Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • FBR reconstitutes licensing committee for tracking transit, transshipment cargo

    FBR reconstitutes licensing committee for tracking transit, transshipment cargo

    ISLAMABAD: Federal Board of Revenue (FBR) has re-constituted committee for grant of license for tracking transit and transshipment cargo.

    The FBR on Wednesday issued SRO 542(I)/2020 dated June 08, 2020 to amend Tracking and Monitoring of Cargo Rules, 2012.

    The reconstitution of committee shall comprise of Director General of Transit Trade (Chairman), Director Transit Trade (I-IQs), Karachi, Director Transit Trade (Peshawar), Director Transit Trade (Quetta), Director Reforms and Automation (Karachi), Collectors of Customs (Enforcement and Compliance, Karachi), (Appraisement and Facilitation, Port Muhammad Bin Qasim, Karachi), (Appraisement and Facilitation-East, Karachi), (Appraisement and Facilitation-West), Karachi, and Director of Intelligence and Investigation, FBR, Karachi or any other authority designated by the FBR Headquarter.

    As per amendment the project director shall be Director (HQs), Directorate General of Transit Trade. Previously, the project director was Collector, Model Collectorate of Customs (Preventive).

    In another amendment, Director Transit Trade (HQs), Karachi shall be the convener of the Licensing Committee and its headquarters shall be located in Directorate General of Transit Trade, Karachi. The Director Transit Trade (HQs), Karachi shall provide secretarial and other allied support required for functioning of the Licensing Committee.

    A new rule introduced through the amendment that any function enumerated in these rules including mounting and un-mounting of tracking devices in the designated areas, whereof, the staff of the Directorate General of Transit Trade is not posted, shall be performed by the staff of the respective Enforcement and Compliance or Composite Customs Collectorate of jurisdiction.

  • MCC Gwadar announces auction of fresh lot of vehicles on June 16

    MCC Gwadar announces auction of fresh lot of vehicles on June 16

    KARACHI: Model Customs Collectorate (MCC) Gwadar has announced auction of fresh lot of confiscated vehicles on June 16, 2020 to be held at Custom House, Gaddani.

    According to terms and conditions, the auction shall be held strictly in accordance with the provision of the Customs Act, 1969 and rules made there under. All the interested parties/bidders shall abide by all the conditions ordained the relevant provisions of the Act and the Rules.

    Successful bidder has to deposit 25 percent of the bid amount in shape of cash on the spot. Rest of the bid amount shall be deposited within 7 days of the display of the list of approved lots.

    Further, successful bidder has to deposit 10 percent of bid amount as advance income tax separately.

    Following vehicles will be presented for the auction on June 16, 2020.

    01. Toyota Succeed, Reg. No, AXY-531, Chassis No. NCP58-0031359

    02. Probox Car, Reg. No, ABK-783, Chassis No. NCP50-0021677

    03. Probox Car, Reg. No, AVY-782, Chassis No. NCP51-0090826

    04. Corolla Car, Reg. No, AAL-662, Model 2000, Chassis No. EEI02-0094351

    05. Toyota Succeed car, Reg. No, AAF-754, Chassis No. NCP58-0056515, Model 2004

    06. Land Cruiser Prado, Reg. No, Not Traceable, Chassis No. LJ78-0002499

    07. Toyota Land Cruiser, Reg. No, BA-5186, Chassis No. HJ60-009651, Model 1984

    08. Toyota Corolla Car, Reg. No, AFY-270, Chassis No. NZE120-6009594, Model 2004

    09. Toyota Land Cruiser, Reg. No, QBA-3037, Chassis No. FZ180-016013

    10. Toyota X Corolla, Chassis No. NZE124-3016997

    11. Probox Car, Reg. No, AKL-224, Chassis No. NCP51-0001414

    12. BMW Car, Model 2002, Reg. No, #ANG-032, Chassis No. WBAGL42020DD-78677, Engine No. WB96L614161, Capacity 4320cc

    13. Toyota Land Cruiser, Model 1988, Reg. No, JAA-889, Chassis No. BJ-60-020679, Capacity 3400

    14. Toyota Land Cruiser, Model 1991, Reg. No, JAE-140, Chassis No. HZJ-770002489, Capacity 4500

    15. Toyota Land Cruiser, Model 1985, Reg. No, BA-4463, Chassis No. BJ-61-003506, Capacity 2446

    16. Mitsubishi Pajero, Model 1985, Reg. No, JAL-231, Chassis No, LO48G-3005856, Capacity 2446

    17. Land Cruiser, Model 1989, Reg. No, QAB-1649, Chassis No. HJ61-013994, Capacity 3400

    18. Toyota Hilux Surf SSR-X, Model 2000, Reg. No, JAF-845, Chassis No. RZN185-9036661, Engine No. 3RZ-FE2386704, Capacity 2693cc

    19. Toyota Jeep Land Cruiser, Model 1989, Reg. No, AFR-2015, Chassis No. SJ40-371932, Capacity 3400

    20. Toyota X Corolla Car, Model 2007, Chassis No. NZE121-0009339, Eng. No, KCE-1297, Capacity 1492cc

    21. Toyota X Corolla Car, Model 2005, Chassis No. NZE120-3008546, Engine. No, 2018158, Capacity 1492

    22. Toyota Mark-X, Model 2007, Chassis No. GRX121-3001923, Eng. No, 3GR-0198589, Capacity 2994cc

    23. Toyota Land Cruiser, Model 1993, Chassis No. LJ78-0039971, Eng. No, ZL-33868, Capacity 2000cc

    24. Honda Civic Car, Model 2002, Chassis No. ESI-1600827, Engine. No, D1610173-004871, Capacity 1800cc

    25. BMW, Model 2002, Chassis No. WBAGL62090DJ92594, Engine. No, CC-300, Capacity 4476

    26. Toyota Prado, Model 2000, Chassis No. VZJ90-0004977, Engine. No, SVM-L041167, Capacity 3400

    27. Toyota Land Cruiser, Model 1996, Chassis No. FZJ-800102056, Engine. No, IFZFES4476, Capacity 4500

    28. Toyota Surf, Model 1993, Chassis No. KZN130-9032504, Engine. No, Not Traceable, Capacity 2446

  • SECP proposes setting up oversight committee to review Shariah compliance

    SECP proposes setting up oversight committee to review Shariah compliance

    ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has proposed constitution of an oversight committee to review Shariah compliance of listed companies and securities.

    The SECP issued draft amendments to Shariah Governance Regulations, 2018 through SRO 510(I)/2020 dated June 03, 2020.

    An amendment has been proposed in regulation 12 to form the oversight committee.

    According to the draft amendment:

    An Oversight Committee to conduct Shariah screening process:

    1. There shall be an oversight committee comprising of the following members to oversee and establish the Shariah screening criteria.

    (a) Chairman Shariah Advisory Committee, SECP – as head

    (b) A representative of PSX;

    (c) A representative of KMI;

    (d) A representative of MUFAP.

    1. The oversight committee shall conduct the Shariah screening for listed companies on the basis of criteria notified by Pakistan Stock Exchange (PSX) as per regulation 11 for the purpose of a Shariah index.
    2. The Oversight committee shall review the Shariah compliance of companies and securities on a bi-annual basis.
    3. The oversight committee shall exclude a company or security from the index as and when it becomes Shariah non-compliant.
    4. To facilitate oversight committee and develop Islamic capital market products, PSX shall establish a dedicated Shariah department and appoint at least one independent Shariah Advisor.
  • Car sales plunge by 75 percent in May

    Car sales plunge by 75 percent in May

    KARACHI: The sales of locally manufactured cars have posted a massive decline of 75 percent in May 2020 due to closure of business operations of all major car assemblers during the month.

    According to data released by Pakistan Automobile Manufacturers Association (PAMA), the sales of car industry were at 4,473 units in May 2020 as compared with 17,781 in the same months of the last year.

    Analysts at Topline Research said that the decline in sales was mainly due to the closure of business operations of all major car assemblers, which resulted in no invoicing of cars for the majority of the month.

    The car sales also witnessed 54 percent decline to 102,137 units during July – May 2019/2020 as compared with 222,167 units in the corresponding period of the last year.

    The highest decline was recorded by Honda Car (HCAR) as its units sales were down by 89 percent YoY in May 2020, followed by Indus Motors (INDU) and Pak Suzuki (PSMC) with declines of 88 percent YoY and 64 percent YoY, respectively.

    In 11MFY20 car sales have declined by 54 percent YoY. HCAR sales are down by 65 percent YoY, followed by INDU and PSMC with declines of 57 percent YoY and 49 percent YoY, respectively.

    Atlas Honda (ATLH) recorded motorbike sales of 12,106 units, down by 88 percent YoY. In 11MFY20, ATLH sales are down by 24 percent YoY.

    Tractor sales are down by 49 percent YoY. Al Ghazi Tractors (AGTL) reported a decline of 89 percent YoY, while Millat Tractors (MTL) sales have declined by 26 percent YoY (+70 percentMoM).

    The official notification pertaining to announced subsidy of Rs2.5 billion on GST for tractors remains pending, which has created uncertainty amongst the buyers.

    The analysts expect higher sales for the month of June-2020 as restrictions imposed by the government has been eased significantly compared to the outgoing month

  • FBR bans use of information system till budget announcement

    FBR bans use of information system till budget announcement

    ISLAMABAD: Federal Board of Revenue (FBR) has put a ban on using information system from June 11, 2020 till announcement of budget 2020/2021, which is schedule for June 12, 2020.

    In an office order, the FBR said that due to budget announcement on June 12, 2020 restrictions on the access of servers/information system running at FBR Headquarters will come in force on June 11, 2020 from 8:00am till the end of budget speech.

    The FBR said that message and engagement features will be disabled and would not be accessible for the internal users of the FBR house.

    Users located in the FBR house premises would only be limited in routing/marking their correspondence in the Wings located within FBR House. However, external users such as RTOs/LTUs/Customs collectorates would be able to mark their correspondence to the internal users/Wings of the FBR.

    The FBR said that access to the system for correction of disposition list, online application of leave and other facilities will be completely banned for field formations.

    However, FBR’s e-Portal/server will remain accessible for authorized users outside FBR headquarter premises but no one within FBR HQ will be allowed to access FBR e-portal during budget exercise.

    STARR and Sales Tax systems/services will remain inaccessible for FBR HQ users, however, authorized users/outside FBR HQ premises will be allowed to access the system/servers.

    While the local network of PRAL HQ and FBR HQ will remain operational individually, transfer to any files/documents from FBR HQ network to PRA HQ network vice versa will be banned.

    Internet services in FBR HQ will remain unavailable in FBR HQ till conclusion of budget speech.

  • FBR withdraws order to examine taxpayers’ information

    FBR withdraws order to examine taxpayers’ information

    ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn the order to examine persons’ information for identifying potential taxpayers and tax evasion.

    The FBR on Wednesday issued an order to withdraw the establishment of Tax Information Processing Unit (TIPU) in Inland Revenue (IR) – Operation Wing, FBR.

    The FBR constituted TIPU for utilization of information available at multiple databases of the tax authorities on May 29, 2020.

    The TIPU was aimed at enhancing revenues, through efficient utilization power of IT for overall system improvement.

    “There is an emerging need for transforming existing raw data, available in multiple databases of the FBR, into meaningful insights, through which actionable steps may be suggested to field formation with regard to untapped revenue potential and potential leakages,” the previous order said.

    To realize the true potential of IT system, developed over years, it is imperative to engage a cross-functional team of professionals, available in FBR, who may perform following tasks, before generating meaningful insights from the datasets available in its IT systems: data mining; statistical analysis; data analytics; and MIS Reporting.

    The insights gained through data analysis may potentially generate actionable data which IR Operations Wing may convey to field offices, so that untapped revenue potential may be realized and potential leakages may be checked.

    The FBR said that in view of foregoing a cross functional TIPU had been established in IR Operations Wing, FBR manned by FBR’s regular workforce and temporary hiring of IT-experts, on need basis.

    The following officers are designated as domain team of the defunct TIPU, under the supervision of Member IR Operatoins:

    a. Tariq Hussain Shaikh, Chief (IR&I)-Coordinator

    b. Ms. Rezwana Siddiqui, Chief (IR-Analysis)

    c. Zulfiqar Ali Gopang (S.S. IT)

    d. Naveed Afgan (Dy. Dir/Secy MIS)

    e. Syed Asif Jamil (AD/S.S

    f. Imran Ullah (AD-Audit)

    The FBR said that the TIPU was to be operated IT experts, who would be hired on market-based salaries. The IT experts would design and develop IT modules, for data analytics.

  • Rupee depreciation against dollar continues

    Rupee depreciation against dollar continues

    KARACHI: The Pak Rupee continued to slide against dollar on Wednesday and lost 21 paisas owing to higher demand for import and corporate payments.

    The rupee ended Rs164.55 to the dollar from previous day’s closing of Rs164.34 in interbank foreign exchange market.

    The rupee lost value of around Rs1.25 against dollar during past three trading days.

    Currency dealers said that the forex market witnessed pressure for import and corporate payments.

    The dealers further said that the significant decline in foreign exchange reserves of the country also put pressure on demand side.

    The liquid foreign exchange reserves of the country fell by $1.68 billion to $16.92 billion by week ended May 29, 2020. The total foreign exchange reserves of the country were $18.599 billion a week ago.

    The foreign exchange held by the central bank fell by $1.712 billion to $10.362 billion by week ended May 29, 2020 as compared with official reserves of $12.074 billion.

    This decline is primarily attributed to the government external debt repayments of $1.669 billion.

    The dealers further said that ease in lockdown boosted the economic activities, which also enhanced the demand for imported goods.

  • FIRs lodged against two OMCs for black marketing

    FIRs lodged against two OMCs for black marketing

    ISLAMABAD: Authorities on Tuesday initiated legal action against Oil Marketing Companies (OMCs) for indulgence in hoarding of petroleum products (POL) and creating artificial shortage.

    At least two FIRs have been lodged against OMCs including Hascol Petroleum Limited and Gas & Oil Pakistan Limited for their involvement in black marketing of petroleum products.

    A team of ministry of energy (petroleum division) inspected various OMCs terminal at Kaemari Karachi on Tuesday. The team observed hoarding / black marketing by the OMCs.

    Sources said that the FIRs had been lodged against the Chief Executive Officers (CEOs) of the OMCs.

    In latest development the Oil and Gas Regulatory Authority (OGRA) decided to undertake inspection of all oil depots in the country from Wednesday i.e. June 10, 2020.

    There are 22 oil depots in the country. Around 22 teams of OGRA and HDIP will inspect the depots.

  • Meezan Bank plays leading role in issuance of Rs200bn worth Energy Sukuk

    Meezan Bank plays leading role in issuance of Rs200bn worth Energy Sukuk

    KARACHI: Meezan Bank Limited has played a leading role in successfully concluding the issuance of Pakistan Energy Sukuk (PES) II worth approximately Rs200 billion by Power Holding Limited (PHL), a public sector entity fully owned by the Ministry of Energy and Government of Pakistan, a statement said on Tuesday.

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  • Stock market gains 54 points in narrow range trading

    Stock market gains 54 points in narrow range trading

    KARACHI: The stock market gained 54 points on Tuesday while trading in narrow range trading.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,803 points as against 34,750 points showing an increase of 54 points.

    Analysts at Arif Habib Limited said that the market traded in a narrow range today between -61 points and +106 points, closing the session +54 points.

    Decline in international crude oil prices brought oil stocks down, including OGDC, PPL and PSO, which kept selling pressure on the Index.

    Fertilizer and Pharma sector was not much different and realized profit booking. LOTCHEM posted highest volumes in recent times to the tune of 36.2 million shares.

    Among Banks, HBL posted nominal gains but remained largely positive throughout the session due to dividend being part of the price.

    Auto sector performed well on the expectation of incentives to be offered in the upcoming budget. Chemical sector realized trading volumes of 47.1 million shares, followed by Technology (22.9 million) and Cement (21.2 million).

    Among scrips, LOTCHEM topped the chart, followed by JSCL (13.3 million) and PRL (9.8 million).

    Sectors contributing to the performance include Banks (+61 points), Cement (+19 points), Textile (+16 points), E&P (-39 points), Power (-23 points) and Fertilizer (-12 points).

    Volumes increased from 222.4 million shares as against 238.3 million shares (+7 percent DoD). Average traded value also increased by 5 percent to reach US$ 55.6 million as against US$ 53.1 million.

    Stocks that contributed significantly to the volumes include LOTCHEM, JSCL, PRLR1, TRG and PIBTL, which formed 32 percent of total volumes.

    Stocks that contributed positively to the index include UBL (+30 points), LUCK (+27 points), DAWH (+14 points), AGP (+13 points) and NESTLE (+11 points). Stocks that contributed negatively include PPL (-23 points), HUBC (-19 points), ENGRO (-10 points), POL (-9 points), and PAKT (-7 points).