K-Electric Limited, the primary power utility provider for Karachi, faced a cyber-attack attempt earlier this week, resulting in the disruption of a few services. The company disclosed this incident in a statement released on Thursday, emphasizing that critical customer services remain unaffected.
(more…)Author: Mrs. Anjum Shahnawaz
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FBR to introduce pre-filler return forms
ISLAMABAD: Federal Board of Revenue (FBR) is planning to introduce pre-filler return forms to save taxpayers’ time in filing the information every time they fill the form.
Member IT FBR, Asim Ahmed said that the board had already obtained data of government employees from the AGPR for the purpose, and initially the pre-filler forms would be introduced for the government employees, which could be then extended to other possible tax filers.
The FBR on Wednesday launched user-friendly mobile application for filing income tax returns and also introduced a new and simplified tax return form to facilitate filers to file their return with ease.
Briefing the media about the various features of the application and new tax form, which is available at the website of the board as well as could be accessed through mobile phone application, member inland revenue FBR, Ch. Muhammad Tarique said it was after a great hard work by the IT department of the board that such application was developed.
“You will feel it very easy to use it and file income tax returns,” he said while responding to various queries of the journalists.
He said that the board also intends to launch an awareness campaign to educate people as well as its own staff to use the application, adding that it would also consider to attach a help guide with the application to help consumers resolve the issues at their own.
He said that currently the application was available in English language only, however the board would consider to launch its Urdu version to facilitate maximum number of people.
Member IT, Asim Ahmed said that although the board was having real time integration with NADRA and was using its database for various purposes, however said the FBR would not provide data of third-party to NADRA.
To a question, he said that there was minimal possibility of data theft from the FBR system.
He said that the FBR could allow third party to make applications through which consumers could file tax returns, adding that around three consultants have approached FBR to develop application through which the tax could be filed in IRIs system of FBR.
He said that the board had also established help desks to provide assistance to the people who face difficulties in filing their returns.
Spokesperson FBR, Syed Nadeem Hussain Rizvi said that the FBR had also added a new page in income tax filer application for traders to file their income tax return.
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Stock market gains 37 points in range bound activity
KARACHI: The stock market gained 37 points on Wednesday in a range bound trading activity during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 42,022 points as against 41,985 points showing an increase of 37 points.
Analysts at Arif Habib Limited said that the market traded in range between -374 points and +211 points, closing the session +37 points.
Selling pressure ensued the global sell off which was observed overnight in US markets and carried the same sentiment in regional markets.
KSE100 followed suit and saw selling pressure in E&P, OMCs and Cement sectors throughout the session with varying intensity. Selling pressure built again in PSO, HASCOL and UBL by the close of session which otherwise saw buying activity.
OGDC & PPL also observed selling activity on the back of significant decline in crude oil prices.
Technology sector posted high volumes of 172.9 million shares, followed by O&GMCs (83.2 million) and Refinery (64.8 million). Among scrips, HASCOL topped the volumes with 75.6 million shares, followed by PTC (63 million) and PIBTL (57.2 million).
Sectors contributing to the performance include Banks (+42 points), Technology (+32 points), Insurance (+23 points), Food (+22 points), E&P (-55 points), O&GMCs (-23 points), and Power (-20 points).
Volumes declined from 884.4 million shares to 707.0 million shares (-20 percent DoD). Average traded value also declined by 24 percent to reach US$ 128.0 million as against US$ 167.7 million.
Stocks that contributed significantly to the volumes include HASCOL, PTC, PIBTL, WTL and TRG, which formed 38 percent of total volumes.
Stocks that contributed positively to the index include HBL (+31 points), TRG (+20 points), NATF (+18 points), LUCK (+14 points) and JLICL (+12 points). Stocks that contributed negatively include OGDC (-31 points), HUBC (-14 points), UBL (-14 points), PPL (-14 points) and MARI (-11 points).
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Roshan Digital Accounts: SBP issues instructions for facilitating overseas Pakistanis
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued instructions to designated banks for compliance in facilitating overseas Pakistanis in opening their bank accounts.
The SBP said that it had launched the ‘Roshan Digital Accounts (RDA) for Non-Resident Pakistanis’ (NRPs) to enable them to remotely open bank accounts in Pakistan through online digital portals of your bank without physically visiting branches.
For this purpose, SBP has already issued a simplified account opening framework and other regulatory instructions.
Using their RDAs, NRPs can now avail digital banking facilities, including access to online banking, domestic funds transfer, utility bills and tuition fee payment in Pakistan, as well as investments in government bills, stock exchange, and real estate sector with option of full repatriation.
To make the scheme a success it is imperative that participating banks provide excellent user experience and convenience to prospective and existing customers while maintaining high service standards. In this regard, the following instructions are being issued for strict compliance:
Development and Continuous Improvements of RDA Portals and Mobile Apps: Banks shall ensure compliance with the following minimum requirements for developing and maintaining their web portals:
Banks shall continuously endeavor to provide an exceptional and seamless digital experience to their customers via their web portals, mobile apps and other digital channels.
Bank shall ensure that official Logo of RDA as provided by SBP is clearly displayed on web-portals, mobile apps and other marketing collaterals.
Banks shall ensure full security of their digital channels including portals/mobile apps and ensure that customer information/documents are fully protected from unauthorized access.
Bank shall ensure that Data Security and Privacy Assurance Statements, explicitly mentioning that all the information/documents and data provided by customers is secure and will not be divulged, are displayed appropriately to ensure customer comfort in this regard.
Banks shall ensure that their web portals clearly provide an overview of the RDA scheme, and also display eligibility criteria and documentary requirements, as specified by SBP in the Framework for Remote/ Digital Onboarding of NRPs.
Banks shall ensure that video tutorials on how to open RDA account are provided on the web portals for customer assistance.
To provide 24/7 customer support, banks shall ensure that live chat option or other messaging services such as WhatsApp and Facebook Chat options are working during account opening. Moreover, for customer information/guidance, banks shall ensure that Frequently Asked Questions (FAQs) are prominently placed on their RDA page and are regularly updated.
Banks shall ensure that customers are able to save their applications, either themselves or automatically, at any stage of the account opening process.
Banks shall ensure that a feedback form is available for customers who visit their portals/download mobile apps for account opening. Banks shall also provide other mechanisms for soliciting customer feedback via call centers, email, social media etc.
Banks shall offer both Islamic and conventional accounts, where applicable/allowed and in various eligible currencies (and not just USD) as per the relevant rules and regulations of SBP.
Banks shall provide services like online banking, online fund transfers in Pakistan, payments of utility and other bill, mobile and wallet tops ups in Pakistan, investment in government securities such as Naya Pakistan Certificates (NPC), round the clock currency conversion services, and immediate repatriation of funds to their customers.
Banks shall also arrange for issuing debit, credit and virtual cards to their customers and enabling their online usage.
Banks may work with other stakeholder and provide options for other lifestyle banking products like investments in Pakistan Stock Exchange, real estate and other products/services commensurate with customer KYC.
Bank may offer the service to dispatch the ATM/Debit card and cheque book at the registered address of the NRP/POC card holders outside Pakistan. For this purpose, the banks shall explicitly mention the applicable charges, and take consent of the customer on the charges before providing this services. The banks shall institute effective controls to manage the associated risks.
Account Opening Process: Banks shall ensure compliance with the following minimum requirements for ensuring a seamless account opening and monitoring process:
Banks shall ensure that accounts are opened and activated after seeking the information as specified in the Framework for Remote/ Digital Onboarding of NRPs issued by BPRD and updated from time to time. If banks require additional information as per their internal policies, they may do so after the accounts are opened and activated.
An account opening application may be considered as “In-Process”, once the bank receives a customer’s primary contact details such as name, valid email address/phone number and country of residence etc. These details should be solicited at the beginning of the account opening process. Banks shall ensure adequate follow up with these prospective clients to help them complete their application.
However, the bank may mark the application as “Closed – Customer not interested”, if the customer fails to complete their application and provide relevant documentation within a reasonable time-period, to be determined by the bank but which shall not be less than 30 days, or explicitly informs the bank of their intent to withdraw their application.
Banks shall depute adequate number of resources such as Relationship Officers to ensure that customers are contacted in a timely manner to avoid backlog of customer applications and unnecessary delays in account opening. Further, during the course of account opening, banks shall put in place an appropriate mechanism to update the customer of their application status, such as In-Process, pending due to missing information/documents, pending due to incorrect information, successful or declined.
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Rupee eases by nine paisas against dollar
KARACHI: The Pak Rupee depreciated by nine paisas against dollar on Wednesday owing to higher demand for import and corporate payment.
The rupee ended Rs166.52 to the dollar from previous day’s closing of Rs166.43 in interbank foreign exchange market.
Currency experts said that the market witnessed dollar demand for import and corporate payment. They said that improved activities in trade and industry rose the demand for imported goods.
They said that the inflows of remittances and export receipts likely to help the rupee to improve levels against dollar in coming days.
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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
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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:
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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.
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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).
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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