Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • TAX YEAR 2021: rate of CGT on immovable property

    TAX YEAR 2021: rate of CGT on immovable property

    ISLAMABAD: Federal Board of Revenue (FBR) has updated rates of tax on capital gain on disposal of immovable properties that are applicable during tax year 2021 (July 01, 2020 – June 30, 2021).

    The FBR issued Income Tax Ordinance, 2001 (updated June 30, 2020) after incorporating amendments brought through Finance Act, 2020. The FBR updated the following rate of tax on Capital Gains on disposal of Immovable Property.

    The rate of tax to be paid under sub-section (1A) of section 37 shall be as follows:—

    S.No.Amount of GainRate of tax
    (1)(2)(3)
    1.Where the gain does not exceed Rs. 5 million2.5%
    2.Where the gain exceeds Rs. 5 million but does not exceed Rs. 10 million5%
    3.Where the gain exceeds Rs. 10 million but does not exceed Rs. 15 million7.5%
    4.Where the gain exceeds Rs. 15 million10%
  • KTBA highlights return filing issues

    KTBA highlights return filing issues

    The Karachi Tax Bar Association (KTBA) addressed significant challenges in filing income tax returns during a meeting with Dr. Muhammad Ashfaq, Member, Inland Revenue – Operations, on Saturday. The meeting aimed to shed light on the difficulties encountered by taxpayers and tax consultants while using the online tax filing system.

    (more…)
  • Mobile phone imports jump up 94 percent in July – September

    Mobile phone imports jump up 94 percent in July – September

    Pakistan’s mobile phone imports witnessed a significant surge of 94 percent during the first quarter (July–September) of the fiscal year 2020/2021, according to figures released by the Pakistan Bureau of Statistics (PBS) on Saturday. The country imported mobile phones worth Rs82 billion in this period, a sharp rise from the Rs42 billion recorded in the same quarter of the previous fiscal year.

    (more…)
  • TAX YEAR 2021: tax rates on income from property

    TAX YEAR 2021: tax rates on income from property

    ISLAMABAD: Federal Board of Revenue (FBR) has updated rates of tax on income from property to be applicable during tax year 2021 (July 01, 2020 to June 30, 2021).

    The FBR issued Income Tax Ordinance, 2001 (updated till June 30, 2020) incorporating amendments brought through Finance Act, 2020. Through the ordinance, the FBR updated the rate of tax to be paid under section 15, in the case of individual and association of persons, shall be as follows:-

    S.No.Gross amount of rentRate of tax
    (1)(2)(3)
    1.Where the gross amount of rent does not exceed Rs.200,000.Nil
    2.Where the gross amount of rent exceeds Rs.200,000 but does not exceed Rs.600,000.5 per cent of the gross amount exceeding Rs.200,000.
    3.Where the gross amount of rent exceeds Rs.600,000 but does not exceed Rs.1,000,000.Rs.20,000 plus 10 per cent of the gross amount exceeding Rs.600,000.
    4.Where the gross amount of rent exceeds Rs.1,000,000 but does not exceed Rs. 2,000,000.Rs.60,000 plus 15 per cent of the gross amount exceeding Rs1,000,000.
    5.Where the gross amount of rent exceeds Rs.2,000,000 but does not exceed Rs. 4,000,000.Rs.210,000 plus 20 per cent of the gross amount exceeding Rs.2,000,000
    6.Where the gross amount of rent exceeds Rs. 4,000,000 but does not exceed Rs. 6,000,000Rs.610,000 plus 25 per cent of the gross amount exceeding Rs.4,000,000
    7.Where the gross amount of rent exceeds Rs. 6000,000 but does not exceeds Rs. 8,000,000Rs.1,110,000 plus 30 per cent of the gross amount exceeding Rs.6,000,000
    8.Where the gross amount of rent exceeds Rs. 8,000,000Rs.1,710,000 plus 35 percent of the gross amount exceeding Rs.8,000,000
  • Car import climbs up by 167 percent in first quarter

    Car import climbs up by 167 percent in first quarter

    ISLAMABAD: The import of motor cars has surged by 167 percent during first quarter of current fiscal year owing to after ease in coronavirus lockdown globally.

    The import of Completely Built Units (CBU) motor cars increased to $39.15 million during July – September 2020 as compared with $14.69 million in the same period of the last fiscal year, Pakistan Bureau of Statistics (PBS) said on Saturday.

    Industry experts said that as coronavirus lockdown eased in Pakistan as well as in other countries the overseas Pakistanis cleared the motor vehicles under various schemes granted by the government.

    The commercial import of motor cars is not allowed in Pakistan. However, Pakistanis are allowed to bring motor vehicles under schemes including transfer of residence, gift scheme and personal baggage.

    In the past these scheme were grossly misused and the government while taking strict action imposed restriction that clearance of motor vehicles would only be allowed on payment of duty and taxes out of those amount which was remitted into Pakistan with evidence of banking channels.

  • FIA arrests former PIA executives for illegal appointment

    FIA arrests former PIA executives for illegal appointment

    KARACHI: Federal Investigation Agency (FIA) Corporate Crime Circle, Karachi has arrested former executives of Pakistan International Airlines (PIA) in an illegal appointment case, a press release said on Saturday.

    It said that the FIA, CCC, Karachi on October 15, 2020 registered FIR against accused Aijaz Haroon, former Managing Director, PIA; Salim Sayani, former DMD, PIA and Haneef Pathan, former Director (HR), PIA on the charges of illegal appointment of Salim Sayani as DMD in PIA in 2009 in violation of PIA HR Rules.

    It said that accused Salim Sayani is Pakistani origin USA national.

    It further said that huge salaries of $20,000 per month and other perks and privileges were offered to accused Salim Sayani.

    The accused Aijaz Haroorn, former MD PIA and accused Hanef Pathan, former Directo (HR), PIA have been arrested in the case, the statement said.

  • Video surveillance solution to monitoring without human intervention: FBR

    Video surveillance solution to monitoring without human intervention: FBR

    KARACHI: Dr. Muhammad Ashfaq, Member Inland Revneue (Operations), Federal Board of Revenue (FBR) on Saturday said video surveillance is solution for monitoring of production without human intervention.

    He was addressing the members of Karachi Chamber of Commerce and Industry (KCCI). He said that although the chamber had criticized the implementation of video surveillance. But there is no other solution for monitoring, he added.

    He said that industries had shown intention for video analytics. He said that the sugar industry had serious production issues. He further said that the world had adopted technology. The FBR is also adopting advanced technology and the industry should accept it, he added.

    The Member said that FBR was the only implementing agency and the laws were made in the Parliament.

    Dr. Ashfaq said that the FBR had released refunds to the tune of Rs250 billion during the past six months.

    He said that the country needs better public finance. Therefore, the FBR was focusing on increasing the tax net. The broadening of the tax base would also reduce burden on the existing taxpayers, he added.

    On the occasion, Siraj Kassem Teli, Chairman, Businessmen Group (BMG) said that an amount of around Rs1830 billion was stuck up in litigation. He suggested that these cases should be resolved on priority basis.

    He said that many cases were framed against taxpayers only to meet tax collection targets.

    He offered business community support in broadening the tax base.

    KCCI President Shariq Vohra said that the FBR should focus on revenue collection instead harassing the taxpayers.

    He said that the FBR was taking help from SROs to generate additional revenue. The notifications and SROs are creating difficulties for the business community as well as for tax machinery.

  • Weekly Review: market may move on FATF meeting

    Weekly Review: market may move on FATF meeting

    KARACHI: The stock market may be dictated by FATF’s plenary sessions scheduled to be held next week. Analysts at Arif Habib Limited said that the stock market next week will be dictated by FATF’s plenary session scheduled to be on October 21 – 23, 2020.

    Whereas reappearance of COVID-19 infection ratio to over 2 percent may also trigger another smart lockdown in big cities.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 7.3x (2021) compared to Asia Pac regional average of 13.9x and while offering DY of ~6.3 percent versus ~2.7 percent offered by the region.

    The market slipped again this week as APG (Asia-Pacific Group, a regional affiliate of the Financial Action Task Force – FATF) retained Pakistan on its enhanced follow-up list based on the country’s performance up until February 2020, while concerns over rising inflationary levels, news flow citing hurdles over continuation of the IMF program, and aggression from the opposition also dampened sentiment at the index.

    Although Remittances attaining the above USD 2bn level for the fourth consecutive month in Sep’20 (up by 31 percent YoY) and suspension of poor nations’ debt repayment by the G20 for another six months, provided respite.

    We do highlight that foreign markets remained jittery as well with the US Presidential election only a few sessions away.

    The benchmark KSE-100 index closed at 40,164points (down by 1.6 percent / 634 points WoW).

    Sector-wise negative contributions came from i) Oil and Gas Exploration Companies (212points), ii) Cement (116 points), iii) Power Generation and Distribution (60 points), iv) Oil and Gas Marketing Companies (56 points), and Technology & Communication (51 points). On the other hand, positive contributions were led Chemical (16 points) and Commercial Banks (10 points). Scrip-wise top negative contributors were HUBC (69 points), PPL (68 points) and OGDC (63 points).

    Foreign selling continued this week clocking-in at USD 2.7 million compared to a net sell of USD 7.5 million last week. Selling was witnessed in E&P (USD 2.8 million) and Cement (USD 0.8 million). On the domestic front, major buying was reported by Banks / DFIs (USD 7.6 million and Insurance Companies (USD 2.4 million).

    Average volumes arrived at 296 million shares (down by 29 percent WoW) while average value traded settled at USD 61 million (up by 24 percent WoW).

  • MCC Gwadar announces vehicle auction on October 20 at Turbat

    MCC Gwadar announces vehicle auction on October 20 at Turbat

    KARACHI: Model Customs Collectorate (MCC) Gwadar announced auction of confiscated vehicles to be held on October 20, 2020 at Customs Station Turbat.

    Following vehicles to be presented for the auction:

    1. Zamyad, Reg No. NAZPL 140BJ-0499955, Engine No. Z24-764716Z, Model Nil.
    2. Zamyad, Reg No. LSB-522, Chassis No. NAZPL 140BD0363485, Engine No. Z24-649923-Z, Model Nil.
    3. Zamyad, Reg No. LSB-1316, Chassis No NAZPL 140TBN268162, Engine No. Z24-561191-Z, Model Nil.
    4. Zamyad, Reg No. KC-613, Chassis No. NAZPL 140TH0465549, Engine No. Z242733532, Model Nil.
    5. Zamyad, Reg No. KC-3377, Chassis No. NAZPL 140TJ0505334, Engine No. Y247703972, Model Nil.
    6. Zamyad Reg No. KCHM-3022, Chassis No. NAZPL 140TBN260234, Engine No. Z24-553099Z, Model Nil.
    7. Zamyad, Reg No. ABZ-231, Chassis No. NAZPL 14TH0476773, Engine No. Z24-24739927Z, Model Nil.
    8. Mazda Titan, Reg No. LSB-3784, Chassis No. WGFAT-124994, Engine No. 222330, Model Nil.
    9. Zamyad, Reg No. LSA-853, Chassis No. NAZPL 140BJ0499061, Engine No. Z24763374Z, Model Nil.
    10. Toyota Land Cruiser Pickup, Reg No. Nil, Chassis No FJ 75-0075357, Engine No. Not traceable, Model Nil.
    11. Toyota Land Cruiser Pickup, Reg No. Nil, Chassis No. FJ 75-0038226, Engine no. 3F 118769, Model Nil.
    12. Toyota Land Cruiser Pickup, Reg No. Nil, Chassis No. FJ 75-0043421, Engine No. 3F 0128378, Model Nil.
    13. Toyota Land Cruiser Pickup, Reg No. Nil, Chassis No. FJ 75-0074709, Engine No. 3F0218744, Model Nil.
    14. Zamyad, Reg No. Nil, Chassis No. NAZPL 140 TB N 250960, Engine No. Z 24-544775 Z, Model Nil.
    15. Toyota Land Cruiser Pickup, Reg No. Nil, Chassis No FJ 75-0040747, Engine No. 3F 0162102, Model Nil.
    16. Toyota Land Cruiser Pickup, Reg No. Nil, Chassis No. FJ 75-0043119, Engine No. 3F 0064875, Model Nil.
    17. Toyota Stout Pickup, Reg No. Nil, Chassis No. RK 110-617464, Engine No. 2227108, Model Nil.
    18. Toyota Stout Pickup, Reg No. Nil, Chassis No. RK 110-010427, Engine No. 1871505, Model Nil.
    19. Zamyad, Reg No. Nil, Chassis No NAZPL 140 TB M 23212, Engine No. Z 24-523886 Z, Model Nil.
    20. Zamyad, Reg No. Nil, Chassis No NAZPL 140 TE 0378988, Engine No. Z 24-668585 Z, Model Nil.
    21. Zamyad, Reg no. Nil, Chassis No. NAZPL 140 TB 0319839, Engine No. Z24-603899 Z, Model Nil.
    22. Toyota Stout Pickup, Reg No. Nil, Chassis No. Rk 110-615418, Engine No. 1810486, Model Nil.
  • List of approved currency exchange companies in Pakistan

    List of approved currency exchange companies in Pakistan

    KARACHI: State Bank of Pakistan (SBP) has issued list of approved currency exchange companies in the country.

    The SBP on Friday issued updated Exchange Companies Manual. Following is the list of exchange companies:

    1. AA Exchange Company (Pvt.) Ltd.

    2. Al-Hameed Int’l. Money Ex (Pvt.) Ltd.

    3. Al-Rahim Exchange Company(Pvt.) Ltd.

    4. Al-Sahara Exchange Company (Pvt.) Ltd.

    5. D.D Exchange Company (Pvt.) Ltd.

    6. Dollar East Exchange Company (Pvt.) Ltd.

    7. Fairdeal Exchange Company (Pvt.) Ltd.

    8. Glaxy Exchange Company (Pvt.) Ltd.

    9. H & H Exchange Company (Pvt.) Ltd.

    10. HBL Currency Exchange (Pvt.) Ltd.

    11. Habib Qatar International Exchange Pakistan (Pvt.) Ltd.

    12. Link International Exchange Company (Pvt.) Ltd.

    13. Money Link Exchange Company (Pvt.) Ltd.

    14. Muhammadi Exchange Company (Pvt.) Ltd.

    15. NBP Exchange Company Ltd.

    16. Noble Exchange International (Pvt.) Ltd.

    17. P B S Exchange Company (Pvt.) Ltd.

    18. Pakistan Currency Exchange Company (Pvt.) Ltd.

    19. Paracha International Exchange (Pvt.) Ltd.

    20. Paragon Exchange (Pvt.) Ltd.

    21. Ravi Exchange Company (Pvt) Ltd.

    22. Riaz Exchange Co. (Pvt.) Ltd.

    23. Royal International Exchange Company (Pvt.) Ltd.

    24. Sadiq Exchange Company (Pvt.) Ltd

    25. Sky Exchange Company (Pvt.) Ltd.

    26. Wallstreet Exchange Company (Pvt.) Ltd.

    27. ZeeQue Exchange Company (Pvt.) Ltd.

    List of Exchange Companies of ‘B’ Category

    1. Al-Khaleej Exchange Company-B (Pvt.) Ltd.

    2. Al-Pine International Exchange Company-B (Pvt.) Ltd.

    3. Best Way Exchange Company-B (Pvt.) Ltd.

    4. Capital Exchange Company-B (Pvt.) Ltd.

    5. Chanda Exchange Company-B (Pvt.) Ltd.

    6. Easy Exchange Company-B (Pvt.) Ltd. (Formally Aftab Exchange Company-B (Pvt.) Ltd.)

    7. Gohar Exchange Company-B (Pvt.) Ltd.

    8. Great Union Exchange Company-B (Pvt.) Ltd

    9. International Exchange Company-B (Pvt.) Ltd.

    10. Islamabad Exchange Company-B (Pvt.) Ltd.

    11. Karwan Exchange Company-B (Pvt.) Ltd.

    12. Madina Exchange Company-B (Pvt.) Ltd.

    13. Mega Currency Exchange Company-B (Pvt.) Ltd.

    14. Money Masters Currency Exchange Company-B (Pvt.) Ltd.

    15. Orient Exchange Company-B (Pvt.) Ltd.

    16. Premier Exchange Company-B (Pvt.) Ltd.

    17. Rajgan Exchange Company-B (Pvt.) Ltd.

    18. Swiss International Exchange Company-B (Pvt.) Ltd.

    19. Time Exchange Company-B (Pvt.) Ltd.

    20. Union Exchange Company-B (Pvt.) Ltd.

    21. United Exchange Co.-B (Pvt.) Ltd.

    22. Universal Exchange Company-B (Pvt.) Ltd.

    23. Usman International Exchange Company-B (Pvt.) Ltd.

    24. World Exchange Company-B (Pvt.) Ltd.

    25. World Wide Exchange Company-B (Pvt.) Ltd.