Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • FBR selects 10,441 income tax audit cases through computer balloting

    FBR selects 10,441 income tax audit cases through computer balloting

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday selected 10,441 cases of income tax for audit of tax year 2018.

    The FBR conducted computerized balloting for selection of cases under Audit Policy 2019, which was recently released.

    As many as 10,441 Income Tax cases were chosen through balloting for audit whereas the board selected 2065 Sales Tax Cases and 27 Federal Excise Duty case for the audit through this process.

    Advisor to Prime Minster on Finance and Revenue, Dr. Abdul Hafeez Shaikh witnessed the balloting ceremony.

    On the occasion the advisor said that promoting transparency through automation and digitalization in tax collection system of FBR was a prime agenda of the government.

    For this purpose, he said, the FBR has made public the tax payers’ information and published the taxpayers’ directory which contains tax record of individuals and parliamentarian and could be accessed by common masses, he said while launching the Taxpayers Directory and Computerized Balloting for Audit 2018 here.

    Chairman FBR Javed Ghani, representatives of business community and other officials of the board were also present on the occasion.

    The Advisor said that only 0.76 percent cases were selected for audit with an aim to involve minimum number of taxpayers.

    He said that last year around 14000 cases were selected but the audit remained inconclusive due to excessive number of cases, hence this year around ten thousand cases were selected only.

    While talking about tax refunds, the advisor said Rs 240 billion refunds were paid to the industrialist in fiscal year 2019-20, more than double as compare to the previous fiscal year.

    He said that out of total out Rs 40 billon income tax refunds, around 28 billion were paid while the remaining Rs12 billion would be paid this year.

    The advisor said that the government wanted coordination with the business community for resolving their issues. “We want to facilitate the industrial sector and provide it all facilities to reduce its cost of doing business to increase the country’s exports.”

    He added that the lowering the cost of doing business was a priority of the government to provide competitiveness to the local industrial sector in international market for increasing country’s exports.

    He said that industrial growth leads to enhanced exports and thereby create employment opportunities in the country.

    The advisor said that export sector performed good in July even when the country has been passing through in challenging times amid COVID- 19 pandemic.

    Hafeez Shaikh highlighted the importance of promoting tax culture, saying that the taxes enable the government to carry forward development agenda and initiate development projects of infrastructure, health and education.

    Speaking on the occasion, Chairman FBR Javed Ghani said the board launched the tax payer directory of parliamentarian and other individual to public the date of taxpayers for maintaining the transparency.

    He said that transparency and automation was the top priority of the FBR for broadening the tax net to growth in the country’s economy.

  • FBR issues rules for duty free import of minimum value goods

    FBR issues rules for duty free import of minimum value goods

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday issued rules for duty free minimum value of goods imported through courier and postal service.

    The FBR issued SRO 886(I)/2020 to notify draft amendment to Customs Rules, 2001.

    Through the draft amendment the FBR issued ‘Deminimis rules for imported goods’, which shall apply to the goods imported through post service and air courier only.

    “De minimis value’ means the value of goods up to five thousand rupees in terms of the provisions of Section 19C of the Customs Act, 1969.

    The FBR said that for the purpose of application of the provisions of Section 19C of the Customs Act, 1969, the value mentioned on label of the postal good or the courier receipt shall be considered as the declared value.

    Further, for conversion of invoice value into Pak Rupee, the postal or courier authorities shall take the official exchange rate of the previous day.

    The postal or courier authorities shall submit a separate list of goods along with invoices and other documents, if any, wherein the declared value is up to five thousand rupees.

    The customs authorities shall scrutinize the list and shall have the right to examine or detain any goods to verify the declared value or compliance to the requirement of any other law applicable thereon.

    The postal or courier authorities shall submit a consolidated monthly e-statement of all such clearance along with copies of invoice of the imported goods cleared under the rules to the concerned customs authorities for re-conciliation of the record.

  • Share market gains by 170 points on positive sentiments ahead of MPS announcement

    Share market gains by 170 points on positive sentiments ahead of MPS announcement

    KARACHI: The share market witnessed a robust increase of 170 points on Friday, propelled by the rebalancing of international stock markets and improved sentiments ahead of the forthcoming Monetary Policy Statement (MPS).

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  • Rupee appreciates by 38 paisas on export receipts, remittances inflows

    Rupee appreciates by 38 paisas on export receipts, remittances inflows

    The Pakistani Rupee experienced a notable appreciation of 38 paisas against the US Dollar on Friday, closing at Rs165.83 in the interbank foreign exchange market.

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  • Foreign direct investment surges by 40 percent in two months

    Foreign direct investment surges by 40 percent in two months

    The net inflow of foreign direct investment (FDI) in Pakistan has surged by an impressive 40% during the first two months of the current fiscal year, according to data released by the State Bank of Pakistan (SBP) on Friday.

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  • PSX imposes restriction on New Peak Securities

    PSX imposes restriction on New Peak Securities

    KARACHI: Pakistan Stock Exchange (PSX) on Thursday imposed restriction on M/s. New Peak Securities (Private) Limited – TREC Holder – on failure to comply with the instructions of the exchange.

    In a notification, the PSX informed all market participants that M/s. Peak Securities (Private) Limited – TREC Holder, PSX (New Peak) failed to comply with the instructions of the exchange, which is a non compliance of clause 20.5.1 of PSX Regulations.

    The said clause is reproduced as:

    “20.5.1. Pursuant to Clause 20.4 hereinabove, the CRO, sub-committee of RAC or RAC, as the case may be, may initiate disciplinary actions against a TRE Certificate Holder under sub-clause 20.5.2 when it is prima facie established that such TRE Certificate Holder has breached one or more of the PSX Regulations or failed to comply with a policy, procedure, order, notice, guideline, direction, manual, decision, instruction or ruling of the Exchange or failed to provide any required information or provided incomplete, false, forged or misleading information to the Exchange as may be required from time to time.”

    In order to protect the interest of investing public, the exchange, after providing due hearing opportunity, has decided to “impose restriction on opening of new clients’ accounts” with immediate effect alongwith financial penalty on New Peak, under clause 20.5.2 of PSX Regulations.

    The said clause is reproduced as:

    “20.5.2. GENERAL DISCIPLINARY ACTIONS:
    Disciplinary actions that may be taken pursuant to sub-clause 20.5.1 are as follows:
    (a) Issue a warning in writing to act more carefully and vigilantly;
    (b) Reprimand in writing that the conduct warrants censure;
    (c) Impose a fine;
    (d) Impose any one or more conditions or restrictions;
    (e) Mandate educational qualification, training or such other program as may be determined by the relevant authority to be undertaken or implemented by the Broker for its employees;
    (f) Direct to take remedial actions to rectify the breach including appropriate action(s) against any of its employees concerned behind such breach, whether directly or indirectly ; and/or take such other action as the relevant authority may deem appropriate;
    (g) Suspend any or all trading terminals.”

    The PSX said that the enforcement action has been taken without prejudice to the right of the exchange to further initiate any inquiry, special audit with expanded, restricted or different scope to take any punitive action against New Peak in accordance with relevant regulations on matters subsequently investigated or otherwise brought to the knowledge of the exchange.

  • FBR issues single page return form for shopkeepers, traders

    FBR issues single page return form for shopkeepers, traders

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued final draft of single-page income tax return for shopkeepers /small traders having annual turnover less than Rs10 million.

    The FBR issued SRO 885(I)/2020 to notify the final draft. Previously, the FBR on September 08, 2020 issued draft return form for shopkeepers/traders through SRO 821(I)/2020 to invite comments.

    In the single return form, the traders are required to provide following details:

    The traders will also require to submit simple wealth statement form. In this form the traders shall provide following details:

  • Banks directed to apply AML/CFT rules on issuance of saving certificates

    Banks directed to apply AML/CFT rules on issuance of saving certificates

    KARACHI: State Bank of Pakistan (SBP) on Thursday directed banks to implement anti-money laundering (AML) and Counter Financing for Terrorism (CFT) rules related to issuance of National Saving Schemes (NSS).

    The SBP said that commercial banks are performing functions of sale, encashment, profit payment etc. of various NSS such as prize bonds, SSC and DSC.

    In this connection, your attention is invited towards National Savings Schemes (AML & CFT) Rules, 2019 promulgated by the Ministry of Finance, Government of Pakistan vide Notification No. F.No.16(1)GS-I/2019-98 dated January 23, 2020, sub-rule (3) of Rule 1 whereof reads as:

    “These rules shall apply to all offices and persons responsible for the issuance, management, marketing, registration, replacement, sale and discharge of the instruments issued by and the accounts opened at and maintained with the National Savings Centers, Pakistan Post and any other office designated as offices of issue.”

    In light of the cited rule, being the office of issue, the said Rules are also applicable on the commercial banks. Therefore, it is advised to ensure implementation of and compliance with the enclosed NSS (AML&CFT) Rules, 2019 and arrange for necessary dissemination to the concerned officials and branches, the SBP said.

  • FBR forms committees to eliminate inequalities in taxation system

    FBR forms committees to eliminate inequalities in taxation system

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday formed committees for elimination of inequality in taxation system and speedy resolution of taxpayers’ complaints.

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  • Zeeshan Merchant elected unopposed KTBA president

    Zeeshan Merchant elected unopposed KTBA president

    KARACHI: The office bearers and members of executive committee have been elected unopposed for the term 2020 in the election of Karachi Tax Bar Association (KTBA). This was announced at 63rd Annual General Meeting (AGM) of the bar held on Thursday.

    All the candidates for the KTBA elections have been elected unopposed. The AGM announced the successful candidates as: Syed Zeeshan Merchant, President; Syed Hassan Naeem, Vice President; Syed Faiq Raza Rizvi, General Secretary; Muhammad Mehmood Bikiya, Joint Secretary; and Shiraz Khan as librarian.

    The managing committee of the KTBA includes: Arshad Siraj, Asim Rizwani Sheikh, Haris Tufail, Imran A. Karim, Imran Hyder, Irfan Ghafoor, Muhammad Yasin Merchant and Syed Wasimuddin Hashmi.