Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Foreign exchange reserves remain flat at $19.959 billion

    Foreign exchange reserves remain flat at $19.959 billion

    KARACHI: The liquid foreign exchange reserves of the country were remained flat at $19.959 billion by week ended on September 11, 2020, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were at $19.961 billion by week ended September 04, 2020.

    The official foreign exchange reserves of the SBP increased by $12 million to $12.82 billion by week ended September 11, 2020 as compared with $12.808 billion by week ended September 04, 2020.

    The foreign exchange reserves held by commercial banks fell by $14 million to $7.139 billion by week ended September 11, 2020 as compared with $7.153 billion by week ended September 04, 2020.

  • Share market gains 53 points amid selling pressure

    Share market gains 53 points amid selling pressure

    KARACHI: The share market gained 53 points on Thursday despite selling pressure seen in the market during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 42,334 points as against 42,282 points showing an increase of 53 points.

    Analysts at Arif Habib Limited said that the market opened on a positive note with +193 points and added a total of 350 points on the index.

    Selling pressure eroded most of the gains by the end of session, closing the index +53 points. Financial results of DGKC helped the stock post price gains.

    Among technology stocks, PTC hit upper circuit whereas Chemical sector helped EPCL touch recent times high. Technology sector topped the volumes with 108.6 million shares, followed by Power (47.5 million) and Vanaspati (45.2 million). Among scrips, KEL led the table with 70.5 million shares, followed by HASCOL (37.4 million) and DCL (28.1 million).

    Sectors contributing to the performance include Chemical (+23 points), Technology (+17 points), E&P (+14 points), Insurance (-15 points), Pharma (-7 points).

    Volumes increased from 489.6 million shares to 508.7 million shares (+4 percent DoD). Average traded value also increased by 3 percent to reach US$ 90.8 million as against US$ 87.9 million.

    Stocks that contributed significantly to the volumes include PTC, UNITY, HASCOL, FFL and PIBTL, which formed 42 percent of total volumes.

    Stocks that contributed positively to the index include EPCL (+20 points), POL (+14 points), PTC (+13 points), PSO (+13 points) and ENGRO (+12 points). Stocks that contributed negatively include FFC (-12 points), AICL (-9 points), JLICL (-8 points), NESTLE (-6 points) and ABL (-5 points).

  • Rupee recovers 13 paisas on inflows

    Rupee recovers 13 paisas on inflows

    KARACHI: The Pak Rupee recovered 13 paisas against dollar on Thursday owing to improved inflows of export receipts and workers remittances.

    The rupee ended Rs166.21 to the dollar from previous day’s closing of Rs166.34 in interbank foreign exchange market.

    Currency experts said that the rupee recovered owing to inflows of export receipts and workers’ remittances. They said that demand for import payment was remained in the market however the inflows helped the rupee to avoid losses.

    The experts hoped the local currency likely to gain further in coming days owing to better economic conditions. They said that the initiative of launching dollar and rupee denomination bonds may attract overseas Pakistanis due to better rate of return.

  • SBP facilitates overseas Pakistanis to increase participation in domestic financial market

    SBP facilitates overseas Pakistanis to increase participation in domestic financial market

    KARACHI: State Bank of Pakistan (SBP) and the government are actively working to facilitate non-resident Pakistanis in increasing their investment in domestic financial market, SBP governor Dr. Reza Baqir said.

    (more…)
  • FBR promotes 65 IROs to post of Assistant Commissioner

    FBR promotes 65 IROs to post of Assistant Commissioner

    ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday promoted 65 Inland Revenue Officers (IROs) of BS-16 to the post of assistant commissioner of Inland Revenue BS-17 with immediate effect.

    The FBR promoted following officers to the post of Assistant Commissioner IR with their name and place of posting:

    1. Muhammad Arshad, Directorate of Intelligence and Investigation IR, Karachi
    2. Zahid Saleem, Regional Tax Office (RTO) Gujranwala
    3. Mazhar Ali Khan, RTO-I, Karachi
    4. Zulfiqar Ali, Corporate Tax Office (CTO) Lahore
    5. Mirza Baqaullah Baig, CTO, Karachi
    6. Muhammad Tariq Mehmood Awan, FBR HQ
    7. Muhammad Ismail ur Rehman, RTO Islamabad
    8. Ghulam Dastagir, CTO Lahore
    9. Syed Muhammad Kamal, Directorate I&I Karachi
    10. Shahid Asif Saddiqui, Large Taxpayers Office (LTO), Karachi
    11. Syed Wasi Imam, RTO-II, Karachi
    12. Yousuf Bashir, RTO-II, Karachi
    13. Aijaz Hussain Sahto, RTO-I, Karachi
    14. Salmab Zubaid, RTO-I, Karachi
    15. Iltaf Hussain, RTO Peshawar
    16. Ayaz Ali Dahrajo, RTO Hyderabad
    17. Muhammad Anwar Javed, RTO Islamabad
    18. Zulqarnain Gondal, RTO Sargodha
    19. Anjum Mahmood, LTO Lahore
    20. Tanveer Aslam, RTO Gujranwala
    21. Zia ur Rehman, RTO-II Karachi
    22. Muhammad Aslam, RTO-I Karachi
    23. Waheed ul Haq, CTO Karachi
    24. Shahid Mahmood Ishaqui, Medium Taxpayers Office (MTO), Karachi
    25. Muhammad Saeed, RTO Lahore
    26. Sajid Ali, AEIO Zone Islamabad
    27. Muhammad Aslam, RTO Rawalpindi
    28. Muhammad Umer Farooq, RTO Rawalpindi
    29. Ateequ ur Rehman, Directorate General of Internal Audit IR Islamabad
    30. Muhammad Anwar Kakar, RTO Quetta
    31. Muhammad Shafiq, RTO Sahiwal
    32. Muhammad Ilyas Satti, RTO Islamabad
    33. Muhammad Sarwar Malik, Directorate General of Internal Audit IR Islamabad
    34. Tariq Saeed Ghuman, CTO Lahore
    35. Mukesh Kumar, RTO-II Karachi
    36. Niaz Ahmed Khan, RTO Peshawar
    37. Shams ur Rehman, RTO Peshawar
    38. Muhammad Nayyar Karim, LTO Karachi
    39. Khawar Iqbal, RTO-I Karachi
    40. Mujeeb Alam, Directorate General I&I IR Islamabad
    41. Muhammad Amin Gondal, RTO Faisalabad
    42. Syed Shahid Hussain Shirazi, Directorate General of Internal Audit (IR), Islamabad
    43. Muhammad Azam Mughal, RTO-II Karachi
    44. Zulfiqar Ali Khoso, RTO Hyderabad
    45. Sh. Fayyaz Ahmed, LTO Islamabad
    46. Malik Afzaal Ahmed, RTO Islamabad
    47. Khaisata Gul, RTO Peshawar
    48. Iqbal Noor, RTO Peshawar
    49. Karamat Hussain, RTO Multan
    50. Muhammad Ashraf Khan, RTO Islamabad
    51. Safdar Hussain, LTO Lahore
    52. Tahir Mehmood Awan, RTO Faisalabad
    53. Munir Ahmed, RTO Sialkot
    54. Nasir Ali, RTO Multan
    55. Jahanzeb Khan, RTO Lahore
    56. Muhammad Saleem Qari, RTO Islamabad
    57. Muhammad Saeed, RTO Peshawar
    58. Muhammad Anjum, RTO Peshawar
    59. Riaz Gul, RTO Peshawar
    60. Siraj Muhammad, RTO Peshawar
    61. Muhammad Farooq Khan, RTO Peshawar
    62. Muhammad Mansha Nasir, RTO Lahore
    63. Muhammad Aslam, RTO Lahore
    64. Munir Ahmed Mahar, RTO Sukkur
    65. Shakeel Ahmed, RTO Hyderabad

    The FBR said that the promotion will take effect from the date of charge assumption subject to the condition that no disciplinary proceedings are pending against them.

    The FBR further said that the promoted officers would undergo a departmental training for a period of three months at Directorate General of Training and Research, Inland Revenue for which separate schedule would be issued by the board.

    “In case an officer is retiring within one year from commencement of the said training, he will be exempt from such training.”

    The officers will remain on probation for a period of one year, extendable further for one year, subject to satisfactory completion of the training.

  • FBR updates application for salary return filing

    FBR updates application for salary return filing

    ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday updated Tax Asaan, a mobile phone application, for filing of income tax return by salaried persons.

    The Tax Asaan application, available for both Android and iOS, has been updated for filing the income tax return for the tax year 2020.

    Tax Asaan is a mobile application developed by FBR to facilitate taxpayers. It is available free of cost for Android as well as iOS based smart phones. Wizard based Income Tax Return filing option is also available in Iris. This feature will help taxpayer to proceed step by step utilizing interactive questions for return filing.

    The FBR issued video tutorial for facilitating the taxpayers to file their returns through Tax Asaan application:

    Currently Tax Asaan offers following facilities for taxpayer:

    I. Registration of Income Tax

    II.Registration  f Sales Tax

    III. Return filing for Salaried Individuals

    IV. Recovery of Password V. Creation of Tax payments, PSIDsVI.POS Invoice Verification

    VII.FBR Maloomat.

    The FBR also said that the last date for filing income tax return for tax year 2020 is September 30, 2020.

    A spokesman of the FBR in a tweet urged to file income tax return for ensuring their name on the Active Taxpayers List (ATL).

    The name on the ATL guarantees persons, who filed their income tax returns within due date, to avoid 100 percent additional levy of withholding tax on various transactions.

  • ECC approves expanding duty free car import scheme for disabled persons

    ECC approves expanding duty free car import scheme for disabled persons

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday granted approval to expand the scheme of duty free car import by disabled persons.

    (more…)
  • Lady tax officer awarded major penalty for misconduct

    Lady tax officer awarded major penalty for misconduct

    ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday imposed major penalty of ‘compulsory retirement’ upon a lady tax officer on the charges of misconduct i.e. unauthorized absence from duty.

    In an order, the FBR said that disciplinary proceedings were initiated under the Government Servant (Efficiency & Discipl ine) Rules, 1973 against Ms. Saira Bano (IRS/BS-18), Deputy Commissioner-IR/OSD, Regional Tax Office, Lahore through Charge Sheet and Statement of Allegations dated October 08, 2019 on the charges of “Misconduct” on account of unauthorized absence from duty since August 01, 2016.

    Muhammad Majid (IRS/BS-20), the then Commissioner-IR, RTO-II, Lahore was appointed as Inquiry Officer vide Board’s letter dated October 08, 2019. As per Inquiry Report charges leveled against Ms. Saira Bano (IRS/BS-18) stood established.

    On the basis of inquiry report, the accused officer was issued Show Cause Notice on 23.12.2019. An opportunity of personal hearing was granted to the accused officer by Member (Admn)/Authorized Officer on 03.06.2020.

    Ms. Saira Bano (IRS/BS-18) vide her letter dated 23.05.2020 regretted to appear for the personal hearing. She was granted final opportunity of personal hearing by Member (Admn)/Authorized Officer on 23.06.2020, however, the officer did not appear for personal hearing. Member (Admn)/Authorized Officer recommended to the Authority i.e Secretary Revenue Division/Chairman FBR, imposition of Major Penalty of “Compulsory Retirement” in terms of Rule 4(1)(b)(ii) of the Government Servants (Efficiency & Discipline) Rules, 1973 upon Ms. Saira Bano (IRS/BS-18).

    Secretary Revenue Division/Chairman FBR being Authority in the instant case granted an opportunity of personal hearing to Ms. Saira Bano (IRS/BS-18) on 07.08.2020. Final opportunity of personal hearing was granted by Secretary Revenue Division/Chairman FBR on 02.09.2020. Secretary Revenue Division/Chairman FBR being Authority in the instant case, keeping in view the length of service of the officer, concurred with the recommendations of the Authorized Officer and therefore imposed the major penalty of “Compulsory Retirement” upon Ms. Saira Bano (IRS/BS-18), Deputy Commissioner-IR/OSD, Regional Tax Office, Lahore under rule 4(1)(b)(ii) of the Government Servants (Efficiency & Discipline) Rules, 1973 with immediate effect.

    The period of unauthorized absence from duty from 01.08.2016 till date will be treated as Extra Ordinary Leave (without pay). Ms. Saira Bano (IRS/BS-18) shall have right of Appeal as admissible in the Civil Servants (Appeal) Rules, 1977.

  • Stock market witnesses selling pressure over FATF bill

    Stock market witnesses selling pressure over FATF bill

    KARACHI: The stock market fell by 64 points on Wednesday as investors’ sentiments shaken over FATF bill, which required parliamentary approval.

    (more…)
  • Rupee eases by seven paisas as dollar demand persists

    Rupee eases by seven paisas as dollar demand persists

    KARACHI: The Pak Rupee eased by seven paisas against dollar on Wednesday owing to rising demand for the foreign currency for import payment.

    The rupee ended Rs166.34 to the dollar from previous day’s closing of Rs166.27 in interbank foreign exchange market.

    Currency experts said that the rupee was remained under pressure for rising demand of the greenback against import payment.

    They said that normalization of industrial activities after control of coronavirus pandemic the manufacturing required imported raw materials.

    The experts hoped that the rupee may rebound in coming days on back of improved workers’ remittances and export receipts.

    The local currency fell by 37 paisas against the dollar during past three trading days.