ISLAMABAD: Federal Board of Revenue (FBR) has invited job applications for the post of BS-1 and BS-5 at FBR headquarter.
The FBR said that applications are invited from candidates having requisite education, quota and age to fill the following posts under the federal government:
01. Sepoy (BS-05): 04 vacant posts; age limit is 30 years with general age relaxation of five years
02. Naib Qasid (BS-01): 30 posts; age limit is 30 with general age relaxation of five years.
The FBR said that the quota allocation is on local basis for Islamabad/Rawalpindi.
The FBR instructed to candidates to fill up each column of the form properly, sign in and sent the same along with attested copy of CNIC to:
Mr. Mohsin Ihsan, Secretary (S&M),
Federal Board of Revenue (HQ),
FBR House, Constitution Avenue,
G-5, Islamabad
The FBR said that the form shall be submitted within 15 days from the advertisement (the date of advertisement is October 08, 2020).
The FBR advised that no application would be accepted by hand. Further the candidates have been advised not to attach any other document except an attested copy of CNIC.
Unsigned application form or any column there left blank or those not accompanying attested copy of CNIC shall not be considered.
Domicile holders of only Islamabad and Rawalpindi are eligible to apply for these posts.
A candidate may apply for more than one post by submitting separate application form for each post.
The FBR said that only shortlisted candidates will be called for test/interview.
The candidates already working in public sector department/organization should send their application form(s) through proper channel.
The FBR said that the previous advertisement dated February 28, 2020 issued by the FBR had been cancelled. Therefore, the candidates who have applied against previous advertisement will have to apply afresh.
KARACHI: State Bank of Pakistan (SBP) on Sunday issued Frequently Asked Questions (FAQs) in response to SRO issued by the finance ministry related to foreign currency account rules.
ISLAMABAD: Federal Board of Revenue (FBR) has updated advance tax rates for registration and transfer of motor vehicles during tax year 2021.
The FBR issued the tax rates as updated up to June 30, 2020 and will remain applicable during July 01, 2020 to June 30, 2021, if not amended.
The advance tax on motor vehicles at the time of registration and transfer of registration is governed under Section 231B of Income Tax Ordinance, 2001, which states:
Section 231B. Advance tax on private motor vehicles.—
(1) Every motor vehicle registering authority of Excise and Taxation Department shall collect advance tax at the time of registration of a motor vehicle, at the rates specified in Division VII of Part IV of the First Schedule:
“Provided that no collection of advance tax under this sub-section shall be made after five years from the date of first registration as specified in clauses (a), (b) and (c) of sub-section (6).”
(1A) Every leasing company or a scheduled bank or a non-banking financial institution or an investment bank or a modaraba or a development finance institution, whether shariah compliant or under conventional mode, at the time of leasing of a motor vehicle to a “person whose name is not appearing in the active taxpayers’ list”, either through ijara or otherwise, shall collect advance tax at the rate of four per cent of the value of the motor vehicle.
(2) Every motor vehicle registering authority of Excise and Taxation Department shall collect advance tax at the time of transfer of registration or ownership of a private motor vehicle, at the rates specified in Division VII of Part IV of the First Schedule:
Provided that no collection of advance tax under this sub-section shall be made on transfer of vehicle after five year from the date of first registration in Pakistan.
(3) Every manufacturer of a motor “vehicle” shall collect, at the time of sale of a motor car or jeep, advance tax at the rate specified in Division VII of Part IV of the First Schedule from the person to whom such sale is made.
(4) Sub-section (1) shall not apply if a person produces evidence that tax under sub-section (3) in case of a locally manufactured vehicle or tax under section 148 in the case of imported vehicle was collected from the same person in respect of the same vehicle.
(5) The advance tax collected under this section shall be adjustable:
Provided that the provisions of this section shall not be applicable in the case of –
(a) the Federal Government;
(b) a Provincial Government;
(c) a Local Government;
(d) a foreign diplomat; or
(e) a diplomatic mission in Pakistan.
“(6) For the purposes of this section the expression “date of first registration” means—
(a) the date of issuance of broad arrow number in case a vehicle is acquired from the Armed Forces of Pakistan;
(b) the date of registration by the Ministry of Foreign Affairs in case the vehicle is acquired from a foreign diplomat or a diplomatic mission in Pakistan;
(c) the last day of the year of manufacture in case of acquisition of an unregistered vehicle from the Federal or a Provincial Government; and
(d) in all other cases the date of first registration by the Excise and Taxation Department.
(7) For the purpose of this section “motor vehicle” includes car, jeep, van, sports utility vehicle, pick-up trucks for private use, caravan automobile, limousine, wagon and any other automobile used for private purpose.”
Explanation.— For the removal of doubt, it is clarified that a motor vehicle does not include a rickshaw, motorcycle-rickshaw and any other motor vehicle having engine capacity upto 200cc.
(1) The rate of tax under sub-sections (1) and (3) of section 231B shall be as set out in the following Table:–
S. No.
Engine capacity
Tax
(1)
(2)
(3)
1.
upto 850cc
Rs. 7,500
2.
851cc to 1000cc
Rs. 15,000
3.
1001cc to 1300cc
Rs. 25,000
4.
1301cc to 1600cc
Rs. 50,000
5.
1601cc to 1800cc
Rs. 75,000
6.
1801cc to 2000cc
Rs. 100,000
7.
2001cc to 2500cc
Rs. 150,000
8.
2501cc to 3000cc
Rs. 200,000
9.
Above 3000cc
Rs. 250,000
(2) The rate of tax under sub-sections (2) of section 231B shall be as follows:–
S. No.
Engine capacity
Tax
(1)
(2)
(3)
1.
upto 850cc
–
2.
851cc to 1000cc
5,000
3.
1001cc to 1300cc
7,500
4.
1301cc to 1600cc
12,500
5.
1601cc to 1800cc
18,750
6.
1801cc to 2000cc
25,000
7.
2001cc to 2500cc
37,500
8.
2501cc to 3000cc
50,000
9.
Above 3000cc
62,500
Provided that the rate of tax to be collected shall be reduced by 10 percent each year from the date of first registration in Pakistan.
KARACHI: State Bank of Pakistan (SBP) has said that recently issued regulations related to foreign currency account have been aimed to strengthen the foreign exchange regime in the country.
KARACHI: The government has announced an amnesty scheme for investors in order to boost housing/construction activities in the country at a faster pace.
Under this package sources of investment made to a housing project may not be asked if the investment made through a valid bank account by December 31, 2020 and projected identified for the investment is completed by September 2022.
According to official documents made available to PkRevenue.com following are the salient features of the scheme allowed under Section 100D of the Income Tax Ordinance, 2001:
Fixed Tax Regime for builders and developers
Tax liability computed on the basis of square feet/yard, to be paid in quarterly installments
New projects as well as existing incomplete project can opt for the scheme up to December 12, 2020
Projects to be registered with Federal Board of Revenue (FBR) online through IRS portal
Existing incomplete projects have to self declare the percentage of completion of project on the relevant date
Projects must be completed by September 30, 2022.
Exemptions/Benefits:
Exemption from requirement of withholding tax on purchase of building material except cement and steel
Exemption from requirement of withholding tax on acquisition of services relating to construction except those from companies
Permission to incorporate ten times of fixed tax paid as income in the books of accounts
90 percent reduction in fixed tax liability for low cost housing
Dividend paid by builder or developer companies shall not be liable to tax and there shall be no withholding on the payment of these dividends
Exemption from Section 111 of the Income Tax Ordinance, 2001 for individuals:
Money is deposited in a new bank account up to December 31, 2020; or
Having ownership/title of the land invested as on April 17, 2020.
Exemption from Section 111 of the Income Tax Ordinance, 2001 for Company / Association of Persons (AOP):
By company/AOP if:
A single purpose company or AOP is registered between April 17, 2020 and December 31, 2020.
Money is invested through a crossed banking instrument up to December 31, 2020; or
Land owned by the partner/shareholder is transferred to the company / AOP up to December 12, 2020.
Money or land invested is utilized in the project
Project is completed by September 30, 2022
In case of builder, grey structure is completed (top roof as per plan is laid)
In case of a developer:
Landscape is completed and all roads are laid up to sub-grade level
At least 50 percent plots have been sold and at least 40 percent sale receipts have been received.
Exemption from Section 111 on purchase of:
Plot, if:
Plot is purchased before December 31, 2020 (complete payment is made through banking channel before December 31, 2020)
Construction on such plot is started before December 31, 2020 and completed before September 30, 2022
Building, if:
Purchase is from a registered project and buyer is the first purchaser of the building
Purchase is made before September 30, 2022 (complete payment is made through banking channel)
Exemption from Section 111 is not available for:
Public office holders
Public companies, REITs and companies whose income is exempt
ISLAMABAD: The ministry of commerce has allowed import of all edible products with meeting certain condition such as those products have at least 66 percent shelf life remaining from the date of manufacturing.
The ministry issued SRO 902(I)/2020 dated September 25, 2020 to unveil Import Policy Order 2020.
The ministry said all edible products are allowed but those subject to following conditions:
(i) It must be fit for human consumption;
(ii) They shall be free of any ‘haram’ element or ingredients;
(iii) Edible products shall have at least 66% (2/3rd) shelf life, remaining from the date of manufacturing;
(iii a) The ingredients and details of the product (e.g. nutritional facts, usage instructions etc.) of food products are printed in Urdu and English languages on the consumer packaging;
(iii b) The logo of the Halal certification body is printed on the consumer packaging;
(iii c) The labeling under clauses (iii a) & (iii b) above shall not be in the form of a sticker, overprinting, stamp or scratched labeling;
(iii d) The shipment is accompanied by a ’Halal certificate’ issued by a Halal Certification Body, accredited with an Accrediting Body (AB) which is a member of International Halal Accreditation Forum (IHAF) or Standard Metrology Institute for Islamic Countries (SMIIC);
(iv) Clause (iii-d) shall take effect from the 1st day of May, 2020.
(v) That, in case of meat, it was obtained from ‘halal animals and slaughtered in accordance with the Islamic injunctions;
(vi) Import of edible oil in bulk quantity shall be on landed weight and quality basis.
ISLAMABAD: Federal Board of Revenue (FBR) has explained taxable income for collection of tax from persons or corporate entities. The FBR issued Income Tax Ordinance, 2001 updated June 30, 2020 incorporating amendments brought through Finance Act, 2020.
ISLAMABAD: The Federal Board of Revenue (FBR) is projecting tax-to-GDP ratio at 12 percent in three years after slippage of the ratio to a single digit in 2019/2020, a report said.
KARACHI: The market may move next week with major concerns of investors related to political uncertainty in the country and upcoming review of Financial Action Task Force (FATF).
However, analysts at Arif Habib Limited said that the market to remain green due to: Higher interest of local individuals in the market; expectation of better results especially for Cements, OMCs, E&Ps, Autos, Textile, Technology, Steel, Chemicals, and Consumer Goods; improvement on macro-economic front amid strengthening PKR/USD parity; and Coronavirus daily infection ratio continuing to remain low.
On the other hand, upcoming key announcements like Automobile sales data (released by PAMA) might attract investors’ interest in automobile sector.
However, key concerns remain: FATF outcome which is expected this month; Higher current account deficit expected for September 2020; Political uncertainty; and Increase in gas and electricity tariffs.
The benchmark KSE-100 of Pakistan Stock Exchange (PSX) is currently trading at a PER of 7.4x (2021) compared to Asia Pac regional average of 14.0x while offering a dividend yield of around 6.2 percent versus 2.7 percent offered by the region.
This week trading commenced on a negative note due to i) Release of CPI by Pakistan Bureau of Statistics at 9.04 percent which was higher than market consensus, Redemption in mutual funds, Political noise on account of opposition parties’ alliance under the banner of Pakistan Democratic Movement (PDM), Increase in Trade deficit by 37 percent MoM to USD 2.39 billion in September 2020, and Pressure on global equities.
On Tuesday, negative performance remained short lived attributable to international oil prices (WTI) increasing by 5 percent DoD (benefitting E&P scrips) and robust cement dispatches which improved investors sentiments in cyclical sectors.
As a result, the KSE-100 index closed at 40,798 points, up by 728 points or 1.82 percent WoW.
Contribution to the upside was led by i) Cements (164 points), ii) Commercial Banks (127 points), iii) Oil and Gas Exploration Companies (94 points), iv) Oil and Gas Marketing Companies (76 points), and v) Textile Composite (61 points). Scrip-wise major gainers were HBL (86 points), OGDC (71 points), PSO (66 points), UBL (65 points), and LUCK (45 points). Whereas, scrip-wise major losers were COLG (32 points), BAHL (31 points) KEL (21 points), NBP (15 points) and PAKT (13 points).
Foreigners offloaded stocks worth of USD 7.45 million compared to a net sell of USD 8.25 million last week. Major selling was witnessed in Commercial Banks (USD 2.48 million) and E&P (USD 2.15 million). On the local front, buying was reported by Banks / DFIs (USD 7.14 million) followed by Insurance Companies (USD 6.63 million). Average volumes arrived at 417 million shares (up by 7 percent WoW) while average value traded settled at USD 81 million (down by 2 percent WoW).
