Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Stock market sheds 224 points on buying activity

    Stock market sheds 224 points on buying activity

    KARACHI: The stock market has lost 224 points on Friday as the market witnessed buying activity during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,807 points as against 41,031 points showing a decline of 224 points.

    Analysts at Arif Habib Limited said that the market opened on a negative note today with -54 points and closed the first session -133 points.

    Index lost a total of 278 points during the session, however, buying activity in banks, cement, refineries and technology sector helped the index gain some points. The index closed -224 points.

    E&P and Cement sector stocks observed selling pressure primarily due to concerns on slow cement dispatches as well as staid crude prices. Among scrips, UNITY led the volumes with 53.4 million shares, followed by TRG (45.8 million) and KEL (23.1 million).

    Sectors contributing to the performance include E&P (-86 points), Cement (-51 points), Fertilizer (-38 points), Banks (-31 points) and O&GMCs (-23 points).

    Volumes increased from 389.2 million shares to 397.8 million shares (+2 percent DoD). Average traded value however, declined by 18 percent to reach US$ 82.5 million as against US$ 100.5 million.

    Stocks that contributed significantly to the volumes include UNITY, TRG, KEL, HUMNL and MLCF, which formed 41 percent of total volumes.

    Stocks that contributed positively to the index include TRG (+40 points), MTL (+17 points), COLG (+11 points), UNITY (+7 points) and SCBPL (+4 points).

    Stocks that contributed negatively include PPL (-33 points), LUCK (-28 points), OGDC (-24 points), ENGRO (-22 points) and HUBC (-18 points).

  • OGDCL announces gas discovery in Balochistan

    OGDCL announces gas discovery in Balochistan

    KARACHI: Oil and Gas Development Company Limited (OGDCL) on Friday announced discovery of natural gas from its well located in the province of Balochistan.

    In a communication sent to Pakistan Stock Exchange (PSX), the company – as 100 percent operator – informed that it had discovered gas from its exploratory well Kakhirud X-1 located in District Musa Khel, Balochistan Province.

    The structure of Lakhirud X-1 was drilled and tested using OGDCL in-house expertise. The well was drilled down to the depth of 3000 meters. Based on logs data, the well was tested at rate of 2.5 million standard cubic feet per day (MMSCFD) of gas 18 barrels per day (BPD) of water through 32/64” choke at wellhead flowing pressure of 600 pounds per square inch (Psi) from Mughal Kot Formation.

    “The discovery of Lakhirud X-1 has opened a new avenue and would add to the hydrocarbons reserves base of OGDCL,” the company said.

  • Rupee ends down by 20 paisas on higher import payment demand

    Rupee ends down by 20 paisas on higher import payment demand

    KARACHI: The Pak Rupee fell by 20 paisas against the dollar on Friday owing to higher demand of the foreign currency for import and corporate payments.

    The rupee ended at Rs159.46 to the dollar from the previous day’s closing of Rs159.26 in the interbank foreign exchange market.

    Currency dealers said that the higher demand of the greenback was seen due to upcoming weekly holidays.

    Experts believed that the rupee is likely to gain value against the dollar in coming days due to improved economic indicators and increase in the foreign exchange reserves.

    The liquid foreign exchange reserves of the country have increased by $467 million to $20.552 billion by week ended November 20, 2020, State Bank of Pakistan (SBP) said a day earlier.

    The foreign exchange reserves of the country were at $20.085 billion by week ended November 13, 2020.

    The official reserves of the SBP increased by $484 million to $13.415 billion by week ended November 20, 2020 as against $12.931 billion a week ago.

    The SBP attributed the increase to official government inflows.

    The reserves held by commercial banks eased by $17 million to $7.137 billion by week ended November 20, 2020 as against $7.154 billion a week ago.

  • FBR issues simplified return form for taxpayers having turnover less than Rs50 million

    FBR issues simplified return form for taxpayers having turnover less than Rs50 million

    ISLAMABAD: Federal Board of Revenue (FBR) has launched a single page simplified draft income tax return form for business individuals and Association of Persons (AOPs) having annual turnover less than Rs50 million.

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  • Sales tax exempted on services provided by beauty parlors

    Sales tax exempted on services provided by beauty parlors

    KARACHI: Sales tax has been exempted on services provided by beauty parlors or beauty clinics within the province of Sindh if their annual turnover is below Rs2.5 million.

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  • Appeals against tax orders to be filed electronically from January 01

    Appeals against tax orders to be filed electronically from January 01

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued draft rules for filing appeals electronically from January 01, 2021.

    The FBR issued SRO 1262(I)/2020 to propose amendments in Income Tax Rules, 2002.

    According to the SRO the FBR proposed amendments to rule 70 to 70O.

    The draft rules are as follow:

    76. Appeal to the Commissioner Inland Revenue (Appeals) on web portal: An appeal under Section 127 of the Income Tax Ordinance, 2001 shall be filed, as prescribed on Iris web portal from January 01, 2021.

    76A. Date of filing of appeal: The date of appeal shall be the date on which it was filed electronically.

    76B. Documents to accompany appeal: (1) the appellant shall electronically attach documents along with appeal namely:

    (a) the order appealed against;

    (b) notice of demand; and

    (c) proof of payment of appeal fee.

    (d) any other supporting document(s).

    (2) the appellant shall annex an electronic index showing the documents filed under this rule.

    76C. Intimation of filing of appeal to the respondent: the appeal shall also be electronically transmitted to the respondent through Iris.

    76D. Filing of affidavit regarding contrary facts: Where a fact, which cannot be borne out by or is contrary to the record, is alleged, it shall be stated clearly and concisely by a duly sworn affidavit and shall have to be filed electronically with appeal and shall be produced in original before the Commissioner (Appeals).

    76E. Defective appeals etc. (1) Where an appeal is not filed electronically in the manner specified in these rules, an electronic notice shall be issued within three days requiring the appellant or his authorized representative, if any to bring the appeal in conformity with the rules, within the time limitation as specified in sub-section (5) of Section 127 of the Ordinance subject to just exception under sub-section (6) of the aforesaid section and the appeal so received shall not be deemed to have been filed unless the provisions of these rules have been fully complied with.

    (2) Where the appellant or his authorized representative does not meet the requirement under sub-rule (1), the matter shall be decided by the Commissioner (Appeals) through appropriate orders.

    76F. Power of attorney etc., by authorized representative: Where an authorized representative has been appointed or declared as defined in Section 172 of Ordinance, such representative shall electronically attach with the appeal, the document showing his authority and his/her acceptance thereof, which shall be signed and dated by the representative and shall also specify his capacity in which he/she is acting as such. Further, this shall be produced in original before the Commissioner (Appeals).

    76G. Procedure for filing and disposal of stay application: (1) On receipt of say application electronically the official authorized in this behalf shall fix the application for hearing in the following manner, namely:

    (a) For application received before 01:00PM on a working day, hearing shall be fixed on the next working day; and

    (b) For applications received after 01:00PM on a working day, hearing shall be fixed on the day after the next working day.

    (2) Stay applications shall be disposed by the Commissioner (Appeals) electronically within seven days of fixation.

    76H. Date and place of hearing of appeal and stay applications: (1) The Commissioner (Appeals) shall issue notices electronically to both the parties to the appeal informing them about the date and place of hearing of appeal or the stay application as the case may be.

    (2) The Commissioner Inland Revenue (Appeals) may, where deemed necessary, require the respondent department to submit para-wise comments electronically in response to the appellant’s electronic submissions, if any, on or before the date of hearing.

    76I. Hearing of Appeal or stay application: (1) On the day fixed for hearing or any other day to which the hearing is adjourned the appellant shall be heard and the Commissioner (Appeals) shall then hear the respondent against the appeal or stay application and in that case the appellant shall have a right to replay.

    (2) The Commissioner Inland Revenue (Appeals) may from time to time adjourn the hearing of the appeal.

    76J. Notice to be issued electronically to both parties under Sub-Section (2) of Section 129: The Commissioner Inland Revenue (Appeals) shall issue notices electronically to both parties for providing them a reasonable opportunity to present their stance in case of increase in the amount of any assessment order or decrease in the amount of any refund.

    76L. Reports: (1) The Commissioner Inland Revenue (Appeals) shall submit electronically a monthly performance report as prescribed on Iris web portal by the 5th of every month.

    (2) Commissioner Inland Revenue (Appeals) shall submit the stay applications disposal report as prescribed on Iris web portal by the 5th and 20th day of every month.

    76M. Uploading Manual Orders/Letters Received: The Commissioner Inland Revenue (Appeals) shall make it sure that orders/decisions received from the Tribunal or Higher Courts and all other documents which have been received manually from quarters other than the appellant, are immediately uploaded in Iris in soft form with the relevant case on web portal.

    76N. Electronic Order: The order passed electronically on Iris web portal shall not require any seal or signature of the Commissioner (Appeals). The date of order shall be the date as mentioned on the order generated by the system.

    76O. Explanation: (1) No case pertaining to the Tax Year 2014 onwards, shall be filed manually from January 01, 2021, and the cases already filed manually before the said date shall be processed as per the SRO 279(I)/2018 dated March 05, 2018. All such cases shall be finalized as per law but not later than June 30, 2021. If any case is left out or remanded back by the Tribunal or Higher Judiciary, from the cases processed earlier manually, the Commissioner (Appeals) shall process it electronically with the effect from July 01, 2021.

    (2) The cases pertaining to periods prior to the Tax Year 2014 would be processed as per SRO 279(1)/2018 dated March 05, 2018.

  • Country’s weekly foreign exchange reserves increase by $467 million

    Country’s weekly foreign exchange reserves increase by $467 million

    KARACHI: The liquid foreign exchange reserves of the country have increased by $467 million to $20.552 billion by week ended November 20, 2020, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were at $20.085 billion by week ended November 13, 2020.

    The official reserves of the SBP increased by $484 million to $13.415 billion by week ended November 20, 2020 as against $12.931 billion a week ago.

    The SBP attributed the increase to official government inflows.

    The reserves held by commercial banks eased by $17 million to $7.137 billion by week ended November 20, 2020 as against $7.154 billion a week ago.

  • Stock market gains 654 points

    Stock market gains 654 points

    KARACHI: The stock market gained 654 points on Thursday as trading activities were seen in energy sector.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,031 points as against 40,377 points showing an increase of +654 points.

    Analysts at Arif Habib Limited said that the market followed the momentum shown yesterday, and added another 750 points during the session, closing +654 points.

    The index was again led by E&P stocks in the beginning, but following the dip in international crude oil prices during the active session, E&P stocks also saw a reversion.

    Cement sector stocks rebounded well with PIOC and MLCF hitting upper circuits. After a lull, observed in past week or so, Cement sector performed well today with considerably high volumes.

    Banking sector stocks remained range bound and did not show any excitement, be it price or volume. Overall volumes grew further to 388 million shares as compared to below 200 million volumes in past several sessions.

    Among scrips, UNITY topped the volumes with 49.9 million shares, followed by TRG (33.2 million) and MLCF (29.6 million).

    Sectors contributing to the performance include Cement (+150 points), E&P (+89 points), Banks (+65 points), Technology (+50 points) and Power (+42 points).

    Volumes increased from 241.9 shares to 389.2 million shares (+61 percent DoD). Average traded value also increased by 63 percent to reach US$ 100.6 million as against US$ 61.7 million.

    Stocks that contributed significantly to the volumes include UNITY, TRG, MLCF, HUMNL and PIBTL, which formed 38 percent of total volumes.

    Stocks that contributed positively to the index include LUCK (+38 points), TRG (+32 points), PPL (+32 points), HUBC (+32 points) and MLCF (+30 points).

    Stocks that contributed negatively include DAWH (-5 points), SCBPL (-3 points), PMPK (-2 points), UBL (-2 points) and ICI (-2 points).

  • Rupee ends firmer against dollar

    Rupee ends firmer against dollar

    KARACHI: The Pak Rupee ended firmer against the dollar on Thursday as inflows were sufficient to meet the demand for import and corporate payments.

    The rupee ended Rs159.26 to the dollar from previous day’s closing of Rs159.27 in the interbank foreign exchange market.

    Currency dealers said that the supply of the foreign currency was sufficient to meet the demand for import and corporate payments.

    Rupee depreciates by 10 paisas against dollar
  • Volunteer helps FBR in broadening of tax base

    Volunteer helps FBR in broadening of tax base

    The Federal Board of Revenue (FBR) is actively pursuing its mission to raise awareness about tax compliance and encourage citizens to fulfill their national duty by paying taxes and making accurate declarations of their income and assets.

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