Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Investment in registered prize bonds witnesses 213% growth

    Investment in registered prize bonds witnesses 213% growth

    KARACHI: The investment in registered prize bonds of Rs40,000 denomination have registered phenomenal increase of 213 percent following discontinuation of bearer instruments of same denominations, official data revealed.

    The investment in premium prize bonds surged to Rs18.37 billion by end of January 2020 as compared with Rs5.86 billion in the same month of the last year.

    The sharp growth in investment into premium prize bonds has been attributed to discontinuation of bearer bonds of same denomination.

    In order to document the economy the government launched premium prize bonds in April 2017. The premium prize bonds are being issued only against CNIC with valid bank accounts.

    Further to make the instrument attractive the government also announced bi-annual profit, which transferred directly to the bond holders.

    The participation of investors into registered bonds increased sharply after the announcement of the government on June 24, 2019 to discontinue the bearer bonds of Rs40,000.

    The bearer bonds of Rs40,000 will be completely discontinued for legal tender by March 2020.

    A massive withdrawal of investment has been seen in the bearer instrument as the total investment which was at Rs258 billion in May 2019 reduced to Rs9.57 billion by January 2020.

    The State Bank of Pakistan (SBP) through a circular said that the bearer instrument can be exchanged in savings schemes such as Special Saving Certificates (SSC) or Defence Saving Certificates (DSC). The third mode of exchange the bearer bonds was direct transfer to bank accounts.

    The investment in registered bonds was also increased after the government initiatives to document all instruments of National Saving Schemes as per conditions of Finance Action Task Force (FATF).

    In this regard the ministry of finance notified National Savings Schemes (AML and CFT) Rules, 2019.

    Under these rules the Central Directorate of National Saving (CDNS) through third party will conduct Know Your Customer (KYC) and Customers Due Diligence (CDD) of all existing and new investors.

    The CDNS will ask all the investors about their annual investment and source of earnings under KYC and CDD in order to ensure clean money invested in the schemes.

  • Pakistan Customs offers fresh lot of imported cars for auction on March 7

    Pakistan Customs offers fresh lot of imported cars for auction on March 7

    KARACHI: Pakistan Customs has announced auction of fresh lot of vehicles lying at Bay West, West Wharf Road, Karachi to be held on March 07, 2020.

    Following vehicles to be presented for auction:

    01. Suzuki Escudo, Chassis No. TDA4W-271562, manufacturing year 2013, capacity 2400CC

    02. Toyota Aqua, Chassis No. NHP10-6450900, manufacturing year 2015, capacity 1500CC

    03. Toyota Passo, Chassis No. NGC30-0028061, manufacturing year 2015 capacity 1.3L

    04. Daihatsu Hijet, Chassis No. S321V-0244061, manufacturing year 2016, capacity 658CC

    05. Toyota Passo Car, Chassis No. M700A-0011255, manufacturing year 2016, capacity 996CC

    06. Suzuki Lapin Car, Chassis No. HE33S-157788, manufacturing year 2016, capacity: not shown

    07. Daihatsu Mira ES, Chassis No. LA300S-1412557, manufacturing year 2017, capacity 658cc

    08. Mitsubishi EK Wagon, Chassis No. B11W-0209546, manufacturing year 2016, capacity: not shown

    09. Suzuki Alto, chassis no. HA36S-282005, manufacturing year 2016, capacity: not shown

    10. Toyota Aqua Hybrid Car, chassis No. NHP10-2560634, capacity 1496ml, manufacturing year 2016

    11. Suzuki Every Van, chassis No. DA64V-838690, model 2014

    12. Suzuki Every, chassis No. DA64V-848504, manufacturing year 2014

    13. Suzuki Every, Chassis No. DA64V-849366, manufacturing year 2014

    14. Daihatsu Mira, Chassis No. LA300S-1376089, Capacity 658CC, manufacturing year 2016

    15. Toyota Aqua Hybrid, Chassis No. NHP10-6567616, manufacturing year 2016, capacity 1496ml

    16. Honda N-WGN, Chassis No. JH1-1359525, capacity: not shown, manufacturing year 2017

    17. Honda Acty Van, Chassis No. HH5-1913290, capacity: not shown, manufacturing year 2014

    18. Honda van, Chassis No. HH5-1913288, manufacturing year 2014, capacity: not shown

    19. Daihatsu Move Car, Chassis No. LA150S-011718, manufacturing year 2017, capacity 658CC

    20. Suzuki Alto, Chassis No. RU3-1211698, manufacturing year 2017, capacity: not shown

    21. Honda Vezel, Chassis No. RU3-1211698, manufacturing year 2016, capacity: not shown

    22. Suzuki Alto, Chassis No. HA36S-297791, manufacturing year 2016, capacity: not shown

    23. Honda N-WGN Car, chassis No. JH2-1110932, capacity: not shown, manufacturing year 2016

    24. Daihatsu Move Car, Chassis No. LA150S-0140712, manufacturing year 2017, capacity 658CC

    25. Toyota Fielder Car, Chassis No. NKE165-7146560, manufacturing year 2016

    26. Suzuki Alto Car, Chassis No. HA36S-269634, capacity: not shown, manufacturing year 2016

    27. Suzuki Hustler, Chassis No. MR41S-231305, capacity: not shown, manufacturing year 2016

    28. Suzuki Hustler Car, Chassis No. MR41S-618818, capacity: not shown, manufacturing year 2016

    29. Daihatsu Hijet Van, Chassis No. S321V-02286632, manufacturing year 2014, capacity 658CC

    30. Daihatsu Hijet Van, Chassis No. S321V-0231498, manufacturing year 2017, capacity: not shown

    31. Nissan Dayz Car, Chassis No. B21W-0424159, manufacturing year 2017, capacity: not shown

    32. Toyota Pixis Car, Chassis No. LA360A-0001264, Capacity: 658CC, manufacturing year 2017

    33. Toyota Passo, Chassis No. M700A-0023868, manufacturing year 2016, capacity 996CC

    34. Toyota Prius Car, Chassis No. ZVW51-6049019, capacity 1797mL, manufacturing year 2017

    35. Daihatsu Hijet Van, Chassis No. LA250S-0039904, manufacturing year 2016, capacity 658CC

    36. Toyota Pixis Van, Chassis No. S321M0011982, Capacity 658CC, manufacturing year 2015

    37. Daihatsu Move, Chassis No. LA150S-1055880, Capacity 658CC, manufacturing year 2017

    38. Toyota Vitz Car, Chassis No. KSP130-2166216, manufacturing year 2016, capacity 996mL

    39. Daihatsu Mira, Chassis No. LA300S-1401705, Capacity 658CC, manufacturing year 2016

    40. Suzuki Wagon R Car, Chassis No. MH44S-182602, manufacturing year 2016, capacity: not shown

    41. Honda Vezel, Chassis No. RU3-1039552, manufacturing year 2014, capacity not shown

    42. Nissan Van, Chassis No. DR17V-117715, manufacturing year 2015, capacity not shown

    43. Sabaru Pleo, Chassis No. LA350F-0004571, manufacturing year 2018, capacity 658CC

    44. Daihatsu Move, Chassis No. LA150S-0118900, Capacity 658CC, manufacturing year 2017

    45. Toyota Passo Car, Chassis No. M700A-0044070, manufacturing year 2016, capacity 996CC

    46. Suzuki Every, Chassis No. DA64V-863676, manufacturing year 2014, capacity not shown

    47. Daihatsu Move, Chassis No. LA150S-0085181, manufacturing year 2016, capacity 658CC

    48. Suzuki Wagon R Car, Chassis No. MH34S-530465, manufacturing year 2016, capacity: not shown

    49. Honda Vezel, Chassis No. RU3-1039633, capacity: not shown, manufacturing year 2014

  • FBR issues values of minerals for tax collection

    FBR issues values of minerals for tax collection

    ISLAMABAD: Federal Board of Revenue (FBR) has notified values of minerals for collection of advance tax at the time of extracted, produced, dispatched and carried away from the licensed or leased areas of the mines.

    The FBR issued SRO140(I)/2020 dated March 02, 2020 for notifying values of minerals to collect advance tax at the rate of five percent. The tax is applicable only on those persons not on the active taxpayers list (ATL).

    The FBR inserted Rule 231I for values of minerals for the purpose of sub-section 4 of section 236 of the Income Tax Ordinance, 2001:

    The values are:

    S.No.Name of mineralRate per metric tonne (in Rupee)
    (1)(2)(3)
    01Argilacoeous clay500
    02Asbestos4875
    03Antimony11700
    04Agglomerate6500
    05Barite6500
    06Basalt9100
    07Bentonite3900
    08Bauxite4550
    09Bajri780
    10Brine/salt570
    11Barytes875
    12Ball clay875
    13Coal5000
    14Clay1625
    15China Clay625
    16Calcite1300
    17Celestite1625
    18Conglomerate1950
    19Chromite18750
    20Chalk2500
    21Dolomite2250
    22Diorite6500
    23Flourite10400
    24Fullers Earth1300
    25Fire Clay1300
    26Gypsum1950
    27Granite13000
    28Gabro stone9750
    29Granodiorite9750
    30Gravel750
    31Iron ore5200
    32Limestone (for manufactures of cement)4500
    33Limestone (other than cement factory)1500
    34Laterite815
    35Lake salt875
    36Marble onyx16250
    37Magnesite3900
    38Marble (other than onyx)3900
    39Manganese5200
    40Ochre/ red ochre3900
    41Ordinary stone910
    42Pumice1950
    43Quartz3900
    44Quardzite3250
    45Rock salt875
    46Silica sand4500
    47Sulphur3900
    48Soap stone5250
    49Serpentine3250
    50Shale (cement industry)2500
    51Sand650
    52Shale750
    53Slate Stone1875
    54Sandstone750
    55Tar sand490
    56Tufff1625

    The FBR said that advance tax shall be collected by the provincial authority or a person authorized by the provincial authority to collect or recover royalty on minerals excavated and transported from leased area.

    The FBR further said that where a person having authority to collect or recover royalty on behalf of the provincial authority:

    (a) fails to collect tax as required; or

    (b) having collected tax fails to pay the tax to commissioner as required under Section 160

    the person having authority to collect of recover royalty as well as provincial authority shall be jointly and severally liable to pay the amount of tax to the commissioner who may pass an order to that effect and proceed to recover the same.

  • Stock market gains 476 points on falling PIB yields

    Stock market gains 476 points on falling PIB yields

    KARACHI: The stock market gained 476 points on Thursday owing to positive sentiments prevailed after decline in cut-off yield of government papers.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,382 points as against 38,906 points showing an increase of 476 points.

    Analysts at Topline Securities said that in line with the international and regional markets, KSE 100 index marked decent comeback, as the index gained +1.2 percent to close at 39,382 level.

    Decline in PIB yields in the range of 15-46 basis points in yesterday’s auction also provided stimulus to the market.

    Despite positivity in the market, banking sector declined by 1 percent as speculations over the decline in policy rate in upcoming monetary policy committee meeting are doing rounds.

    Investor confidence improved as traded volume and value went up by 82 percent and 80 percent respectively compared to last day. FCCL was today`s volume leader with 30 million shares.

  • Foreign exchange reserves increase by $126 million

    Foreign exchange reserves increase by $126 million

    KARACHI: February 28, 2020 – Pakistan’s total liquid foreign exchange reserves posted a notable increase of $126 million during the week ended February 28, 2020, according to data released by the State Bank of Pakistan (SBP) on Thursday.

    (more…)
  • Rupee ends down by five paisas against dollar

    Rupee ends down by five paisas against dollar

    KARACHI: The Pak Rupee ended five paisas down against dollar on Thursday owing to demand for import payment, dealers said.

    The rupee ended Rs154.27 to the dollar from previous day’s closing of Rs154.22 in interbank foreign exchange market.

    The dealers said that earlier in the date the rupee gained value owing to inflows of workers remittances and export receipts. However, later import payment demand deteriorated value of the local currency.

    The rupee gained values during the past few days owing to lower demand for import payment after coronavirus spread in many countries.

    The exchange rate in open market witnessed no change in rupee value. The buying and selling of dollar was recorded at Rs154.00/Rs154.30, the same previous day’s level, in cash ready market.

  • Standard Chartered Pakistan announces 42.5% growth in after tax profit

    Standard Chartered Pakistan announces 42.5% growth in after tax profit

    KARACHI: Standard Chartered Bank Pakistan has declared massive growth of 42.5 percent in after tax profit for the year ended December 31, 2019.

    The bank declared Rs16.017 billion profit after tax for the year 2019 as compared with Rs11.239 billion in the last year.

    The bank also declared earnings per share at Rs4.14 as compared with Rs2.9 billion in the last year.

    The profit before tax was recorded at Rs27.199 billion for the year 2019.

    The bank in its annual report said that a record performance in 2019 by the bank enabled it to deliver a profit before tax of Rs27.2 billion. “This is 47 percent higher than the corresponding period last year and the highest profit since incorporation.”

    Overall revenue growth was 37 percent, whereas client revenue increased by 31 percent year on year with positive contributions from transaction banking, financial markets and retail products.

    Operating expenses increased by only 2 percent year on year on account of spending mainly on the bank’s products, services and people to grow the franchise.

    All businesses have positive momentum in client income with strong growth in underlying drivers.

    Momentum in advances (net) continues with 29 percent growth since the start of the year. This was the result of a targeted strategy to build profitable, high quality and sustainable portfolios.

    With diversified product base, the Bank is well positioned to cater for the needs of its clients. On the liabilities side, the Bank’s total deposits grew by 10 percent, whereas current and saving accounts grew by 8 percent since the start of this year and are now 93 percent of the deposits base.

    The optimal funding structure of the balance sheet continues to support the Bank’s performance. During 2019, the bank contributed around Rs18.6 billion to the national exchequer in lieu of direct income taxes, as an agent of Federal Board of Revenue (FBR) and on account of FED / Provincial Sales Taxes.

    The bank continues to invest in its digital capabilities and infrastructure to enhance our clients’ banking experience through the introduction of innovative solutions.

    “We have made steady progress in further strengthening our control and compliance environment by focusing on our people, culture and systems. We are fully committed to sustained growth by consistently focusing on our clients and product suite along with a prudent approach to building the balance sheet while bringing the best in class services to our customers.”

  • People can file their returns after due date for appearance in ATL: FBR

    People can file their returns after due date for appearance in ATL: FBR

    KARACHI: People can still file their annual income tax returns after due date for appearing on the Active Taxpayers List (ATL) after paying default surcharge.

    The last date for filing income tax returns for tax year 2019 was February 28, 2020 and FBR issued ATL – 2019 of March 01, 2020. With the issuance of new ATL the ATL-2018 was no more applicable. Thus, those persons filed income tax returns for tax year 2018 and availing reduced rate of withholding tax rates on the basis of ATL 2018.

    However, those persons filed their returns for tax year 2019 will avail the reduced rate of withholding tax rates and their names appeared on the ATL 2019 till the next ATL issued on March 01, 2021.

    The FBR issued a clarification on the news items relating to actual number of tax returns filed in Tax Year 2019 and Tax Year 2018 published in the newspapers. FBR has clarified that number of tax returns filed in Tax Year 2018 till 28th February 2019 were 16,95,560 whereas the number of tax returns filed in Tax Year 2019 till 28th February, 2020 were 24,72,609 which showed an increase of 45 % compared to corresponding month in the last Tax Year.

    FBR has further stated that date for filing tax returns were extended in Tax Year 2018 and the last date for filing tax returns was set as 9th August, 2019. The news items depicted the comparison of tax returns filed till the last date of Tax Year 2018 with last date of Tax Year 2019 which gave the perception that the actual tax returns filed in Tax Year 2019 have decreased compared to Tax Year 2018.

    FBR has further added that the total period from the last date of Tax Year 2018 till last date of Tax Year 2019 consists of almost six months. This period of six months for Tax Year 2019 is comparably very short with that of Tax Year 2018. The number of Tax Returns 24,72,609 filed in six months for Tax Year 2019 shows great achievement of FBR.

    The people continue to file tax returns to come on Active Taxpayers List even after last date but the returns can only be filed by paying surcharge after the set last date.

  • FBR launched crackdown against 300,000 non-filers

    FBR launched crackdown against 300,000 non-filers

    ISLAMABAD: Federal Board of Revenue (FBR) has launched crackdown action against around 300,000 non-filers of annual returns for tax year 2019.

    The tax authorities have started sending notices to individuals and companies who filed their returns and declaration of assets for tax year 2018 but failed to comply this obligation in the subsequent year.

    The FBR issued Active Taxpayers List (ATL) on March 01, 2020 for tax year on the basis of return filed up to February 29, 2020.

    The ATL revealed that around 2.53 million individuals/companies filed annual returns for tax year 2019. Meanwhile, the estimated return filing for tax year 2018 was increased to record high of over 2.83 million, showing a gap of around 300,000 returns.

    However, the return filing has increased by 60 percent when compared with 1.6 million returns filed till February 28, 2019.

    Under Section 114 of Income Tax Ordinance, 2001, the FBR explained the mandatory requirement of return filing on certain classes of individuals and companies.

    As per the law every company registered with Securities and Exchange Commission (SECP) is required to file returns. But in contrast the FBR received around 40,988 corporate returns for tax year 2019.

    On the other hand the SECP had registered around 100,000 companies till June 30, 2019. This shows that around 59 percent corporate entities had failed to comply with mandatory requirement.

    A statement issued by the FBR on February 29 revealed that it had received 2.34 million returns from salary and business individuals. While another 62,403 returns were filed by Association of Persons (AOPs).

    Tax officials said that the tax authorities had started issuing notices giving opportunity to non-filers to ensure compliance along with payment of late filing.

    The sources said that the action had been initiated after expiry of due date for filing tax returns, which was February 28, 2020.

    In case persons/company deliberately default then penal provisions may be invoked.

    According to tax ordinance, in case a person fails to file return of income by due date than such person is required to pay a penalty equal to 0.1 percent of the tax payable in respect of that tax year for each day of default subject to a maximum penalty of 50 percent of the tax payable provided that if the penalty worked out as aforesaid is less than forty thousand rupees or no tax is payable for that tax year such person shall pay a penalty of forty thousand rupees.

    In case a person deliberately not comply with the notice for filing return then such person would be liable to fine or imprisonment for one year.

  • Officials directed to ensure recovery of motor vehicle tax

    Officials directed to ensure recovery of motor vehicle tax

    KARACHI: The officials of Sindh excise and taxation have been directed to ensure recovery of motor vehicle tax from government authorities.

    Sindh Minister for Excise and Taxation & Narcotics Control and Parliamentary Affairs Mukesh Kumar Chawla has asked the officers to boost-up their efforts for the recovery of Government’s dues regarding motor vehicle tax from Government, Semi-Government, Autonomous Bodies and Organizations and no lethargic attitude will be tolerated in this regard.

    This he said while presiding over a meeting here in his office today. Secretary Excise and Taxation & Narcotics Control Abdul Halim Shaikh, Director General ET & NC Shoaib Ahmed Siddiqui, Additional Director Admn/MVR Nasir Effandi and other officers also attended the meeting.

    In the meeting overall performance of the Deputy Directors/Excise and Taxation Officers of Motor Registration Wing was reviewed in detail.

    He directed the Assistant Director Computer-I MRW to cooperate with all Deputy Directors/ETOs in providing requisite computerized data. Provincial minister for ET & NC & Parliamentary Affairs Mukesh Kumar Chawla also directed to launch Road Checking Campaign to nab the tax defaulting vehicles.

    He added, ‘Recovery of the taxes is very important and it shows the performance of the officers as well and we must come upto the expectations of the people’.

    Mukesh Kumar Chawla said that during last fiscal year Sindh Excise Department recovered more than 100% tax recovery and hopefully this year too we would also achieve more than our tax targets, he concluded.