Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • FBR exempts sales tax on import of 61 medical equipments

    FBR exempts sales tax on import of 61 medical equipments

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday announced sales tax exemption on import of 61 medical equipments, which are important to fight against COVID-19.

    The FBR issued SRO 555(I)/2020 to grant exemption on the medical equipments for a period of three months. Previously, the FBR granted exemption on various medical equipments through SRO 237(I)/2020 dated March 20, 2020.

    Following goods are exempted from whole of sales tax at import stage:

    01. Real-time PCR system (standard 96-well plate and

    0.2ml tubes format, 5 channel)

    02. Biosafety Cabinet

    03. Auto Clave 50 Liter Capacity

    04. Multi channel pipette (0.5-10 pi)

    05. Single channel pipette a) 2 pi b) 10 pi c) 200 pi d) 1000 pi

    06. Muti channel pipette 20-200 ml

    07. Vacuum fold

    08. Micro Centrifuge (Non-refrigerated, Rotor capacity: 12 x 1.5 / 2.0 ml vessels, 2 x PCR strip, Max. speed: 12,100 x g (13,400 rpm))

    09. PCR Cabinet (FIEPA filter system, UV and white light)

    10. Real-time PCR kit for the detection of Coronavifus (SARS-CoV2)

    11. Viral RNA Extraction Kit and machine (Automatic Extractors)

    12. VTM (Viral Transport Medium)

    13. Dr Oligo Synthesizer

    14. Refrigerator/freezer (-20 °C)

    15. Vortex Machine

    16. Refrigerated Centrifuge Machine (Rotor capacity 1.5ml x 24 max. speed 14000 rpm)

    17. UPS (6 KVA)

    18. Tyvek Suits

    19. N-95

    20. Biohazard Bags (18 Liters)

    21. PARR (Powdered Air Purifying respirators)

    22. Multimode ventilator with air compressor

    23. Vital sign monitor with 2IBPand ETco2 two Temp.

    24. ICU motorized patient bed with side cabinet and over bed table

    25. Syringe infusion pump

    26. Infusion pump

    27. Electric suction machine

    28. Defibrillator

    29. X-Ray Mobile Machine

    30. Simple Nebulizer

    31. Ultrasound machine

    32. Noninvasive BIPAP

    33. ECG Machine

    34. Pulse Oximeters

    35. Ripple mattress

    36. Blood gas analyzer

    37. AMBU Bag

    38. Nitrile Gloves

    39. Latex Gloves

    40. Goggles

    41. Face Shields

    42. Gum Boots

    43. Mackintosh bed sheets

    44. Surgical Masks

    45. Air Ways

    46. Diaflow

    47. Disposible Nebulizer Mask Kit

    48. EGG Electrodes

    49. ETT Tube (Endotracheal Tubes) All sizes

    50. Humidifier Disposable Flexible

    51. IV Cannula all sizes

    52. IV Chambers

    53. Oxygen Recovery Kit

    54. Padded Sheets

    55. Stomach Tube

    56. Stylet for Endotracheal Tube

    57. Suction Tube control valve

    58. Tracheostomy Tube 7, 7.5, 8

    59. Ventilator Circuit

    60. Ventury Masks

    61. Disposable shoes cover (water proof)

    This notification shall take effect from the June 20, 2020 and shall remain effective for a period of three months.

  • No date extension for sales tax payment, return filing: FBR

    No date extension for sales tax payment, return filing: FBR

    The Federal Board of Revenue (FBR) issued a clear and unequivocal statement on Friday, dispelling any rumors of an extension in the filing of sales tax and federal excise returns.

    (more…)
  • Stock market falls by 101 points on re-imposition of lockdown

    Stock market falls by 101 points on re-imposition of lockdown

    KARACHI: The stock market fell by 101 points on Friday as re-imposition of lockdown dimmed prospects of quick economic recovery.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,439 points as against 33,540 points showing a decline of 101 points.

    Analysts at Arif Habib Limited said that the market remained range bound throughout the session, trading between +160 points and -170 points, closing the session -101 points.

    Re-imposition of lock down has dimmed the prospects of quick economic recovery / stabilization.

    Expectation of rate cut renewed in the early part of the session with the possibility of an emergent meeting at SBP taking place anytime next week.

    International crude prices also realized an increase of US$1 / bbl, but oil stocks barely moved on the spike.

    FTSE rebalancing also created some excitement, but against expectation didn’t affect the banking sector much.

    Brisk buying was observed in both MCB and BAFL. Banking sector led the volumes with 12.7 million shares, followed by Technology (10.4 million) and Power (10.2 million).

    Among scrips, KEL posted 9.1 million shares, followed by UNITY (7.2 million) and BAFL (5.7 million).

    Sectors contributing to the performance include E&P (+39 points), Banks (+15 points), Inv Banks (-25 points), Cement (-24 points), Fertilizer (-21 points), O&GMCs (-21 points) and Pharma (-16 points).

    Volumes dropped from 216.2 million shares to 105.9 million shares (-51 percent DOD). Average traded value also declined by 49 percent to reach US$ 20 million as against US$ 38.9 million.

    Stocks that contributed significantly to the volumes include KEL, UNITY, BAFL, PRLR 1, BGL, which formed 30 percent of total volumes.

    Stocks that contributed positively to the index include MCB (+39 points), BAFL (+13 points), PPL (+12 points), POL (+11 points) and OGDC (+10 points).

    Stocks that contributed negatively include DAWH (-25 points), UBL (-17 points), LUCK (-16 points), EFERT (-15 points), and MEBL (-13 points).

  • Rupee weakens by 29 paisas on foreign payment

    Rupee weakens by 29 paisas on foreign payment

    KARACHI: The Pak Rupee depreciated by further 29 paisas to the dollar on Friday owing to higher demand of the foreign currency for import and corporate payments.

    The rupee ended at Rs166.64 to the dollar from previous day’s closing of Rs166.35 in interbank foreign exchange market.

    Currency dealers said that the market witnessed demand for the foreign currency from importers and corporate buyers.

    They said that the market was also under pressure due to repayment of external debt.

    The currency experts said that due to close of financial year many foreign companies were remitting their profits.

    The foreign exchange reserves of the country have increased by $70 million to $16.775 billion by week ended June 12, 2020.

    The foreign exchange reserves were at $16.705 billion by week ended on June 05, 2020.

    The foreign exchange reserves held by the central bank increased by $11 million to $10.107 billion by week ended June 12, 2020 as compared with $10.096 billion a week ago.

  • Pakistan spends Rs179 billion for mobile phone import

    Pakistan spends Rs179 billion for mobile phone import

    ISLAMABAD: Pakistan has spent over Rs179 billion for import of mobile phones during July – May 2019/2020, which is 90 percent higher than the same period of the last fiscal year.

    According to Pakistan Bureau of Statistics (PBS), the country imported mobile phones worth Rs179 billion during first eleven months of the current fiscal year, which was Rs93.78 billion in the corresponding period of the last fiscal year.

    Market sources said that reduction in duty and taxes and restriction of registration with the Pakistan Telecommunication Authority (PTA) has increased the import of mobile phones through legal channels.

    The import of mobile phones in terms of US Dollars also increased to $1.14 billion during the period under review as compared with $698 million in the corresponding period of the last fiscal year.

    Despite imposition of lockdown in the country to prevent coronavirus, the country imported mobile phones worth Rs17.78 billion in May 2020, which is 127 percent higher when compared with Rs7.83 billion in April 2020.

    The market sources said that due to lockdown the importance of digital economy had increased. They said that financial transactions were being done through mobile phones, which were the easiest way.

  • SBP develops regulatory framework for cross border e-commerce

    SBP develops regulatory framework for cross border e-commerce

    ISLAMABAD: State Bank of Pakistan (SBP) has developed regulatory framework for facilitation of cross border B2C e-commerce.

    However, this will be adopted after integration with the e-Commerce to be developed by Federal Board of Revenue (FBR) in WeBOC (Web Based One Customs).

    The officials of SBP shared this information at the second meeting of National e-Commerce Council, chaired by Abdul Razak Dawood, Advisor to the Prime Minister on Commerce and Investment on Thursday.

    All of the nominated members of the Council, including State Bank of Pakistan, Ministry of IT & Telecom, Federal Board of Revenue, Securities and Exchange Commission of Pakistan, National Information Technology Board, Provincial Departments of Industries and Commerce, Provincial Revenue Authorities, Pakistan Post, Federal and Provincial Consumer Rights Commission/Councils, Telecom companies, online marketplaces, Fintech sector representatives, Freelancers, Banking sector and Logistics companies attended the meeting.

    The Advisor briefed the participants about the progress achieved in the past months on the e-Commerce Policy, since its approval on October 01, 2019.

    He appreciated the coordinated efforts of public and private sector for the effective implementation of the policy.

    Talking to the participants, Razak Dawood underlined that the trend of e-commerce has increased rapidly in the recent years with the development and easy accessibility of the internet.

    He added that, due to the covid-19 pandemic, the importance of e-Commerce has increased manifolds, making it an extremely vital sector for the economy.

    He stressed the importance of directing the resources towards digital adoption and connecting the SMEs to e-platforms across the globe, while exploring new market access opportunities for them.

    Punjab and Khyber Pakhtunkhwa Revenue Authorities apprised the participants of the incentives being announced for Digital and e-Commerce sector in the provincial budgets to support these sectors during these challenging circumstances.

    Representatives from Consumer Protection Councils of Punjab and Lahore and from Consumer Rights Commission of Pakistan informed that, in line with the directions of the e-Commerce Policy, Federal and Provincial Consumer Acts are being amended to include the subject of e-Commerce and the disputes arising from this sector.

    They added that webinars are being planned to educate academia and train the judicial officers on the subject of consumer protection.

    SECP shared with the participants that several new initiatives are being planned to promote e-Commerce, including introduction of a separate sectoral classification of e-Commerce.

     So far 152 businesses have registered on their portal, which has reduced the time of a company registration to 4 hours.

    Secretary Commerce told the participants that Ministry of Commerce is continuously engaged with its foreign trade missions for promoting Pakistani trade and exploring new markets for its exporters.

    In this regard, a new development is registration of Pakistani sellers with Amazon. Initially, a list of 38 exporters has been communicated to Amazon, which is limited to Surgical & Sports Goods and Home Textiles Sectors but will be expanded to other sectors in near future, after a successful trial of these shortlisted companies.

    A video message from the Director General-WTO, appreciating Pakistan’s e-Commerce Policy being a step in the right direction, was also shared with the participants.

  • FBR urged to extend date for tax amnesty payment

    FBR urged to extend date for tax amnesty payment

    KARACHI: Karachi Tax Bar Association (KTBA) has urged Federal Board of Revenue (FBR) to extend the date for making payment for amnesty scheme declarants.

    The KTBA in a letter to FBR chairperson on Thursday pointed out that the due date of payment of tax under section 6 of the Assets Declaration Ordinance, 2019 (“ADO, 2019”), which in terms of section 6 of the ADO was June 30, 2019.

    A declarant was also provided with an option to pay the tax on deferred payment basis in installment till the date of June 2020.

    This late payment, however, had to be made along with default surcharge at the rates given in Clause (2) of the Schedule to the ADO, 2019.

    The KTBA said that the maximum rate of default surcharge is 40 percent which would apply if the tax payment is made by 30 June 2020.

    The ongoing circumstances in the wake of current pandemic of COVID-19 which, undisputedly, has affected the life and business of every individual, adversely and taxpayers are no exception.

    The fall out of the cessation of business activities in the last three (03) months due to intermittent lockdown orders has effected every ones’ taxpaying capacity as well.

    “It has become quite difficult for the taxpayers to make the payment of tax as per the proviso discussed above, by 30 June 2020,” the KTBA said.

    In this connection, on behalf of our members, we would suggest that the following may be considered:

    1. the due date of payment of tax may be extended up to 31 December 2020 without increasing the rate of default surcharge further

    AND

    2. allow adjustment from tax refund, if any, available to the taxpayer, against the aforesaid payment.

    The measures will not only repose confidence to the taxpayers but will also show the resolve of the FBR to address a genuine issue.

  • FBR notifies promotion of 49 IRS officers to BS-19

    FBR notifies promotion of 49 IRS officers to BS-19

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified promotion of 49 officers of Inland Revenue Service (IRS) to BS-19 with immediate effect.

    The FBR notified promotion of 41 officers from BS-18 to BS-19 on regular basis and other eight officers have been promoted from BS-18 to BS-19 on acting charge basis.

    The following BS-18 officers of Inland Revenue Service are promoted to BS-19 on regular basis with immediate effect :

    1. Muhammad Asfandyar Janjua

    2. Naveed Khan

    3. Syed Salahuddin Gillani

    4. Azhar Jehangir

    5. Muhammad Aamir Ilyas

    6. Qadir Nawaz

    7. Ms. Sadia Akmal

    8. Ms. Sadia Ali Akram

    9. Muhammad Ali Khan

    10. Ms. Amra Sarwar

    11. Ms. Arooj Mehwish Rizvi

    12. Asad Aziz

    13. Ms. Saba Rehmat

    14. Ms. Neelam Ifzal

    15. Karim Baksh Bughio

    16. Mrs. Saima Kenan Khan

    17. Husnain Ahmad Hali

    18. Kashif Hafeez

    19. Inayat Malik

    20. Akhtar Abbas

    21. Jamil Ahmad

    22. Muhammad Masood Ahmed Gorsi

    23. Kamran Ullah

    24. Laiq Zaman

    25. Naseebullah

    26. Naseer Ahmed

    27. Mrs. Safia Naseer

    28. Muhammad Sajid Ahmad

    29. Zubair Khan

    30. Ms. Sadia Iftikhar

    31. Tarique Aziz

    32. Rashid Javaid Rana

    33. Nasir Khan

    34. Muhammad Farooq Anwar

    35. Khawar Siddique

    36. Syed Zubair Shah

    37. Abdul Rauf

    38. Tariq Javed

    39. Tauqeer Ahmed Sujra

    40. Ms. Amina Batool

    41. Ms. Kiran Maqsood

    The FBR said that the officers at Sr. Nos. 07, 14, 24 and 32 will actualize their promotion from the date of their return from deputation and joining FBR (Hq), Islamabad.

    The officer at Sr. No. 08 is promoted subject to completion of satisfactory PERs, without any adverse entry/remarks, for the period 01.07.2018 to 30.06.2019. The officer at Sr. No. 19 is promoted subject to completion of satisfactory PERs, without any adverse entry/remarks, for the period 01.07.2018 to 31.03.2019.

    The officer at Sr. No. 25 is promoted subject to completion of satisfactory PERs, without any adverse entry/remarks, for the period 28.03.2019 to 30.06.2019 and will actualize his promotion from the date of his return from deputation and joining FBR (Hq), Islamabad.

    The officers already working in BS-19 on acting charge basis or on OPS basis as Additional Commissioner / Additional Director / Secretary FBR (HQ), Islamabad shall actualize promotion at their present place of posting. For actualization of promotion in BS-19 on regular basis of the remaining officers, transfer / posting order shall be notified separately and they shall actualize accordingly.

    Following BS-18 officers of Inland Revenue Service are appointed in BS-19 on acting charge basis with immediate effect:-

    1. Mrs. Sabah Fahad

    2. Zeeshan Asif

    3. Ms. Saba Ijaz

    4. Syed Mashkoor Ali

    5. Shahzad Ali Khan

    6. Muhammad Imran

    7. Soban Ahmad

    8. Ms. Hira Nazir

  • FBR promotes 14 customs officers to BS-19

    FBR promotes 14 customs officers to BS-19

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday announced promotion of 14 officers of Pakistan Customs Service (PCS) from BS-18 to the post of Additional Collectors BS-19 on regular basis with immediate effect.

    Following officers have been promoted to BS-19:

    1. Ali Raza Turabi

    2. Dr. Imran Rasool Khan

    3. Muhammad Hassan Farid

    4. Ghulam Hyder Mahesar

    5. Muhammad Nauman Tashfeen

    6. Moeen Afzal Ali

    7. Junaid Usman Akram

    8. Rana Irfan Shaukat

    9. Saad Ata Rabbani

    10. Wajid Zaman

    11. Zakir Muhammad

    12. Ihsanullah Shah

    13. Ammara Durrani

    14. Muhammad Qasim Khokhar

    The FBR said that the officers who are already working in BS-19 on OPS basis will actualize their promotion against these posts.

    Posting / Transfer of the remaining officers will be notified separately, and they shall actualize accordingly.

    The officers who were drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on their promotion.

  • Foreign exchange reserves up by $70 million

    Foreign exchange reserves up by $70 million

    KARACHI: The foreign exchange reserves of the country have increased by $70 million to $16.775 billion by week ended June 12, 2020, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves were at $16.705 billion by week ended on June 05, 2020.

    The foreign exchange reserves held by the central bank increased by $11 million to $10.107 billion by week ended June 12, 2020 as compared with $10.096 billion a week ago.

    The foreign exchange reserves held by commercial banks were also increased by $59 million to $6.668 billion from $6.609 billion a week ago.