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.
(more…)Author: Mrs. Anjum Shahnawaz
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Weekly foreign exchange reserves ease by $22 million
KARACHI: Pakistan’s foreign exchange reserves eased by $22 million to $20.38 billion by week ended December 11, 2020, State Bank of Pakistan (SBP) said on Thursday.
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 $7.104 billion a week ago.
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Stock market gains 407 points on global oil price increase
KARACHI: The stock market gained 407 points on Thursday owing to uptick in prices of international crude oil which helped energy scrips at the local bours.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,767 points as against 43,360 points showing an increase of 407 points.
Analysts at Arif Habib Limited said that another day, another uptick in KSE100 index, which was attributed to a consistent and gradual increase in international crude oil prices that has seen an overnight jump of 2 percent in Brent and WTI prices.
Resultantly, OGDC and PPL ramped up with significant trading volumes. Among banks, HBL performed well especially in the last hour of trading that ensured decent closing above LDCP and recent past.
Other sectors that contributed to today’s performance were Fertilizer (on the back of input tax adjustment) and Cement. Among scrips, PRL led the table with 45.1 million shares, followed by PAEL (41.6 million) and KEL (28.8 million).
Sectors contributing to the performance include Banks (+90 points), E&P (+67 points), Fertilizer (+62 points), Cement (+30 points) and O&GMCs (+26 points).
Volumes increased further from 433 million shares to 497.5 million shares (+15 percent DoD). Average traded value also increased by 5 percent to reach US$ 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).
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Rupee strengthens by 28 paisas against dollar
KARACHI: The Pak Rupee strengthened by 28 paisas against the dollar on Thursday owing to improved foreign inflows of workers’ remittances and export receipts.
The rupee ended Rs160.11 against the dollar from previous day’s closing of Rs160.39 in the interbank foreign exchange market.
Currency dealers said that improved inflows of workers remittances and export receipts helped the rupee to make gain.
Besides, the lower demand for import and corporate payments due to rising coronavirus cases around the world also helped the rupee to appreciate.
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Customs invites OMCs for auction of POL products on December 22
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.
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Cash back to customers: FBR issues list of integrated retailers
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
039. BRAND MERCHANTS
040. JADE E-SERVICES PAKISTAN (PRIVATE) LIMITED
041. THE LEGEND
042. M/S OXFORD KNITTING MILLS (PVT) LTD,
043. NEAMAT KHANA BAKERS AND SWEETS
044. M/S. AM/PM
045. R&Y ENTERPRISES (PRIVATE) LIMITED
046. KIT AND KABOODLE
047. AL MERAJ BAKERS
048. SPRINGS STORES (PVT.) LIMITED
049. JS ENTERPRISES
050. THREADS AND MOTIFS
051. FOCUS
052. AR ASSOCIATES
053. THAL LIMITED
054. COTTON & SILK
055. NEEDLE IMPRESSIONS
056. CITY SMART ELECTRONICS
057. B & B ENTERPRISES
058. MANDAHAR MILLS (PRIVATE)LIMITED
059. M/S SARWAT ASSOCIATES
060. LIGHT SHOES
061. NEAMAT KHANA STORES (PRIVATE) LIMITED
062. BEHBUD CAFE
063. MSM SUPPER STORE
064. M/S MANOLO GELATO.
065. M STORE
066. HM SUPER MARKET
067. SANOOR (PVT.) LIMITED
068. SHALIMAR ELECTRONICS
069. MASTER OFFISYS (PVT) LTD
070. ABDULLAH ENTERPRISES
071. RIZWAN BEYG DESIGN
072. PAKITEX BOARDS (PRIVATE) LIMITED
073. MAF HYPERMARKETS PAKISTAN PVT. LTD.
074. AL BARAKA APPAREL
075. MINISO LIFESTYLE PAKISTAN (SMC-PRIVATE) LIMITED
076. USMAN TRADERS
077. PCC EXPRESS.
078. M/S WALK EAZE
079. EBRAHIM TEXTILE MILLS (PRIVATE) LIMITED
080. MASTER ENTERPRISES (PRIVATE) LIMITED
081. ABUZAR TRADING COMPANY
082. ONELIFE APPAREL (PVT.) LIMITED
083. HMZ SOURCING
084. MEMON BROTHERS
085. M/S. KARACHI TILE MART
086. DAAMAN
087. WALKEAZE EXCLUSIVE
088. NAHEED SUPER MARKET
089. M/S TEEPU TRADERS
090. MCC MALL
091. M/S MARIA B. DESIGNS (PVT) LTD
092. FAZAL DIN’S PHARMA PLUS
093. KHAS HOLDINGS.
094. WALK EAZE BRIDAL
095. AGHA NOOR
096. NOVA CARE (PRIVATE) LIMITED
097. NISAR AHMED & SONS KARYANA DEALER
098. M/S RAHIM MEDICAL AND PROVISIONAL STORE
099. ESAJEES
100. LVM (PVT.) LIMITED
101. SIBGHATALLAH ENTERPRISES
102. N-M ENTERPRISES
103. STYLE & COMFORT
104. PUNJAB CASH & CARRY..
105. AKHLAQ FURNITURE
106. MIAN SHAFIQ BUSINESS INTERNATIONAL
107. M/S BATIK
108. EBCO
109. MUHAMMAD YOUSAF TRADERS
110. CENTURY STEEL (PRIVATE) LIMITED
111. ROCK MARS INDUSTRIES PVT LIMITED
112. M/S. HAWA SOLUTION
113. MEER SWEETS & BAKERS
114. M/S RAZIKI (PVT.) LIMITED
115. EHAD HEALTHCARE
116. PREMIUM VENTURES
117. UMER ENTERPRISES
118. RENAISSANCE
119. THE LEATHER POINT
120. FABRICA
121. FISH COTTAGE
122. JINGGONG CONSTRUCTIONS (SMC-PRIVATE) LIMITED
123. MOHID PHARMACY
124. BEAN CORPORATION
125. AAK TRADING COMPANY
126. BIN RIAZ TRADERS
127. MOHSIN TRADERS
128. BS ENTERPRISES
129. AA FOODS
130. MASSAB ENTERPRISES
131. ABDULLAH ASSOCIATES
132. KHUSHI DIGITAL
133. ILYAS & SONS
134. M/S.M JAFFERJEES
135. M/S BUSINESS CORE.
136. VICTORIA RETAILERS
137. A.MOOSAJEE SONS
138. M/S FAIRDEAL TEXTILES (PVT.) LTD
139. MUSHTAQ SONS
140. MADINA CASH & CARRY (PVT) LIMITED
141. M/S ENGLISH BOOT HOUSE PVT LTD
142. DANIYAL KHAN TRADERS
143. HM ENTERPRISES
144. CROSS CONNECTION RETAIL (PRIVATE) LIMITED
145. WALK EAZE CLASSIC
146. SAMRIN (PVT.) LIMITED
147. G. N. STORE
148. J.A COLLECTIONS
149. ETIHAD ENERGY (PVT) LIMITED
150. PARAMOUNT LACE
151. MAYPOLE (PRIVATE) LIMITED
152. UMER TRADERS
153. COSMETICS TRADING COMPANY (PVT) LTD.,
154. ROLLOVER KIDS COMPANY
155. M/S MIAN GROUP OF CHAKWAL
156. RAJA SAHIB.
157. RESHAM ENTERPRISES
158. INTERNATIONAL INTERIOR (PVT) LIMITED
159. BIG BIRD FOODS (PRIVATE) LIMITED
160. MAISON DE LACE
161. ELAN FACON (SMC-PRIVATE) LIMITED
162. HILAL SILK
163. PUNJAB BAKERY
164. ACME ASSOCIATES
165. NAQSHBANDI STORE
166. MINISO
167. HOME KRAFT STYLE ARTS
168. SAVE MART
169. GOURMET FOOD
170. M/S . ZM
171. HEMANI HERBAL
172. ELECTRONICS MARKETING COMPANY (PVT.) LIMITED
173. THE CLOSET
174. HUSSAIN ENTERPRISES
175. PRIME TEXTILE
176. M/S UC FASHION
177. ENEM PAKISTAN.
178. ARUJ INDUSTRIES LIMITED
179. E-MART
180. LAIBA CORPORATION
181. SHAFIQUE SONS
182. TILE SELECT
183. SNZR ENTERPRISES (PRIVATE) LIMITED
184. COLLECTIBLES
185. BLESS CORPORATION
186. GATEWAY
187. SAVE MART (PVT) LIMITED
188. M/S SUPER ASIA HOUSE,
189. AL RAHIM RETAIL LIMITED
190. M/S ZEIT GEIST
191. ENEM ENTERPRISES.
192. LIFE STYLE COLLECTION
193. M/S INTELLIGENT SOLUTIONS
194. AL RAYAN BROTHERS
195. STYLO JALALPUR JATTAN
196. M/S STYLE WALK
197. PUNJAB CASH AND CARRY ASKARI VII
198. MAKKAH TILES
199. M/S. SAVE MART-BAHRIA TOWN
200. VEGAS COSMETICS
201. FATIMA ENTERPRISES
202. ADIDAS
203. PEOPLECONNECT (PRIVATE) LIMITED
204. AL-SAEED BAKERS
205. LEGENDS BY INZAMAMUL HAQ
206. INTERNATIONAL HOUSE OF LUGGAGE (SMC-PRIVATE) LIMITED
207. M/S ASGHAR ALI (PVT) LTD
208. PUNJAB CASH & CARRY – PARK ROAD
209. BEAUTE COLLECTION
210. M/S TOKYO TRADING INC,
211. MALIK AUTO CORPORATION
212. WALK EAZE CASUAL
213. PLATINUM AFFILIATES
214. CREDO STAR PAKISTAN (PRIVATE) LIMITED
215. AMANAH ESTATE (PRIVATE) LIMITED
216. MINE SAVE MART-TRAMRI
217. THEMES FURNITURE & HOMESTORE
218. M/S K & N’S FOODS (PVT) LTD
219. PUNJAB CASH & CARRY
220. ESAJEE’S
221. AL JAHAN
222. READYGO (PVT.) LIMITED
223. NOOR-E-YOUSAF FOODS (PRIVATE) LIMITED
224. M/S FAISHON VILLAZ
225. UNIFY SOLUTIONS
226. MAKKAH MARBLES
227. UNBEATABLE
228. SERVAID PHARMACY (PVT.) LTD
229. FDPP CONSUMER
230. TEE-EMM (PRIVATE) LIMITED
231. WARDA DESIGNER COLLECTION (PRIVATE) LIMITED
232. SHABBIR TILES & CERAMICS LIMITED
233. BED & BLANKET (PRIVATE) LIMITED
234. DAR CERAMICS TRADING COMPANY
235. M/S SANAULLA CORPORATION (PRIVATE) LIMITED
236. SONICA ELECTRONICS
237. FRENCH GALLERIA
238. M/S DEEPAK PARWANI
239. BRANDS JUST PRET
240. SHOE PLANET (PRIVATE) LIMITED
241. PUNJAB CASH & CARRY BHARRA KAHU
242. RAFUM INDUSTRIES (PVT.) LIMITED
243. M/S BAJWA CO. (PVT) LTD.
244. HAMZA FOODS (PVT.) LIMITED
245. SHAHZAD ZARI HOUSE
246. GHOURI’S DEPARTMENT STORE
247. VANGUARD TEXTILES (PRIVATE) LIMITED
248. M/S HILAL SILK PALACE
249. SHAHEEN CHEMISTS
250. AL HAFIZ ENTERPRISER
251. PARIS SUPER MART
252. AL-MAHMUD ELECTRONICS
253. METRO SHOES.
254. MAFCO (PRIVATE) LIMITED
255. INTERNATIONAL ENGINEERING CO.
256. METRO PAKISTAN (PRIVATE) LIMITED
257. NAEEM ELECTRONICS
258. CHEVRON PAKISTAN LUBRICANTS PRIVATE LIMITED
259. AKRAM & SONS
260. URGE PRET (PRIVATE) LIMITED
261. M/S CIZANO ENTERPRISES
262. RANGE ENTERPRISES
263. IBRAHIM ELECTRONIC
264. MOHSAN TRADERS
265. AMI’S PAN SHOP COLD DRINK STORE
266. AL-NAFEH TRADING COMPANY
267. ATA BAKERY SOLUTIONS (PVT.) LIMITED
268. SOURCECO (PRIVATE) LIMITED
269. BRAGGS KIDS
270. M/S G.B. TRADING COMPANY
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Taxes removed on locally manufactured mobile phones; ECC accords approval
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved removal of taxes on locally manufactured mobile phones.
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FBR issues procedure for cash back to customers of Tier-1 retailers
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.
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Foreign investment falls 81 percent during July – November
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.
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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.