Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • FBR notifies panels for alternate dispute resolution

    FBR notifies panels for alternate dispute resolution

    ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday notified panel of persons in all major cities of the country for alternate dispute resolution.

    The FBR issued SRO 810(I)/2020 to notify the setting up the committees under Income Tax Ordinance, 2001, Sales Tax Act, 1990 and Federal Excise Act, 2005.

    The FBR notified the panel of the following persons for constitution of committees for Alternate Dispute Resolution:

    KARACHI:

    01. Rehmatullah Khan Wazir, Ex-Member, FBR

    02. Khawaja Tanweer Ahmed, Ex-Member, FBR/Advocate

    03. Dr. Tariq Masood, Ex-Member, FBR

    04. Vishno Raja Qavi, Ex-Commissioner/Advocate

    05. Misri Ladhani, ex-Chief Commissioner/Advocate

    06. Agha Shahid Majeed, Ex-Member, Tribunal

    07. Iftikhar Qutub, Ex-Director General, Customs

    08. Adnan Mufti, Chartered Accountant

    09. Hassan Naeem, Chartered Accountant

    10. Hyder Ali Patel, Chartered Accountant

    11. Saqib Masood, Chartered Accountant

    12. Qadeer Ahmed, Chartered Accountant

    13. Ms. Asra Rauf, Chartered Accountant

    14. Muhammad Raza, Chartered Accountant

    15. Amin Bandukwala, Businessman

    16. Bilal Mahpara, Chartered Accountant

    17. Abid Shaban, Advocate

    18. Ghulam Abbas Kertwala, Chartered Accountant

    19. Zeeshan Zafar (KPMG), Chartered Accountant

    20. Zeeshan Merchant, Chartered Accountant

    21. Gohar Manzoor, Chartered Accountant

    22. Ameen Baimani, Chartered Accountant/Businessman

    23. Imtiaz Zuberi, Advocate

    24. Shaikh Shakeel Ahmed, Businessman

    25. Saleem Siddiqui, Chartered Accountant

    26. Qadir Memon, Tax Practitioner

    27. Aijaz ud Din Qureshi, Advocate

    28. Zubair Tufail, Taxpayer

    29. Abdul Qadir Memon, ex-President PTBA

    30. Arshad Siraj, Advocate

    31. Majid Kandawala, Chartered Accountant

    32. Ashfaq Tola, Chartered Accountant

    33. Abdul Haseeb Khan, Taxpayer

    34. Wajid Jawwad, Taxpayer

    35. Anwar Aziz, Businessman

    36. Imran Shuakat, Businessman

    37. Mirza Ikhtiyar Baig, Industrialist

    38. Ali A Rahim, Tax Practitioner

    39. Ameer Bakhsh Metlo, Advocate

    40. Muhammad Amin Faheem, Chartered Accountant

    41. Mohammad Idrees, Businessman

    42. Yasin Merchant, Advocate

    43. Shekha Mufti, Chartered Accountant

    44. Abdul Khaliq Khatri, Advocate

    ISLAMABAD:

    01. Babar Bilal, Advocate

    02. Saeed Ahmed Zaidi, Advocate

    03. Aazar Hameed, Chartered Accountant

    04. Ms. Sadia Nazir, Partner KPMG

    05. Waqar Zafar, Chartered Accountant

    06. Tariq Sadiq, Director, Sihala Flour Mills

    07. Hafiz Muhammad Idrees, Advocate

    08. Waqar Zafar Ahmed, Chartered Accountant

    09. Ch. Naeem ul Haq, Advocate

    10. Shahzad Qazi, Chartered Accountant

    11. Syed Tauqeer Bukhari, Advocate

    12. Zahid Latif Khan, MD Islamabad Stock Exchange

    LAHORE:

    01. Nameed Akhtar Sheikh, Chartered Accountant

    02. Asim Zulfiqar, Chartered Accountant

    03. Muhammad Awais, Chartered Accountant

    04. Mansoor Baig, Advocate

    05. Khurram Shahbaz Butt, Advocate

    06. Zeeshan Ijaz, Chartered Accountant

    07. Sufi Tanveer, Businessman

    08. Rizwan Bashir Sheikh, FCA

    09. Syed Mehtab Haider Kazmi, ACCA

    10. Amir Younas, CA

    11. Muhammad Ijaz Ali Bhatti, Advocate

    12. Saeed ur Rehman Dogar, Advocate

    13. Adil Jillani, Chartered Accountant

    14. Mardan Ali Zaidi, Businessman

    15. Ihsan ur Rehman, Advocate

    RAWALPINDI:

    01. Zahid Idrees Mufti, Advocate

    02. Muhammad Amir Malik, Advocate

    03. Malik Itaat Hussain Awan, Advocate

    04. Dr. G M Chaudhary, Advocate

    05. Muhammad Irshad Chaudhary, Advocate

    06. Ch. Naeem ul Haq, Advocate

    07. Habib Fakhar ud Din, FCA

    08. Shehzad Qazi, FCA

    09. S M Naseem, Businessman

    10. Malik Shahid Saleem, Businessman

    GUJRANWALA:

    01. Mian Abdul Ghaffar, Advocate

    02. Siddiqui Ahmed Ch., Advocate

    03. Abid Hussain Awan, Advocate

    04. Abid Raza Kazmi, Advocate

    05. Siddique Ahmed Bhatti, Advocate

    06. Ch. Shafaqat Ali Buttar, Chartered Accountant

    07. Ghazanfar Mehmod, Chartered Accountant

    08. Malik Zaheer ul Haq, Businessman

    09. Mian Umer Saleem, Businessman

    10. Hafiz Abdul Waheed, Businessman

    ABBOTTABAD:

    01. Agha Sbabbir Ahmed Awan, Advocate

    02. Bashir Ahmed, Advocate

    03. Mudassir Malik, Advocate

    04. Rashid Javed, Accountant

    MULTAN:

    01. Sh. Fazal Elahi, Businessman/President Multan Chamber of Commerce and Industry

    02. Talat Javed, Chartered Accountant

    03. A Moeed Khawaja, Tax Practitioner

    04. Waqas Khalid, Chartered Accountant

    05. Rashid Bashir, Advocate

    SUKKUR

    01. Saeed Akhtar, Advocate

    02. Eng. Abdul Fatah Shaikh, Businessman

    03. Anwar Ali Janwari, Advocate

    04. Aamir Ali Khan Ghouri, Taxpayer

    05. Asif Iqbal Sheikhani, Advocate

    06. Ludomal, Taxpayer

    QUETTA:

    01. Kamal Hassan Siddiqui, Advocate

    02. Muhammad Muneeb, FCMA

    03. Abdul Samad, Businessman

    04. Badaruddin, Businessman

    SIALKOT:

    01. Ch. Ahmed Zulfiqar Hayat, Businessman

    02. Aftab Hussain Nagra, Advocate

    03. Malik Muhammad Ashraf Awan, Businessman

    04. Zulfiqar Ahmed Nasir, Chartered Accountant

    FAISALABAD

    01. Ahammad Jabbar, FCA

    02. Muhammad Yousaf Shekh, Nominee of PTBA

    03. Asad Ali Malkana, Nominee of PTEA

    04. Farooq Yousaf, Nominee of FCCIF

    05. Khan Muhammad, Chartered Accountant

    06. Mian Muhammad Irshad, FTBC

    07. Muhammad Naseeb, PTEA

    08. Kashif Zia, FCCIF

    09. Khubaib Ahmed, FTBA

    10. Azizullah Goheer, PTEA

    11. Arif Ehsan Malik, FCCIF

    SAHIWAL

    01. Shaikh Muhammad Ahsan, Advocate

    02. Faiz ul Hassan Gilani, Advocate

    SARGODHA

    01. Gulzar A Sheikh, Taxpayer/Businessman

    02. Mukhtar Ahmed Mirza, Taxpayer/Businessman

    03. Tariq Yaqoob, Taxpayer/Businessman

    04. Umar Ashraf Bhatti, Advocate

    05. Malik Naik Muhammad, Advocate

    06. Rana Saghir Ahmed, Advocate

    07. Muhammad Safdar Saleemi, Advocate

    BHAWALPUR

    01. Javed Iqbal Ch., Advocate

    02. Iqbal Haider, FCMA

    03. Masood A Majeed, Chairman, Asia Ghee Mills (Pvt) Ltd

    04. Dr. Rana Muhammad Tariq, Managing Director, Shamim Group of Industries

    05. Mian Mehmood Ahmad, ex-Chairman PCGA, Rahimyar Khan

    06. Aijaz Nazam, ex-President, BCCI

    HYDERABAD:

    01. A S Jaffri, Advocate

    02. Shahid Hussain Abbasi, Advocate

    03. Muhammad Asif Memon, Businessman

    04. Doulat Ram, Businessman

    05. Turab Ali Khoja, Businessman

    06. Tanweer Arif, Chartered Accountant

    07. Saman Mal, Businessman

    08. Zubair Ghangra, Businessman

    09. Imamuddin Shoqeen, Businessman

    PESHAWAR:

    01. Muhamamd Ahmad Shahid, Chartered Accountant

    02. Ghulam Shoib Jally, Advocate

    03. Engr. Maqsood Anwar Pervez, Businessman

    04. Zahidullah Shinwari, Businessman

  • FBR gives around 21 days to taxpayers for filing income tax returns

    FBR gives around 21 days to taxpayers for filing income tax returns

    ISLAMABAD: Federal Board of Revenue (FBR) has given around 21 days time-line to taxpayers to file their return of income for tax year 2020.

    The FBR issued SRO 822(I)/2020 to notify the finalized income tax return form for initiation of return filing for the tax year 2020.

    The FBR about 20 day ago issued draft income tax return form and invited comments from stakeholders within seven days.

    The filing of income tax return for tax year 2020 is due on September 30, 2020 as per Income Tax Ordinance, 2001 for taxpayers other than corporate entities having financial year ending on June 30.

    Therefore, taxpayers including salaried persons, business individuals, Association of Persons (AOPs), persons falling under final tax regime and corporate entities having special tax year will require to file their income tax returns by September 30, 2020.

    Tax experts said that the late issuance of return forms will compel the FBR to extend to last date for filing the returns. They said that as per statute the income tax return filing is due from July 01 every year, which means the FBR should give taxpayers, who are required to file their return by September 30, at least three months from the issuance of the return form.

    For the past many years it has become a routine matter for the FBR to delay the issuance of income tax return form which resulted in repeated extensions.

    The final income tax return form for salaried persons, business individuals, AOPs and companies can be downloaded here:

    Final Income Tax Return Form for Tax Year 2020

  • Rules notified for issuance of Naya Pakistan Certificates for overseas, resident Pakistanis

    Rules notified for issuance of Naya Pakistan Certificates for overseas, resident Pakistanis

    ISLAMABAD: The ministry of finance has notified rules for issuance of Naya Pakistan Certificates (NPC) at for overseas Pakistanis at an attractive rate of return against dollar denomination bills.

    According to the rules notified on Tuesday, every non-resident Pakistani having national identity card for overseas Pakistanis, foreigners having Pakistan origin card, members of overseas Pakistanis foundation, an employee or official of the federal government or a provincial government posted abroad who are eligible to open FCVA or NRVA as per the relevant regulations shall be eligible either individually or jointly to purchase the certificates.

    The certificates are also available for resident Pakistanis having assets abroad, duly declared in latest tax return filed with the Federal Board of Revenue, may also invest in the certificate through their FCVA in Pakistan subject to such controls, conditions and operational procedure as may be notified by the State Bank of Pakistan under these rules.

    The details obtained from SBP website revealed that the investors shall only pay 10 percent withholding tax, which will be final tax liability. Further, investors will also not be required to file income tax return for their investment.

    Naya Pakistan Certificate which will be offered to both residents and overseas Pakistanis at annualized return up to 11 percent in rupee and up to 7 percent in dollar denomination bills.

    The SBP said that Naya Pakistan Certificates are sovereign instruments being issued by the government for overseas Pakistanis as well as resident Pakistanis who have declared assets abroad.

    The bills will be available at 3-, 6- and 12-month and 3- and 5-year tenors. The government will allow early enacashment.

    According to the SBP, the certificates are available at very attractive and risk-free returns. In dollar denomination bills the return shall be at 5.5 percent, 6 percent and 6.5 percent for 3-, 6- and 12-month tenors. While for 3- and 5-year bills will attract 6.75 percent and 7 percent.

    The rupee denomination bills shall be available at 9.5 percent, 10 percent and 10.5 percent for 3-, 6- and 12 months tenor. While, the certificates of 3- and 5-year tenors certificate shall attract 10.75 percent and 11 percent, respectively.

    Pakistani tax authorities will not ask the source of investment to be made in these certificates. However, 10 percent withholding tax shall be applicable and it will be final tax liability. Further, investors will not be asked to file income tax return.

    The SBP said that the certificates are fully repatriable and no approvals will be required for remitting funds abroad.

  • Share market ends down by 311 points on selling pressure

    Share market ends down by 311 points on selling pressure

    KARACHI: The share market ended down by 311 points on Tuesday after selling pressure by end of session.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,985 points as against 42,296 points showing a decline of 311 points.

    Analysts at Arif Habib Limited said that the market saw selling pressure by the end of session after posting gains of 233 points early on.

    Refinery sector particular performed well with multiple stocks hit upper circuit.

    Similarly, Cement and OMCs sectors saw buying interest which helped the index post gains.

    Besides, Chemical sector remained in the limelight, seeing good gains made in stock prices.

    Selling pressure brought the index down by 616 points, including erosion of earlier gains, which was caused by closing of leveraged positions by retail investors.

    O&GMCs posted trading volume of 149 million shares, followed by Cement (100 million) and Refinery (89.3 million). Among scrips, HASCOL topped with 133.9 million shares, followed by PIBTL (66 million) and POWER (57.9 million).

    Sectors contributing to the performance include Banks (-80 points), O&GMCs (-38 points), Chemical (-35 points), Pharma (-24 points) and E&P (-24 points).

    Volumes increased from 748.8 million shares to 884.4 million shares (+18 percent DoD). Average traded value also increased by 18 percent to reach US$ 167.8 million as against US$ 142.3 million.

    Stocks that contributed significantly to the volumes include HASCOL, PIBTL, POWER, PRL and BYCO, which formed 38 percent of total volumes.

    Stocks that contributed positively to the index include SYS (+35 points), LUCK (+31 points), NATF (+19 points), JLICL (+12 points) and BYCO (+11 points). Stocks that contributed negatively include TRG (-33 points), HBL (-27 points), MCB (-24 points), HASCOL (-23 points) and OGDC (-19 points).

  • FBR launches single page return form for traders

    FBR launches single page return form for traders

    ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday launched single page income tax return form for traders in order to facilitate this segment of the economy to comply with the mandatory requirement.

    The FBR issued SRO 821(I)/2020 to launch the draft income tax return form for traders having turnover less than Rs10 million. The FBR invited comments on the draft return form from stakeholders to finalize the form.

    In the single return form, the traders shall require to provide following details:

    01. Business turnover/receipts

    02. Cost of sales

    03. Opening stock

    04. Purchases

    05. Closing stock

    06. Other direct expenses

    07. Gross profit

    08. Profit and loss expenses

    09. Total income

    10. Net profit/taxable income

    11. Tax chargeable

    12. Tax payable whichever is higher

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

    01. Immovable properties

    02. Shop

    03. Moveable assets

    04. Business capital

    05. Investment/advance

    06. Cash in hand/bank

    07. Investment/advance

    08. Loan/liabilities

    09. Net assets

    10. Reconciliation of net assets

    11. Net assets current year

    12. Net assets previous year

    13. Increase/decrease in assets

    14. Income as per return

    15. Other inflows (gift, loan, remittances etc.)

    16. Outflows (gift, loan etc.)

    17. Personal expenses

  • Rupee falls by 56 paisas on rising import demand

    Rupee falls by 56 paisas on rising import demand

    The Pakistani Rupee experienced a decline of 56 paisas against the US dollar on Tuesday, driven by increased demand for import and corporate payments, according to currency dealers.

    (more…)
  • Engro Fertilizers, MCB Bank introduce first electronic bank guarantee solution

    Engro Fertilizers, MCB Bank introduce first electronic bank guarantee solution

    KARACHI: Engro Fertilizers Ltd and MCB Bank Ltd have partnered to accelerate digitization of financial products and developed Pakistan’s first-ever solution to electronically manage bank guarantees.

    With businesses adopting virtual operations and enforcing minimal physical interaction in the wake of COVID-19, Engro Fertilizers Ltd engaged MCB Bank Ltd, one of the leading Banks in the country, to develop an electronic bank guarantee management solution that will promote digitalization and enhanced corporate service delivery.

    The Bank, in consultation with Mohsin Tayebaly & Co, managed legal and regulatory concerns to provide a SWIFT-based mechanism to Engro Fertilizers Ltd at nominal cost and minimal impact to business operations. Additionally, the designed process will also facilitate to mitigate the risk of counterfeit bank guarantees, identified as a recurring cause of concern in Pakistan’s banking Industry.

    This system, currently operational only for Engro Fertilizers, is expected to be rolled out for all other clients of MCB Bank. Given the existing credit sales model offered by most corporations, the product would assist the wider industry in facilitating their customers and stakeholders in the near future.

    This project is in line with the commitment of Engro Fertilizers Ltd to improve national corporate practices and lead the industry with innovative solutions. Earlier this year, the Company was recognized as the best in industrial sector for showing outstanding performance and demonstrating progressive management practices, by the Management Association of Pakistan (MAP).

    In a joint statement, Nadir S Qureshi (CEO Engro Fertilizers Ltd) and Imran Maqbool (President/CEO MCB Bank Ltd) shared pride in the abilities of the combined team responsible for identifying and developing this much needed financial solution.

    They were confident that this solution would transform the way bank guarantees could now be managed in the country. Imran Ahmed, CFO Engro Fertilizers Limited, added that designing electronic bank guarantees seemed to be a very challenging task at first, but the teams were able to co-create this solution with great dedication and professionalism.

  • Withholding tax rate on non-cash banking transactions updated

    Withholding tax rate on non-cash banking transactions updated

    ISLAMABAD: Federal Board of Revenue (FBR) has updated withholding tax rate on non-cash banking transactions made by persons not appearing on the Active Taxpayers List (ATL).

    The FBR issued withholding tax card 2020/2021 updated up to June 30, 2020.

    The FBR said that 0.6 percent withholding tax rate is applicable on non-cash banking transactions under Section 236P of Income Tax Ordinance, 2001. It said that every banking company shall collect withholding tax from persons not on the ATL at the time of sale of such instruments. The tax so deducted/collected shall be adjustable.

    Under the Section 236P:

    (i) Every banking company shall collect advance tax from a person whose name is not appearing in the Active Taxpayers List on sale of instruments, including demand draft, pay order, special deposit receipts, cash deposit receipt, short term deposit receipt, call deposit receipt and rupee travelers’ cheque, where payment for sum total of all transactions exceed Rs50,000 in a day.

    (ii) Every banking company shall collect advance tax from a person whose name is not appearing in the active taxpayers list on transfer of any sum through cheque or clearing, interbank or interbank transfers through cheque, online/telegraphic/mail transfer, where payment for sum total of all transactions exceeds Rs50,000 in a day.

  • Stock market gains 272 points in mixed trading

    Stock market gains 272 points in mixed trading

    KARACHI: The Pakistan stock market witnessed a gain of 272 points on Monday as the benchmark KSE-100 index closed at 42,293 points, up from the previous close of 42,023 points.

    (more…)
  • Marriage halls to install fiscal devices for tax reporting

    Marriage halls to install fiscal devices for tax reporting

    ISLAMABAD: Marriage halls and hotels will be required to install electronic fiscal devices for sharing their business transactions with the Federal Board of Revenue (FBR).

    The installation of fiscal devices have been mandatory in order bring certain service providers into the income tax net.

    According to sources that hotels, motels, guest houses, marriage halls, marquees, clubs (including race clubs) are required to install electronic fiscal devices.

    However, exemption from installation of devices are available where: the restaurant is operating otherwise than as part of a food court; and the facility of air-conditioning is not installed or available in the premises.

    The FBR issued SRO 779(I)/2020 dated August 26, 2020 to unveil draft rules to implement the law related to installation of electronic fiscal devices under Income Tax Ordinance, 2001.

    According to the rules, such taxpayers operating in Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, Multan, Peshawar and Gujranwala will be required to install the fiscal devices.

    The sources said that the installation of fiscal devices to help the FBR in preventing revenue leakages in hospitality sector.

    They said that the taxpayers shall provide all sales data through online system which will be connected to the FBR portal for online monitoring and examination.