Author: Mrs. Anjum Shahnawaz

  • Petrol price increases to Rs103.97 per liter

    Petrol price increases to Rs103.97 per liter

    ISLAMABAD: The government has increased prices of petroleum products effective from August 01, 2020. The price of petrol has been increased by Rs3.86 per liters.

    According to a statement issued on Friday, the government decided to revise the existing prices of petroleum products in view of the rising oil prices trend in the global market.

    The new prices effective from August 01, 2020 are as follows:

    The price of MS (Petrol) has been increased by Rs3.86 per liter to Rs103.97 from Rs100.11.

    The price of High Speed Diesel (HSD) has been increased by Rs5 per liter to Rs106.46 from Rs101.6.

    The price of kerosene oil has been increased by Rs5.97 per liter to Rs65.29 from Rs59.32.

    The price of light diesel oil has been increased by Rs6.62 per liter to Rs62.86 from Rs56.24.

  • Weekly Review: market likely to stay positive

    Weekly Review: market likely to stay positive

    KARACHI: The stock market likely to stay positive during the next week due to improved inflows and stability of in Pak Rupee against the US Dollar, analysts said.

    Analysts at Arif Habib Limited hoped the market to remain positive in the upcoming week.

    With continuation of result season, certain scrips are expected to remain under limelight.

    While stability in Pak Rupee against USD given inflow of foreign funds may also keep the risk appetite of investors in-check.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 7.3x (2021) compared to Asia Pac regional average of 13.2x and while offering DY of ~6.2 percent versus ~2.7 percent offered by the region.

    The market commenced on a positive note this week continuing positive streak from last week. During the week commercial banks remained attractive on anticipation of robust results.

    Furthermore, three month low COVID-19 cases were reported which improved investor sentiment. Moreover, loans worth USD 505 million received during the week with the Pak Rupee/Parity settling at PKR 166.98/USD, also kept the momentum high.

    Along with this, PKR 168 billion were raised in Treasury bill auction, with yields going up due to postponement in SBP’s monetary policy to Sep’20. The market closed at 39,258 points, gaining 1,650 points (+4.4 percent) WoW.

    Sector-wise positive contributions came from i) Commercial Banks (482 points), ii) Cement (285 points), iii) Power Generation & Distribution (113 points), iv) Technology & Communication (111 points), and v) Automobile Assembler (109 points). Whereas negative contributions came from Food & Personal Care (12 points) and Vanaspati (1 points). Scrip-wise positive contributions were led by LUCK (148 points), BAHL (103 points), HBL (99 points), TRG (95 points), and HUBC (77 points).

    Foreign selling continued this week clocking-in at USD 9.7 million compared to a net sell of USD 9.3 million last week. Selling was witnessed in E&P (USD 5.1 million) and Power & Distribution (USD 1.0 million). On the domestic front, major buying was reported by Mutual Funds (USD 11.3 million and Companies (USD 2.2 million).

    Average volumes settled at 390 million shares (down by 6 percent WoW) while average value traded clocked-in at USD 101 million (up by 4 percent WoW).

  • Tax collection from salaried persons surges by 68 percent

    Tax collection from salaried persons surges by 68 percent

    KARACHI: The collection of income tax from salaried persons registered 68 percent growth during July – March 2019/2020 due to upward revision in tax rates on various salary slabs, State Bank of Pakistan (SBP) reported in its Third Quarterly Report on Pakistan Economy issued on Thursday.

    The collection under this head increased to Rs89.7 billion during July – March 2019/2020 as compared with Rs53.5 billion in the corresponding period of the preceding fiscal year.

    The SBP attributed the rise in tax collection from salary to upward revision in tax rates on various salary slabs.

    The central bank said that the Federal Board of Revenue (FBR) collected Rs41.3 billion as advance tax on telephone/mobile phones during July – March 2019/2020 showing around 7-time higher than the collection of Rs5.3 billion in the corresponding period of the preceding fiscal year.

    The advance tax collection was remained suspended in 2018/2019 which resulted in nominal collection in the same year. However, after the resumption of collection granted by the court resulted in phenomenal growth.

    The advance tax collection from imports registered negative growth of 8 percent to Rs155 billion during July – March 2019/2020 as compared with Rs168.2 billion in the corresponding period of the preceding fiscal year.

    The decline in revenue collection was mainly due to slowdown in the economy in the start of the fiscal year 2019/2020 which resulted in fall in country’s import bill during the period. However, this impact was further worsened following the coronavirus pandemic.

    The FBR also witnessed 52.5 percent decline in advance tax collection from cash withdrawal during the period under review. The revenue authority collected Rs12.7 billion during first nine months of the fiscal year 2019/2020 as compared with Rs26.8 billion in the corresponding period of the preceding fiscal year.

    The SBP report stated that with the abolishment of advance tax on banking transaction for filers in Finance Supplementary (Second Amendment) Bill, 2019, the collection from cash withdrawal declined by 52.5 percent during Jul-Mar FY20 as compared to a rise of 7.8 percent in the review period.

    Collection from contracts grew by 5.5 percent during Jul-Mar FY20 in contrast to a decline of 15.3 percent in the corresponding period last year.

    This is largely due to higher PSDP releases during the period under review.

  • Pakistan Customs makes seizure of smuggled goods worth Rs3.8 billion in July

    Pakistan Customs makes seizure of smuggled goods worth Rs3.8 billion in July

    ISLAMABAD: Pakistan Customs has achieved a significant milestone by seizing smuggled goods worth Rs3.8 billion in July 2020, marking a 143 percent increase compared to the same month last year, according to a statement released on Thursday.

    (more…)
  • Revenue collection registers 27pc growth in first month of 2020/2021

    Revenue collection registers 27pc growth in first month of 2020/2021

    ISLAMABAD: Federal Board of Revenue (FBR) has started the fiscal year 2020/2020 with 27 percent growth in revenue collection for July 2020.

    The FBR collected Rs300 billion in July 2020 as compared with Rs236 billion in the same month of the last year, according to provisional figures released by the FBR on Thursday.

    Another significance of the monthly collection, the FBR has surpassed the assigned target for the month of July 2020 by Rs57 billion.

    The revenue collection target for the month was set at Rs243 billion. However, with the improved economic activities after ease in lockdown the FBR managed to reach Rs300 billion mark, which is 125 percent of the target.

    The Inland Revenue overshot the target by Rs52 billion, whereas the Customs Wing exceeded the target by Rs5 billion.

    To redress the hardships of the business community caused by Covid-19, an unprecedented amount of refunds to the tune of Rs15 billion have been disbursed during July 2020, as compared to refunds of Rs.7 billion during July 2019.

    Sales Tax refunds are being issued under centralized and automated system called FASTER which is clearing refunds to exporters within 72 hours for the first time as committed by the Government in July, 2020.

    This has facilitated the exporters and the industry easing off their liquidity crunch.

    According to the official figure, total customs duty collected during July, 2020 is over Rs. 42 billion which is 6 percent higher than that collected in same period of July 2019. This is despite the fact that there is less than 1 percent growth in import values during this period.

    The higher growth in FBR revenues is primarily on account of better supervision and improved administrative controls despite economic conditions caused by Covid-19 during which the country mostly remained in lockdown state.

    The revenue trajectory also beat the adverse impact of governments’ import compression policy.

    FBR is also engaging with trade and industry to mitigate their genuine grievances.

    FBR is proactively reaching out to Trade and Industry and resolving their issues. FBR has also launched an unprecedented crackdown on corruption dismissing and suspending about a dozen officers and officials only during the month of July 2020.

  • FBR suspends 41 customs officials under disciplinary action

    FBR suspends 41 customs officials under disciplinary action

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday suspended 41 officials of Pakistan Customs Department for a period of three months with immediate effect.

    Following inspectors of BS-16 have been suspended:

    S.#Names & DesignationPresent Posting
    1Rehamtullah Khan, InspectorMCC, (E&C), Quetta
    2Shehzada Aamir, InspectorMCC, (E&C), Quetta
    3Mehmood -ul-Hassan, InspectorDirectorate of Transit Trade, Peshawar
    4Mir Zaman, SuperintendentMCC, (E&C), Peshawar
    5Amjad Maqbool Butt, InspectorDirectorate of Transit Trade, Peshawar
    6Irshad Akbar, InspectorDirectorate of Transit Trade, Peshawar
    7Azeem Khan Marwat, InspectorDirectorate of Transit Trade, Peshawar
    8Sagheer Baig, InspectorMCC, (A&F), Peshawar
    9Azhar Jalil, Appraising OfficerMCC, (A&F), Peshawar
    10Zia Ur Rehman, InspectorMCC, (A&F), Peshawar
    11Abdur Rahim, InspectorMCC, (A&F), Peshawar
    12Anika Malik, Appraising OfficerMCC, (A&F), Peshawar
    13Ms. Faiqa, Appraising OfficerMCC, (A&F), Peshawar
    14Saima Sweety, Appraising OfficerMCC, (A&F), Peshawar
    15Muhammad Arshad, InspectorMCC, (A&F), Peshawar
    16Muhammad Junaid, InspectorMCC, (A&F), Peshawar
    17Gulzar Muhammad, InspectorMCC, (A&F), Peshawar
    18Zafar Iqbal Joota, InspectorMCC, (E&C), Multan (posted at MCC, AIIA), Lahore.
    19Muhammad Ali Jamali, S/o Hazoor Bakhsh, InspectorMCC, Gwadar
    20Mashooq Ali, InspectorMCC, (JIAP), Karachi
    21Muhammad Ali Jamali, S/o Wahid Bakhsh, InspectorMCC, Gwadar
    22Saeed-uz-Rehman, InspectorMCC, Hyderabad
    23Manzoor Ahmed Khoso, Senior Preventive OfficerMCC, (E&C), Karachi
    24Saddam Hussain Bhalkani, Preventive OfficerMCC, (E&C), Karachi

    The following officials of Customs Department are placed under suspension under Rule 5(1) of the Government Servants (Efficiency & Discipline) Rules, 1973, for a period of three months with immediate effect:-

    S.#Name and DesignationPresent Posting
    1Haji Abdullah Achakzai, SepoyMCC, (E&C), Quetta
    2Abdul Ghani, SepoyMCC, (E&C), Quetta
    3Kala Khan, HavaldarMCC, (E&C), Quetta
    4Muhammad Javaid, S/o Ali Bahadur, SepoyMCC, (E&C), Quetta
    5Abdul Sattar Bangulzai, SepoyMCC, (E&C), Quetta
    6Abdul Kabeer, SepoyMCC, (E&C), Quetta
    7Muhammad Sarwar, SepoyMCC, (E&C), Quetta
    8Lehna Khan, SepoyMCC, Gwadar
    9Saeed Ahmed Mirwani, SepoyMCC, Gwadar
    10Ravi Lal, LDCDirectorate of Transit Trade, Peshawar
    11Manzoor Hussain, LDCDirectorate of Transit Trade, Peshawar
    12Rana Muhammad Ashraf, HavaldarMCC, (E&C), Multan
    13Muhammad Asad, SepoyMCC, (E&C), Multan
    14Muhammad Yousaf, SepoyMCC, (E&C), Multan
    15Sajjad Ali Memon, SepoyMCC, Hyderabad
    16Hamzo Khan, SepoyMCC, Hyderabad
    17Ghulam Shabir Ahmed Bhutto, SepoyMCC, Hyderabad
  • FBR transfers IRS officers of BS-16-20

    FBR transfers IRS officers of BS-16-20

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified transfers and postings of BS-16 to BS-20 officers of Inland Revenue Service (IRS) with immediate effect and until further orders.

    The FBR notified transfers and postings of following officers:

    01. Mohammed Nasser Janjua (Inland Revenue Service/BS-20) has been transferred and posted as Chief, (IR-Analysis) (IR-Operations Wing) Federal Board of Revenue (Hq), Islamabad from the post of Commissioner-IR, (HRM) Regional Tax Office III, Karachi.

    02. Muhammad Abid (Inland Revenue Service/BS-20) has been transferred and posted as Chief, (IR-Formations) (IR-Operations Wing) Federal Board of Revenue (Hq), Islamabad from the post of Chief, Federal Board of Revenue (Hq), Islamabad.

    03. Ms. Yasmeen Fatima (Inland Revenue Service/BS-20) has been transferred and posted as Chief, (TPA) Federal Board of Revenue (Hq), Islamabad from the post Chief, (Inland Revenue Operations) Federal Board of Revenue (Hq), Islamabad.

    04. Abdul Hafeez Nizamani (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-I) Regional Tax Office, Hyderabad from the post of Commissioner-IR, (zone-II) Regional Tax Office, Sukkur.

    05. Ijlal Ahmed Khattak (Inland Revenue Service/BS-20) has been transferred and posted as Chief, (Revenue & Operations) (IR-Opertaions Wing) Federal Board of Revenue (Hq), Islamabad from the post of Director, Directorate General of Intelligence & Investigation (Inland Revenue), Islamabad.

    06. Tariq Hussain Sheikh (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-II) Regional Tax Office, Sukkur from the post of Chief, (Reforms & Implementation) Federal Board of Revenue (Hq), Islamabad.

    07. Ms. Rezwana Siddiqui (IT Cadre/BS-19) has been transferred and posted as Chief, (OPS) (IT) Federal Board of Revenue (Hq), Islamabad from the post of Chief, (OPS) (IR-Analysis) Federal Board of Revenue (Hq), Islamabad.

    08. Ms. Uzma Munir (Inland Revenue Service/BS-19) has been transferred and posted as SA to Member (IR-Operations), FBR (HQ), Islamabad from the post of Secretary, (Taxpayers Audit) Federal Board of Revenue (Hq), Islamabad.

    09. Naveed Ali Narejo (Inland Revenue Service/BS-19) has been transferred and posted as Secretary, (IR-Jurisdiction) Federal Board of Revenue (Hq), Islamabad from the post of Additional Commissioner-IR, Corporate Regional Tax Office, Karachi.

    10. Sultan Muhammad Nawaz Nasir (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office, Peshawar from the post of Secretary, (Revenue & Budget) Federal Board of Revenue (Hq), Islamabad.

    11. Ms. Amra Sarwar (Inland Revenue Service/BS-19) has been transferred and posted as Secretary, (Taxpayers Audit) Federal Board of Revenue (Hq), Islamabad from the post of SA TO Member (IR-Operations), Federal Board of Revenue (Hq), Islamabad.

    12. Asad Aziz (Inland Revenue Service/BS-19) has been transferred and posted as Secretary, (Revenue & Budget) Federal Board of Revenue (Hq), Islamabad from the post of Additional Commissioner-IR, Regional Tax Office, Sargodha.

    13. Zubair Khan (Inland Revenue Service/BS-19) has been transferred and posted as Secretary, (S.T) (IR-Operations Wing) Federal Board of Revenue (Hq), Islamabad from the post of Additional Commissioner-IR, Large Taxpayers Unit, Lahore.

    14. Malik Akhlaq Ahmad (AOST/BS-18) has been transferred and posted as Second Secretary, (IR-Operations) Federal Board of Revenue (Hq), Islamabad from the post of Assistant Director (Audit), Regional Tax Office, Rawalpindi.

    15. Rehan Khalid (AOST/BS-18) has been transferred and posted as Assistant Director (Audit), Regional Tax Office, Rawalpindi from the post of Second Secretary, (IR Operations) Federal Board of Revenue (Hq), Islamabad.

    16. Hammad Hussain Jaffari (Inland Revenue Service/BS-17) has been transferred and posted as Second Secretary, (TPU) (IR-Operations Wing) Federal Board of Revenue (Hq), Islamabad from the post of Deputy Commissioner-IR, Regional Tax Office, Faisalabad.

    17. Arafat Faiz Rasool (Sales Tax Department/BS-16) has been transferred and posted as Second Secretary, (IR-Operations) Federal Board of Revenue (Hq), Islamabad from the post of Senior Auditor, Regional Tax Office, Islamabad.

    18. Bilal Afzal (Sales Tax Department/BS-16) has been transferred and posted as Senior Auditor, Regional Tax Office, Islamabad from the post of Senior Auditor, (IR-Operations Wing) Federal Board of Revenue (Hq), Islamabad.

    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.

  • FBR reshuffles BS-19-20 customs officers

    FBR reshuffles BS-19-20 customs officers

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday announced major reshuffle and notified transfers and postings of senior Customs officers of BS-19 and BS-20 with immediate effect and until further orders.

    The FBR notified transfers and posting of following officers of Pakistan Customs Service (PCS):

    01. Muhammad Asghar Khan (Pakistan Customs Service/BS-20) has been transferred and posted as Director, Directorate of Intelligence & Investigation, FBR, Rawalpindi from the post of Director, Directorate General of Intelligence & Investigation, FBR, Islamabad.

    02. Dr. Akhtar Hussain (Pakistan Customs Service/BS-20) has been transferred and posted as Director, Directorate of Intelligence & Investigation, FBR, Peshawar from the post of Collector, Collectorate of Customs (Adjudication), Faisalabad.

    03. Fayyaz Anwar (Pakistan Customs Service/BS-20) who is currently posted as Director, Directorate of Internal Audit-North (Customs), Islamabad, has been directed to look after the charge of Director, Directorate of Post Clearance Audit(Central), Lahore.

    4 Ms. Zeba Azhar (Pakistan Customs Service/BS-20) has been transferred and posted as Director, Directorate of Reforms and Automation (Customs), Karachi from the post of Director, Directorate General of Transit Trade, Karachi.

    05. Khalid Hussain Jamali (Pakistan Customs Service/BS-20) has been transferred and posted as Collector, Collectorate of Customs (Adjudication), Quetta  from the post of Collector, Model Customs Collectorate, Hyderabad.

    06. Feroze Alam Junejo (Pakistan Customs Service/BS-20) has been transferred and posted as Director, Directorate General of Transit Trade, Karachi from the post of Director, Directorate of Input Output Coefficient Organization (South), Karachi.

    07. Zahid Ali Baig (Pakistan Customs Service/BS-20) has been transferred and posted as Chief, Federal Board of Revenue (Hq), Islamabad from the post of Director, Directorate of Intelligence & Investigation,FBR, Rawalpindi.

    08. Rashid Habib Khan (Pakistan Customs Service/BS-20) has been transferred and posted as Collector, Model Customs Collectorate, Gilgit-Baltistan from the post of Director, Directorate of Intelligence & Investigation, FBR, Peshawar.

    09. Sami-ul-Haq (Pakistan Customs Service/BS-20) has been transferred and posted as Director, Directorate of Intelligence & Investigation, FBR, Quetta from the post of Director, Directorate of Reforms and Automation (Customs), Karachi.

    10. Asif Abbas (Pakistan Customs Service/BS-20) who is currently posted as Collector, Collectorate of Customs (Adjudication), Lahore has been directed to look after the charge of Collector, Collectorate of Customs (Adjudication), Faisalabad.

    11. Usman Bajwa (Pakistan Customs Service/BS-20) has been transferred and posted as Director, Directorate of Intelligence & Investigation, FBR, Multan from the post of Director, Directorate of Post Clearance Audit (Central), Lahore.

    12. Amer Rashid Sheikh (Pakistan Customs Service/BS-20) has been transferred and posted as Collector, Model Customs Collectorate, Hyderabad from the post of Director, Directorate of IPR Enforcement (South), Karachi.

    13. Muhammad Akram Ch. (Pakistan Customs Service/BS-19) has been transferred and posted as Chief, (OPS) Federal Board of Revenue (Hq), Islamabad from the post of Director, (OPS) Directorate of Intelligence & Investigation, FBR, Quetta.

    14. Syed Faisal Saeed Bokhari (Pakistan Customs Service/BS-19) has been transferred and posted as Chief, (OPS) Federal Board of Revenue (Hq), Islamabad from the post of Additional Director, Directorate of Intelligence & Investigation, FBR, Peshawar.

    15. Sanaullah Abro (Pakistan Customs Service/BS-19) has been transferred and posted as Director (OPS), Directorate General of Risk Management, Karachi from the post of Additional Collector, Model Customs Collectorate, Islamabad.

    16. Syed Naeem Akhtar (Pakistan Customs Service/BS-19) has been transferred and posted as Director, (OPS) Directorate of Internal Audit-South (customs), Karachi from the post of Additional Director, Directorate of Intelligence & Investigation, FBR, Hyderabad.

    17. Muhammad Tahir (Pakistan Customs Service/BS-19) has been transferred and posted as Director, (OPS) Directorate General of Intelligence & Investigation, FBR, Islamabad from the post of Secretary, Federal Board of

    Revenue (Hq), Islamabad.

    18. Ms. Nyma Batool (Pakistan Customs Service/BS-19) has been transferred and posted as Director (OPS), Directorate of IPR Enforcement (South), Karachi from the post of Additional Collector, Model Customs Collectorate of Appraisement and Facilitation (East), Karachi.

    19. Muhammad Saleem Memon (Pakistan Customs Service/BS-19) has been transferred and posted as Director (OPS), Directorate of IOCO (South), Karachi from the post of Additional Collector, Model Customs Collectorate, Hyderabad.

    20. Muhammad Amir Thahim (Pakistan Customs Service/BS-19) has been transferred and posted as Director, (OPS) Directorate of Transit Trade, Quetta from the post of Additional Collector, Model Customs Collectorate of Appraisement and Facilitation (West), Karachi.

    21. Yousaf Haider Orakzai (Pakistan Customs Service/BS-19) has been transferred and posted as Director (OPS), Directorate of CBCM/FATF Cell, DG I&I-FBR, Islamabad from the post of Additional Collector, Collectorate of Customs (Adjudication), Islamabad (stationed at Peshawar). He will also look after the charge of Director (OPS), Directorate of Law and Prosecution, DG I&I-FBR, Islamabad.

    22. Munib Sarwar (Pakistan Customs Service/BS-19) has been transferred and posted as Director (OPS), Directorate of IPR Enforcement (Central), Lahore from the post of Additional Director, Directorate of Customs Valuation, Lahore.

    23. Muhammad Ismail (Pakistan Customs Service/BS-19) has been transferred and posted as Director, (OPS) Directorate of Intelligence & Investigation, FBR, Gwadar from the post of Additional Director, Directorate of Transit Trade, Quetta.

    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.

  • PTA lifts ban on PUBG

    PTA lifts ban on PUBG

    ISLAMABAD: Pakistan Telecommunication Authority (PTA) on Thursday lifted ban on PUBG game after a meeting with representative of the company.

    The PTA in a statement said that a meeting was held between PTA and legal representatives of Proxima Beta Pte Ltd (PB).

    The PB representatives briefed the authority on response to queries raised by the PTA with respect to controls put in place by PB to prevent misuse of the gaming platform.

    The authority expressed its satisfaction on measures adopted by the PB so far, and emphasized on continued engagement and a comprehensive control mechanism.

    The representative of the company welcomed PTA’s feedback on the issue and assured that the concerns of the PTA would be taken into account. In addition, the company requested PTA to unban PUBG.

    “Keeping in view the positive engagement and response of the company, the authority has decided to unban PUBG,” according to the statement.

    On July 27, 2020 the PTA issued a detailed order regarding blocking of online game PUBG. The order was issued in accordance with Islamabad High Court’s order after a hearing conducted by PTA on July 9 and in accordance with the provisions of PECA 2016.

    The PTA in the statement said that it had provided an opportunity of hearing to concerned parties including PUBG’s lawyers. As per the order of the authority, the PUBG game shall remained blocked in Pakistan.

    The PTA had also approached PUBG management to inform about a suitable framework to address key concerns. No response was received from PUBG.

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