KARACHI: State Bank of Pakistan (SBP) on Tuesday announced that the central bank will remain closed on Friday August 14, 2020 on account of Independence Day as declared by the government.
In a circular issued to the presidents and chief executives of all banks, development financial institutions and microfinance banks, the SBP informed about the bank holiday.
KARACHI: The stock market gained 644 points on Tuesday owing to positive activity seen in energy sector.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,559 points as against 39,915 points showing an increase of 644 points.
Analysts at Arif Habib Limited said that the market opened on a positive note today with +135 points.
Banks, E&P, OMCs, Cement and Fertilizer stocks helped the index stage recovery from selling that was observed in the past couple of sessions.
The real head turner today happened to be HUBC and KAPCO, of which both hit upper circuit on anticipation of resolution of issues with GOP, as indicated by Advisor to PM on Finance. International crude oil prices remained on the upside, which made E&P stocks post price gains.
Increase in fertilizer prices also contributed to buying activity in Fertilizer sector. Among O&GMCs, SSGC and HASCOL hit upper circuits. O&GMCs posted the most volume with 94.6 million shares, followed by Cement (75.1 million) and Power (72.4 million).
Among scrips, HASCOL topped the volumes with 65.4 million, followed by KEL (36 million) and TRG (31.2 million).
Sectors contributing to the performance include Power (+166 points), E&P (+147 points), Banks (+107 points), Cement (+81 points) and O&GMCs (+64 points).
Volumes increased from 576.5 million shares to 600.0 million shares (+4 percent DoD). Average traded value however, increased by 42 percent to reach US$ 147.7 million as against US$ 104.1 million.
Stocks that contributed significantly to the volumes include HASCOL, KEL, TRG, UNITYR2 and UNITY, which formed 31 percent of total volumes.
Stocks that contributed positively to the index include HUBC (+128 points), PPL (+81 points), UBL (+45 points), LUCK (+43 points) and OGDC (+39 points). Stocks that contributed negatively include TRG (-18 points), BAHL (-15 points), MTL (-10 points), INDU (-9 points) and HCAR (-6 points).
KARACHI: Sindh Excise and Taxation Department has introduced online facility for the citizens to check number of vehicles registered with their Computerized National Identity Card (CNIC).
The facility has been introduced in order to curb misuse of identity and assuring people for having ownership of the vehicles.
Provincial Minister for Excise & Taxation and Narcotics Control & Parliamentary Affairs Mukesh Kumar announced the facility. He said that the facility has been introduced for the convenience of the people under which any person can now know the number of vehicles registered on his CNIC number and for this purpose, one should log on to the website www.excise.gos.pk.
He added that the facility would be provided soon via SMS.
The provincial minister said that people should avail this facility. “Facilitating the people is the top priority of the Sindh Excise Department,” he concluded.
KARACHI: The rupee recovered 11 paisas against dollar on Tuesday after ease in demand for import and corporate payments.
The rupee ended Rs168.27 to the dollar from previous day’s closing of Rs168.38 in interbank foreign exchange market.
Currency experts said that ease in demand from import and corporate side helped the rupee to recover last day’s losses.
The experts further said that the foreign inflows received by the central bank during past couple of weeks would help the rupee to further gain the value.
The liquid foreign exchange reserves of the country increased by $651 million by week ended July 30, 2020 owing to foreign inflows.
The total foreign exchange reserves of the country increased by $651 million to $19.563 billion by week ended July 30, 2020 as compared with $18.912 billion a week ago.
The official foreign exchange reserves of the SBP increased by $566 million to $12.542 billion by week ended July 20, 2020 as compared with $11.976 billion a week ago.
K-Electric, the primary electric power supplier for Karachi, reported a significant reduction in net profits due to an increased tax burden during the first half of the fiscal year 2019/2020.
(more…)
ISLAMABAD: Federal Board of Revenue (FBR) on Monday admitted to pay an amount around Rs232 billion as sales tax and income tax refunds to taxpayers.
The FBR disclosed the amount of payable refunds at a meeting that was chaired by Dr. Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance and Revenue.
Muhammad Hammad Azhar, Federal Minister of Industries and Production, Muhammad Azam Khan Swati, Minister of Parliamentary Affairs, Abdul Razak Dawood, Adviser for Commerce, Textile and Investment, Naveed Kamran Baloch, Faizullah Kamoka, Secretary Finance and Chairman FBR Muhammad Javed Ghani were also present in the meeting.
Dr. Muhammad Ashfaq Ahmed, Member (IR-Operaions), FBR made a presentation on the issue of refunds.
“The meeting was informed that a total of Rs142 billion of Sales Tax refunds were pending and Rs90 billion of Income Tax refunds were due for payment.”
The Member also informed the Ministers that export sector had been prioritized and an unprecedented amount of Rs.106 billion had been released to them. It was also explained that during 2020, fresh inflows and refund claims had matched the outflows and a total amount of refund released under the head Sales Tax was Rs.154 billion.
In order to further facilitate the business community and to resolve their day to day issues on priority, it was advised that a technical committee having representatives of the business community be formed to examine and resolve faster refund related issues. It was also decided that there will be facilitation committees at field office level so that businessmen are able to have their issues resolved at local level.
It was also decided that a complaint cell be constituted where businessmen lodge their complaints and the complaint cell may pursue the complaints for resolution.
FBR was also advised to increase its public outreach and hold frequent meetings / media conferences and video conferences with trade associations to hear their viewpoint and issues relating to tax matters.
It was noted that withholding tax regime increased the cost of doing business and FBR was advised to examine reducing the regime in the coming budget.
Similarly the legal provisions relating to capping input tax adjustment at 90percent of payable tax in terms of section 8B of the Sales Tax Act were also proposed to be examined in the forthcoming budget exercise.
Discussing the tax refunds, FBR was advised to focus on pending refunds of both export and non-export sector to give a business stimulus and easy cash flows in the post Covid scenario.
Further enhancing the stimulus package, FBR was advised to pay Income Tax refunds up to Rs50 million each within one week for which FBR will be provided funds by the Finance Division.
In order to ensure steady disbursement of refunds, it was also proposed that FBR may examine creating a refund fund from where Income Tax refunds relating to previous years may be paid in routine without hurting collection till the time all the pending refunds are liquidated.
In juxtaposition to speedy regular disbursal of refunds with faster running in automated mode the importance of post refund audit to counter menace of flying invoices was proposed.
FBR’s efforts on zero tolerance against corruption were appreciated and FBR was advised to highlight its good initiates including fight against corruption on media as well as on its websites.
ISLAMABAD: Federal Board of Revenue (FBR) on Monday said that it has initiated action against two senior officers for involvement in irregularity and corruption after taking approval from the Prime Minister.
In a statement the tax authority said that it had decided to take action against irregularity, corruption and inefficient elements present in the organization.
Since July, so far 26 officers and 19 officials have been suspended whereas three employees have been dismissed from service.
“Besides, permission has also been sought from the Prime Minister to initiate action against two senior officers.”
Those suspended included employees of Model Customs Collectorate Quetta, Peshawar, Hyderabad, Gwadar, Karachi, Directorate of Transit Trade Peshawar and Directorate of Intelligence and Investigation IR Hyderabad whereas the dismissed employees were posted in Regional Tax Office, Faisalabad.
FBR is determined to rid the organization of corrupt and inefficient elements. Prompt action will be taken against the officers and officials found involved in irregularity and inefficiency. The image of the organization will be raised and the perception of the taxpayers and people about the organization will be improved so that the taxpayers’ can pay their due taxes in time without any hesitation and suspicion thinking that their paid taxed would be utilized on the progress of the country and welfare of the people.
An Integrity and Performance Management Unit (IPMU) has been established in FBR to address the complaints of the taxpayers against any employee.
The complainant can send his complaint through telephone, e-mail and letter which will be scrutinized and investigated by senior officers.
FBR will continue to put its efforts to raise revenue for the Government and will strive to achieve the objectives of the organization at all costs.
ISLAMABAD: Federal Board of Revenue (FBR) on Monday notified transfers and postings of 38 officers of Pakistan Customs Service (PCS) in BS-18 and BS-19 with immediate effect and until further orders.
Following officers have been transferred and posted:
01. Farrukh Sajjad (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement and Facilitation (West), Karachi from the post of Additional Director, Directorate of Post Clearance Audit (South), Karachi.
02. Ms. Nasreen Nawaz (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement and Facilitation, Lahore from the post Additional Director, Directorate of Intelligence & Investigation, FBR, Lahore.
03. Ms. Zahra Haider (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Customs Valuation, Lahore from the post of Additional Director, Directorate of Intelligence & Investigation, FBR, Multan.
04. Rizwan Salabat (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate, Islamabad from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.
05. Muhammad Saeed Asad (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Intelligence & Investigation, FBR, Lahore from the post of Additional Collector, Model Customs Collectorate of Appraisement and Facilitation, Faisalabad.
06. Syed Imran Sajjad Bokhari (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate, Gilgit-Baltistan from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.
07. S. M. Ali Zaman Gardezi (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi from the post of Additional Director, Directorate of Intelligence & Investigation, FBR, Karachi.
08. Rehmatullah Vistro (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Reforms and Automation (Customs), Karachi from the post of Additional Director, Directorate General of Transit Trade, Karachi.
09. Yasin Murtaza (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement and Facilitation (East), Karachi from the post of Additional Collector, Model Customs Collectorate of Appraisement and Facilitation, Quetta.
10. Abdul Haye Sheikh (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate (HQs), Post Clearance Audit & Internal Audit, Karachi from the post of Additional Collector, Model Customs Collectorate, Gwadar.
11. Javed Sarwar Sheikh (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi from the post of Additional Director, Directorate General of Training & Research (Customs), Karachi.
12. Ms. Farah Farooq (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate (JIAP), Karachi from the post of Additional Collector, Model Customs Collectorate, Sialkot.
13. Sumair Mustansar Tarar (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Enforcement and Compliance, Lahore from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.
14. Rizwan Mahmood (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate General of Transit Trade, Karachi from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.
15. Jehan Bahadar (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Enforcement and Compliance, Peshawar from the post of Additional Director, Directorate of Transit Trade, Peshawar.
16. Rizwan Bashir (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Exports, Custom House, Karachi from the post of Additional Collector, Model Customs Collectorate of Appraisement and Facilitation (East), Karachi.
17. Shafiq-ur-Rehman (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Collectorate of Customs (Adjudication), Islamabad from the post of Additional Collector, Model Customs Collectorate of Appraisement and Facilitation (East), Karachi.
18. Shahid Ali (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Collectorate of Customs (Adjudication-II), Karachi from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.
19. Ather Naveed (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Intelligence & Investigation, FBR, Peshawar from the post of Additional Director, Strategic Control Division, Ministry of Foreign Affairs, Islamabad.
20. Wajid Ali (Pakistan Customs Service/BS-19) has been transferred and posted as Secretary, Federal Board of Revenue (Hq), Islamabad from the post of Additional Collector, Model Customs Collectorate of Appraisement and Facilitation (West), Karachi.
21. Pirzada Muhammad Omar Qasmi (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement and Facilitation, Faisalabad from the post of Additional Director, Directorate of Input Output Coefficient Organization (North), Lahore.
22. Shakir Muhammad (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement and Facilitation (East), Karachi from the post of Additional Director, Directorate of Input Output Coefficient Organization (South), Karachi.
23. Ms. Saleha Zakir Shah (Pakistan Customs Service/BS-19) has been transferred on deputation as Additional Director, Strategic Exports Control Division, Ministry of Foreign Affairs Islamabad from the post of Additional Director, Directorate of Post Clearance Audit (North), Islamabad.
24. Aftab Ullah Shah (Pakistan Customs Service/BS-19) has been transferred and posted Additional Collector, Model Customs Collectorate of Appraisement and Facilitation, Quetta from the post of Additional Director, Directorate General of Training & Research (Customs), Karachi.
25. Zakir Muhammad (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement and Facilitation, Peshawar from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.
26. Dr. Imran Rasool Khan (Pakistan Customs Service/BS-19) has been transferred and posted as Secretary, Federal Board of Revenue (Hq), Islamabad from the post of Deputy Collector, Model Customs Collectorate, Hyderabad.
27. Ghulam Hyder Mahesar (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate, Gwadar from the post of Deputy Collector, Collectorate of Customs (Adjudication-II), Karachi.
28. Muhammad Nauman Tashfeen (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Collectorate of Customs (Adjudication), Lahore from the post of Deputy Collector, Model Customs Collectorate of Appraisement and Facilitation, Lahore.
29. Moeen Afzal Ali (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Exports (Port Muhammad Bin Qasim), Karachi from the post of Deputy Collector, Model Customs Collectorate of Appraisement and Facilitation (East), Karachi.
30. Junaid Usman Akram (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Training & Research (Customs), Lahore from the post of Deputy Collector, Model Customs Collectorate of Appraisement and Facilitation, Lahore.
31. Rana Irfan Shaukat (Pakistan Customs Service/BS-19) has been transferred and posted as Secretary, Federal Board of Revenue (Hq), Islamabad from the post of Deputy Director, Directorate of Intelligence & Investigation, FBR, Multan.
32. Saad Ata Rabbani (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement and Facilitation (West), Karachi from the post of Deputy Director, Directorate of Intelligence & Investigation, FBR, Karachi.
33. Wajid Zaman (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of CBCM, DG I&I-FBR, Islamabad from the post of Deputy Director, Directorate of CBCM, Directorate General of Intelligence & Investigation, FBR, Islamabad. He will also look after the charge of Additional Director, Directorate of Law & Prosecution, Islamabad.
34. Ihsanullah Shah (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate, Hyderabad from the post of Deputy Collector, Model Customs Collectorate, Gwadar.
35. Ms. Ammara Durrani (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of IOCO (South), Karachi from the post of Deputy Collector, Model Customs Collectorate (JIAP), Karachi.
36. Muhammad Qasim Khokhar (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement and Facilitation, Quetta from the post of Deputy Collector, Model Customs Collectorate of Enforcement and Compliance, Quetta.
37. Muhammad Moazzam Raza (Pakistan Customs
Service/BS-18) has been transferred and posted as Secretary, (OPS) Federal Board of Revenue (Hq), Islamabad from the post of Deputy Director, Directorate of Customs Valuation, Lahore.
38. Ali Waheed Khan (Pakistan Customs Service/BS-18) has been transferred and posted as Secretary, (OPS) Federal Board of Revenue (Hq), Islamabad from the post of Deputy Director, Directorate of Input Output Coefficient Organization (Central), Lahore.
The FBR said that the officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting.
KARACHI: The stock market posted decline of 115 points on Monday owing to selling pressure seen during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,915 points as against 40,030 points showing a decline of 115 points.
The analysts at Arif Habib Limited said that the market bore selling pressure due to selling activity in Cement, Steel, E&P and Banks.
OMCs and Refinery sectors performed well today, where ATRL and HASCOL hit upper circuit and NRL traded near upper circuit.
Though international crude prices were positive, local E&P companies saw selling pressure due to foreign selling.
Tech stocks took a breather today, which were otherwise rallying unabated, and saw TRG hitting lower circuit on the back of post IPO listing of its related party Ibex. Technology sector topped the volumes with 77.9 million shares, followed by O&GMCs (77.7 million) and Cement (37.2 million).
Among scrips, UNITYR2 led the volumes with 81.6 million, followed by HASCOL (65.3 million) and WTL (35.8 million).
Sectors contributing to the performance include O&GMCs (+31 points), Power (+28 points), Textile (+25 points), Refinery (+13 points), Technology (-48 points), Cement (-45 points), E&P (-40 points), Banks (-24 points) and Insurance (-24 points).
Volumes dropped from 728.8 million to 576.5 million shares (-21 percent DoD). Average traded value also declined by 24 percent to reach US$ 104.2 million as against US$ 136.6 million.
Stocks that contributed significantly to the volumes include UNITYR2, HASCOL, WTL, POWER and TRG, which formed 31 percent of total volumes.
Stocks that contributed positively to the index include MTL (+23 points), HUBC (+20 points), KTML (+16 points), KAPCO (+14 points) and PSO (+13 points). Stocks that contributed negatively include TRG (-41 points), MCB (-19 points), HCAR (-18 points), POL (-16 points) and DAWH (-16 points).
KARACHI: The Pak Rupee has slipped by 50 paisas against dollar on Monday owing to higher demand for import and corporate payment on the first day of the week.
The rupee ended Rs168.38 to the dollar from last Friday’s closing of Rs167.88 in interbank foreign exchange market.
Currency experts said that the demand was seen for the foreign currency as market was opened after two weekly holidays.
The experts however said that external inflows would help the rupee to rebound in coming days.
The liquid foreign exchange reserves of the country increased by $651 million by week ended July 30, 2020 owing to foreign inflows.
The total foreign exchange reserves of the country increased by $651 million to $19.563 billion by week ended July 30, 2020 as compared with $18.912 billion a week ago.
The official foreign exchange reserves of the SBP increased by $566 million to $12.542 billion by week ended July 20, 2020 as compared with $11.976 billion a week ago.