposits were increasing due to second phase of coronavirus. In the first phase the deposits witnessed significant increase due to shrinking investment avenues.

    FBR to get information of banking deposits, payments, profit on debt
  • IR officers given powers to check dirty money in transactions of jewelers, real estate, accountants

    IR officers given powers to check dirty money in transactions of jewelers, real estate, accountants

    ISLAMABAD: The Federal Board of Revenue (FBR) has granted enhanced powers to Inland Revenue (IR) officers to closely monitor transactions conducted by jewelers, real estate agents, and accountants in an effort to curb money laundering activities.

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  • SECP registers 1,956 new companies in November

    SECP registers 1,956 new companies in November

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has registered 1,956 new companies in November 2020, indicating an increase of 41 percent as compared with the same month of the last year, according to a statement issued on Tuesday.

    Around 71 percent companies were registered as private limited companies and 26 percent were registered as single member companies.

    Three percent were registered as public unlisted companies, not for profit associations, trade organizations, foreign companies and limited liability partnership (LLP).

    In November, around 99 percent companies were registered online, while 30 percent of new incorporations completed same day.

    This month, 117 foreign users registered companies from overseas.

    The trading sector took the lead with the incorporation of 319, IT with 230, construction with 209, services with 198, real estate development with 139, corporate agricultural farming, & food and beverages with 74 each, ecommerce with 73, engineering with 60, tourism with 51, education with 48, pharmaceutical with 47, market & development with 43, textile with 40, transport with 35, chemical with 33, healthcare with 31, auto & allied with 27, fuel & energy, and mining & quarrying with 23 each, logging with 22, cosmetics & toiletries with 21, communications with 17, broadcasting & telecasting with 16, power generation with 14, cables & electric goods, and steel & allied with 12 each, and 65 companies were registered in other sectors.

    Foreign investment has been reported in 34 new companies. These companies have foreign investors from, Australia, China, Germany, Iran, Italy, Kazakhstan, Korea South, Lebanon, Mozambique, the Netherlands, Russia, Spain, Switzerland, Syria, Turkey, the UAE, the UK and the US.

    The highest numbers of companies, i.e. 628 were registered in Islamabad, followed by 625 and 349 companies registered in Lahore and Karachi respectively. The CROs in Peshawar, Multan, Faisalabad, Gilgit-Baltistan, Quetta and Sukkur registered 127, 109, 64, 27, 22 and 05 companies respectively.

  • Petrol increased to Rs103.69 per liter

    Petrol increased to Rs103.69 per liter

    The government has announced an increase in the prices of all petroleum products, including petrol, for the upcoming fortnight, effective from December 16, 2020. This adjustment reflects global market trends and fluctuations in crude oil prices, impacting the cost of fuel domestically.

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  • Customs Intelligence announces auction of confiscated vehicles on December 17

    Customs Intelligence announces auction of confiscated vehicles on December 17

    ISLAMABAD: Customs Intelligence and Investigation (I&I) Multan announced auction of confiscated vehicles to be held on December 17, 2020 at State Warehouse of Directorate of I&I Regional Office Multan.

    01. Toyota Hilux, Model 2016, Chassis No. MROEX3CB401103255

    02. Hino Truck, Model 1997, Chassis No. FD3HGA-10728

    03. Toyota Probox Car, Model 2004, Chassis No. NCP50-0027535

    04. Toyota Vitz Car, Model 2003, Chassis No. SCP90-5096606

    05. Suzuki Alto Car, Model 2010, Chassis No. HA258-736391

    06. Hino Ranger Truck, Model 1999, Chassis No. FD3HKA-50955

    07. Toyota Vitz Car, Model 2007, Chassis No. KSP90-2031217

    08. Toyota Premio Car, Model 2008, Chassis No. ZRT260-3005486

    09. Toyota Brevis (AL250) Car, Model 2001, Chassis No. JCG10-0038524

    10. Toyota Vitz Car, Model 2003, Chassis No. NCP10-0159090

    11. Toyota Fielder “X” Car, Model 2004, Chassis No. ZNE121-0302121

    12. Hino Ranger Truck, Model 2003, Chassis No. FDIJLE-10786

    13. Toyota Hilux Surf, Model 2005, Chassis No. TRN215-0004165

    14. Hino Truck, Model 1997, Chassis No. FCIJKE-12193

    15. Honda Civic Car, Model 2010, Chassis No. FD3- I003928

    16. Daihatsu Mira (Esi) Car, Model 2012, Chassis No. LA300S-1098557

    17. Suzuki Swift Car, Model 2006, Chassis No. ZCI1S-175233

    18. Toyota Axio “X” Car, Model 2009, Chassis No. NZE141-6128152

    19. Toyota Aqua Car, Model 2012, Chassis No. NHP10-6127641

    20. Toyota Axio “X” Car, Model 2008, Chassis No. NZE141-6117903